Stellantis Announces Pricing of Hybrid Bonds Offering AMSTERDAM, March 11, 2026 – Stellantis N.V. today announced the pricing of its offering of subordinated perpetual hybrid bonds, executed on March 10. The issuance will be structured in the following tranches: €2.2 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 5.25 years, perpetual maturity and an annual...
Stellantis Announces Pricing of Hybrid Bonds Offering AMSTERDAM, March 11, 2026 – Stellantis N.V. today announced the pricing of its offering of subordinated perpetual hybrid bonds, executed on March 10. The issuance will be structured in the following tranches: €2.2 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 5.25 years, perpetual maturity and an annual coupon of 6.250% until the first reset date of June 16, 2031; €1.8 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 8 years, perpetual maturity and an annual coupon of 6.875% until the first reset date of March 16, 2034; and £865 million Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 6.5 years, perpetual maturity and an annual coupon of 8.250% until the first reset date of September 16, 2032. The settlement of the offering is expected to occur on March 16, 2026. The offering fully utilizes the authorization granted by the Company’s Board of Directors to issue up to €5 billion subordinated perpetual hybrid bonds, as previously communicated. This issuance will further strengthen Stellantis’ capital structure and liquidity position. # # # About Stellantis Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep ® , Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit www.stellantis.com @Stellantis Stellantis Stellantis Stellantis For more information, contact: Fernão SILVEIRA +31 6 43 25 43 41 – fernao.silveira@stellantis.com Nathalie ROUSSEL +33 6 87 77 41 82 – nathalie.roussel@stellantis.com communications@stellantis.com www....
EvgeniyShkolenko/iStock via Getty Images Advanced Micro Devices ( AMD ) has been a dark horse in the AI chip story, but we now have a greater picture of the company’s potential role in the next step of the journey. While the company might struggle to catch up in winning training workloads, if ever, there is light at the end of the tunnel in the form of inference. The hyperscalers are likely to sea...
EvgeniyShkolenko/iStock via Getty Images Advanced Micro Devices ( AMD ) has been a dark horse in the AI chip story, but we now have a greater picture of the company’s potential role in the next step of the journey. While the company might struggle to catch up in winning training workloads, if ever, there is light at the end of the tunnel in the form of inference. The hyperscalers are likely to search for lower-cost alternatives as inference demand soars in line with the rise of AI agents. AMD looks poised to benefit from the upcoming agentic boom. I am upgrading the stock to a "S trong Buy" rating. AMD Stock Price I last covered AMD in December , where I upgraded the stock, noting that “the best case for inference has arrived.” The stock is down 8% since. Data by YCharts With the company signing yet another mega-deal, I think that the volatility in AI stocks has created a prolonged buying opportunity in a real AI challenger. AMD Stock Key Metrics Without mincing words, AMD is largely known as “second best” to NVIDIA ( NVDA ), which is not an unfair assessment. But the comparison is not so relevant given that AMD trades at a fraction of NVDA’s market cap. AMD is a rising competitor in data centers, as hyperscalers may be looking to diversify their chip suppliers as well as seek cheaper CapEx solutions for inference, which might be as computationally intensive as training the AI models. 2025 Q4 Presentation These tailwinds have helped accelerate growth at AMD, with revenues jumping 34% YoY to $10.27 billion, exceeding guidance for $9.6 billion. This has not come at the expense of gross margins, which jumped 300 bps YoY, helping operating margins to rise 200 bps as well. 2025 Q4 Presentation The growth was driven largely by the data center segment, with growth accelerating to 39% (up from 22% in the third quarter). Data center revenues make up more than half of the overall business. As I expect data center revenues to continue accelerating moving forward, I would not b...
EvgeniyShkolenko/iStock via Getty Images Advanced Micro Devices ( AMD ) has been a dark horse in the AI chip story, but we now have a greater picture of the company’s potential role in the next step of the journey. While the company might struggle to catch up in winning training workloads, if ever, there is light at the end of the tunnel in the form of inference. The hyperscalers are likely to sea...
EvgeniyShkolenko/iStock via Getty Images Advanced Micro Devices ( AMD ) has been a dark horse in the AI chip story, but we now have a greater picture of the company’s potential role in the next step of the journey. While the company might struggle to catch up in winning training workloads, if ever, there is light at the end of the tunnel in the form of inference. The hyperscalers are likely to search for lower-cost alternatives as inference demand soars in line with the rise of AI agents. AMD looks poised to benefit from the upcoming agentic boom. I am upgrading the stock to a "S trong Buy" rating. AMD Stock Price I last covered AMD in December , where I upgraded the stock, noting that “the best case for inference has arrived.” The stock is down 8% since. Data by YCharts With the company signing yet another mega-deal, I think that the volatility in AI stocks has created a prolonged buying opportunity in a real AI challenger. AMD Stock Key Metrics Without mincing words, AMD is largely known as “second best” to NVIDIA ( NVDA ), which is not an unfair assessment. But the comparison is not so relevant given that AMD trades at a fraction of NVDA’s market cap. AMD is a rising competitor in data centers, as hyperscalers may be looking to diversify their chip suppliers as well as seek cheaper CapEx solutions for inference, which might be as computationally intensive as training the AI models. 2025 Q4 Presentation These tailwinds have helped accelerate growth at AMD, with revenues jumping 34% YoY to $10.27 billion, exceeding guidance for $9.6 billion. This has not come at the expense of gross margins, which jumped 300 bps YoY, helping operating margins to rise 200 bps as well. 2025 Q4 Presentation The growth was driven largely by the data center segment, with growth accelerating to 39% (up from 22% in the third quarter). Data center revenues make up more than half of the overall business. As I expect data center revenues to continue accelerating moving forward, I would not b...
The first step to fighting a war in space is knowing what’s happening tens of thousands of miles above the planet. Toward that end, defense tech darling Anduril is buying boutique data firm ExoAnalytic Solutions. ExoAnalytic operates a network of 400 telescopes around the world, which it uses to track spacecraft in high orbits above the planet. The company’s engineers develop software that convert...
The first step to fighting a war in space is knowing what’s happening tens of thousands of miles above the planet. Toward that end, defense tech darling Anduril is buying boutique data firm ExoAnalytic Solutions. ExoAnalytic operates a network of 400 telescopes around the world, which it uses to track spacecraft in high orbits above the planet. The company’s engineers develop software that converts those observations into situational awareness tools for U.S. national security agencies watching adversary spacecraft and coordinating American assets on orbit. “This is a company we’ve been working with closely for the last several years on a number of programs, and they are experts in space domain awareness and missile defense,” Anduril VP of engineering Gokul Subramanian told reporters. “We believe the [Department of Defense] deserves the best catalog of everything going on in space.” The privately-held companies did not disclose the terms of the deal. Anduril is in the process of raising a $4 billion round from investors Thrive Capital and Andreessen Horowitz, Reuters reported last week. ExoAnalytics will be directly integrated into Anduril, not run as a separate subsidiary, though Subramanian said it would continue to serve existing and future outside customers. Currently, Anduril has 120 employees focused on space defense, a number that will more than double with the addition of 130 ExoAnalytics employees. The company’s technology could help Anduril win government contracts supporting Golden Dome, the missile defense system that the US Congress has appropriated billions of dollars to build. That system is expected to include thousands of satellites to track and target enemy missiles, and maintaining real-time awareness and coordination among them will be a heavy lift. Anduril is planning to launch three spacecraft this year as internally-funded R&D projects that will draw on capabilities gained in the acquisition. Subramanian said ExoAnalytic’s experience processing...
He shoots, he scores! Basketball as you’ve never seen it before – in pictures In 2019, Austin Bell embarked on a wild quest to photograph all 2,549 of Hong Kong’s outdoor basketball courts using drone cameras and Google Maps. The results offer a fresh perspective on the city Hoop dreams … a collage of Austin Bell’s courts. Photograph: Austin Bell
He shoots, he scores! Basketball as you’ve never seen it before – in pictures In 2019, Austin Bell embarked on a wild quest to photograph all 2,549 of Hong Kong’s outdoor basketball courts using drone cameras and Google Maps. The results offer a fresh perspective on the city Hoop dreams … a collage of Austin Bell’s courts. Photograph: Austin Bell
A shallow, unconvincing storyline and deeply uncomfortable scenes as starving women, unaware of why they are there, are fed titbits Did Hitler really have food tasters? Was his inner circle so paranoid about the risk of assassination by poisoning that young women were forced to sample every dish that was due to pass his lips? That was the account given to a German newspaper in 2012 by the then 95-...
A shallow, unconvincing storyline and deeply uncomfortable scenes as starving women, unaware of why they are there, are fed titbits Did Hitler really have food tasters? Was his inner circle so paranoid about the risk of assassination by poisoning that young women were forced to sample every dish that was due to pass his lips? That was the account given to a German newspaper in 2012 by the then 95-year-old Margot Wölk, who claimed to have been one of Hitler’s food tasters . Historians have pointed to lack of evidence, with nothing in the records to back up her witness testimony. Whatever the veracity of the story, it has been turned into a shaky, unconvincing historical drama by Silvio Soldini, whose film is an adaptation of a novel by Rosella Postorino. Elisa Schlott plays the fictional Rosa, a young woman from Berlin whose soldier husband is missing on the eastern front. After heavy bombing in the city, she flees to her in-laws in east Prussia close to Hitler’s Wolf’s Lair military headquarters . One day, the Nazis come knocking for Rosa, and load her on to a van with six other terrified young women. Continue reading...
Faster laptop-level power, rapid wifi and 5G, plus much-improved multitasking make the middle iPad highly capable beyond just watching TV The latest iPad Air is faster in almost all facets, packing not just a processor upgrade but improvements to most of the internal bits that make the tablet work, providing laptop-grade power in a skinny, adaptable touchscreen device. The new iPad Air M4 costs fr...
Faster laptop-level power, rapid wifi and 5G, plus much-improved multitasking make the middle iPad highly capable beyond just watching TV The latest iPad Air is faster in almost all facets, packing not just a processor upgrade but improvements to most of the internal bits that make the tablet work, providing laptop-grade power in a skinny, adaptable touchscreen device. The new iPad Air M4 costs from the same £599 (€649/$599/A$999) as the outgoing M3 model from last year and again comes in two sizes. One with an 11in screen, which is the best size for most people and a more expensive 13in screen version, which is ideal if you want a second TV or a laptop replacement. Screen: 11in or 13in Liquid Retina display (264ppi) Processor: Apple M4 (8-core CPU/9-core GPU) RAM: 12GB Storage: 128, 256, 512GB or 1TB Operating system: iPadOS 26.3 Camera: 12MP rear, 12MP centre stage Connectivity: Wifi 7, 5G (eSim-only), Bluetooth 6, USB-C (USB3), Touch ID, Smart Connecter Dimensions: 247.6 x 178.5 x 6.1mm or 280.6 x 214.9 x 6.1mm Weight: 464g or 616g Continue reading...
Buy a season ticket For regular rail travellers, season tickets remain one of the biggest cost savers. A weekly, monthly or annual season ticket will work out much cheaper than paying daily fares, especially if you commute most days. For example, to travel from Southampton to London with South Western Railway, an anytime day return costs up to £111 if you do not book in advance. This works out at ...
Buy a season ticket For regular rail travellers, season tickets remain one of the biggest cost savers. A weekly, monthly or annual season ticket will work out much cheaper than paying daily fares, especially if you commute most days. For example, to travel from Southampton to London with South Western Railway, an anytime day return costs up to £111 if you do not book in advance. This works out at a whopping £26,085 a year if you travel five days a week, for 47 weeks (this is assuming you have five weeks’ annual leave). A monthly ticket for the same journey costs £592.20 (£7,106 a year), while an annual season ticket costs £6,168. If your commute will involve parking at the station, it’s worth checking if you can buy a season ticket for that, too. Also check if there are local car parks that are cheaper than the one at the station. Spread the cost View image in fullscreen Season tickets remain one of the biggest cost savers for railway travel. Photograph: Neil Hall/EPA One issue with annual season tickets is the upfront cost. Many employers offer interest‑free season ticket loans, letting you spread the cost through monthly salary deductions. If you borrow more than £10,000 from your employer for this purpose, it will be treated as a taxable benefit. If your employer does not offer a loan, another option is to use a 0% interest credit card. Alastair Douglas, the chief executive of the consumer credit website TotallyMoney, says: “Using a 0% credit card means you can buy an annual ticket upfront and spread the discounted cost over a year into smaller, more manageable payments.” Consider a flexi-season ticket If you only commute two or three days a week, check out whether a flexi-season ticket will save you money. These give you a bundle of eight-day passes to use within 28 days on a specific route. Flexi-season tickets are usually cheaper than daily tickets but more expensive on a cost-per-journey basis than weekly or monthly season tickets for four or five-day commute...
Weda Bay is just one example of a global trend that could see the mining industry expand into some of Earth’s last areas of wilderness in search of minerals and materials to feed the global economy. Analysis produced for the Guardian by a group of academic researchers found more than 3,267 mining operations within key biodiversity areas (KBAs), accounting for nearly 5% of the mining sector’s globa...
Weda Bay is just one example of a global trend that could see the mining industry expand into some of Earth’s last areas of wilderness in search of minerals and materials to feed the global economy. Analysis produced for the Guardian by a group of academic researchers found more than 3,267 mining operations within key biodiversity areas (KBAs), accounting for nearly 5% of the mining sector’s global footprint. China, Brazil, Argentina and Mexico top the rankings for total surface mining area within key biodiversity areas, the most naturally precious areas of the planet. Until recently, quantifying the industry’s exact imprint has been a difficult task, with mining companies rarely sharing accessible details about their environmental impact. But a growing number of researchers are using satellite imagery to track the sector’s activities from space. “We have a huge gap on the global assessments of the footprint of mining. It is much bigger than we think,” says Victor Maus, a researcher at Vienna University of Economics and Business. “Most of what is published about mines is for businesses and attracting investors. There’s not much about their impacts. It has somehow escaped the eye of the international community,” he says. With growing demand for commodities to fuel the green energy transition, the mining sector’s footprint continues to grow. “We see an expansion of mines in biodiverse areas, particularly with materials like nickel in Indonesia. You have seen expansion into pristine forests over the past few years. The same in the Amazon in Brazil and Peru – gold mining is big there,” says Maus. Once a mine has opened, habitat is often lost for ever. Many use huge amounts of water from the surrounding area, depleting rivers, aquifers and lakes. Despite efforts from the industry to clean up its act, mining waste is often poorly stored and has resulted in significant pollution events from acid, heavy metals and waste rock. It is hard to put a figure on the amount of natu...
The police force behind the prosecution of the former nurse Lucy Letby has said it was not informed by a key expert witness before he gave evidence at her trial that he was under investigation over serious concerns in his medical work. The Crown Prosecution Service also told the Guardian it was not aware that Prof Peter Hindmarsh was subject to the formal investigation by the hospital that employe...
The police force behind the prosecution of the former nurse Lucy Letby has said it was not informed by a key expert witness before he gave evidence at her trial that he was under investigation over serious concerns in his medical work. The Crown Prosecution Service also told the Guardian it was not aware that Prof Peter Hindmarsh was subject to the formal investigation by the hospital that employed him, before his first appearance as a witness on 25 November 2022. Hindmarsh provided crucial evidence in the trial for the prosecution’s case that Letby had attempted to murder two babies, referred to as F and L, by injecting insulin into their fluid bags. The Guardian revealed last week that in the period leading up to the trial University College London hospitals NHS trust (UCLH), Hindmarsh’s main employer, was leading a formal investigation, with involvement from Great Ormond Street hospital, into multiple, wide-ranging, serious concerns, including allegations that Hindmarsh harmed patients. Rules governing criminal cases require expert witnesses to disclose to the side they are giving evidence for – in Hindmarsh’s case Cheshire police – anything “that might reasonably be thought capable of undermining the expert’s opinion or detract from the credibility or impartiality of the expert”. Senior lawyers have told the Guardian that these duties of disclosure can include investigations by an expert’s employer, like the one into Hindmarsh’s professional conduct. Glyn Maddocks KC, joint secretary of the all party parliamentary group on miscarriages of justice, said: “As I understand the rules, in order to be open and transparent with the court, this expert should have disclosed this investigation, so that its relevance and importance could be assessed. It’s vitally important that the integrity of experts is retained at all times.” Tim Green KC, a barrister experienced in the disclosure rules, said he could not comment on the details of the Letby case, but in general, an expe...
Britain’s whole energy economy needs to be reformed – decarbonising the grid is only part of the mix Britain is once again paying the price of an energy system that is more effective at extracting profits than delivering security. Illegal war and geopolitical disruption are sending fossil fuel prices soaring – and because our electricity market turns volatile gas prices into higher electricity bil...
Britain’s whole energy economy needs to be reformed – decarbonising the grid is only part of the mix Britain is once again paying the price of an energy system that is more effective at extracting profits than delivering security. Illegal war and geopolitical disruption are sending fossil fuel prices soaring – and because our electricity market turns volatile gas prices into higher electricity bills, families here risk paying the cost. The government is already unpopular. How it responds to this crisis, and the wider crisis of affordability, will define its legacy. Its instinct has been to double down on clean power. That has strong merit – but understanding that strategy’s limits shows why deeper reform is urgently necessary. The government’s goal is clear: achieve stable prices by removing gas from the grid. Britain’s electricity market uses a marginal pricing system, which means that the price paid for all electricity at any moment is set by the most expensive source needed to meet demand. Even though gas produces only about a quarter of our electricity, it sets the price around 85% of the time . That means even when renewables are generating most of the country’s power, your bill doesn’t reflect the cost of solar or wind. And because gas is a global commodity with the price set by the international market, the closing of the Strait of Hormuz translates into rising electricity bills in Hull – even as the horizon grows thick with wind turbines and the share of clean power on the grid grows every year . Mathew Lawrence is the director of Common Wealth Continue reading...
Near the top of the Grimsel Pass in Switzerland’s Bernese Oberland, a small crowd had gathered to take photographs. We were surrounded by bulky mountains and rippling glaciers, but all eyes were focused on a silvery granite chalet with apple-red shutters, its foundations deep in snow. It was early February and, one after another, we posed in front of it as if standing beside a celebrity. Which in ...
Near the top of the Grimsel Pass in Switzerland’s Bernese Oberland, a small crowd had gathered to take photographs. We were surrounded by bulky mountains and rippling glaciers, but all eyes were focused on a silvery granite chalet with apple-red shutters, its foundations deep in snow. It was early February and, one after another, we posed in front of it as if standing beside a celebrity. Which in a way we were, because the proud building was the Grimsel Hospiz, the country’s oldest recorded mountain inn and a place that predates Westminster Abbey. First documented in 1142 and originally built as a simple hostel – either by the Order of Saint Lazarus or the Augustinian monastery of Interlaken, no one is quite sure – today’s much-modernised Grimsel Hospiz is marooned on a spur of sheer rock and snow at 2,000 metres (6,562 ft). Over the centuries it has been inhabited by monks, used by shepherds, needy travellers and soldiers, ravaged by fire and buried by an avalanche. The mountains reach up, but it is surrounded on three sides by plunging ravines and the frozen Grimselsee, which thaws to turquoise ice floes in spring. The scenery is stupendous. View image in fullscreen Grimselsee reservoir and Spitallamm Dam, with Grimsel Hospiz above, in autumn. Photograph: David Birri My visit began on a PostBus, the yellow stagecoaches that reach the parts of Switzerland that the railways can’t. I was south-east of the village of Meiringen, having taken a train to Innertkirchen Kraftwerk, a station built 100 years ago to service the hydroelectric power plants hidden deep in the mountains. The towering stone pines, the tumbling cliffs, the dripping snow, the sky only peeking through – it might have been the landscape of JRR Tolkien’s Middle-earth. As the bus worked its way higher up the Aare Gorge, we saw that the road ahead was closed for winter. Instead, we were dropped at a high-security shutter leading to an underground hydropower station operated by Kraftwerke Oberhasli AG. Th...
ipuwadol/iStock via Getty Images By Matthew D. Bass This is a cyclical normalization of credit conditions, not a crisis. Private credit is a key pillar of global capital formation, but it’s less transparent than public-market equivalents. Its rapid growth and widening scope invite scrutiny, as it should. But we don’t think concerns about AI disruption and default risk should define the asset class...
ipuwadol/iStock via Getty Images By Matthew D. Bass This is a cyclical normalization of credit conditions, not a crisis. Private credit is a key pillar of global capital formation, but it’s less transparent than public-market equivalents. Its rapid growth and widening scope invite scrutiny, as it should. But we don’t think concerns about AI disruption and default risk should define the asset class as a whole. Along with banks and public credit, private credit plays an important role in financing corporations and the real economy. But private assets are illiquid, borrowers are private companies and there’s no daily market pricing. In the absence of real-time data, other narratives can fill the vacuum. Lately, those narratives have centered around concern about AI-driven disruption and worries about default risk and liquidity. These developments may create bumps along the way, but they don’t change the role private credit plays in the economy or the value it can provide in investor portfolios. Credit—public and private—is cyclical. When liquidity tightens and economic fundamentals weaken, weaker credits surface. That’s not unusual. In Private Markets, Credit Cycles Still Matter There have been some isolated credit losses in recent months and a few high-profile bankruptcies at companies financed by public, private and bank credit. Some of these cases involved allegations of fraud and misappropriating collateral. But these aren’t unique to private credit or to the broader economic cycle. In our view, what we’re seeing amounts to a cyclical normalization in credit conditions. As liquidity tightens and economic fundamentals moderate, weaker underwriting can come to light. That isn’t evidence, in our view, of structural problems. Rather, it has more to do with where we are in the credit cycle. Underwriting standards tend to weaken in the later stages of a cycle. That’s not new, and it’s not unique to private lending. Risks tied to AI-driven disruption, geopolitical uncerta...
Highlights Public disclosure shows Representative Julia Letlow acquiring shares of Intel Corporation. Institutional portfolio activity around the semiconductor company remains active across financial markets. Broader market conversations around technology firms align with movement across nasdaq today discussions. Intel Corporation (NASDAQ:INTC), a global semiconductor manufacturer known for design...
Highlights Public disclosure shows Representative Julia Letlow acquiring shares of Intel Corporation. Institutional portfolio activity around the semiconductor company remains active across financial markets. Broader market conversations around technology firms align with movement across nasdaq today discussions. Intel Corporation (NASDAQ:INTC), a global semiconductor manufacturer known for designing and producing microprocessors, computing chips, and data center technologies, has recently attracted attention following a public financial disclosure involving Representative Julia Letlow. The disclosure indicated that shares of Intel were acquired within a defined reporting range, bringing renewed visibility to the company within the technology sector. Market attention surrounding the semiconductor firm also appears alongside broader discussions shaping nasdaq today, where technology companies continue to dominate conversations around computing infrastructure, artificial intelligence systems, and digital transformation technologies. Intel’s operations span advanced chip manufacturing, processor design, and hardware platforms used across consumer electronics, data centers, and enterprise computing environments. Political Disclosure Brings Market Visibility Public financial disclosures related to elected officials occasionally highlight ownership activity involving companies listed on major exchanges. Representative Julia Letlow, a member of the United States House representing a congressional district in Louisiana, reported acquiring shares of Intel Corporation through a required financial disclosure filing. Such disclosures are designed to maintain transparency regarding financial interests connected to publicly traded companies. Julia Letlow’s professional background includes academic administration and leadership roles within higher education institutions before entering public service. Her congressional role involves legislative responsibilities tied to national po...