Hello everyone and welcome to JSA TV and JSA Europe, the newsroom for telecom and data center professionals across the continent. I'm Jean-Marc Lim and on behalf of the team here at JSA, thank you for tuning in to the third and final part of our end of the year special broadcasting series. Today, we will explore how private equity backed platforms, Greenfield and Brownfield developments, real estate and M&A will shape Europe's digital infrastructure deployments in 2024. And we're also delving to how the demand for AI could flip the table on investment portfolios. But with that out of the way, it is now my pleasure to introduce to you our exceptional executive lineup, which includes Sika Buzma, managing director for TMTMEA at Ingbank, Sebastian Dulley, senior fund manager for principal asset management, and Dr. Attif Ansar, executive chairman for Foresight Works. Guys, thanks so much for joining me. Before we jump into this very hot topic, which is AI and investment and what's going to happen in 2024, because every year we like a good prediction, let's just do a very quick around the clock kind of 30 second elevator pitch so you can explain what you do and what the company, what the business does as well. So maybe I'll start with you, Sebastian, going from top to bottom. Sure. So I'm at principal asset management. We're a global investment company and have around 100 billion in investments in real estate. I'm part of the data center team. So we've got a team investing in the US and more recently in Europe, we've done around 2.75 billion of equity committed to data centers over the last few years and over a billion in debt and we're sort of continuing to build our platform. Small amount. Attif. Thank you, Drams. Pleasure to be here. So my name is Attif Ansar. I work two heads. I'm an academic at the University of Oxford focusing on major and mega projects and I co-founded Foresight Works about five years ago. We are an AI company that supports projects in their construction phase to get built on time and I'll look forward to telling you more about that. We specifically work a lot with digital infrastructure, so both data centers as well as semiconductor parts. It is very interesting, especially with the mega side of things where things are going. It's quite interesting to hear your perspective on the market and what's going on. What will have to actually change to deliver those mega projects? And Siko, in bank big name, we know you're pretty much everywhere and everywhere. So Siko Bomsma, I'm an MD in ING's TMT team. Within TMT we focus on digital infrastructure which is fiber, data centers, mobile towers and satellites. I focus on the data center side of things. We have a very wide geographic mandate, so I cover wider EMEA. We have a team in New York and a team in Singapore that can service our clients. We can do various structures on a senior debt basis ranging from single-tenant greenfield to multi-tenant projects to portfolio-based financing structures. What we try to do is support our clients when they start with an idea and work together to bring that idea to fruition. Interesting. Bringing ideas to fruition is what this industry is all about, both for the industry and for the rest of the world, because the rest of the world is built on what this industry does with all these real states being deployed across the continent. I guess the first question, the question in order really is what do you think would be the main trends around investment next year? And maybe we can also push more the private equity button here because that's kind of the buzzword everyone has at the moment. Who wants to start talking about what the trend for 2024 will be? Do you want to go around the clock? Maybe, Sebastian, you want to start? Sure. So as you said at the beginning, AI is a very big buzzword at the moment. I know you say you want to focus on private equity. I look at things much more from a real estate perspective, so I think I'll stick on that. In Europe, we've been, from our perspective, we've fully raised our dedicated funds, so our focus is on executing our business plan around that, which is aggregating together a portfolio of standing assets. And I think there is sort of changes coming through when we look at that from an AI perspective, especially when we look at where that demand is going to go. To be perfectly honest, not many people seem to have a very clear answer to that. There's a lot of different theories going around, but what is clear is it's not so location-sensitive as, say, cloud deployments. You don't need to be in the availability zones. There's a lot of talk about the Nordics coming up in popularity, although whilst there's a lot of power generation there, could you end up compromising some of the sort of power infrastructure with the 250 megawatt schemes that are supposedly coming to fruition up there or being climbed up there? But again, that leads to, from our perspective, maybe some of the more onto the network and connectivity sites in the Nordics could become very interesting to look into. Just as an example, I think whilst AI is a big buzzword, it's definitely not the only trend that's going on. I think we're still seeing strong growth coming through on the cloud side. That's more of a focus for our US team. We've been partnering with a lot of different operators to the joint venture, and we're continuing to roll that out. At the moment, we're looking to pull together around sort of three to four billion US dollar program to support the existing portfolio. It's just suddenly had so much demand come through from the cloud sort of scale-to-type groups. They've had to, yeah, frontload a lot of their capex that they weren't expecting to originally. That's really the huge amount of extra capital in there. In Europe, I think we still, the demand hasn't quite come through. We still see the edge state as being a very interesting layer in the go forwards. Especially again, AI, I think, will indirectly impact the demand for that as models become, our apps get built. We'll really run on that, and then how is that going to be integrated into the world of individuals, work life, and personal life as well. I think as AI, it's definitely the best word that from our perspective, it's not the only interesting thing around. I mean, you mentioned edge computing that is very intrinsically connected to AI and what the objectives are. But then the question still comes down to what is edge computing? I don't think we want to get into that discussion today because otherwise we'll be here. Just talking about what edge computing, but that is interesting. You mentioned the Nordics, and we're going to locations a bit further down the discussion, but the Nordics are really coming through a second wave now. We've seen the first wave in the mid-2010s, but now it's starting all over again, and we do have some rooms of projects with 1 gigawatt, 2 gigawatt campuses, which I mean, we'll see if they come to fruition or not, but that's just ginormous amounts of power needed to do that. And I guess the geographical spread of these facilities that you were mentioning is shifting. The ideas are shifting on how we're going to build all this and disperse the infrastructure. But Attif, onto you. What's your vision? So let's look at some data from the US, and I think European data kind of mirrors that as well. So just in terms of green field, new projects being built, we were building under 500 megawatts worth of data centers in the US in 2020. Now numbers vary, but depending on the numbers you look at, anywhere between 3,500 to 5,000 megawatts worth of data centers are under construction in the US as we speak. And again, depending on the estimates, because the number don't break down that easily, between 1,200 to 1,800 megawatts of those are AI data centers, and the remaining are sort of hyperspace scale and COLO data centers. So I think kind of going back to your question about what are the trends, the first trend is hypergrowth, particularly for digital infrastructure. So that's not just data centers, the fiber that goes along with it. And if you sort of cast your net more broadly, with the semiconductor fabs and semiconductor plays as well, ultimately these data centers have to run on chips. So there's just a lot going on in this space altogether. Now, your second part of your question, John, was what's the role of private equity here? If you think about on average, per megawatt installed capacity for data center is around $10 million or euros, however you want to look at it. So with 5,000 megawatts being built, that's a $50 billion financing requirement. It's just staggering. And private equity has a massive role to play in this. So funds like digital bridge or variety of them have taken big best, almost specialized digital infrastructure funds out there, like Devonshire, Armour Fidelity, et cetera. And I think part of that is private equity can only really take on so much of that portion. So even with lots of leverage, I think both banks and private equity fund would be plenty busy trying to finance this wave. Yeah, it's just a second. I mean, although those numbers that you mentioned, they are huge compared to what we were talking about five, eight years ago, where $100 million, $200 million was a huge amount. If anyone touched the $1 billion, it was headline news all over the world. Those numbers are quite interesting. And I mean, digital bridge predicts $1.2 trillion of investment into data centers alone over the next five, seven years, something like that. It's potentially going to get over that anyway, because another beauty of the issue is that all the predictions that we make, they're always wrong because it's always more than what predicts will be. It's wrong in a good way because it's always more. But Siko. It's interesting to hear what's being said in relation to the growth profile, right? When we started looking at this as an asset class that was back in 2006, 2007, 100 kilowatt order profile was still something that was a significant order profile. And you were putting your financial walls together on the back of multiple of those contracts. Now, people are mentioning megawatts like the kilowatts back then. And I think that that's a reflection of how this industry has grown. What you see is the underlying fundamentals, they are still strong. You see enterprises that are still looking to decrease their total cost of IT expenditure doing their cloud-based shifts. I think they're becoming more proficient in selecting what type of cloud solution they want to have, be it private cloud or public cloud or a hybrid cloud solution. The development of the telecommunication networks is a very strong driver as well, right? Is that what you see now with certain operators that are actively offering to data center fiber connectivity and creating that ecosystem allows the data center assets to deal with this, computes this storage and this communication flow. And I think that as a consumer, both in the enterprise as well as on the residential side, we see that there is a tremendous evolution in terms of how we use contents and how we use applications. So where in the past we were okay, waiting a bit for mediocre content, now everything has to be content rich in real time. That is a very significant shift that we see in the market and that has its implication from a demand-driver perspective. Underlying that, we see that the hyperscaler demand profile is continuing. As I just said, a few years ago it was in the US 500 megawatts. Now we're 5,000 megawatts is a 10-fold increase and we see that as well in the amount of transaction flow that we have to deal with within our team. And especially if you look at hyperscaler strategies, we see so much evolution there which I think is a reflection of how this market as an asset class is developing. We see them shifting from their initial Tier 1 location into Tier 2, 3 and 4 location. We see, I don't want to mention Edge, but we actually see cloud out movements. We also see enterprise in movements where enterprises want to have their presence on a local basis, but they want to have their compute on a centralized basis. And that already in itself is a significant growth profile. But if you augment that with things that are happening with AI, the hyperscalers need to invest very, very significantly in order to do all the machine learning. So with all that, we expect that there is going to be a tremendous wall of capital that is going to be required. Unfortunately, there are a lot of banks and funds and institutional lenders out there that want to support that along with the traditional infrastructure based private equity players that actually see this as a very promising asset class. Interesting. There's a few things I want to follow up on there. I'll do a very quick question because actually you mentioned that you're seeing this on your site as well in terms of deal overflow. So actually a very quick sideline question. How are you guys managing within your own teams to answer the demands when it comes to actually dealing with the deal overflow? Like how are you dealing with all these demands, with the deals coming through, with all the dual deligency? Are you finding the right talent? Are you struggling to find talent to work within your businesses on the back of all this rush of business coming in? Again, it's a great problem to have, but it's important. Very quick one just on the sideline. Yeah, we work hard. Kitting aside, what we have done is basically we started looking at this as an asset class very, very early on. And I think that allowed us also to work with the juniors and the medias in our team to actually touch a data center transaction very early on. So it's a point of pride for me that everybody within our team speaks data center for a bit and that already saves a lot. If you let's say have the basic tenets of financial structuring, the basic tenets of how a data center works, if you know how to do a contractual review, you can do your instructions towards legal counsel in the right way, towards technical advisors in the right way. It just saves a lot of work if you have trained your team correctly. But yeah, it's quite a lot of work right now. Okay, I'm going to add something around building up the teams because everyone is building. So there's the common ground here. Just to come in here very briefly, so I'll come in from an execution perspective. So those megawatts of data centers have to be built by a team of some kind. And with between seven to 10x growth over last four years, supply chains are not seven or 10x bigger or better. If anything, they are worse off because of COVID in between. And so I think what we are seeing as well is there's serious capacity constraints in the execution side of the industry. And a metric for that is simply time delays. So projects have in general issues with time overruns, but partly owned to really lethal cocktail of COVID, geopolitical tensions, supply chain disruptions, those leak times are prolonging an overall kind of estimation error between when people want to build those data centers and where they actually get built is getting harder. I think that's also exciting because you can now use AI tools to try and win back some of that productivity. So I do think it's both a push and pull. And certainly for data center industry, because they are so keen on building AI data centers, I think they might as well use them in their own execution phase. So that will be a helpful message for them. It's the same old story that when a challenge occurs, there's an opportunity to do some things in a different way in a more efficient way. And I think that's where AI will enable is just becoming more efficient, faster, more efficient. And when you struggle, you always find a solution. And this industry is one of those industries that always does that. And Sebastian, just quickly on that one. I think on the senior end of the team, we started looking really 2019, 2020. And I think we're slightly lucky in that we were able to make a very good hire there for the big rush of a lot of investment firms starting to look into it. And again, we're working since 2007 in the US and having good knowledge there helped a lot. On the junior end, I think exactly the same as what SICO said, every time we go out for a site visit, we try to make sure that the analysts can come along, have a look around and really get to understand the asset class better. Ultimately, for what we do, we don't need a massive team, we're quite targeted, and we can have a smaller team as a result of that. There's nothing better than boots on the ground to actually see the state. One, another satellite question, I promise I'll get back on the horse after this one. Are we worried about the microeconomic environment across the world and how they might impact the European data center market next year? Is there an issue for concern or is just a passing by feeling that the industry will navigate? I think it's obviously a concern, especially given a lot of the geopolitical tension that's going on. But I think the demand driver behind data centers is something that we think can withstand quite a lot. And to be honest, I think a lot of operators are being slightly more squeezed at the moment with debt costs coming up, with inflation and construction costs. Over the last few years, but from our perspective, that adds and leads to a lot of opportunity. People are really looking at their capital stack. It's not as simple as equity from a private equity platform and then loan from IMG in order to be able to get the numbers to work. People are now starting to look at joint ventures. How can they be created and bring in additional capital? So I think it's leading to a lot of opportunity for us. It is very interesting because actually the west of Europe, North America, was very ahead of this whole construction. But when you look at Asia, it's all being done through joint ventures. So now it seems like we're actually taking a bit of the idea of joint ventures from Asia and bringing them into Europe and into the US as well. So it's very interesting how the market is shifting. I'll go around again. So, Attif, what's your micro economy for you? I'm bullish. I think looking at inflation numbers coming out of the US, employment numbers, again, I think the US is in a better, more robust shape than European continent as a whole, at least just the way I assess it at the moment. So I don't, I mean, it's impossible to predict the future, but I don't think the macroeconomic headwinds are the key constraint. The constraint in my view is a bit more micro, which is power constraints, chip constraints, people constraints. I think those are bigger worries in my mind for the data center industry, rather than a sharp demand just disappearing. And we see them, the prices, the price of the data center services have doubled in the last three months. So that all of that is pointing to supply constraint. So I think for the next 12 to 18 months supply just has to catch up with demand. What happens after that? No one can really know. Yeah, we're not there trying to guess. Listen, I agree with that. I agree with that. You know, the thing is, does a behavioral pattern change if there is a geopolitical thing happening? I don't believe that people will stop using the Azure platform if there is something going on in the region. But I think geopolitical tension leads to increased caution. And I believe that leads to some additional vetting of business plans in a way that they're able to withstand a certain systemic geopolitical shock. But that all being said, we see that the large hyperscalers are rolling out their networks across various markets. And that is still ongoing. That is not stopping. And clearly, as Atif referred to earlier, there are some regional elements that need to be taken into consideration. Can you have sustainable growth in a country such as Ireland or in the Frankfurt area? And we still see there that even though there might be certain political aspects that the industry, it's an engineer-led, creative, fast-thinking industry is still able to come up with solutions. Take Frankfurt as an example. The market has been very much overfocused on the definition of the size of the availability zone in Frankfurt. But what we see now is that that availability zone is widening up because the strength of the telco networks allow that. You don't need to be in a specific neighborhood in Frankfurt anymore. You can be in the surrounding area because that's where you still have your land availability and your power availability. We see that operators in unison in discussions with hyperscalers as well as with large deployment enterprises, they become more tailored towards where the demand needs to be and where the most efficient demand should be. Amsterdam, communication-driven market, we know that in the vicinity of Amsterdam there are certain locations where you can do more, that's a latency insensitive compute and storage. That's how the market is evolving as well. No, I just agree with what everyone said really and I do like the view of moving the conversation from micro-economics to micro-economics, micro to micro, sorry, I got my wording wrong there. Again, it's a fascinating market that adapts very quickly. The problem is when policy gets in the way and I guess that's where the interest needs to become a little bit better, get a seat at the table more early on as opposed to waiting to see what's going to happen. We've seen Germany now rolling out probably the most stringent sustainability legislation towards data centers and that's just going to be rolled out to other countries, so there's no way around that we know what's going to happen, so it's a matter of people preparing for that. That's where we need to move on now. It's not trying to cry over spilled milk, as we usually say back home, it's just acting on it and then building the platform for what's coming next. Let's bring the conversation back to the original plan. Let's talk a bit about just brownfield versus greenfield development. Even yesterday I was talking to CEO whose strategy is to acquire businesses and start on the brownfield side and then they will expand the facilities that they are acquiring and then eventually they will move into greenfield once the books allow. What are you guys seeing in terms of brownfield versus brownfield? What strategies are being followed? Is this a common practice, the one I just described for example? Just give us your view of what's happened and how they can change shifts stagnate next year. The first one they say something and goes first. And this one partly because I track greenfield projects, so I don't have a strong view on the brownfield side of things, so I'll defer to colleagues to discuss brownfield. I think on greenfield one of the interesting things that we're seeing particularly again with data centers is this issue of time delays. So if you look at the overall risk profile, the three things you're playing with, your potential revenue that you're going to get once you lease up the whole property, the cost you're going to invest in the capex in the time it's going to take you. Incidentally, cost overruns which are typically a very big issue in the execution phase for new projects is less of a problem for data centers. On average they're relatively low cost overruns partly because of very big contingencies, but time overruns a big issue. So on average we've built the world's largest data set of its kind on data centers. We're seeing 34% average delays. So roughly speaking a two-year project becomes a three-year project. Up until now the hyperscalers have taken a relatively benign view, so they sort of talk a tough talk around penalties, but when the color developers have been unable to meet those deadlines, they've ended up in negotiated settlements and those penalties haven't been extracted. I think that patience is running out. So we're going to see a lot more of these penalties being extracted and a lot more rankling over ready-for-service dates. Partly because the demand imperative is so strong that there isn't that much of a leeway there. So I think from that perspective just without knowing too much about Brownfield myself and just looking at Greenfield, many private equity investors may take the view that where the demand profile is already known they may get away with it, but I think my bigger message to the audience would be take the execution risk whether it's Greenfield or Brownfield extremely seriously. Oftentimes people think become fixated with Excel spreadsheets at the final investment decision and don't bake in any risk for what happens if I'm one-third overrun and my customer actually extracts the penalties, suddenly the private equity IRR is going to disappear. Interesting point here. Spastin? I think it's also a question of span of control. No. As hyperscalers you only have a team that is a certain size and you are dealing with the demand profile for both AI as well as the cloud-based business where you have a team that is working across multiple projects and they need to retain a specific amount of control. If you're working on one-two projects you can still get internal resources to help out in order to meet the RFS. If you manage 20 projects you need to be a little bit more stringent and you need to hold the project company responsible for the agreements that have been made. I think everybody wants to be pragmatic in this industry and they also acknowledge that they need to make it work because they also need to have a 10 or 15-year productive relationship with the project company. But if it really becomes an issue then at a certain point in time you'll see that these things start popping up as in RFS penalties being invoked or additional payment holidays starting after a project commissioning. Now we look a lot at brownfield situations and we support operators that have landed in let's say the tier one markets and have managed to secure good location for certain activities, certain compute mission critical, lazy sensitive compute and communication at data center functionality. Those locations they very quickly transform from a green field situation into a brownfield situation and we have seen over the course of six, seven years in project one evolving into project six because that order profile is just continuing. What you see there is that with such a demand profile and with such a multiplication of projects this is great for the investors because they do have some scale advantages. So it has some pretty beneficial effect on their IRR and investment strategy. Now the hyperscalers also know that and with the environment changing with weighted average cost of that increasing and this is a depressed supply chain they want to be pragmatic but they also know that if they have a repeat order profile in brownfield that you know as the Roman says agreements are there to be respected. Interesting and Sebastian any thoughts to add? I know it's more on the real estate side but oh all right we lost Sebastian there for a second. As you guys were actually talking I was thinking because oh there you are. I was saying if you've got any thoughts to add I know it's more of a real estate kind of question but maybe you have just one or two things to add. John I'm the brownfield versus greenfield. I think apologies for dropping off. From our perspective we definitely have a preference for brownfield and I think you do get more challenges and you do have risks of overruns from taking on existing and the challenge of not everything is exactly how you expect whereas with greenfield is a little bit more of a clean slate but yeah numerous reasons I think brownfield is preferred and I think coming forward is sustainability as well. I mean just looking at sort of the ground of a site. Some people are saying up to 50% of carbon created in bodies during development processes within and especially somewhere like the Netherlands where a lot of regions need a lot of piling due to the ground quality and yeah a lot of the embodied carbon goes into just the concrete base and so if you're able to to sort of continue using what's already there then that's got to have a benefit whilst embodied carbon is not overly tracked at the moment down the line I think that's going to become more important so again. It's about like life cycling the circle economy around the entire project as well which is why the attention is shifting but as you were all talking I was actually remembering after Covid the few months after Covid kind of ended. There was a lot of discussion around do we have oversupply? Did we build too much? Was Microsoft too rushed to put those 100MW outs and the truth is it's not. I mean here we are just a year and a half later and we're talking about we don't even have enough as it is to let alone talk about oversupply. That's how fast the market changes. I'm actually going to bring one question because we do have a question from the audience and I think it's quite quite a good point around modularization building modular units within the data center. So what's your view on using modularity to build the facilities and how can it kind of help with the 30% average delays in the delivery of these projects? Are we moving towards that side of things in a wider picture or is this for a very specific Actually modularization is a phenomenal idea you know and wherever we've seen industries modularize we see those overruns come right down and in fact the absolute cost curves come right down so solar wind, onshore wind doesn't have cost overruns or time overruns same with solar etc. So I think you know in theory really good ideas. For some reason I personally haven't come across lots of scalable deployments of modularization for data centers. So I'd be curious to be educated here by the audience about projects that do use a modular approach and I have managed to actually replicate that. There's obviously always edge kind of case studies that people talk about and but it seems to me more of a marketing ploy than reality. Although there's really in my view no barrier to it. We've seen for example companies like DuPont do this for chemical plants have achieved very high degree of modularization, very similar complexity of you know electromechanical systems. So it's doable but I'd love to learn more about who's actually doing it and doing it at scale and it's not like a one-off project that's something repeatable. I think that that is exactly in line with how we see it. You know we have seen modularization in the industry and it's just like edge it's an often used concept. If you look at all the info memos that we have if you just would do a search function there is always modularization in there. The fact of the matter is we haven't seen it yet in scale in large deployments and the reason is for that is twofold. I think there is a very vast difference between you know standardization that we have seen initiated you know back when we were talking about the Yehu chicken coop design and what Google has been doing versus modularization that's one and the second thing is is there are specific business models where modularization is just not useful. If you have a single tenant data center with an early install profile there is no rationale to do modularization so it's also applicable to specific business models as well. We've seen it sort of the blade room technology and everything like that rolled out one sort of investment we were considering and I think from that perspective again it's definitely on the smaller scale compared with sort of the big hyperscaling rollouts. I mean it is fantastic from an IRR perspective your risk management is a lot easier you know it's you know what the time will be before you need to roll it out and you can go up in what 600 kilowatt chunks so the upfront investment and the potential to invest something and then have it wilting away for a while before actually coming into use is much less so a brilliant idea but yeah that's scale much trickier. One last thing I might add here is it could be just that this is a concept that's in need of an entrepreneur you know so it's like somebody who's able to build a business out of it so I think fundamentally some concept but it probably needs that Tesla moment where you know somebody does the obvious it makes a success out of it and you know navigates all the treacheries that go along along with a new idea like that. Yeah it reminds me of when Cole Crawford from Vaporio created the I can't remember if it's called the chamber it's a ceiling I can't remember if the name is actually the chamber now but he created and they kind of transformed the whole computing I mean it transformed the idea of edge computing it transformed what we called edge and when you see the machine you're like all right now I understand what edge is and I remember seeing it the first time so you probably need something like that someone like that to come up and then create something new but I think we've seen a bit of modernization in some US markets but mostly I think you see it more within emerging markets so the southern hemisphere where you you're building less you're building smaller amount and the Asia's easy to probably test it versus bigger markets like Europe. I know I know you're kind of getting to the last 10 minutes now so I'm going to throw of course the geographic question which is what location I'm going to be looking out for next year in terms of investment because I mean especially already mentioned the Nordics but what locations are we going to be seeing popping up even more next year and beyond the the tier one cities because we kind of know what's happening there but what's the new up and coming and I'll throw in the M&A angle at it as well where we're going to see more M&A geographically speaking and I know you're going to try that one carefully because I'm sure there's NDAs but I'll leave that to you. Listen I think I think what we're going to see is that that shift to the tier three to four markets I think that's going to be very relevant and what we see there is the the growth profile of hyperscalers that is actually going to materialize. We saw that case very clearly when we did the financing for a company called Atlas Edge that was able to bridge the gap between what the hyperscaler demand is and how much capacity they can offer in tier three, tier four markets you know if you look at a hyperscaler team they need to go to their capital communities as well I think the capital education committees you know you can easily request 50 megawatts in Frankfurt but you know do 10 megawatts in the Munich area or Hamburg area it's a different story so those type of operators that are able to bridge the gap between you know smaller projects but still culminating that that growth profile there I think are the winners in the industry in in that respect. What we see as well is you know significant profile in the Middle East there is a lot of enterprise demand there that is not being covered yet by cloud service providers and yeah I think that we'll see more emphasis on yeah as said the Nordics we see high density compute high performance compute applications and we see enterprises becoming more finessed in how they want to run their IT infrastructure right and we have seen early examples of that already with you know BMW doing their compute in Iceland and then when the engineers come back they have the results in Munich we see that there are more specific IT requirements that are being accommodated by specific data center models and that's very exciting to see so it used to be this is the data center sector and now we see very specific bespoke models that in my view are very exciting. It's absolutely no longer one size fits all it's it has to be bespoke to the industry and the application you're trying to to drive the demand for. Mr. Sebastian? Yeah I mean I agree with Sik, I think we've whilst we still got a focus on we want to have a base in the flat markets but our focus is and it always has been very much more on those secondary markets. I'm glad you brought up Atlas edge there are tenent of ours in in our Barcelona facility I think their approach to things is is is fantastic in terms of looking at those markets where there is that under supply there's the fundamental reasons for data centers to be there it won't be a 18 megawatt hyperscale but it will be there there is definitely requirement I think that's a lot of where our focus is and on those sort of connection points between various markets as well when there's more sub-C fiber is interesting I don't think we're going to be going too far off the beaten path in terms of trying to develop something sort of in the the back end of say the Nordics or something like that but again focusing on those major cities where there is that connectivity coming through and where we do see demand building out I think it's going to be a lot of interest for us. Southern Europe is definitely an exciting place to look at with the different use cases and that's it so look I think much like Seiko and Sebastian this is a rising tide so rising tide lifts all but and I was at a data center conference in Zurich last week and I was amused to they kept referring to Switzerland as an emerging market because obviously we're talking about data center as an emerging market so so I think across Europe you know Nordics of course but markets like Switzerland, Estonia you name it I think you know Italy Milan the number of data centers being built around Milan airport at the moment so you know I think all of them is a rising tide but even further field you'd be amazed by number of data centers being built in Jakarta and Kuala Lumpur in Mumbai you know this is so I think you ain't seen nothing yet and as such from a capital allocation perspective you know people need to allocate capital of the area they know about as a macroeconomic trend you know digital infrastructure is here to stay and if anything you know it's sort of just climbing up to a level of maturity now so it's more about your understanding of the local regulatory market etc to to make those bets whether you know Jakarta or Mumbai or Zurich it's you know I'll drive those dollars you ain't seen nothing yet I like that I think that kind of actually sums up what's going on in the world but I think that all ties up very well as well to do the the earlier point that we you guys made around the different types of buildings that are going to need to be built from the edge building to the the mothership data center some people call it and that's where then the diversification within the metros will accentuate even more and that's where the knowledge are coming into the second stage but it's not going to be a stage where you're going to build small facilities it's going to be the big best they're going to go into the Nordics because of cooling in the cheap electricity then I was going to say as well it's just a very quick question to end I don't have 50 billion dollars to give each one of you like like you gave an example early on if I gave you one billion dollars where would you go next year what what city what locality municipality something specific where would you go to with a billion dollars to build something you can't be a hundred million you can't do anything with a hundred million nowadays yeah there is a question who wants to you know wants to throw a name into the table I would I would do several strategies first of all I think the market is very much focused on hyperscalers and with a lot of investor demand you also tend to get a little bit of an over focus there is still a very significant enterprise demand profile and that commands also a different price profile than what the hyperscalers get so I would put a significant portion in in the enterprise demand because what we see there is that the order profile is going up we see that the contract tenders are being stretched and we see that those parties still become very nice return profile for for projects so that's one second one is you know the tier three tier four markets clearly we see there are a lot of development Milan yeah I think we all see the activity there but there is a lot of Milan's out there across Europe right so if you do the math where is the enterprise where is the tele-density and where is the capacity you know where to invest so I would put one third of that billion there and the other one third I would put into let's say the long-term next generation type of technologies right there is a lot of things happening in semiconductors so you know auto electronics is a very exciting area edge applications call will definitely get part of my investment there so yeah that's how I would split it yeah there's a few r&d aspects that I would definitely bet some money in as well from the next 30 40 years like DNA storage I think that's going to be quite exciting and very disruptive Sebastian where would you go it's difficult following second a very good I just wanted to geography um I mean I'm slightly biased we've got our strategy of building out in with some focus on the core markets but um sort of acquiring assets across and I think very much shadows against the first part of his answer um sort of that enterprise demand in locations which are more sort of secondary and what tertiary and third and fourth tier struggling with my English um and I think that that for us is a very interesting subset of the market that isn't really getting too much of the attention at the moment and will sort of remain sort of strong from a demand perspective given the business the people the wealth that is existing in a lot of these locations across Europe okay and the final words um so I'd certainly give some of it to SICO because I think his answer is fantastic but you've got an angel yes I think if one had that there's an element this is a market of immense information barriers so it's not for the faint hearted and if you've not been doing data centers for 10 15 years um you know down just march out with a billion dollars you're you're very likely to lose it and and if you look at private equity returns um you know even private equity funds um it's almost like a venture plane in many ways so that some people have made a huge amount of money but there's also some big losses there as well so um so I think from a purely capital allocation perspective my primary strategy would be passive and go with people uh like SICO who you know and Sebastian who know what they're doing and have been doing it and park the money there one final thing I would say uh you know there's an element of some venture style investments that are right here and they're actually not in data centers they are in power um so in onsite power in basically allied services so not not sort of the gold rush itself but but selling selling the Levi's to the to the people so I think that that would be an area where I'd I'd put some allocation in is be it uh onsite LNG or or you know gas or things like that and and and you know things about nature right well I really loved the three answers that you gave because you actually flip the question around um usually people struggle not to say the areas where they're actually going to invest and then they have to run away from the question so there was a very good flip on how to answer it so thank you so much Attif, Sebastian and SICO I found that to be extremely insightful and that we could be here talking for a lot longer because I know we didn't even get through half of the questions we had lined up for this chat so thank you so much uh and on behalf of the speakers I'd like to thank everyone for tuning in either here on LinkedIn YouTube X or JSA.net you can also watch our two previous round tables on JSA's LinkedIn and YouTube pages one discussing the future powerhouses of Europe data centers 2024 and the other looking at the financial frontier of Europe and leashing sustainable investments in 2024 with that we wrap up today's conversation look out for the playback of this session coming soon to JSA TV, YouTube, LinkedIn, X and more from me and the team at JSA Europe all that's left to say is to wish everyone a jolly holiday season and a prosperous 2024 see you next year and as always happy networking. Thank you very much everybody. Thank you very much. Bye now.


The first item of business today is general questions. We start with question number one from John Scott. Thank you, Presiding Officer. To ask the Scottish Government when the revised Scottish wide area network project will be completed and delivered in full. Cabinet Secretary, Derek Mackay. The Scottish wide area network SWAN is an on-going programme of work. The contract awarded in February 2014 allows public sector organisations to become SWAN members until February 2020. From February 2020, no new members can join, but existing members can add and revise services until February 2023, by which time the programme will be delivered. SWAN will remain operational until the last member's contract has expired no later than February 2026. I thank the cabinet secretary for his answer, and he will, I believe, be all too aware of the shortcomings of both the contract with Calpita and the delivery of IT services thus far, and with the low broadband speeds being delivered. He will also be aware that the day after this question was lodged, an additional £110,000 was allocated to provide extra bandwidth in the service locally. Can the cabinet secretary tell us when this service will be fully delivered in Ayrshire, why the original contract was so unambitious in terms of broadband speeds, why have delivery dates not been met thus far, have financial penalties been levied or alternative contracts have been considered, and is NHS Ayrshire and Arran all the Scottish Government paying for the potential cost overruns of the apparently struggling project? I think that I might have some difficulties in getting you to indulge me in giving a full and comprehensive answer to that extent, but I would endeavour to get that information to Mr Scott, and I am happy to arrange a briefing on which we can go over all those issues and complexities at the way forward so that that information can be shared with the member and indeed anyone else who is interested in the network. To ask the Scottish Government what its response is to the Royal College of Surgeons of Edinburgh report, Standards Informing Delivery of Care in Rural Surgery. Cabinet Secretary Shona Robison, we welcome the report as a useful contribution to discussion on the sustainability of rural surgical services. The report highlights a number of recommendations that are consistent with the direction of travel for NHS Scotland set out in the national clinical strategy. Kate Forbes. Thank the cabinet secretary. The cabinet secretary will be aware of difficulties of recruitment of surgeons to rural general hospitals. What is the Government doing to enhance surgical training and recruitment to ensure an appropriate standard of care to patients in rural hospitals? In the short to medium term, there are a range of actions already being taken to support NHS boards to recruit in remote and rural areas and also to encourage those who trained or worked in NHS Scotland to return and work in the health service and to encourage others to come and work here from elsewhere. For example, we are supporting the development of flexible networks between rural and urban hospitals such as Ragemore and Caithness General. This is to help to maintain and enhance skills where patient numbers are small. We need to make sure that the skills are maintained by those surgeons. The longer-term solution lies in implementing recommendations from the shape of training report to achieve a better balance between general and specialist medical skills. Working with the surgical colleges, proposals are well advanced for a revised training curriculum that will equip trainees with the competencies to deliver elective and emergency general surgery. I think that that will be very good news for our rural general hospitals. Miles Briggs. One of the issues that has been raised at the health committee is, in some cases, people are not going to rural parts of Scotland because their partner can't find work, for example, on broadband connections. Is this an area that the Government will also look into so that we can make sure that rural practices and rural surgery become a very attractive career option in the future? Miles Briggs makes an important point. The Government has done a lot around broadband, particularly for remote and rural areas. He is right because the infrastructure that is particularly in primary care requires to deliver some of our enhanced services. Looking at the use of technology within rural healthcare requires the infrastructure to be there to help to deliver that. On the issue of partners, that is again an important issue. I know that boards have worked hard to try to help the partner of the person coming to work within the health service to also find employment and to offer other incentives, whether that is accommodation or other supports, particularly when someone is going to be new to the area. Those are important issues that surround trying to make sure that we can retain and recruit to our rural areas. Monica Lennon. Does the cabinet secretary agree with the concerns from the British Medical Association that the erosion of supporting professional activity times in consultant contracts for some areas across Scotland is partly to blame for the chronic shortage of staff and unfilled vacancies that we are currently seeing in rural areas and across the country? If so, will the Government therefore commit to reprioritising the implementation of the A2 contract across all health boards as a matter of urgency to make sure that consultants can develop the level of expertise that a world-class health service requires and ensure that Scotland can continue to attract and retain the best talents? That is an issue that has been raised by the British Medical Association with me directly. I would say to the member that the area where that is more of an issue is Greater Glasgow and Clyde, not a rural health board area. Greater Glasgow and Clyde is the board that has the most 911 contracts. We will continue to discuss with Greater Glasgow and Clyde, particularly when a new chief executive is appointed there. That should be one of the issues that we would expect them to take forward with the consultant workforce in that area. To ask the Scottish Government how many people are registered with an NHS dentist and how that compares to 2007. At 30 September 2016, 4,924,974 people registered with an NHS dentist in Scotland. The equivalent figure for 2007 was 2,669,990. The cabinet secretary will recognise that there remains an inequality between deprived and affluent areas in Scotland. Therefore, what steps does the Scottish Government take to help to address child dental health inequalities? I say to Gil Paterson that we are continuing to make progress in reducing oral health inequalities in children. For example, comparing the two years to September 2016 with the two years to September 2007, there has been an increase of 36 per cent in the number of children in the most deprived areas attending their dentist. However, we recognise that more work needs to be done, which is why I have decided to expand our flagship child smile programme. As announced in the fairer Scotland action plan, we will be expanding the programme to those nursery and primary 1 and 2 children in the 20 per cent most deprived areas across Scotland. The programme provides additional oral health interventions such as fluoride varnish application for children from the most deprived areas of Scotland. I think that that will help to make a real difference. Maurice Golden Thank you, Presiding Officer. While an increase to dental registrations is to be welcomed, it is important to note that the 2016 dental report says that because of a change to lifetime registration, the registration rate has become less informative in measuring patient access to dental services. The trend for patients actually seeing a dentist, the participation rate has, and I quote, being falling across all NHS boards, and patients in the most deprived areas are least likely to have seen a dentist in the previous two years. What steps is the SNP Government taking to ensure that people of all ages aren't just registering but are actually being treated by a dentist? NHS Dentistry and the Transformation in Dentistry of Scotland is a success story that we should be immensely proud of. Let me take those questions. Figures show a significant increase over the last decade in the number of people attending their dentist. Under this Government, attendance has risen from £2.5 million in the two years to March 2007 to £3.5 million in the two years to September 2016, so there are more people attending their dentist. Dentists have put considerable work into encouraging regular attendance. To give one example, dentists have access to the NHS mail system, which allows them to text message patients an appointment reminder, which has been shown to improve attendance. We should also remember the very important role that the public has to play in ensuring that they and, importantly, their children attend regularly for appointments. It should be noted and I would be welcomed that access to NHS dentistry in Scotland is at an all-time high. There is more capacity than ever before to accommodate the needs of patients. I would have thought that that is something that people across the whole of this chamber should welcome. I declare an interest that I used to be a practising NHS dentist and my wife continues to practise in the NHS as a dentist. I congratulate the cabinet secretary for the spin of the week on the dental figures when, in actual fact, she is not comparing like for like figures, because the reality is that in April 2006 you were registered for 36 months, but now you have lifetime registration. What is more important is to look at the participation rates and looking at the proportion of people who access NHS dentistry. If you look at the proportion of people who participate in September 2006, 99 per cent of adults participated with a dentist that was registered and 100 per cent of registered children participated at a dentist. That is now 69 per cent of adults and 86 per cent of children. So, while there is much to welcome, can the cabinet secretary still recognise the challenges in dentistry and perhaps give the figures a check-up of their own? I have never heard such a half empty glass question in this chamber. NHS dentistry is a success story. Given his clinical experience, he would have realised that lifetime registration is a good thing, because it keeps people registered for their lifetime with a dentist. Let me give him a couple of figures that even he surely cannot complain about. The number of primary 1 children with no obvious decay experience rising from 54 per cent in 2006 to 69 per cent in 2016. The number of primary 7 children with no obvious decay rising from 59 per cent in 2007 to 75 per cent in 2015. Even Anasawa surely must welcome those figures. To ask the Scottish Government whether it will reconsider removing the board of Highlands and Islands Enterprise. There should be no doubt that under this Government, High will remain firmly in place at the heart of the Highlands and Islands economy. We have repeatedly committed to maintain the dedicated support that is locally based, managed and directed by High. Phase 2 of the Enterprise and Skills review will look to deliver for businesses and individuals in the Highlands and Islands. Additional access and support from national services is part of a more coherent system. Scottish ministers have asked Professor Lorne Crairor, the chair of High, to lead a governance review, working with all four Enterprise and Skills agencies, their existing boards and other experts in developing the detailed scope, potential structures and functions for the new board. In addition, as I have said on a number of occasions, I am happy to meet representatives from all parties to discuss the way forward as we consider how best to ensure that High is the best place to meet the challenges and opportunities of the future. The very simple ask that I make of the cabinet secretary today is to retain a fully autonomous board for the Highlands and Islands Enterprise, based in the Highlands and Islands, full responsible for the strategic direction of the organisation. For the cabinet secretary to change his mind on this issue, at the 11th hour, would be a strength, not a weakness, and show the Scottish Government is listening to the wave of public opinion in the Highlands and Islands? To underline the point that has been made previously, that a number of people who have expressed concerns, whether that is the council leaders of the various Northern authorities that all of whom I met with yesterday, with Jim Hunter, who has already been mentioned by a number of parties in previous statements, by SNP MSPs who have been the ones that have asked for meetings to discuss their concerns and take the issues forward. I am continuing to listen to that, but we do await the report from Professor Lorne Crairor, currently the chair of high, who will look at the different issues, as well as the fact of what else can be done to strengthen the work of high. Whether it is in terms of internationalisation, whether it is in terms of more powers in relation to skills, whether it is in more powers in relation to exports, driving up exports, it is very important that we build on the success of high. Just as we are asking the rest of the agencies within this review to see how we can improve things further, to take Scotland from the third decile in terms of the OECD's league tables to the first, it is very important that high also looks at itself along with us to see how we can improve the services that we provide to individuals and companies across the Highlands. Will the cabinet secretary confirm, as he did before in this chamber, that following the conclusion of the governance review that any decision on the future of the high board will be brought back to this chamber, and will he reiterate again his support for the continuation of local decision making? As Gail Ross mentioned, I said during the recent debate on the Highlands and Islands Enterprise that I am more than happy to come back to the chamber once the governance review is complete. I would again reiterate that the future of high is secure. Highlands and Islands Enterprise will continue to be locally based, managed and erected, providing dedicated support to the local economy. 5. Jamie Greene To ask the Scottish Government what its responses to the recent figures suggesting that Scottish exports to the rest of the UK were four times that of exports to the EU. Cabinet Secretary Keith Brown, the Scottish Government welcomes the latest export figures for Scotland. It shows that excluding oil and gas, our total international exports increased by £1 billion in a year—a subject that I would have thought for some commendation. Trade with the rest of the UK is hugely important to Scotland's economy and increased by 4.8 billion pounds in 2015, worth noting that trade with the rest of the EU also increased by 4.4 per cent over that period. In line with our trade and investment strategy, we continue to work with our partners to grow Scottish exports to our key markets. That includes, of course, the UK and the EU, and to support our businesses to exploit opportunities in new international markets. I thank the cabinet secretary for his response. In a recent PQ to the Scottish Government around the trading values and export numbers, I note in the response that the Government is well aware of the importance of those markets to the Scottish economy. In evidence to the economy committee last year, expert witness Professor Mackay said, and I quote, The UK will be Scotland's most important trading relationship and trading partner, and anything that comes between that will have a challenging impact on the Scottish economy. Will the cabinet secretary join me in acknowledging that those figures are accurate, that the UK market is worth protecting and put to bed any alternative myths around the importance of the UK domestic market? All those things are evident from the answer that I have just given to Jamie Greene. I have recognised the size of the trade. It is also worth recognising the size of the trade that the rest of the UK has with Scotland going the other way. Scotland is a very important market to the rest of the UK. However, if you look at, for example, the history of the Irish Republic in terms of the exports that it had, it managed to achieve substantial advances in terms of its international exports. I am not sure whether that should be a problem for members on the Tory side. We want to increase exports to everywhere, whether it is the rest of the UK, whether it is the rest of the EU or around the world. That should be a subject of some consensus between us. It is also worth saying that a 4.4 per cent increase in the year that I mentioned both in terms of the UK is a good thing, but both in terms of the EU, which you do not hear much about from that side of the chamber, is also a good thing for Scotland. Perhaps it will be worth emphasising that positive outcome that we can build on that, rather than the constant denigration that we hear from the party opposite in terms of Scotland's economic performance. Question 6, Adam Tomkins. To ask the Scottish Government what it is doing to improve levels of innovative activity in the Scottish economy. Minister Paul Wheelhouse. Boosting innovation is critical to driving inclusive economic growth. We are working with our agencies and stakeholders to develop a more innovative and entrepreneurial culture to encourage and support more businesses to become innovation active and to increase levels of research and development supported by our network of innovation centres and interface, which facilitates collaboration between businesses and academia. The innovation action plan, which was published on 11 January, set out some immediate steps to make a difference to our innovation performance, such as the use of public sector to catalyse innovation in projects such as CIFTech, the world's first cross-public sector technology accelerator and to complement the manufacturing action plan, which was published in February of last year, which sets out our proposal for a national manufacturing institute for Scotland. Adam Tomkins. Part of that answer that I was able to hear, I could not hear all of it, because of the chorus of approval that greeted the arrival of the Greens in the chamber. As the minister will know, the number of patent applications filed is used to measure the levels of innovative activity in the Scottish economy. The figures from SPICE show that the number of patents filed per 10,000 head of population in Scotland for 2015 is well below the UK average. The UK Government's newly published industrial strategy recognises the need to build on research strengths in businesses, as well as universities. In light of those figures, will the Scottish Government commit to doing the same? To give some encouragement to Mr Tomkins, I would indicate that the recent surveys that we have had around innovation, UK innovation survey 2015, which is UK-wide and is on the same basis in Scotland, has shown that Scotland has had an increase in enterprises with innovation-active approach to 50.4 per cent, which is still by a slight behind the UK average but is catching up and is a substantial increase of over 7 per cent. We are also seeing great opportunities out of the industrial strategy, and we will work closely with the industry to try to maximise those, but just to the point about patents, which is a very important issue, not to lose sight of the fact that we have seen a substantial increase between 2014-15, which is our last published data, and the data that we are seeing from Scottish Enterprise from 649 to 1,200 innovation-active businesses. The work that SE and High are doing to increase innovation in our business community is, I believe, working, and we will hopefully see progress in due course.


Hello everyone welcome back and thanks for watching. So maybe it's just me but growing up as a kid especially after Desert Storm started I started thinking that every conflict every major conflict after that would result in World War 3 and Part of the reason for that is at the time. There were all these Nostradamus documentaries coming out that were predicting the end of the world in the year 1999 and seven months from the sky will come the great king of terror He will bring back to life the king of the Mongols Before and after war reigns warfare on a greater scale than ever before Explosions There will be a great onslaught. I will tell you that I'm concerned enough that I am preparing I'm down here in my bunker right now, which I've been stocking up with food and water A lot of the food that I'm stocking up with is from preparewithdronetech.com So I suggest that any of you you don't have anything stored you have nothing ready to go In case the unthinkable happens give yourself some peace of mind head on over to preparewithdronetech.com and get yourself at least get Started on an emergency food storage But I don't know it just feels different this time and those feelings are bubbling up again this morning as I read news That Putin is reportedly depressed and has moved his family to a quote secret underground city ahead of nuclear war Evacuation drills that Russia is allegedly about to have now. Let me just warn you I mean you can see this page and I'm not real sure about the credibility of the express Nor do I know anything about their source Which is apparently a telegram account called general SVR and I also don't know much about general SVR but I did some searching and found this patreon page and According to it general SVR is doing inside investigations Information from the Kremlin and stories of murders terrorist attacks and political reprisals I do not know if this is some sort of Russian propaganda outlet or a watchdog or what? So just keep that in mind either way I thought it would be good to go ahead and take a look at this story because it does sound like something Putin would do as Part of his escalation strategy Which is allegedly the tactic that he thinks is gonna have the best chances of success So according to the express quote on Saturday Russia launched its Unstoppable nuclear capable hypersonic missile destroying a military storage facility in Ukraine And I think we all saw the news of that It is quite scary because as far as we know there is no defense against this attack Although the fact is if there's a nuclear war they're gonna drop so many nukes That it's not gonna matter if we stop a few of them because they're just gonna be so many back to the article in a recent post The telegram channel general SVR said senior political figures were warned on behalf of the president that perhaps in the near future They will participate in practicing evacuation in case of a nuclear war Apparently all who were contacted with this warning were seriously surprised and concerned about this initiative by the president Well, yeah, I would think so. I mean, we're talking about nuclear war We already know that nobody wins a nuclear war mutually sure destruction It's always kept us out of it before but apparently Putin as well is Willing to at least bring us to the very brink of nuclear war in order to get what he wants And like I said, this is a strategy that allegedly Putin prefers and it's something you see a lot of these dictators do I mean, we've seen it over and over again in North Korea where they push things to the brink to get what they want And then they quiet down a little bit except for in this case Okay, Putin is willing to invade countries invade multiple countries and bring us to the like real Chance of nuclear war in order to get what he wants because I guess at this chance at this point I mean, what other options does he have? He's so invested at this point that he can't pull back now So anyway continuing with the article a source earlier told mail online that the 69-year-old Russian leader is going through several serious medical issues Again, sounds really familiar. Okay, so this all comes across as propaganda to me. I got to be honest I'm not sure who from exactly but not just because of the horrible format and the distracting ads everywhere on this page Which doesn't really lend it credibility but personally I think there is a very good chance especially if Putin's back is against the wall and he's not making the gains in Ukraine that he absolutely must make if he's not making them and quick enough time and losing lots of soldiers losing support Because it's going so bad if he's pushed into a corner like that. I you know I think he very well could detonate a tactical nuclear device in Ukraine and You know if the story is true He's letting us know that he is a wild card who is crazy enough to do it now earlier I mentioned, you know the fact that The reporting in this reminds me of what we saw from the Democrat state media against Trump Now not that I'm comparing Trump to Putin here. Don't get the wrong idea But this is or was part of Trump's strategy as well making leaders think that he was you know nuts out of his mind And could literally do anything this strategy works especially when the Biden regime and NATO are United if anything and their limp-wristed weakness I mean they're broadcasting on a regular basis that it doesn't really matter what Putin does That we're not gonna get involved militarily NATO's not gonna get involved militarily Don't get me wrong. I don't want World War three and you know if we do get involved militarily It's almost certain now not guaranteed that it's gonna be nuclear, but Conventionally, I don't think Russia stands much of a chance against both America and NATO, you know Maybe just NATO. I but I have my doubts about that as well their military You know, they've got a ton of armor Because they've basically told their military for ground warfare But it's so much of it is just old and decaying.  I've watched and things I've read but The fact is why wouldn't Putin at this point just completely keep pushing his limits on NATO until we all Capitulate to his demands. So let me just finish this article up for y'all real quick Repeating earlier claims about this alleged condition Which have been dismissed by the Kremlin the post said quote when Vladimir Putin who suffers from oncology Parkinson's disease and skit so effective disorder That doesn't sound good invites members of the government and heads of the State Department and the Federation Council Which is the lower and upper houses of power parliament in Russia to take part in preparing for an evacuation in case of a nuclear war It becomes not fun at all. Yeah, this situation These are the reason I'm starting to get a little nervous about all this and it feels different to me because it is daily on a daily basis now increasing In escalation and it's Putin who's doing it and as he's doing this we continue to look weak and we're doing basically nothing I don't think I'm not saying the answer is World War three But I also don't know if there's any stopping it because ultimately if we just allow Putin to continue taking over former Soviet satellites He's just gonna grow and grow and grow and grow and power until a China and Russia will dominate the world Because we have done nothing and we will get increasingly weaker the source added that Putin sent shockwaves across his top generals After he demanded that a nuclear drill be undertaken the recent demand led to increasing fears that he is preparing for a nuclear Conflict obviously another Russian expert has previously claimed that Putin has moved his family to a secret location Another Russian expert who who knows who that is that's another reason why I think this article is a little funny Has previously claimed that Putin has moved his family to a secret location There's not just a bunker but a huge underground city in order to keep them safe from potential nuclear fallout That's where we're at folks. I gotta tell you I'm not feeling really good about any of this Especially with the people that we have at the helm right now a guy who is essentially a reanimated corpse when I see Socky get up there and shame, you know Russia and China Based on how history will view them I get really nervous Because that's not serious. That's not like taking this situation seriously. All right folks Thanks for watching just a quick one for today. If you enjoyed it Please hit that like button share and subscribe then leave a comment to let us all know what you think


Everybody Matt here for late in sports cards ripping 2023 tops heritage baseball hobby 12 box full case break number 20 pick your team We have Alex v. Padres Chad B. Brewers David G. Blue jays furan a tigers white socks Francis a cardinals raise Gary a pirates glenn w d backs braves Orioles cubs angels Dodgers and Mets Isaac B Rockies Jacob C. Phillies Jamie G twins Kaizo a Marlins Leone G Nationals Luis V Astros Mario F reds Guardians Maxi Mariners Royals Scott V red Sox Sean P Rangers Starbucks B giants a's and Tom C Yankees. All right, here we go I don't know Mitchell. What are your what are your teams box top or Alex Bregman? James Altman rookie Jeremy Pena Gunner Henderson rookie Aaron judge home run king all stars I'm gonna roll a single dive for the duels in this break unless it's an auto relic or a one-of-one We'll do left side one two three right side four five six That is five duels go right Logan oh hoppy rookie Brett Beatty rookie. Thanks Willie appreciate to follow all stars Francisco Alvarez rookie and Smith and jigba Bautista Stephen Kwan a lot of them you can tell That they're rare based on the serial number. This is rookie image variation Michael Harris braves You go nice when Atlanta and steel Corbin Carroll rookie and Phillies game use Jersey Aaron Nola And we have two jumbo cases of tops chrome baseball 2023 tops chrome after this This is 22 rookie catchers. We're gonna do a dice roll. This is their two reds, but they don't have majority They'd need at least three on this car. We're gonna do a dice roll for the quads Unless it's an auto relic or a one-of-one. I don't think anything. I don't think any of the quads have a team with majority So we'll do top left one two three top right four five six bottom left seven eight nine bottom rights 10 11 12 That is five and two So that'll go quads will go bottom left Now the lower the serial number is So something's numbered to 99 So like seven of 99 then they're only 99 of that particular card whether it be the color the image or Whatever however they determine their variations for that particular set Then they're only 99 99 of those If that right side number is lower, so if it's numbered seven of 50 then they're only 50 made so the lower that right side number is the More rare the card is Yep, Michael Harris rookie on the variations. Yeah, they do The cards are flipped around backwards now on the variations except the rookie short prints You just have to know the five you're looking for It's Jordan Walker Anthony Volpe Kodai Kodai Senga Masataki Yoshida and Shintaro Fuji Nami So those five are rookie short prints so technically a variation but Those are not flipped around backwards all the others are Inherited your flipped around backwards and it says on the card what they are except flip stocks you have to just be able to feel them and tell Bobby Whit Jr. Box topper Royals So if you if you find one flipped around backwards and the front feels like the back of the other cards and the back feels like the front of The other cards, but that's a flip stock and that has a print run of just five Brendan Davis over you talking about where they actually place the serial numbers named Hendricks. Oh, you're talking about the code down here space Mullins and wisdom Francisco Alvarez rookie. Yeah, they have them like on top series one and Even like tops chrome stuff like that the variations will have a different code on the back like the last Usually the last three digits will be different Codes are not easy to see though Corbin Carroll rookie and this is angels chrome refractor to 574 Jared Walsh That one is numbered 388 of 574 long The first numbered parallel of the break a little while since I pulled a red ink auto be happy to see one of those today Nice, this is rookie image variation Gunner Henderson Yeah, I'll show you here. So on heritage. It's not like this with the other products, but with heritage. It'll show you Right above the tops logo here. It says image. That is an image variation Royals game use Jersey Bobby Whit jr. Gunner Henderson new age performers rookie and Michael Harris rookie So we have Pirates Giants and Nationals three to go in our next break that is tops chrome jumbo full case 31 pick your team and if you missed out on That one if you missed your team in that one check out case 32. It's up after that 13 to go on that one. Yeah, this is a different type of product This is more of a product for like set builders Nice that is dick Allen 1974 buyback for the white socks. Yeah, that's just not the type of product This is this has one auto or relic per box. It also has a price point of about a hundred Was a hundred and twenty a box or something like that, but this one you're not just looking for the autos you're looking for On-card autos game use relics Cut autographs they have 1970 they'll have like the mint Cards Riley green which are like they'll take coins From the year, but like this is a throwback to 1974. So I have like a 1974 like Nickel or dime or quarter think a half dollars a one-of-one. I can't remember though Justin Steele. I haven't pulled one in a few years But yeah, it's variations are big Bautista Right. I pulled a camera and made a throwback variation that sold for 500 bucks There's a Corbin Carroll and that's been some years ago, but yeah, people pay big money for the variations trying to complete master sets with all the base cards all the short prints all the Variations and it's a throwback being the most rare pay a lot for them That's Grand Ashcraft Rookie chrome refractor silver to 374 Yeah, the stamps those are awesome too. I have ripped probably I dare say I've ripped as much heritage as any other breaker and Maybe more Over the years, there's Michael Harris rookie and I think I've never pulled a cut auto out of it. I Pulled I think one super Louis Ortiz and that is Julio Rodriguez image variation Nice J rod, I'm an X myth pictures Angels game use Jersey Mike trout Michael Harris new age performers Oh, it's an awesome product.  You know, you're not buying Definitive, you're not buying something that's just gonna be like one big hit after another It's more like there's Terin Bobra the type of product you're getting so much value out of the base and You know the variations and parallels and stuff That I mean you pull a Jersey card that's hand number to 99 and it's like it stands out Which I I like Sue in ski and Gallo Nolan Gorman rookie Francisco Averez rookie box number four Christian Yelich and now heritage is one of my favorite products Really like it chateau This is image variation Aaron judge Yeah, it's more it's more of a Definitely is a product that's the target consumer is the collector Not really a not really so much a flipper product. I think can be if you If you hit right, there's Riley green Adley Yeah, he dropped off big time for a little while I don't I haven't seen his stats lately, but I'll just bounce him back this year. Yeah, he's doing he's doing well this year. I mean hitting 287 16 homers 67 RBIs 25 steals He's not back to MVP for him Copac my boy, Adamus. I I predict or predicted Adamus was gonna win the in L MVP this year He's hitting 211 with 19 homers and 55 RBIs There's a gunner new age performers and Michael Harris rookie. There's our Cubs game use Jersey Ian Hap that one has a lift on there. That has a Dent there on the bottom edge We're gonna ship you an empty box Cubs if you want to get that replaced and reach out to tops All in Gorman rookie There's Adley rookie Alvaro, let's go over as Francisco Alvarez, sorry about that is Angels no twins. I'm sorry twins That's Rod Carew puzzle. Yeah, and that says twins. Yeah, TC twin cities I thought that was the C from California Angels One to go on our first pops chrome jumbo then 12 on our second tops chrome jumbo full case pick your team style breaks This is black and white Israel Panada rookie nationals 9 to go on tops finest 17 on legacy football six box pick your teams James Altman John or Henderson Javier Baez chrome to 999 tigers It's just four rates to fill for the day Sam is live over on the fanatics live app ripping as well today Francisco Alvarez What do you think it would be wrong if I had everybody spam Sam's Instagram with just the link to double dream fee? That is Marlins Rookie Otto J. J. Bladay one of the last teams taken I think that was like third to last team taken. There you go. Miami There's a Josh young new age He kind of looks like the guy from the Blues Clues Alex Kahl Logan Gilbert Logan. Oh, hoppy. It's Kirby Aaron judge homerun king and Josh Smith Brett Beatty rookie DL Hall for box number five Here comes number six Fernando Tate's Jr. Box topper Gunner Henderson Rookie that is blackboarder Alex Mardugo Print run of 50 on that one red Sox Corbin Carroll rookie new age Max Fried and Astros that is game use Jersey gold hand number 30 of 99 Jeremy Pena You go Houston judge home run king. I was told I was crazy for saying this but Sub subway better than pub sales James Altman, that's two of us to the green now Orioles game use Jersey Cedric Mullins Anybody else that has a public's that shops at public's think that subway subs are superior to pub subs Mullen Gorman rookie Brett Beatty Corbin Carroll rookie J. Rob Francisco Alvarez rookie plus a Jersey Mike's you know, I don't I'm sure I've had Jersey Mike's but I don't I Can't say for sure Big Kamali What do I get a subway? I get the was it Italian urban cheese bread? I get like the foot long It depends on the sub the subway like there's one not too far from my house and Last time I was there.  There's Nolan Jones rookie box topper I know they have sweet onion chicken teriyaki, but it has the chopped up chicken and it gets kind of mushy I get the whole chicken breast Or if they don't have that then I'll get the Just the one that has I forget what it's called the Subway club, I think it has ham turkey and roast beef Yeah, I just get provolone and if they have decent like if the pickles aren't gross looking I'll get some pickles on it Donaldson. This is ooh nice big card here. That is Orioles Rookie nickname variation Adley Ruchman Ruch Congrats.  I can't tell what what that is just above the H there Orioles, we're gonna send you an empty box in case you want to reach out to tops and see if you can get that replaced Man aside from that really nice looking card Nolan Gorman new age performers Francisco Averez Riley Green One of those sold for three hundred twenty dollars Yeah, it doesn't surprise me Christopher Morrell and judge homerun king nice Red Sox This is real one special edition red ink auto hand numbered 62 of 74 Carl Yastrimsky Congrats Boston Red Sox were available late in the late leading up to the break to awesome. Yes. I think 62 that's numbered 62 of 74. I think 62 is his rookie card here No, 60 just one team left for Actually, no Oh, there is one team left on tops chrome. I thought it was sold out. That is the Giants Giants at $39 Here's a link. Oh wait, I just got dropped never mind So we have one and ten to go in tops chrome jumbo eight on tops finest in 15 on legacy football There's a gunner rookie Logan oh hoppy. Yeah, here. This is the type of it's the type of product that Like if you want to open a case and you're hoping to hit stuff that you're gonna Go to do a little bit of work for a lot of money It's not it's just not that type of product man. If you're willing to grind Put in some time listing and things like that. I think you can consistently make a profit off of Heritage of your bias box topper Josh young Michael Harris rookie interest Cardinals rookie image variation. Nolan Gorman.  That's to 999. We're gonna send you an empty box as well Hate to see that Rarely have to send a single box with heritage. I've seen 33 now Yep, here's my league Adley rookie box number nine No Good content from the box with some nice variations and everything but Yeah, few problematic cards so far There's Hank Aaron box topper One and ten to go on tops chrome jumbo full-case pick your team style breaks five on finest 15 on legacy There's gunner rookie Corbyn Carroll new age Cunha Aaron judge home run King and Josh Smith waters Nolan Gorman rookie Kill him Add his shohai ohtani Chrome refractor to 574 Nice one angels Kirby Says guardians rookie Otto Nolan Jones real one rookie Otto J rod new age again, just the Giants left In our top tops chrome young Likeboarder Tyler Anderson burns and manning three to go three boxes left Mike's Mike trout box topper looks like Primarily third base, but I mean he's been in 91 games At third base 61 games. It's short. This is across the two seasons 15 games at DH three games at second base and blackboarder Matt Manning Tigers Yeah, that'd be awesome to me I'm happy to stamp or coin or Superfracture or a throwback games outman Nolan Gorman new age. Well, I'll see another big hit Beaty Bob just like yeah, I'd be up for that Reds game use Jersey Joey Vado Riley Green No, Moncada Chrome to 999 Make the mic crackle Do it probably because my regular speaking voice isn't very loud anymore So I turn the gain up on the microphone Maybe I need to back away Aaron judge home run King Yeah, yeah, they have some autograph box toppers so I've been told I have bad taste in the sandwiches I Stand by what I said subway This Francisco indoor. What's that? No, it's like I think it's because I got started on the chicken tender pub subs and The chicken tenders at Publix are just too heavy like I Can eat a whole pizza if I wanted to I can't eat like four Publix tenders Like I can still put down a pizza Alvarez the pub subs. Oh Yeah, the breading falls off the tenders. Yeah chicken macalof I don't think I like those three words together There's gunner Michael Harris I used to be able to Timmy. I used to be able to really really put away food. I mean like I Ridiculously now like I actually got I got a sub Was a couple weekends ago just a foot long in subway and I I mean I would usually what I'm used to is Eating a foot long sub and a bag of chips and still be in hungry and I didn't I Mean I Like barely got half my sandwich eating before I like I had to save the other half for later. Oh, did you tell me? Yeah, that's a long time ago. I'm way more often now than I was back then So there's that I'll tube a trade of the muscles for awesome So Julio Rodriguez image variation mariners That's Seattle nice J rod Corbin carol rookie Most of the stuff that's out there is Not from when I was actually like athletic and go to it Brewer's game used bat relic Andrew McCutcheon Casas Iron Buxton Cron to 999 Well, you know hoppy Brett Beatty. There's Adley rookie and British Nelson You know, yeah, you it's kind of it's not really adjusting midair. I mean you have to like When you launch you had to like You had to know where you're going with it If not, there just wasn't gonna be enough momentum to like do it and get turned. There's Nolan Gorman Rookie box topper. All right, we'll do a hit recap at the end here So one to go one and nine and tops chrome jumbo four in finest and 14 in legacy. Here's our hotbox saved it for the end On Carlos Stanton bow nailer hotbox purple Air and judge home run king and nice. That's Oscar Gonzalez rookie chrome refractor black to 74 guardians Those are not easy pulls 45 of 74 Aaron judge Zika Duran Lee Bator It's a key Brian Hayes Just want to go in tops chrome jumbo case number 31 pick your team There's a link just the Giants at $39 Carol rookie Thompson and bail Ozzy Alves That is rookie short print Jordan Walker. You go Cardinals nice one Devers jazz Chisholm Bryce Harper That is Mariners game used Jersey Jesse winker Riley green rookie and wander Burleson rookie hotbox That's Waldo Cabrera Caleb Killian rookie purple The rookie purples are called hotbox refractors Stephen I'll close this out for the next break appreciate that Stephen Harris rookie hotbox Rookie purple Gunner Henderson rookie and Reese Hoskins Acunia Brandon Crawford Vlad Walker Bueller Matt Olson All right last pack. This is twins Player name and position swap variation Byron Buxton You go Minnesota It's a mini machado Maldonado and Francisco Alvarez rookie hotbox refractor All right, just minute do a recap we go relics Mariners Jesse winker Brewers Andrew McCutchen Reds Joey Vado Rockies Chris Bryant Orioles Cedric Mullins Cubs Ian Hap that one had damage on the bottom edge there. We're sending an empty box Royals Bobby Whit Jr. Phillies Aaron Nola angels Mike trout and Astros to 99 Jeremy Pena And chrome to 999 Byron Buxton you on Moncada Cague Cavalli rookie and Javier Baez chrome refractor to 574 Jared Walsh Oh, hey, Ohtani Chrome refractor silver to 374 rookie Graham Ashcraft black chrome refractor To 74 rookie Oscar Gonzalez Blackboard print run of 50 on these Tyler Anderson Matt Manning and Alex Ferdugo This is a rookie short print Jordan Walker with the Cardinals like a white rookie Israel Pineda Player name position swap Byron Buxton variation for the twins image variations Aaron judge Yankees Julio Rodriguez Mariners Gunner Henderson Orioles Michael Harris Braves Julio Rodriguez Mariners and Nolan Gorman rookie Cardinals Rookie autos guardians J. I'm sorry.  Thank you. Everybody tops chrome is up next


This Christmas don't let thieves ruin your holidays. If you are out Christmas shopping be careful when storing purchases in your car As people go about their shopping this holiday season criminals are shopping to and looking for an opportunity Help stop theft from auto by following some of these suggestions Lock items in your trunk Do not leave any possessions visible in your car Try not to make multiple trips to your car to drop off your shopping Disable your trunk latch so your trunk cannot be opened from inside the car Report suspicious people to police This holiday season let's make life hard for thieves. Hey Vancouver police.


Hello and welcome to the session. In this session we discussed the following question which says, from the adjoining figure, that is this given figure, write the collinear points and the line of collinearity. Before we proceed with the solution, let's recall the definition for the collinear points and the line of collinearity. So we have two or more points which lie on the same line are called collinear points, the line of the key idea that we would use in this question. Now let's move on to the solution. Now look at this figure. This figure we will find out the collinear points and the corresponding lines of collinearity. Now from the definition of collinear points as you can see we have the three or more points which lie on the same line are called the collinear points and that line is called the line of collinearity. Now from the figure as you can see that the points a, b and c lie on the line l. So we have a, b and c lie on the same line therefore we can say that the points a, b and c are collinear points. The line l is the line of collinearity. So you can see that the points e, d and c also lie on the same line that is the line r. So we have points e, d and c lie on the same line therefore the points e, d and c are the collinear points. The line is the line of collinearity. For this given figure we have got two sets of collinear points and the corresponding lines of collinearity. So with this we complete the session. Hope you have enjoyed the session. Have a good day.


How much can I earn teaching English in Kuwait? As knowledge of the English language has become increasingly important in the country and it is one of the richest nations in the Middle East Kuwait is full of opportunities for TEFL certified teachers. There are plenty of jobs on offer, from kindergarten level all the way through to university and beyond. Kuwait city is the main hub of the country where you will find all the comforts you would expect from a modern capital. However, you will also find rich Arab culture, fascinating archaeological sites, white sandy beaches and a vast desert terrain that is waiting to be explored. What are TEFL salaries in Kuwait? As you might expect from an oil-rich country, teaching jobs in Kuwait typically offer very competitive salaries. The average monthly salary for the majority of teachers is between $2,500 and $4,000 United States dollars. Most jobs also include a range of extra perks in the contract, such as flights in and out of the country, paid accommodation, and health insurance. If that is not enough, just remember that salaries are tax-free. To take advantage of the excellent contracts on offer in Kuwait, you will need a degree and a TEFL certification. Previous teaching experience is also required for most jobs. Two years is generally the minimum requirement, but the more experience you have the better your chances of earning the best salaries. As Kuwait City is home to the majority of the country's population, most of the available jobs are located there, although the nearby cities of Alamadi and Aljara also have a few options worth looking at. Who are the main employers of English language teachers in Kuwait? As with many countries in the Middle East, the best paid teaching jobs are found in international schools that typically follow the UK or US curriculum. These schools cater to a wide range of students from all over the world, as well as local students. While international schools offer the largest number of teaching jobs in Kuwait, the requirements for getting them are usually quite tough. A teaching license from your home country is normally required, along with a degree and a few years of classroom experience. Other good options in Kuwait include bilingual preschools and universities. If you prefer teaching younger children then preschool is a great option for you. Previous experience is usually important for these roles, as there is normally strong competition for each position. If you prefer to teach older students, perhaps university teaching is for you. These roles typically involve working with large classes of students who already have a good standard of English and are looking to take it to a higher level. What is the recruitment process for English teachers in Kuwait? Most teaching positions in Kuwait are arranged before you leave your home country. Jobs are most often advertised in the spring and summer months in preparation for the new school year that starts in August. Some schools advertise through recruitment companies, while many also advertise direct through their own websites. If your application is successful you will then have an interview via phone or webcam. If you receive a job offer your employer will then apply for a work visa on your behalf. If you are already in the country during the recruitment window you will be in an even better situation. This allows you to shop around to find the best school to suit your plans. What is the cost of living for English teachers in Kuwait? The cost of living in Kuwait is around average for the Middle East region, being a little less expensive than the UAE in Qatar and a little more expensive than Saudi Arabia and Oman. As most jobs include free housing or a housing supplement, most teachers can live cheaply and save a large portion of their salary every month. You can keep your bills low by shopping and socializing away from the busy tourist areas, which also allows you to get to know the real local food and culture. In general, teachers in Kuwait can live a very comfortable lifestyle and still have plenty of money left at the end of the month.