Zambia’s world-beating local debt may be poised for further gains after the government’s success buying back a potentially costly dollar bond. The move to repurchase the $1.36 billion of notes from investors will save the nation some $275 million, money it plans to channel into electricity grid improvements. The swap adds to a string of positive developments in a country already benefiting from bo...
Zambia’s world-beating local debt may be poised for further gains after the government’s success buying back a potentially costly dollar bond. The move to repurchase the $1.36 billion of notes from investors will save the nation some $275 million, money it plans to channel into electricity grid improvements. The swap adds to a string of positive developments in a country already benefiting from booming copper export revenues and inflows from investment funds seeking alternatives to the war-affected Gulf region. Those funds have been well rewarded. Holders of local-currency Zambian bonds have enjoyed returns of 39% so far in 2026, more than twice the gains delivered by Hungary, the next-best performer across emerging markets. The rally has been underpinned by a 120 basis-point slide in debt yields, and sweetened by a record rally in the kwacha currency. In the week the buyback was announced, the kwacha leapt more than 4% against the dollar, extending its year-to-date gain to 24%. While the debt exchange may not directly impact kwacha-denominated bonds, “sentiment wise, it is still probably a net positive from the perspective of investors involved in local markets,” according to Samir Gadio , head of Africa strategy at Standard Chartered Plc . Bumper hard-currency inflows from copper exporters should continue to support the kwacha, he expects. Read: Zambia’s $65 Million Sweetener Wins Support for Bond Buyback Investors initially flocked to Zambian bonds for their high yields and the backdrop of surging copper prices, the country’s biggest export earner. But the rally gained momentum after January , when authorities eased limits on non-resident participation in debt auctions. “The central bank lifting the cap on how much fixed income investments your offshore players can invest in the primary market from 5% to 23% is actually what caused a huge inflow,” said Mutisunge Zulu , chief risk officer at Zambia National Commercial Bank. While the central bank hasn’t released f...
rightdx/iStock via Getty Images Executive Summary Aktis Oncology ( AKTS ) is a clinical-stage developer of radiopharmaceuticals for the treatment of cancer. Their competitive edge is a proprietary mini-protein platform with an attached radioisotope that enables the precise targeting of the drug to a potentially broad spectrum of tumors. At the current market cap of $1.1 billion against approximate...
rightdx/iStock via Getty Images Executive Summary Aktis Oncology ( AKTS ) is a clinical-stage developer of radiopharmaceuticals for the treatment of cancer. Their competitive edge is a proprietary mini-protein platform with an attached radioisotope that enables the precise targeting of the drug to a potentially broad spectrum of tumors. At the current market cap of $1.1 billion against approximately $540 million in cash, investors are effectively acquiring their two assets, and an Eli Lilly collaboration, for $560 million. I will be focusing on AKY-1189, as preliminary Phase 1b data is expected in Q1 of 2027. My bottom-up valuation is conservative, built using de novo patient counts and not factoring in AKY-2519, and suggests a floor of around $12 per share. This is well below the current market price, suggesting the patient population expansion may already be priced in. Given the upcoming catalyst, the opportunity targeting Nectin-4 represents, and the asymmetric risk/reward at current prices, I rate AKTS a soft Buy, with the caveat that investors should size their position to account for the binary risk of the Q1 2027 data readout. Why Mini-Proteins? Radiopharmaceuticals generally work by attaching a radioactive isotope to a selected targeting molecule, which enables it to find and bind tumor cells. This approach is promising compared to external radiation therapies, which often involve directing beams of radiation at tumor sites, because it delivers radiation directly to the cancer, while ideally sparing healthy tissue. In terms of the type of molecule you use to target, it comes down to three options: peptides, antibodies, or mini-proteins. Peptides are small, simple, and able to penetrate tumors, but they can bind weakly to certain desired targets, which isn’t great when engineering a drug to bind to a receptor of interest. Antibodies are generally large and complex, and they bind with high affinity and selectivity; however, antibodies are unable to penetrate t...
About 50,000 regular users of the Hong Kong-Zhuhai-Macau Bridge will soon be able to pass through new immigration e-channels without stopping or displaying their identity cards, as facial recognition will be used for clearance. Or Chung-yuk, assistant director of information systems at the Immigration Department, said on Thursday that Hong Kong permanent residents aged 11 or above who were regular...
About 50,000 regular users of the Hong Kong-Zhuhai-Macau Bridge will soon be able to pass through new immigration e-channels without stopping or displaying their identity cards, as facial recognition will be used for clearance. Or Chung-yuk, assistant director of information systems at the Immigration Department, said on Thursday that Hong Kong permanent residents aged 11 or above who were regular users of the bridge could use two new “seamless” e-channels from June 25. “Users will not need to...
Amtech Systems ( ASYS ) said on Thursday it is set to be added to the Russell 3000 and Russell 2000 indexes following the annual reconstitution of the Russell U.S. indexes, effective June 29. The semiconductor packaging equipment maker said its inclusion was based on FTSE Russell's preliminary list of index additions published in May. Membership in the Russell 3000 automatically includes the compa...
Amtech Systems ( ASYS ) said on Thursday it is set to be added to the Russell 3000 and Russell 2000 indexes following the annual reconstitution of the Russell U.S. indexes, effective June 29. The semiconductor packaging equipment maker said its inclusion was based on FTSE Russell's preliminary list of index additions published in May. Membership in the Russell 3000 automatically includes the company in the small-cap Russell 2000 index and related growth and value indexes. Shares of Amtech were up +4.9%. More on Amtech Amtech Systems: High-Risk, But A Lot Of Potential If Growth Accelerates Amtech Systems, Inc. (ASYS) Q2 2026 Earnings Call Transcript Amtech Systems, Inc. (ASYS) Presents at The 38th Annual Roth Conference - Slideshow Amtech expects $20.5M-$22.5M Q3 revenue as AI reaches up to 40% of TPS sales Amtech Q2 2026 Earnings Preview
Schroptschop/iStock via Getty Images Introduction to the iShares MSCI Eurozone ETF The iShares MSCI Eurozone ETF ( EZU ), which got listed in July 2000, has managed to accumulate a total AUM of +$9 billion over its lifetime at the time of writing. EZU, which is issued under the ‘iShares’ brand of ETFs by Blackrock, Inc. ( BLK ), is priced at an expense ratio of 0.5% (in line with the median ETF’s ...
Schroptschop/iStock via Getty Images Introduction to the iShares MSCI Eurozone ETF The iShares MSCI Eurozone ETF ( EZU ), which got listed in July 2000, has managed to accumulate a total AUM of +$9 billion over its lifetime at the time of writing. EZU, which is issued under the ‘iShares’ brand of ETFs by Blackrock, Inc. ( BLK ), is priced at an expense ratio of 0.5% (in line with the median ETF’s expense rate ) and offers an annualized dividend yield of 2.67% (also roughly in line with the median ETF yield ). Distributions from this ETF are made twice a year. What Does EZU Do? EZU’s raison d'être is to offer coverage to stocks from 10 different developed markets within the European Union (EU) alone. To get more specific, the markets in focus are Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal, and Spain. Note that EZU doesn’t rely on a fund manager or a proprietary methodology to pick stocks from these 10 different markets, but rather, it chooses to passively track an index that is built and maintained by another entity ( MSCI ) called the MSCI EMU Index (MEI). One could say that EZU does a reasonably good job of tracking MEI because the tracking errors it has experienced (across various time durations) have been consistently lower than the tracking errors that are witnessed by the median ETF. Seeking Alpha What Are The Key Characteristics Of EZU's Portfolio? EZU covers 220 stocks in total, and they are sourced from 11 different sectors. However, note that there are 3 sectors (in isolation) that exhibit a double-digit stake in this portfolio, with the top two consisting of cyclical sectors such as financials and industrials (these two sectors alone almost account for half the portfolio). iShares As noted earlier, EZU’s tracking index only focuses on the top 85% of the free-float market-capitalization spectrum from the European Union; this would imply that EZU is unlikely to get hold of small caps. To shed more insight into the r...
Is BABA a good stock to buy? We came across a bullish thesis on Alibaba Group Holding Limited on Value & Momentum Portfolio’s Substack. In this article, we will summarize the bulls’ thesis on BABA. Alibaba Group Holding Limited’s share was trading at $115.38 as of June 10th. BABA’s trailing and forward P/E were 17.74 and 18.08 […]
Is BABA a good stock to buy? We came across a bullish thesis on Alibaba Group Holding Limited on Value & Momentum Portfolio’s Substack. In this article, we will summarize the bulls’ thesis on BABA. Alibaba Group Holding Limited’s share was trading at $115.38 as of June 10th. BABA’s trailing and forward P/E were 17.74 and 18.08 […]
ALEKSEI BEZRUKOV Truist Securities on Thursday upgraded Tronox Holdings ( TROX ) to Hold from Sell while maintaining its $7 price target, saying improving pricing trends in the titanium dioxide market have reduced downside risk even as cost pressures and uncertain demand continue to weigh on the outlook. Analyst Peter Osterland said the current valuation appropriately reflects both potential gains...
ALEKSEI BEZRUKOV Truist Securities on Thursday upgraded Tronox Holdings ( TROX ) to Hold from Sell while maintaining its $7 price target, saying improving pricing trends in the titanium dioxide market have reduced downside risk even as cost pressures and uncertain demand continue to weigh on the outlook. Analyst Peter Osterland said the current valuation appropriately reflects both potential gains from stronger pricing and market share opportunities, as well as risks tied to higher input costs and sluggish end-market demand. Shares closed at $7.08 on June 9, slightly above the firm's target price. The rating change comes about six weeks after Truist downgraded the pigment producer to Sell. Osterland said the company should continue to benefit from sequential improvements in titanium dioxide, or TiO2, pricing through the remainder of 2026, although rising raw material, energy and logistics costs could absorb much of the benefit. North American TiO2 contract prices increased by about $88 per metric ton in the second quarter from the prior quarter, according to industry data cited by Truist. The firm expects even larger price increases in Europe and Asia, potentially ranging from $150 to $200 per metric ton, supported in part by rising sulfuric acid costs affecting Chinese producers. Truist said those pricing trends should help Tronox achieve higher selling prices and improved margins through the rest of the year. However, the firm cautioned that the company's earnings are likely to remain below normalized levels through 2026 and 2027. The report also highlighted changing competitive dynamics in Europe. Several former Venator assets are being restarted, including facilities in Spain, Italy and the United Kingdom, potentially increasing industry supply. At the same time, additional anti-dumping investigations targeting Chinese TiO2 exports are advancing, including a new Australian probe launched in May. Truist views trade actions as a positive long-term catalyst for Wes...
全球数据和技术公司益博睿（Experian）本周宣布推出名为Experian Verify for research verification的新解决方案，旨在实现传统手动用工验证流程的现代化改造。该服务已在全美上线，将覆盖近100%的美国劳动人口。 据介绍，新方案将对话式人工智能代理和面向雇主的安全在线表格，与益博睿现有的呼叫中心相结合，以帮助减少人工验证工作量、缩短周转时间。在具体操作中，每个...
全球数据和技术公司益博睿（Experian）本周宣布推出名为Experian Verify for research verification的新解决方案，旨在实现传统手动用工验证流程的现代化改造。该服务已在全美上线，将覆盖近100%的美国劳动人口。 据介绍，新方案将对话式人工智能代理和面向雇主的安全在线表格，与益博睿现有的呼叫中心相结合，以帮助减少人工验证工作量、缩短周转时间。在具体操作中，每个验证流程由益博睿呼叫中心发起，但新方案为雇主提供了更便捷的验证方式：可选择通过安全的在线表格回复，或由人工智能代理引导完成验证流程。信息收集完毕后，系统会自动生成一份完整的收入与就业验证报告并交付给客户。 益博睿验证解决方案高级副总裁兼总经理John Tsefrikas表示，就业验证在整个行业中仍然是一个非常耗时的手动流程。通过智能自动化和人工智能驱动的互动，公司正在帮助客户实现这些工作流程的现代化，从而提高效率、加快决策速度，并为雇主和贷款机构创造更好的体验。 数据显示，每一次验证请求平均需要花费4.5分钟处理，每名员工每年大约需要验证1.4次。在大规模劳动力群体中，这形成了持续的低价值行政工作流，分散了薪酬团队的精力。同时，这些手动流程拖慢了员工在抵押贷款申请等关键场景中的办事速度。 益博睿Verify由行业内规模最大的即时雇主薪资网络之一提供支持，拥有数百万独特数据资产。此次推出的新服务还补充了现有服务，支持验证更广泛的群体，包括合同工、政府雇员等。 此前，益博睿已通过Work Report解决方案对验证流程进行重新设计，使第三方能够在获得员工同意的前提下，直接从薪资系统访问经过验证的收入和就业数据，将验证从被动的手动流程转变为自动化的实时服务。今年5月，益博睿还与人力资源及薪资软件提供商MHR达成战略合作，将Work Report服务集成至MHR平台，覆盖英国340万员工。 通过此次新方案的推出，益博睿进一步扩展了其在就业验证领域的布局，帮助机构在即时验证数据无法获取时维持工作流程的连续性，同时减少运营摩擦。 责任编辑：张俊 SF065
The jury is still out on whether SpaceX is primarily a rocket company, as its name suggests, or actually more of a telecom provider or artificial intelligence play. Its expected valuation doesn’t help resolve the confusion. With the much-awaited market debut just a day away, traders are poring over the company’s financials to understand what kind of multiple to pay for the stock given its three, v...
The jury is still out on whether SpaceX is primarily a rocket company, as its name suggests, or actually more of a telecom provider or artificial intelligence play. Its expected valuation doesn’t help resolve the confusion. With the much-awaited market debut just a day away, traders are poring over the company’s financials to understand what kind of multiple to pay for the stock given its three, very different, business segments. When compared to other publicly traded space companies, the $135 IPO price appears relatively cheap. Yet when placed against other AI firms, it looks much more expensive. Market pundits have some theories. Some have argued that most space stocks are currently riding on the coattails of SpaceX’s mega-IPO: their valuation multiples a reflection of the market’s high expectation for the Elon Musk -venture formally known as Space Exploration Technologies Corp. AI stocks, on the other hand, trade at multiples that take their cue from established technology behemoths. Despite the hype and excitement around SpaceX focusing largely on the AI part of the business — its imminent market debut has not created the same magic for other AI stocks that it has for space names. To some, all the efforts to draw comparisons are futile. “Just like Tesla isn’t valued like a car company, there is no reason to compare SpaceX to space or AI,” said Brad Conger , chief investment officer at Hirtle Callaghan. “This valuation is really about Elon. He’s a walking Rorschach test, where people project all their desires and fears.” Read More: SpaceX IPO Whips Musk Fans Into Frenzy: ‘The More, the Better’ Using the lower end of SpaceX’s targeted valuation of about $1.75 trillion, and Bloomberg Intelligence’s 2026 revenue estimate of about $34 billion, the company’s shares are expected to trade at roughly 52 times sales, according to analyst George Ferguson . That would be nearly eight-fold bigger than the average price-to-sales multiple of the mega-cap technology companies k...
Our writer grilled halloumi, veggies and spatchcock chicken to find the best barbecues, from crowd-pleasing all-rounders to models that can smoke, roast and more • The best (and worst) chef’s knives – tested Salmon don’t know that they swim upstream. Some ancient instinct impels them; they don’t think about it any more than trees think about growing. You are a British person of a certain age and b...
Our writer grilled halloumi, veggies and spatchcock chicken to find the best barbecues, from crowd-pleasing all-rounders to models that can smoke, roast and more • The best (and worst) chef’s knives – tested Salmon don’t know that they swim upstream. Some ancient instinct impels them; they don’t think about it any more than trees think about growing. You are a British person of a certain age and bearing. You are buying a barbecue. But this half-century-old compulsion often ends before it starts. Few products are marketed with as much machismo as BBQs, and the jargon makes them surprisingly tricky to buy. While we all enjoy the unintended high camp of a snap-jet ignition, it’s unclear if such features are essentials or optional extras. Add in the tedious difference between planchas and kamados, and you can easily spend hundreds of pounds on what is essentially a hot metal box. Best BBQ overall: Weber Bar-B-Kettle charcoal barbecue Best budget BBQ: Argos Home drum charcoal BBQ with cover and utensils Continue reading...
A reclusive artist is the reluctant subject of a journalist’s attention in a rich world of scents, scenery and secrets When a British journalist named Joseph Adelaide tracks down a reclusive artist to his remote farmhouse in the south of France, his plan is to interview him for a magazine profile. Edouard Tartuffe is a revered painter who was taught by Cézanne and is known on the Parisian art scen...
A reclusive artist is the reluctant subject of a journalist’s attention in a rich world of scents, scenery and secrets When a British journalist named Joseph Adelaide tracks down a reclusive artist to his remote farmhouse in the south of France, his plan is to interview him for a magazine profile. Edouard Tartuffe is a revered painter who was taught by Cézanne and is known on the Parisian art scene as the “Master of Light”. But then he retreated from the limelight amid rumours of a feud with his former mentor. Tartuffe – known as Tata – now lives with his 27-year-old niece, Ettie, and is blind in one eye. Joseph quickly learns that Tata also has an explosive temper and rules the household with an iron fist. On meeting Joseph, he barks that he will not be giving an interview but that his guest can stay on one condition: that he model for him for a new portrait. Continue reading...
(Deutsche Grammophon) The pianist sisters’ celebration of their 55 years of recording is a thoughtfully curated compilation that reveals the extent of their omnivorous musical appetites In 1969, two teenage students at the Paris Conservatoire recorded Olivier Messiaen’s formidable Visions de l’Amen under the composer’s doubtless nerve-racking supervision. It was released in 1970. Fifty-five years ...
(Deutsche Grammophon) The pianist sisters’ celebration of their 55 years of recording is a thoughtfully curated compilation that reveals the extent of their omnivorous musical appetites In 1969, two teenage students at the Paris Conservatoire recorded Olivier Messiaen’s formidable Visions de l’Amen under the composer’s doubtless nerve-racking supervision. It was released in 1970. Fifty-five years later, Katia and Marielle Labèque’s musical curiosity is undimmed as this handsome three-disc tribute set demonstrates. A mix of new recordings and classics, it reveals the extent of their omnivorous appetites, from 20th-century modernism to minimalism and jazz. Although best known as a two-piano duo, there’s plenty of four-hands repertoire here, including an iridescent new recording of Le Jardin Féerique from Ravel’s Ma Mère l’Oye alongside music by Bizet, Fauré (two movements from his Dolly Suite) and a finger-shredding Dance of the Earth from Stravinsky’s Rite of Spring. Works by Gershwin, Bernstein and De Falla are among other highlights. Continue reading...
This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion‑dollar rocket gamble. The landmark listing of US aerospace giant SpaceX is expected to accelerate and reshape the initial public offering (IPO) plans of China’s emerging commercial space c...
This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion‑dollar rocket gamble. The landmark listing of US aerospace giant SpaceX is expected to accelerate and reshape the initial public offering (IPO) plans of China’s emerging commercial space companies, according to industry executives and investors. The development comes as space technology...
Prometheus, the industrial AI startup led by Jeff Bezos and former Google exec Vik Bajaj, today will announce that it's raised $12 billion in Series B funding at a $41 billion valuation.
Prometheus, the industrial AI startup led by Jeff Bezos and former Google exec Vik Bajaj, today will announce that it's raised $12 billion in Series B funding at a $41 billion valuation.
"FatPipe, Inc. (NASDAQ: FATN) ("FatPipe" or the "Company"), today announced the general availability of FatPipe SATBoost, a proprietary software solution that dramatically increases the performance of Starlink, Viasat and Amazon LEO satellite connections.
"FatPipe, Inc. (NASDAQ: FATN) ("FatPipe" or the "Company"), today announced the general availability of FatPipe SATBoost, a proprietary software solution that dramatically increases the performance of Starlink, Viasat and Amazon LEO satellite connections.
Major earnings expected after the bell on Thursday include: Adobe ( ADBE ) RH ( RH ) Lennar Corporation ( LEN ) Zedge ( ZDGE ) For Seeking Alpha's full earnings season calendar, click here .
Major earnings expected after the bell on Thursday include: Adobe ( ADBE ) RH ( RH ) Lennar Corporation ( LEN ) Zedge ( ZDGE ) For Seeking Alpha's full earnings season calendar, click here .
owngarden/E+ via Getty Images By Deepali Bhargava , Regional Head of Research, Asia-Pacific Growth across Asia is easing gradually, while inflation is only inching higher. The most immediate adjustment so far has been in FX, where moves have been sharper and faster than in real activity or prices. This divergence is increasingly driving policy decisions, and we expect most Asian central banks to r...
owngarden/E+ via Getty Images By Deepali Bhargava , Regional Head of Research, Asia-Pacific Growth across Asia is easing gradually, while inflation is only inching higher. The most immediate adjustment so far has been in FX, where moves have been sharper and faster than in real activity or prices. This divergence is increasingly driving policy decisions, and we expect most Asian central banks to raise rates in the third quarter. Two main themes are emerging across Asia. First, growth momentum is beginning to soften at the margin following a strong start to the year. Activity indicators for the second quarter show early signs of losing traction. In China, recent data points to a moderation from a robust first-quarter performance. South Korean industrial production fell more sharply than expected in April. Retail sales have fallen notably in Korea, Singapore, Malaysia, and Indonesia. At the same time, inflation pressures are building, albeit gradually. Even in economies such as Japan and Korea – where policymakers have sought to cap domestic fuel prices – second-round effects are becoming more visible. Higher energy costs are increasingly feeding into food prices and core inflation, pointing to broader and more persistent pressures. Across Asia, average food and core inflation rose by around 30bp and 15bp, respectively, in April compared with the first quarter. Inflation is still manageable, but the risks are clearly shifting upward. Persistently high oil prices are poised to pass through more fully to consumers and producers. In short, growth is softening gradually, and inflation is only picking up slowly. The largest and most immediate adjustment has been in FX. This widening divergence is increasingly shaping the policy response. A second key theme is that sustained US dollar strength has driven broad-based weakness across Asian currencies, constraining policy flexibility. Currencies such as the Korean won, Indian rupee, and Malaysian ringgit have come under notabl...