Carlsberg A/S has appointed three banks and begun preparations for a potential listing of its India unit that could raise as much as $700 million, according to people familiar with the matter. The company has picked Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co. and Citigroup Inc. as advisers on the proposed share sale, the people said, asking not to be identified because t...
Carlsberg A/S has appointed three banks and begun preparations for a potential listing of its India unit that could raise as much as $700 million, according to people familiar with the matter. The company has picked Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co. and Citigroup Inc. as advisers on the proposed share sale, the people said, asking not to be identified because the information is private. A draft red herring prospectus could be filed as early as May, they said. The offering is expected to consist of a secondary share sale by the parent company and could take place later this year, the people said. Details, including the size, structure and timing of the transaction, are still being finalized and may change. A listing would position the brewer alongside a growing number of multinational companies tapping Indian markets to capitalize on higher local valuations. Hyundai Motor Co., LG Electronics Inc. and Carraro India Ltd. have all listed their Indian operations in the last two years to access the country’s deep domestic investor base. Hyundai Motor trades at 11 times estimated earnings for this year, compared with about 32 times for its Indian unit, according to data compiled by Bloomberg. Pernod Ricard SA, the maker of Absolut vodka and Chivas Regal Scotch whisky, is also considering a listing of its Indian business. Companies including Bonfiglioli Transmission Pvt. , Hindustan Coca-Cola Beverages and Fossil Group Inc. are among others weighing similar moves. Carlsberg Group is “exploring different options for increasing shareholder value, which may potentially include an IPO of our business in India, but no final decision has been made,” Kenni Leth, head of external communications, said in an emailed response, citing the annual report. JPMorgan declined to comment, while Kotak and Citigroup didn’t respond to requests for comment. Carlsberg India is the country’s second-largest brewer with about a 22% share of the beer market, accor...
Hanizam/iStock via Getty Images The following segment was excerpted from the Harbor Large Cap Value Fund Q4 2025 Commentary. Portfolio Performance During the fourth quarter, the Harbor Large Cap Value Fund (Institutional Class, "Fund") returned 1.26%, underperforming its benchmark, the Russell 1000® Value Index ("Index"), which returned 3.81%, and underperforming the 2.66% return of the S&P 500 In...
Hanizam/iStock via Getty Images The following segment was excerpted from the Harbor Large Cap Value Fund Q4 2025 Commentary. Portfolio Performance During the fourth quarter, the Harbor Large Cap Value Fund (Institutional Class, "Fund") returned 1.26%, underperforming its benchmark, the Russell 1000® Value Index ("Index"), which returned 3.81%, and underperforming the 2.66% return of the S&P 500 Index. The Fund's underperformance relative to the Index can be attributed to security selection, while allocation effects contributed. Security selection in Information Technology, Consumer Discretionary, and Materials detracted the most from relative performance. Conversely, security selection in Financials, Health Care, and Energy contributed. (Relative weights are the result of bottom-up security selection.) Contributors & Detractors The top five contributors to relative performance during the fourth quarter were: Parker Hannifin ( PH ), Capital One Financial ( COF ), Amgen ( AMGN ), Merck ( MRK ), and Danaher ( DHR ). Parker Hannifin continues to benefit from strength in its aerospace business, where demand for original equipment and aftermarket services has driven organic growth and margin expansion. Capital One's strong financial results, including net interest margin expansion, were driven primarily by the addition of Discover's credit card portfolio. Amgen reported continued success in biosimilars and branded drugs. Its weight-loss drug, MariTide, continued progressing through the trial phase. Merck moved up, as investors gained more clarity about which vaccines would be supported by the current administration. Investors were enthusiastic about Danaher's third quarter results, which beat expectations on both revenue and earnings. The bottom five detractors from relative performance were: Lennar ( LEN ), Uber ( UBER ), Sony ( SONY ), Microsoft ( MSFT ), and Teledyne Technologies ( TDY ). Lennar's gross margins were compressed as homebuilders have provided more incenti...
The weight loss drug market has been one key focus for investors in recent years. This is because demand has been incredibly high, driving blockbuster revenue for companies making such products -- here, I'm talking about pharma giants Eli Lilly and Novo Nordisk . But these companies aren't the only ones that could win in the market in the years to come. One biotech company in particular is approac...
The weight loss drug market has been one key focus for investors in recent years. This is because demand has been incredibly high, driving blockbuster revenue for companies making such products -- here, I'm talking about pharma giants Eli Lilly and Novo Nordisk . But these companies aren't the only ones that could win in the market in the years to come. One biotech company in particular is approaching the finish line, with its candidate involved in a phase 3 trial. This player, Viking Therapeutics (NASDAQ: VKTX) , is studying VK2735 in injectable format in that trial and aims to launch a phase 3 trial of an oral format of the candidate later this year. Let's check out three reasons Viking stock could increase by 10 if its obesity pipeline succeeds. Continue reading
OpenAI CEO ( OPENAI ) Sam Altman has ridiculed the idea of setting up data centers in space for now, even as SpaceX ( SPACE ) CEO Elon Musk prioritizes this endeavor. "I honestly think the idea with the current landscape of putting data centers in space is ridiculous," Altman said in a recent interview with Indian Express . "It will make sense someday." He pointed to launch costs and how difficult...
OpenAI CEO ( OPENAI ) Sam Altman has ridiculed the idea of setting up data centers in space for now, even as SpaceX ( SPACE ) CEO Elon Musk prioritizes this endeavor. "I honestly think the idea with the current landscape of putting data centers in space is ridiculous," Altman said in a recent interview with Indian Express . "It will make sense someday." He pointed to launch costs and how difficult it would be to fix a broken GPU in space. "We are not there yet. There will come a time. Orbital data centers are not something that's going to matter at scale this decade." When announcing the SpaceX ( SPACE )-xAI ( X.AI ) merger earlier this month, Musk said global electricity demand for AI can't be met with terrestrial solutions without imposing hardship on the environment. "In the long term, space-based AI is obviously the only way to scale," he said. "My estimate is that within 2 to 3 years, the lowest cost way to generate AI compute will be in space." Other tech leaders also have their eye on space data centers. Alphabet ( GOOG ) ( GOOGL ) CEO Sundar Pichai said the company plans to launch two prototype satellites to test its hardware for such data centers in 2027. Amazon's ( AMZN ) Jeff Bezos previously forecast that space data centers will likely be built within the next 10-20 years, while Amazon Web Services CEO Matt Garman said the endeavor is "just not economical" currently. More on OpenAI, SpaceX Wall Street Lunch: ChatGPT Tops 800M Weekly Active Users Microsoft: An OpenAI Problem (Rating Upgrade) SpaceX-xAI Deal: Building America's New Icon OpenAI adjusts spending expectations: CNBC OpenAI: 18-to-24-year-olds account for 50% of ChatGPT use in India
Novo Nordisk shares were under pressure on Monday as the struggling Danish pharmaceutical said a head-to-head study found a drug in development didn’t cut as much weight as an Eli Lilly product.
Novo Nordisk shares were under pressure on Monday as the struggling Danish pharmaceutical said a head-to-head study found a drug in development didn’t cut as much weight as an Eli Lilly product.
Key market opportunities for the e-commerce BNPL sector include expanding into emerging markets, leveraging partnerships with fintech, focusing on responsible lending, integrating AI credit scoring, and offering innovative services like Installments-as-a-Service. Rapid online shopping growth further fuels demand. E-Commerce Buy Now Pay Later Market E-Commerce Buy Now Pay Later Market Dublin, Feb. ...
Key market opportunities for the e-commerce BNPL sector include expanding into emerging markets, leveraging partnerships with fintech, focusing on responsible lending, integrating AI credit scoring, and offering innovative services like Installments-as-a-Service. Rapid online shopping growth further fuels demand. E-Commerce Buy Now Pay Later Market E-Commerce Buy Now Pay Later Market Dublin, Feb. 23, 2026 (GLOBE NEWSWIRE) -- The "E-Commerce Buy Now Pay Later Market Report 2026" has been added to
sommart/iStock via Getty Images By Carsten Brzeski, Global Head of Macro and James Knightley, Chief International Economist, US What we know about President Trump’s latest tariff announcements (and what we don’t know). It took only a few hours after the US Supreme Court had ruled against the US administration’s emergency tariffs from 'Liberation Day' (here is our original reaction piece) , before ...
sommart/iStock via Getty Images By Carsten Brzeski, Global Head of Macro and James Knightley, Chief International Economist, US What we know about President Trump’s latest tariff announcements (and what we don’t know). It took only a few hours after the US Supreme Court had ruled against the US administration’s emergency tariffs from 'Liberation Day' (here is our original reaction piece) , before President Donald Trump announced a new round of tariffs. As expected, the US administration is invoking Section 122 of the 1974 Trade Act, which allows tariffs of up to 15% for as long as 150 days to quickly address “international payment problems”. The tariffs would expire after 150 days unless Congress extends them. However, the President could, in theory, allow the surcharge to expire, declare a new emergency, and restart the 150-day period. This would create a de facto perpetual tariff instrument. While the official White House communication stated that the tariff would be 10% as of 24 February, Trump a day later said that he would put the tariff at 15%. To be clear, these tariffs were not subject to the Supreme Court’s ruling. However, the use of Section 122 could bring new legal problems for Trump. In fact, Section 122 goes back to the era of the gold standard and fixed exchange rates. It’s a trade instrument that has never been used in practice, as the fixed exchange rate regime had come to an end when the 1974 Trade Act was finally approved. It won’t be easy to argue that the US currently has a balance of payment crisis as, by definition, the balance of payments is always in balance. New tariffs are only smoke and mirrors for other options Given that the latest tariffs can also be legally challenged, they might just be a measure to buy some time for another tariff option: Section 301 of the 1974 law. This Section 301 addresses unfair trade practices or violations of trade agreements but requires more thorough investigations. How do the new tariffs relate to existing...
kibrick/iStock via Getty Images Investment Philosophy: The Harbor Large Cap Value Fund invests primarily in equity securities, principally common and preferred stocks, of companies with market capitalizations that fall within the range of the Russell 1000® Value Index. Aristotle employs a fundamental, bottom-up research driven approach to identify companies it believes are undervalued by the marke...
kibrick/iStock via Getty Images Investment Philosophy: The Harbor Large Cap Value Fund invests primarily in equity securities, principally common and preferred stocks, of companies with market capitalizations that fall within the range of the Russell 1000® Value Index. Aristotle employs a fundamental, bottom-up research driven approach to identify companies it believes are undervalued by the market. The Fund typically maintains a concentrated portfolio of approximately 35 to 45 holdings. Performance As of 12/31/2025 Average Annual Returns Share Class Ticker CUSIP 3 Months YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since Inception Inception Date Net Expense Ratio % Gross Expense Ratio % Institutional HAVLX 411511603 1.26% 11.07% 11.07% 12.61% 8.70% 11.65% 10.17% 12/29/87 0.69 0.72 Investor HILVX 411511744 1.15% 10.71% 10.71% 12.21% 8.32% 11.23% 9.39% 11/01/02 1.04 1.07 Retirement HNLVX 411512478 1.23% 11.11% 11.11% 12.69% 8.79% 11.72% 10.19% 03/01/16 0.61 0.64 Russell 1000® Value Index 3.81% 15.91% 15.91% 13.90% 11.33% 10.53% 10.52% 12/29/87 Click to enlarge Manager Commentary As of 12/31/2025 "Our work is ultimately centered on understanding individual businesses – how they compete, how they allocate capital, and how their economics change over time." Aristotle Capital Management, LLC Market in Review U.S. equity markets reached new all-time highs during the fourth quarter of 2025. The S&P 500 Index rose 2.66%, while fixed-income markets also finished higher with the Bloomberg US Aggregate Bond Index up 1.10% for the quarter. Value stocks handily outperformed growth stocks – the Russell 1000® Value Index outperformed its growth counterpart by 2.69%. Within the Russell 1000® Value Index, eight out of the 11 sectors posted positive returns. The best-performing sectors were Information Technology, Communication Services, and Health Care, whereas Real Estate, Utilities, and Consumer Discretionary were the weakest segments. The U.S. economy has continued to demonstrate resilience. Rea...