PDD Holdings Inc. posted disappointing earnings and warned that growing investments in logistics will hurt its performance. The company posted an 11% fall in net income to 24.5 billion yuan ($3.6 billion) for the December quarter, falling short of the average analysts’ estimate by roughly 16%. Revenue grew 12%, about as anticipated. Its shares slid about 3% in pre-market US trading before recoupin...
PDD Holdings Inc. posted disappointing earnings and warned that growing investments in logistics will hurt its performance. The company posted an 11% fall in net income to 24.5 billion yuan ($3.6 billion) for the December quarter, falling short of the average analysts’ estimate by roughly 16%. Revenue grew 12%, about as anticipated. Its shares slid about 3% in pre-market US trading before recouping most of the losses. PDD, the biggest rival to Alibaba Group Holding Ltd. and JD.com Inc. in the Chinese online retail arena, is grappling with a domestic consumer downturn as well as regulatory scrutiny at home. Beijing agencies broadened a probe into PDD’s accounting and taxes after its employees exchanged blows with regulators in a highly publicized incident in December. “The external environment and competitive landscape are undergoing rapid changes. To meet the evolving needs of consumers, we must continually explore and make investments,” Jun Liu, VP of finance, said in a statement . “These investments are firm and long-term, and will inevitably affect our financial performance.” Read More: China Deepens PDD Probe After Fistfights With Regulators PDD has in the span of a few years grown from a scrappy VC-backed underdog into one of China’s leading e-commerce players, at one point even surpassing Alibaba in market value. Today, it is best known internationally as the owner of Temu, and competes with Shein across the US and Europe. But it’s also grappled with volatile Chinese consumption, escalating tariffs and the scrapping of a tax loophole that helped discount retailers like Temu and Shein flourish in the US.
Felipe Cruz/iStock Editorial via Getty Images Revisiting the Bear Case The last time I wrote about Cosan, I had summarized the bearish thesis as follows: “The company's thesis has been based on high leverage, since high-interest expenses accumulate as a result of the very high-interest rate scenario in Brazil, and dividend generation has been on the verge of insufficiency. Thus, Cosan is forced to...
Felipe Cruz/iStock Editorial via Getty Images Revisiting the Bear Case The last time I wrote about Cosan, I had summarized the bearish thesis as follows: “The company's thesis has been based on high leverage, since high-interest expenses accumulate as a result of the very high-interest rate scenario in Brazil, and dividend generation has been on the verge of insufficiency. Thus, Cosan is forced to divest to strengthen its cash position, something I do not see as healthy or sustainable for a holding company.” To make it clear, Cosan is a conglomerate of companies (Rumo ( RUMOF ), Compass, Moove, Radar, and Raízen) that basically lives off dividends and the appreciation of the equity of its holdings. The problem with the thesis is that Cosan has become an overly complex structure, mixing several cyclical and cash-intensive segments (sugar, ethanol, fuels), causing the market to apply a "conglomerate discount" to the thesis. The Numbers Don’t Tell a Clean Story The latest earnings print (4Q25 and FY25) highlighted some unresolved issues at Cosan in my view. Deleveraging improved, with a 3.3x pro-forma net debt-to-EBITDA ratio vs. 3.7x in 3Q25, with expanded net debt falling by 58% YoY despite the fact that dividends received also fell by 41% in the year, with an interest coverage of 0.9x—showing that Cosan still does not cover its interest expenses with its own cash flow. Cosan's IR The biggest problem, as I see it, is that this debt reduction did not come organically. Cosan carried out a capital increase of R$10.5 billion , diluting its shareholders, and sold core assets (stake in Vale ( VALE )). So, this "improvement" in Cosan's reported results came much more from balance sheet engineering than via cash generation. The structural risk for the holding company remains very high, as I view it, since with Cosan not fully controlling the flow, the dependence of Raízen, Rumo, and Compass on allocating their capital and eventually entering a bad cycle leaves Cosan "in the ...
'Reputation, trust, and confidence of the market is central to everything', says Hong Kong Financial Secretary Paul Chan as the government's number one priority is to ensure a continuous supply of quality issuers coming to the market. (Source: Bloomberg)
'Reputation, trust, and confidence of the market is central to everything', says Hong Kong Financial Secretary Paul Chan as the government's number one priority is to ensure a continuous supply of quality issuers coming to the market. (Source: Bloomberg)
MicroStockHub/iStock via Getty Images By Michiel Tukker, Senior UK & Eurozone Rates Strategist Ceasefire headlines offer hope, but market patience is wearing thin Recent signals that Iran may be open to negotiations, alongside talk of a one-month ceasefire, offer some hope. That said, a series of false starts and premature declarations of victory argue for continued caution. We're seeing euro rate...
MicroStockHub/iStock via Getty Images By Michiel Tukker, Senior UK & Eurozone Rates Strategist Ceasefire headlines offer hope, but market patience is wearing thin Recent signals that Iran may be open to negotiations, alongside talk of a one-month ceasefire, offer some hope. That said, a series of false starts and premature declarations of victory argue for continued caution. We're seeing euro rate markets getting increasingly impatient. Each day that oil trades close to $100, inflation risks increase, as does the probability of rate hikes. On Tuesday, we saw that despite oil trading broadly sideways, the 2Y swap rate still managed to climb throughout the day. ECB officials are not pushing back either, and if anything, seem to take a hawkish stance. Market positions now imply a 70% chance of an April hike and are back to an aggressive three hikes priced in for this year. Besides inflation risk concerns, other parts of the markets are flashing warning signs. Bunds, for example, are beginning to outperform swaps more materially. The 2Y Bund yield now trades more than 25bp below the swap rate, which suggests safe-haven flows are picking up. Those levels are on par with ‘Liberation Day’, and the momentum from the past few days suggests we may not have seen the end yet. The demand for safety and liquidity is also observed in the latest ECB refinancing operations. A total of €17bn of 7-day liquidity was allotted to banks this week, a sharp increase from the average this year of €11bn. This means banks are starting to rely more on relatively expensive funding from the central bank rather than market sources. These signs clearly suggest that markets are being pushed out of their comfort zone. Only a significant decline in uncertainty and energy prices can alleviate the pressure. If not, financial conditions will deteriorate further and in turn weigh on the economic outlook. With the growth backdrop in the eurozone already fragile, we think the back end of the euro swap curve...
The S&P 500 index is still close to all-time highs, despite current geopolitical upheaval. However, under the hood, there has been significant pain for investors not invested in the hottest artificial intelligence (AI) stocks over the last few years. Even Amazon (NASDAQ: AMZN) has significantly underperformed the index over the last five years, despite benefiting from the AI boom. With the stock s...
The S&P 500 index is still close to all-time highs, despite current geopolitical upheaval. However, under the hood, there has been significant pain for investors not invested in the hottest artificial intelligence (AI) stocks over the last few years. Even Amazon (NASDAQ: AMZN) has significantly underperformed the index over the last five years, despite benefiting from the AI boom. With the stock stuck around $200 -- close to where it traded in 2021 -- investors are likely growing impatient with the e-commerce and cloud computing giant. Is it time to bail on Amazon? Or is now the perfect time to buy the stock for your portfolio? Image source: Amazon. Continue reading
Russia Launches Largest One-Day Drone Blitz Of Ukraine War At least seven people were killed in Ukraine on Tuesday after Russia launched a truly massive drone attack that's said to be the largest of the four-year war. Counting both drones and cruise missiles, 979 warheads poured into Ukrainian airspace as diplomatic efforts at ending the war remain stalled and the world's attention focused almost ...
Russia Launches Largest One-Day Drone Blitz Of Ukraine War At least seven people were killed in Ukraine on Tuesday after Russia launched a truly massive drone attack that's said to be the largest of the four-year war. Counting both drones and cruise missiles, 979 warheads poured into Ukrainian airspace as diplomatic efforts at ending the war remain stalled and the world's attention focused almost entirely on the US-Israeli war on Iran. Daylight death from above: A Russian Shahed drone above central Lviv (Reuters via New York Times ) Ukrainian officials said it began with an overnight attack comprising almost 400 long-range drones and 23 cruise missiles. Then, in a surprise twist, Russia unleashed even more in broad daylight. Startled Ukrainians were sent rushing to bomb shelters after alarms rang out around noon, as a swarm of 556 drones hammered cities across the western part of the country, including Lviv, Ternopil, Vinnytsia, Ivano-Frankivsk, Zhytomyr, Zaporizhzhia and Dnipro. Ukraine's air force claimed it shot most of them down , with only 15 of the daytime drones supposedly hitting anything. Ukraine said the impacted structures included apartment buildings, hospitals and a UNESCO World Heritage site. Video captured the dramatic sound and site of a Shahed drone as it descended and then smashed into a what is said to be a residential building in Lviv: WATCH: The moment a Russian drone struck the center of Lviv. pic.twitter.com/QA3R1z4z0H — Clash Report (@clashreport) March 24, 2026 Beyond the broad-daylight aspect of the attacks, the onslaught was noteworthy for its inclusion of the historic city of Lviv in the targeting package . To this point, Lviv -- a city of 700,000 only 40 miles from Poland -- had gone relatively unscathed compared to many other Ukrainian cities. The region's governor, Maksym Kozytskyi struck an alarmed tone, posting, "The threat remains high. Stay in shelters!!!" "Iranian Shaheds, modernized by Russia, hit a church in Lviv -- it's absolut...
Stocks clawed back some losses while bonds rallied and oil prices eased as the Trump administration stepped up efforts to bring the war with Iran to a close. Traders are finding some relief after weeks of headline-driven volatility that have left the S&P 500 on track for its biggest monthly loss in a year. Despite Wednesday’s rebound, investors remain wary as Iran kept up attacks on neighboring st...
Stocks clawed back some losses while bonds rallied and oil prices eased as the Trump administration stepped up efforts to bring the war with Iran to a close. Traders are finding some relief after weeks of headline-driven volatility that have left the S&P 500 on track for its biggest monthly loss in a year. Despite Wednesday’s rebound, investors remain wary as Iran kept up attacks on neighboring states and several officials signaled that the Islamic Republic isn’t ready to negotiate. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards and Lizzy Burden. (Source: Bloomberg)
chameleonseye Honda Motor ( HMC ) and Sony Group ( SONY ) have decided to halt development of their joint electric vehicle, according to Nikkei Asian Review. Sony Honda Mobility has already posted sizable losses, and the company has faced legal and distribution challenges around how the Afeela electric vehicle model will be sold. Notably, Honda has changed its EV strategy, making it difficult for ...
chameleonseye Honda Motor ( HMC ) and Sony Group ( SONY ) have decided to halt development of their joint electric vehicle, according to Nikkei Asian Review. Sony Honda Mobility has already posted sizable losses, and the company has faced legal and distribution challenges around how the Afeela electric vehicle model will be sold. Notably, Honda has changed its EV strategy, making it difficult for the two companies to continue working together on the Afeela EV. Sony Honda Mobility was created in 2022 as a 50-50 joint venture between Sony Group ( SONY ) and Honda Motor ( HMC ) to build and sell electric vehicles. The joint venture combined Sony's ( SONY ) strengths in imaging, sensing, software, and entertainment with Honda's ( HMC ) automotive engineering and manufacturing expertise. The idea took shape after Sony ( SONY ) showed off its Vision-S concept cars in 2020 and 2022, which signaled its interest in entering mobility. In March 2022, the two companies signed a memorandum of understanding, and by June they announced the new venture would be called Sony Honda Mobility Inc. More on Honda Motor Honda Motor: Dead Money Honda Motor Co., Ltd. (HMC) Q4 2026 Press Conference Call Transcript Honda Motor Co., Ltd. (HMC) Q4 2026 Guidance/Update Call - Slideshow Honda shares plunge as $15.7B EV write-down triggers first annual loss since 1957 Honda halts operation at Mexican plant after cartel rampage
Kenmare Resources press release ( KMRPF ): FY Revenue of $312.1M (-20.0% Y/Y) misses by $31.54M . Adjusted EBITDA (excluding the impairment loss) of $58M , a 63% decrease Y/Y, representing an adjusted EBITDA margin of 19%. Total cash operating expenses of $242.7 million , down 0.4% YoY Net debt of $158.8 million at 31 December 2025 compared to $25.0 million at year-end 2024 Kenmare expects signifi...
Kenmare Resources press release ( KMRPF ): FY Revenue of $312.1M (-20.0% Y/Y) misses by $31.54M . Adjusted EBITDA (excluding the impairment loss) of $58M , a 63% decrease Y/Y, representing an adjusted EBITDA margin of 19%. Total cash operating expenses of $242.7 million , down 0.4% YoY Net debt of $158.8 million at 31 December 2025 compared to $25.0 million at year-end 2024 Kenmare expects significantly lower capex in 2026 , with $30M for WCP A upgrades and $30M for sustaining capital. 2026 guidance (in line with targets): Shipments & production: >1.1M tonnes shipped; ilmenite >800,000 tonnes; while WCP A plant operating toward full capacity at 3,500 t/h. More on Kenmare Resources Kenmare Resources plc 2025 Q4 - Results - Earnings Call Presentation Historical earnings data for Kenmare Resources Dividend scorecard for Kenmare Resources Financial information for Kenmare Resources
Intimate monologue or performance art? The singer’s recent gigs give a tantalising idea of what a stage adaptation of her album might look like ‘This conversation’s too big for a phone call,” sings Lily Allen on her new album, West End Girl. Maybe those conversations are too big for its 14 tracks as Allen is in discussions about turning the album’s painful account of uncovering infidelity into a p...
Intimate monologue or performance art? The singer’s recent gigs give a tantalising idea of what a stage adaptation of her album might look like ‘This conversation’s too big for a phone call,” sings Lily Allen on her new album, West End Girl. Maybe those conversations are too big for its 14 tracks as Allen is in discussions about turning the album’s painful account of uncovering infidelity into a play. The singer has just completed a tour of theatre venues , performing West End Girl in its entirety, culminating in last weekend’s shows at the London Palladium. Those gigs give a tantalising idea of what a fully fledged stage adaptation could look like. Allen’s semi-autobiographical album has theatre at its core – even the songs’ visualisers feature pierrot costumes and a St Martin’s Lane marquee with a tongue-in-cheek nod to The Importance of Being Earnest. The plot includes her being cast in a West End production (mirroring her assured debut in 2:22: A Ghost Story in 2021) and while she is hardly the first pop star to do theatre, it’s still refreshing to hear the line “I got the lead in a play!” on an album. Continue reading...