alexeys Brown-Forman ( BF.A ) ( BF.B ) confirmed the company is engaged in discussions with Pernod Ricard ( PDRDF ) ( PRNDY ). The American-owned global spirits and wine company said that if a deal is worked out and lands the customary approvals, the partnership would be akin to a merger of equals, drawing from the talent and expertise of both companies and creating value for shareholders. "Synerg...
alexeys Brown-Forman ( BF.A ) ( BF.B ) confirmed the company is engaged in discussions with Pernod Ricard ( PDRDF ) ( PRNDY ). The American-owned global spirits and wine company said that if a deal is worked out and lands the customary approvals, the partnership would be akin to a merger of equals, drawing from the talent and expertise of both companies and creating value for shareholders. "Synergies from the contemplated combination are expected to be significant, creating a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint, all anchored by two iconic families," highlighted Brown-Forman ( BF.A ) ( BF.B ). Weighing in on the development, RBC Capital analyst Nik Mondi said from a strategic standpoint, a potential deal does make sense. Pernod Ricard was noted to be a large-scale global spirits player with brands across whiskey, vodka, gin, liqueurs, rum, agave spirits, and champagne, while Brown-Forman's portfolio is more concentrated in American whiskey, tequila, and RTD offerings. Mondi thinks operational synergies between the two companies would be a material source of value. However, he noted execution risk is very high because both companies have been struggling. "We think a combination of regional/cultural differences, mismatch in capabilities, and deep family ties on both sides will make this combination very complicated," he wrote. "Big M&A typically does not work and we think this potential combo would be more the normal than the exception," he added. TD Cowen analyst Robert Moskow and his team believe the Brown family's ~67% voting control and prior resistance to takeovers make them an unlikely seller, although they are seen as being more receptive in the current backdrop due to weak industry growth and the uncertain timeline for recovery. Jefferies was more positive on the deal. Analyst Edward Mundy said the firm sees significant merit in a merger between the Kentucky Gentlemen and the French. "The in...
travelview/iStock Editorial via Getty Images By Carsten Brzeski , Global Head of Macro There is renewed excitement in financial markets about how the ECB might react to the war in the Middle East, with markets now pricing in more than three rate hikes. Needless to say, in such uncertain times, almost anything is possible, and nothing can be entirely ruled out. The real question, however, is whethe...
travelview/iStock Editorial via Getty Images By Carsten Brzeski , Global Head of Macro There is renewed excitement in financial markets about how the ECB might react to the war in the Middle East, with markets now pricing in more than three rate hikes. Needless to say, in such uncertain times, almost anything is possible, and nothing can be entirely ruled out. The real question, however, is whether markets have looked beyond the headlines and taken on board the messages from Wednesday’s ECB Watchers Conference, including remarks by Philip Lane and Christine Lagarde. At least in my own humble opinion, those remarks point to a somewhat different reaction function than what markets are now pricing. After last week’s ECB meeting and press conference, it was already obvious that the central bank had made a hawkish pivot and would remain vigilant, arguably more vigilant than in 2022. Back then, however, the ECB was emerging from an extremely accommodative stance and normalising policy from negative interest rates and quantitative easing. With hindsight, the biggest policy mistake was probably the delayed response to an energy price shock that ultimately morphed into a broader inflation surge. Learning from that episode though does not mean a rate hike is imminent. Lagarde’s speech showed that the ECB, like the rest of us, is currently thinking about a range of different scenarios. As long as the energy price shock remains broadly contained, including first‑round knock‑on effects, it's far from certain that the ECB will react at all. For rate hikes to come back onto the table, the Bank would need to see a rise in inflation expectations and a broadening of inflationary pressures across the economy. So far, the war in the Middle East has instead weighed on business and consumer confidence. Meanwhile, the labour market is entering this energy shock in a weaker position than in 2022, and governments’ fiscal pockets are more constrained, making large‑scale stimulus to offset hi...
Senate Passes DHS Funding Bill To End 40-Day Shutdown, Airport Chaos At 2:22 a.m. EST, the Senate unanimously passed a spending bill to fund the Department of Homeland Security after a 40-day shutdown that disrupted airport security and sparked travel chaos for millions of Americans. The bill, which excludes funding for Immigration and Customs Enforcement and Customs and Border Protection, still n...
Senate Passes DHS Funding Bill To End 40-Day Shutdown, Airport Chaos At 2:22 a.m. EST, the Senate unanimously passed a spending bill to fund the Department of Homeland Security after a 40-day shutdown that disrupted airport security and sparked travel chaos for millions of Americans. The bill, which excludes funding for Immigration and Customs Enforcement and Customs and Border Protection, still needs House approval and President Trump's signature. The overnight breakthrough came as airport TSA lines worsened nationwide this week, with TSA agents calling out sick or quitting due to missed paychecks. BREAKING. The Senate just passed funding for most of DHS for the rest of the fiscal year. The bill funds all but ICE and *Border Patrol* This was by unanimous voice vote. It now goes to the House, which is still in town and can vote later today. The bill contains no… — Lisa Desjardins (@LisaDNews) March 27, 2026 Unpaid TSA agents have been calling out by the hundreds at major airports so far, including Atlanta, Baltimore, Houston, and New York, sparking long checkpoint lines. The funding lapse has led to 480 TSA workers resigning. The breakthrough also came after President Trump added pressure on Thursday ( read here ), saying he would sign an order to fund TSA officers' paychecks. "I am going to sign an Order instructing the Secretary of Homeland Security, Markwayne Mullin, to immediately pay our TSA Agents in order to address this Emergency Situation, and to quickly stop the Democrat Chaos at the Airports," Trump wrote in a Truth Social post on Thursday. President Trump pins blame on Democrats for DHS shutdown at cabinet meeting: "They need to end this shutdown immediately, or we'll have to take some very drastic measures." pic.twitter.com/Pt4pFK2wB0 — CSPAN (@cspan) March 26, 2026 Senate Majority Leader John Thune (R-S.D.) said, "Hopefully they'll be around, and we can get at least a lot of the government opened up again, and then we'll go from there." Thune blamed un...
A Hong Kong court has remanded in custody another 10 people in connection with the HK$1.6 billion (US$205.8 million) in JPEX cryptocurrency scandal, bringing the number prosecuted in the city’s largest alleged financial fraud in recent years to 26. The latest development came nearly three years after the scandal broke out in 2023, when police revealed that more than 2,700 people had fallen victim ...
A Hong Kong court has remanded in custody another 10 people in connection with the HK$1.6 billion (US$205.8 million) in JPEX cryptocurrency scandal, bringing the number prosecuted in the city’s largest alleged financial fraud in recent years to 26. The latest development came nearly three years after the scandal broke out in 2023, when police revealed that more than 2,700 people had fallen victim to the alleged scam involving losses of more than HK$1.6 billion. Twenty-three counts of money...
primeimages/E+ via Getty Images Market Summary International small- and mid-cap stocks ended the year with another quarter of positive performance. Speculation around artificial intelligence (AI) continued to be a dominant market theme. Sectors perceived to benefit from AI, such as materials and semiconductors, performed strongly, while more defensive sectors, like healthcare and consumer staples,...
primeimages/E+ via Getty Images Market Summary International small- and mid-cap stocks ended the year with another quarter of positive performance. Speculation around artificial intelligence (AI) continued to be a dominant market theme. Sectors perceived to benefit from AI, such as materials and semiconductors, performed strongly, while more defensive sectors, like healthcare and consumer staples, underperformed. Speculative activity was elevated, driving the outperformance of less profitable companies. Fund Performance The Virtus KAR International Small-Mid Cap Fund returned -1.82% (Class I)( VIISX ) in the quarter, underperforming the MSCI All Country World Ex USA Small Mid Cap Index's 3.13% return. Our focus on profitable companies with established competitive positions was at odds with the market's preference for perceived AI beneficiaries, whose long-term competitive positions and points of differentiation remain less clear. FinecoBank and VAT Group were the largest contributors to performance in the quarter. FinecoBank ( FCBBF ) is a savings platform in Italy offering a broad set of banking, brokerage, and wealth management services. The company continues to take wealth management and brokerage market share while management expects the banking segment to become an earnings contributor again in 2026. Switzerland-based VAT Group ( VACNY ) is a global leader in manufacturing high-performance vacuum valves that are essential to the production of semiconductors, displays, and digital technologies. VAT's shares outperformed during the quarter on the back of strong order momentum from semiconductor equipment customers. Baltic Classifieds and AJ Bell were the largest detractors from performance in the quarter. Listed in London, Baltic Classifieds operates several online classified portals across the Baltic states of Lithuania, Latvia, and Estonia. Stock performance was weak in the quarter, amidst a wider sector selloff in global classifieds, over concerns that AI adop...
Prime minister says government needs to show it is on families’ side as new screen-time guidance launched • UK politics live – latest updates Keir Starmer has promised a “fight” with social media firms amid efforts to limit children’s use of mobile phones, tablets and TVs, as new official guidance recommends children under five spend no more than an hour a day on screens. The guidance , developed ...
Prime minister says government needs to show it is on families’ side as new screen-time guidance launched • UK politics live – latest updates Keir Starmer has promised a “fight” with social media firms amid efforts to limit children’s use of mobile phones, tablets and TVs, as new official guidance recommends children under five spend no more than an hour a day on screens. The guidance , developed by a panel led by the children’s commissioner, Rachel de Souza and children’s health expert Prof Russell Viner, advises screen time for children under two should be avoided other than for shared activities. Continue reading...
Pony AI records 129% jump in 2025 robotaxi revenue Hong Kong-listed Pony AI Inc. reported a 129% revenue surge in its robotaxi business to 116 million yuan in 2025. The autonomous driving company’s total revenue grew 20% year-on-year to 629 million yuan, marking its fourth consecutive year of growth, according to a Thursday filing. In the fourth quarter of 2025, robotaxi revenue soared 160% to 46....
Pony AI records 129% jump in 2025 robotaxi revenue Hong Kong-listed Pony AI Inc. reported a 129% revenue surge in its robotaxi business to 116 million yuan in 2025. The autonomous driving company’s total revenue grew 20% year-on-year to 629 million yuan, marking its fourth consecutive year of growth, according to a Thursday filing. In the fourth quarter of 2025, robotaxi revenue soared 160% to 46.6 million yuan, with passenger fare income jumping more than 500%. As of March, Pony AI’s robotaxi fleet exceeded 1,400 vehicles, with plans to expand it to over 3,000 by the end of the year.