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CGTN: How China advances future development of the Global South

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BEIJING, Oct. 24, 2024 /PRNewswire/ — Practical cooperation has always been the foundation of the BRICS mechanism, a good example of which is the launch of the New Development Bank (NDB).

Headquartered in Shanghai, the NDB was jointly established by Brazil, Russia, India, China and South Africa in 2014 to mobilize resources for infrastructure and sustainable development projects in BRICS member nations and other emerging market economies and developing countries.

Approving over 100 projects in all member countries for approximately $35 billion by the end of 2023, the NDB has safeguarded the economic development of the BRICS member countries and contributed to the improvement and development of the global economic governance system.

“The collective rise of the Global South is a distinctive feature of the great transformation across the world,” Chinese President Xi Jinping said during the BRICS Plus leaders’ dialogue in Russia’s Kazan on Thursday.

He called on the countries in the Global South to use their collective wisdom and strength and stand up to their responsibility for building a community with a shared future for mankind.

Striving for common security, exchanges among civilizations

BRICS Plus countries should be a stabilizing force for peace, strengthen global security governance, and explore ways to address both the symptoms and root causes of hotspot issues, Xi said.

Regarding the Ukraine crisis, China has repeatedly dispatched special envoys to engage in shuttle diplomacy, laying the groundwork for ceasefire talks. For example, since late July, Li Hui, a special representative of the Chinese government on Eurasian affairs, has visited Brazil, South Africa, and Indonesia – key members of the Global South.

China and Brazil also jointly issued the six-point consensus and launched the group Friends for Peace to address the crisis along with other Global South countries.

Meanwhile, Palestinian factions, mediated by China, reconciled in Beijing in July, marking a key step toward peace in the Middle East.

Xi urged early de-escalation to pave the way for the political settlement of the Ukraine crisis and called for a comprehensive ceasefire in the Gaza Strip and a revival of the two-state solution.

People-to-people and cultural exchanges among BRICS countries have been in full swing in recent years, with events such as film festivals, sports games and documentaries building bridges for people to bond.

In late September, the BRICS Civilization Dialogue was held in Kazan, calling for actively practicing the Global Civilization Initiative and taking the BRICS Plus cooperation as the platform to continuously deepen cultural exchanges.

Noting that diversity of civilization is the innate quality of the world, Xi urged efforts to advocate exchanges among civilizations and enhance communication and dialogue to promote the development of all civilizations and strive for harmony among them.

Prosperity through development

In view of BRICS’ evolving development needs, Xi put forward the BRICS Plus program at the 2017 summit in China’s coastal city of Xiamen, encouraging more participation from other emerging markets and developing nations.

“Under the new circumstances, it is all the more important for BRICS countries to pursue development with open doors and boost cooperation with open arms,” Xi said at the 14th BRICS summit in 2022.

As an important economy in the world, China has assisted other developing countries in their economic and social development, playing a vital role in the BRICS cooperation mechanism.

Since its introduction three years ago, the Global Development Initiative has helped make nearly $20 billion in development funds available and launch more than 1,100 projects.

China has announced the upgrading of the South-South Cooperation Assistance Fund to a Global Development and South-South Cooperation Fund and the increase of its total funding to $4 billion, which has supported more than 150 projects. A Global Alliance on Artificial Intelligence for Industry and Manufacturing Center of Excellence has also been established in Shanghai.

The Global South emerges for development and prospers through development, Xi said, urging BRICS Plus countries to make themselves the main driving force for common development.

He added that China will also build a World Smart Customs Community Portal and a BRICS Customs Center of Excellence to welcome active participation by all countries.

https://news.cgtn.com/news/2024-10-24/How-China-advances-future-development-of-the-Global-South-1xXPxSroqNa/p.html 

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SOURCE CGTN

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

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SOURCE XLCS Partners, Inc.

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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4 minutes ago

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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Fathom Applauds Introduction of the FRONTIER Act, the First Federal Blueprint for Independent AI Verification

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July 23, 2026

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Reps. Lori Trahan (D-MA-03) and Jay Obernolte (R-CA-23) introduce a bill to build a competitive marketplace of independent verifiers for frontier AI models.

WASHINGTON, July 23, 2026 /PRNewswire/ — Fathom welcomes the introduction of the FRONTIER Act, the most complete federal framework yet for independent, third-party verification of frontier AI. The legislation is built to earn public trust as AI technology continues to accelerate. As frontier systems begin to take autonomous action in the world, the gap between what these models can do and our ability to keep them in check is widening. FRONTIER is the starting point to close that gap.

“AI governance keeps running into the same wall. The technology is hard to measure and it moves faster than any law can keep up with,” said Andrew Freedman, Co-Founder and CEO of Fathom. “Trying to write the perfect rules and freezing them in place won’t work. What will work is a competitive market of independent verifiers who are accountable for real-world outcomes and who the government can actually count on. The FRONTIER Act shows we can move fast and still get this right.”

The bill gets the fundamentals correct. It sets one public standard – the adequate mitigation of catastrophic risk – and holds both the AI companies and their independent verifiers accountable to it. FRONTIER does not freeze a single testing method into statute. Instead, it licenses competing verification organizations, allows them to sharpen their methods, and gives the government the power to revoke a license when a verifier’s work does not hold up in the field. That is how you build a system that keeps pace with the science instead of falling behind it.

Fathom thanks Reps. Trahan and Obernolte for their leadership, and for their courage in releasing a discussion draft, inviting scrutiny, and incorporating substantive improvements from across the field. One priority improvement as the bill advances: giving the government a fuller range of tools to act upstream – for pushing companies to close identified gaps in risk mitigation early, rather than only once a catastrophe is imminent. We are committed to working with these sponsors, committees of jurisdiction, and Congressional leadership to continue refining the bill in the weeks and months ahead.

About Fathom
Fathom is an independent nonprofit whose mission is to build a governance architecture that helps society navigate the transition to a world with AI by fostering trust, safety, and innovation. Fathom has developed and championed the independent verification model for AI and works with policymakers across the country to put it into practice. Learn more at http://fathom.org.

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SOURCE Fathom AI Inc.

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