Mastercard's strategic shift from infrastructure to high-growth AI and data services suggests a deliberate focus on a more profitable, technology-driven future.
Mastercard's strategic shift from infrastructure to high-growth AI and data services suggests a deliberate focus on a more profitable, technology-driven future.
Getty Images The market is asking the wrong question. The debate over whether a war-driven oil spike counts as “true inflation” or merely a temporary supply shock is too narrow to be useful. It is academically neat and strategically incomplete. What matters is not the label. What matters is how far the shock travels once it hits a system that had grown accustomed to cheap energy, cheap money, and ...
Getty Images The market is asking the wrong question. The debate over whether a war-driven oil spike counts as “true inflation” or merely a temporary supply shock is too narrow to be useful. It is academically neat and strategically incomplete. What matters is not the label. What matters is how far the shock travels once it hits a system that had grown accustomed to cheap energy, cheap money, and easy assumptions about liquidity. That distinction matters because markets do not price textbook categories. They price transmission. A supply shock may not qualify as inflation in the strict monetary sense, but it can still reprice inflation expectations, alter central bank reaction functions, compress real incomes, tighten financial conditions, and weaken growth before demand has any chance to adjust. The argument, then, should not be framed as inflation versus supply shock. The more relevant question is whether the shock changes the operating conditions of the economy. And in this case, it does. Energy is not just an input. It is the economy’s conversion layer The reason is simple. Energy is not just another input in the system. It is the systems conversion layer. It is what allows labor, logistics, fertilizer, transport, cooling, manufacturing, and computation to become output. A persistent energy shock, therefore, does more than lift a few line items in the inflation basket. It raises the real cost of moving the entire economy. In that sense, it functions less like a headline CPI event and more like a tax on productivity. That is the deeper point. When energy becomes scarcer or more expensive for long enough, the same workforce, the same factories, the same trucks, the same farms, and the same data centers produce less real surplus. More of society's resources must be devoted simply to keeping the machine running. Households are left with less discretionary purchasing power. Firms discover that what looked like healthy margns in a benign cost environment were often jus...
Football federation president on the run with wife and son Conviction in absentia of wide-ranging corruption charges Authorities in Congo-Brazzaville have applied to Interpol for an international arrest warrant against Jean-Guy Blaise Mayolas, the president of the country’s football federation, Fecofoot, after he was convicted of embezzling $1.1m (£830,600) in Fifa funds. Mayolas is on the run wit...
Football federation president on the run with wife and son Conviction in absentia of wide-ranging corruption charges Authorities in Congo-Brazzaville have applied to Interpol for an international arrest warrant against Jean-Guy Blaise Mayolas, the president of the country’s football federation, Fecofoot, after he was convicted of embezzling $1.1m (£830,600) in Fifa funds. Mayolas is on the run with his wife and son after they were all sentenced to life imprisonment this month for embezzling funds provided by world football’s governing body as part of its Covid-19 relief plan in February 2021. As the Guardian revealed in an investigation last year, that included almost $500,000 earmarked for the Congo women’s team. Continue reading...
peshkov Despite Brent crude ( CO1:COM ) surging to around $116 per barrel—up more than 50% since the conflict began—Carole Nakhle, founder and CEO of Crystol Energy, argued that oil markets are not in a dire state. In an interview with CNBC, Nakhle explained that the current price increases are primarily driven by geopolitical risk perception rather than fundamental market changes, suggesting pric...
peshkov Despite Brent crude ( CO1:COM ) surging to around $116 per barrel—up more than 50% since the conflict began—Carole Nakhle, founder and CEO of Crystol Energy, argued that oil markets are not in a dire state. In an interview with CNBC, Nakhle explained that the current price increases are primarily driven by geopolitical risk perception rather than fundamental market changes, suggesting prices will normalize once political tensions ease. “I see it’s not really a very bad situation. We don’t have a collapse in oil markets. We do have a big risk premium in the prices,” Nakhle said. She noted that prices are moving “almost in real time with political statements,” indicating that the surge reflects fear and uncertainty rather than actual supply shortages. Nakhle offered a contrarian perspective on the market disruptions, noting that while the volume of lost supply is historically significant, the modern oil market is substantially larger than in previous decades. This means the current disruption, as a percentage of total market capacity, is not the most severe in the history of oil markets. She expressed optimism that if a deal is reached, “it would go back to normal quite quickly because it’s more logistical than fundamentals changing significantly.” Regarding production concerns, Nakhle acknowledged that oil fields affected by shut-ins and force majeure declarations will not immediately resume operations. However, she emphasized that most facilities have not suffered structural damage, meaning production can be reinstated relatively quickly rather than requiring years of rehabilitation. The situation differs for liquefied natural gas markets ( UNG ), ( BOIL ), ( UNL ), where supply is more concentrated among the U.S., Australia, and Qatar—representing over 60% of global LNG exports. Attacks on Qatar’s Ras Laffan facility have driven prices sharply higher. However, Nakhle noted that gas has easier alternatives than oil, including coal in Asia, which prevents a t...
Douglas Rissing Federal Reserve Chair Jerome Powell welcomes "thoughtful" dissents at the Federal Open Market Committee meetings. In normal times, there's a lot of consensus among the 12 voting members, but lately there have been some disagreements. "I welcome that at the FOMC and the Fed generally, and I think it helps us make better decisions," said the Fed chair. "The Fed has had a tradition of...
Douglas Rissing Federal Reserve Chair Jerome Powell welcomes "thoughtful" dissents at the Federal Open Market Committee meetings. In normal times, there's a lot of consensus among the 12 voting members, but lately there have been some disagreements. "I welcome that at the FOMC and the Fed generally, and I think it helps us make better decisions," said the Fed chair. "The Fed has had a tradition of governors not dissenting, but that's really not typical of other major central banks, where there's more dissenting," he noted. Powell was speaking at a discussion at the Harvard University's Principles of Economics Class. He thinks in a situation like the present, there's sort of downside risk to the labor market, which suggests keeping rates low, but there's upside risk to inflation, which suggests not keeping rates low. That creates tension between the two objectives. "It would almost be misleading to be really confident in which way that should go," said Powell. On the path from the high inflation of 2022 to back to the current target of 2%, Powell said, "FOMC is and will continue to be committed to getting inflation back to 2% on a sustained basis," and he is not concerned about reaching the last mile. On the Fed's balance sheet, the Fed chair said that research finds that buying long-term assets does lower interest rates and provide support for economic activity. "I'd be in the camp of thinking that there's something in that, but it's hard to quantify it," he said. On the Iran conflict, he said, "Energy shocks have tended to come and go pretty quickly. Monetary policy works with long and variable lags." "By the time the effects of a tightening monetary policy take effect, the oil price shock is probably long gone," he noted. Developing... Check back for updates. More on Powell 'Too soon' to know scope, duration of Middle East effects on inflation, Powell says in press conference Powell plans to stay on Fed board through DOJ probe - report Court quashes Justice Depart...
Elon Musk‘s last original co-founder at xAI, Ross Nordeen, has reportedly resigned. This marks the end of an era for the company, which is now undergoing a major reorganization as it prepares for a high-profile IPO. Last Original Co-Founder Departs xAI Nordeen, one of the 11 co-founders who helped launch xAI with Musk, has left the company, Business Insider reported, citing sources. The 36-year-ol...
Elon Musk‘s last original co-founder at xAI, Ross Nordeen, has reportedly resigned. This marks the end of an era for the company, which is now undergoing a major reorganization as it prepares for a high-profile IPO. Last Original Co-Founder Departs xAI Nordeen, one of the 11 co-founders who helped launch xAI with Musk, has left the company, Business Insider reported, citing sources. The 36-year-old had experience in high-performance computing and artificial intelligence systems from his work at
Boarding1Now/iStock Editorial via Getty Images Textron’s ( TXT ) aviation unit plans to present a range of special mission aircraft at the FIDAE 2026 airshow in Santiago, Chile, scheduled for April 7-9. The company will display two turboprop models, including a passenger-configured Cessna SkyCourier making its debut at the event, and a Beechcraft King Air 360CER configured for extended-range and m...
Boarding1Now/iStock Editorial via Getty Images Textron’s ( TXT ) aviation unit plans to present a range of special mission aircraft at the FIDAE 2026 airshow in Santiago, Chile, scheduled for April 7-9. The company will display two turboprop models, including a passenger-configured Cessna SkyCourier making its debut at the event, and a Beechcraft King Air 360CER configured for extended-range and multi-mission operations. The King Air 360CER on display includes modifications such as additional fuel capacity and a nose section designed to carry surveillance equipment, reflecting demand for aircraft that can support a range of missions including medical evacuation, cargo transport and aerial sensing. Cessna SkyCourier (Textron Aviation) Textron ( TXT ) said Latin America represents a significant installed base for its aircraft, with thousands of Beechcraft and Cessna turbine-powered planes already in operation across the region. The SkyCourier recently entered service in multiple markets, including initial deliveries in North America and new international orders. The model is designed for short-haul operations, offering a payload capacity suited for freight transport as well as a configuration that can carry up to 19 passengers. It is powered by twin turboprop engines and equipped with modern avionics, with a range of about 900 nautical miles and a cruise speed exceeding 200 knots. More on Textron Textron: A Lot Of "Meh" To Go Around Textron Inc. (TXT) Q4 2025 Earnings Call Transcript Textron Inc. 2025 Q4 - Results - Earnings Call Presentation Textron Aviation to present combined aircraft brands at expo FAA moves to tighten helicopter rules, ends visual separation near busy airports
Their shows caused mayhem. Now Tamm Reynolds – AKA Midgitte Bardot – is really going for the jugular, hitting back at prejudice with a wild new act Most performers want attention when they’re on stage. Tamm Reynolds, however, gets it all the time – even when not dressed in fishnets and push-up bra as their alter ego, Midgitte Bardot. “I also like having my bush and ass out,” Reynolds adds. Before ...
Their shows caused mayhem. Now Tamm Reynolds – AKA Midgitte Bardot – is really going for the jugular, hitting back at prejudice with a wild new act Most performers want attention when they’re on stage. Tamm Reynolds, however, gets it all the time – even when not dressed in fishnets and push-up bra as their alter ego, Midgitte Bardot. “I also like having my bush and ass out,” Reynolds adds. Before we meet at Woolwich station in London, where the artist has kindly agreed to pick me up in their car, they send me a text: “I’m assuming you know what I look like.” Sure enough, they are hard to miss. As a non-binary trans drag queen with dwarfism, Reynolds must be in a minority of one. Yet to define Reynolds purely in those terms would be to do them a massive disservice, since they are also a writing and performance powerhouse. Three years ago, in Travis Alabanza’s queer cabaret revue Sound of the Underground , Midgitte climbed aboard a cherry-picker in order to sing a filthy blues rock tune called Hot Piss, brandishing a jug of frothy yellow liquid. The climax can’t adequately be described in a family newspaper, but it resulted in the loudest cheer I’ve ever heard at the Royal Court. Eat your heart out, Jerusalem. Continue reading...
On Wednesday, the crew of NASA's Artemis II could blast off on a mission around the moon and back. No astronaut has ventured out to the moon since the 1970s. (Image credit: Joe Raedle)
On Wednesday, the crew of NASA's Artemis II could blast off on a mission around the moon and back. No astronaut has ventured out to the moon since the 1970s. (Image credit: Joe Raedle)
Getty Images Asset-light companies can make for great portfolio diversifiers, especially if one is already heavily invested in hard assets like REITs, MLPs, and Telcos. Such I find the case with asset managers at present like Blackstone ( BX ), Ares Management ( ARES ), and Blue Owl Capital Inc. ( OWL ), which are trading at attractive valuations. This brings me to TPG Inc. ( TPG ), which is a wel...
Getty Images Asset-light companies can make for great portfolio diversifiers, especially if one is already heavily invested in hard assets like REITs, MLPs, and Telcos. Such I find the case with asset managers at present like Blackstone ( BX ), Ares Management ( ARES ), and Blue Owl Capital Inc. ( OWL ), which are trading at attractive valuations. This brings me to TPG Inc. ( TPG ), which is a well-run asset manager that has seen material share price weakness as of late due primarily to headline risks around private credit. At the current price of $39.10, TPG trades near the bottom of its 52-week range and carries a 6.2% dividend yield, as shown below. TPG Stock 1-Yr Trend (Seeking Alpha) In this article, I highlight TPG, including recent business results , and discuss why it's a bargain 'Buy' at present for income and total returns, so let's get started! Why TPG? TPG Inc. is a diversified alternative asset manager with $303 billion in AUM. Its investments are spread across private equity, credit, real estate, impact investing, and growth strategies. TPG was founded in 1992 and has steadily expanded its platform through both organic growth and acquisitions. This includes the integration of Angelo Gordon, which significantly scaled its credit capabilities. At present, TPG has $303 billion in AUM with a focus on perpetual and long-dated investments. As shown below, 82% of TPG's AUM sits in the perpetual and 10+ year duration categories. Another 17% sits in the 5-9 year category, and less than 1% is 4 years or less. This means that the majority of TPG's capital is not subject to immediate redemption risk. Investor Presentation TPG saw strong momentum in 2025, during which it raised a record amount of capital combined with robust deployment, which accelerated earnings growth. This is reflected by $51 billion raised last year, a 71% YoY increase, and $52 billion in capital deployed, the highest in its history. As shown below, TPG's AUM and fee-earning AUM grew by 23% and...
adempercem/iStock via Getty Images If we want to use the stock market as the indicator of our grade for the latest policy effort, then the current grade looks like it is "F" or approaching "F". Here is the performance of the Dow Jones Industrial Average since February 27, 2026. Dow Jones Industrial Avrage (Federal Reserve) February 27, 2026, is a Friday, and it is the day before President Trump be...
adempercem/iStock via Getty Images If we want to use the stock market as the indicator of our grade for the latest policy effort, then the current grade looks like it is "F" or approaching "F". Here is the performance of the Dow Jones Industrial Average since February 27, 2026. Dow Jones Industrial Avrage (Federal Reserve) February 27, 2026, is a Friday, and it is the day before President Trump began military activity in Iran. The decline...just over 8.0%. The signal...not so good. Trump, we are told, pays a lot of attention to what happens to the stock market. He must not be happy. The outlook for the next week or so? My feeling is that the outlook for the DJIA...and the other major stock indices...for the next several weeks...is not so good. I believe that the stock market will continue to fall over the next several weeks ...if not longer. My analysis up to this point is that Trump sees a by-product benefit in the Iran War: forcing the Federal Reserve to pump more reserves into the banking system to push the economy toward faster growth. I have just written a post, "Lots still going on" , where I discuss how the Federal Reserve is responding to increased government spending coming from the Iran effort. It appears as if the Federal Reserve, in response to the added government spending, is increasing the amount of government securities it is adding to its securities portfolio every week. Although the amount the Fed has increased in purchases is relatively small at this time...it seems that the Trump effort is actually proceeding. We'll see! I draw two things from what seems to be going on right now. First, Trump has moved the Federal Reserve a little bit in the direction he wants it to go. Second, market participants see the Trump policy efforts...not only the increasing of cash reserves in the banking system...but the increasing of tariffs along with other efforts to build up more economic stimulus...pushing the U.S. economy to higher and higher rates of inflation....
Images By Tang Ming Tung/DigitalVision via Getty Images One very interesting restaurant operator is none other than Kura Sushi USA ( KRUS ). As its name suggests, it is a Japanese-themed restaurant operator based here in the U nited States . Its business model employs a revolving sushi concept where food is placed on a conveyor belt to get to customers’ tables. This is an incredibly popular concep...
Images By Tang Ming Tung/DigitalVision via Getty Images One very interesting restaurant operator is none other than Kura Sushi USA ( KRUS ). As its name suggests, it is a Japanese-themed restaurant operator based here in the U nited States . Its business model employs a revolving sushi concept where food is placed on a conveyor belt to get to customers’ tables. This is an incredibly popular concept in Japan. But in the U nited States and elsewhere, it is considered foreign. Over the past few years, management has succeeded in capturing significant growth. And you would probably think that this would mean that I would have a bullish stance on the company. But as a value investor, the price that I pay for growth is incredibly important. What's more, the company has seen some weakness as of late when it comes to comparable restaurant sales. And when you add on top of that how the stock is priced, it has historically made for a "Sell" candidate in my book. So far, that call has proven to be successful. Since I last reaffirmed the company as a "Sell" candidate back in December 2022, the stock is up only 5%. The S&P 500 is up 59% in that same timeframe. And since I originally downgraded the stock to a "Sell" in September of that year, shares have fallen 9%. The market, meanwhile, is up 75% since then. Even though shares have lagged and revenue is up, the stock is not cheap enough to justify anything other than a bearish assessment. The good news is that this could change if new data warrants it. And it just so happens that, after the market closes on April 17th, new data will become available. But unless financial performance comes in well above what analysts anticipate, I don't think an upgrade is likely to be justified. When growth isn’t enough Over the last few years now , Kura Sushi USA has been a growth engine. From 2023 through 2025, revenue for the company exploded from $187.4 million to $282.8 million. Some of this can be chalked up to positive comparable restaura...