Conservative leader promises biggest peacetime rearmament effort in UK history if her party is re-elected The Conservatives would reinstate the two-child benefit cap and use the savings for a wide-ranging spending splurge on defence in what Kemi Badenoch said would be “the biggest peacetime programme of rearmament in our country’s history”. Speaking at a defence conference in London, the Tory lead...
Conservative leader promises biggest peacetime rearmament effort in UK history if her party is re-elected The Conservatives would reinstate the two-child benefit cap and use the savings for a wide-ranging spending splurge on defence in what Kemi Badenoch said would be “the biggest peacetime programme of rearmament in our country’s history”. Speaking at a defence conference in London, the Tory leader criticised the government for Britain’s “lack of readiness” for war, which has been exposed by recent world events. Continue reading...
The US “will not accept PRICE GOUGING from the fertilizer monopoly!” President Donald Trump says in a Truth Social post . Trump he’s watching fertilizer prices closely during the Iran conflict
The US “will not accept PRICE GOUGING from the fertilizer monopoly!” President Donald Trump says in a Truth Social post . Trump he’s watching fertilizer prices closely during the Iran conflict
Zambia’s cabinet has approved a revised budget for 2026 to address revenue pressures arising from the conflict in the Middle East. The southern African government recently suspended value added tax and customs and excise duties on fuel imports, even as the cost of fuel imports continues to rise. “While this measure has provided relief to consumers, it has also resulted in a reduction in domestic r...
Zambia’s cabinet has approved a revised budget for 2026 to address revenue pressures arising from the conflict in the Middle East. The southern African government recently suspended value added tax and customs and excise duties on fuel imports, even as the cost of fuel imports continues to rise. “While this measure has provided relief to consumers, it has also resulted in a reduction in domestic revenues, thereby heightening fiscal pressures and widening the financing gap,” the government spokesman Cornelius Mweetwa said in a statement. The revised spending plan also accommodates a higher-than-projected public-sector wage bill following salary adjustments for civil servants. Zambia to Seal New IMF Deal After August Vote, Minister Says (1) ‘Rainy Day’ Fund to Funnel Zambia’s Copper Bounty From This Year Zambia Targets Lowest Budget Gap Since 2011 in Election Year
spawns/iStock via Getty Images Private credit and especially direct lending which is where most BDCs ( BIZD ) operate is probably one of the last places where durable income investors might be searching opportunities. If the requirement is to a) not lose money and b) lock in predictable and sustainable (e.g., not funded by NAV) dividends then BDCs might indeed seem speculative. Based on what we ca...
spawns/iStock via Getty Images Private credit and especially direct lending which is where most BDCs ( BIZD ) operate is probably one of the last places where durable income investors might be searching opportunities. If the requirement is to a) not lose money and b) lock in predictable and sustainable (e.g., not funded by NAV) dividends then BDCs might indeed seem speculative. Based on what we can see in the headlines and on the ground with practical examples such a stance is only logical. There are many unknowns in the air where each of them can potentially result in notable capital destruction. SaaS-related defaults, private BDC liquidity outflows, questionable process of fair value marks and potential downturn in the overall credit cycle are just some examples that might trigger bad consequences. And it is not that the bears have no practical "case studies" to cling to. In fact, they have the "luxury" to pinpoint to, say, two well-established BDCs (with strong brand names) that have recently lost about one third of their market cap levels due to exploding non-accruals. See the YTD price performance chart of FS KKR Capital Corp. ( FSK ) and BlackRock TCP Capital Corp ( TCPC ) below: Ycharts Now, as I have articulated in my previous articles the BDC land is not as even or similar as it might seem. The differences among managers, strategies and capital allocation tactics can be huge. It is something similar to REITs ( VNQ ) where it would be incorrect to equate data centers with office REITs, or hotels with industrial REITs. Just take a look at my Top 3 BDC performance compared to that of the broader BDC market: Ycharts This shows that it is possible to insert BDCs into a portfolio without negatively diluting overall income and value durability (as long as the focus is put on high-quality picks). Yet this kind of approach has two sides: It brings in a decent BDC yield component without aggressive risks. It comes with a reduced upside potential which is logical give...
Jeremy Poland/E+ via Getty Images TechnipFMC plc ( FTI ) has been delivering nicely, with solid margins in both onshore and offshore development businesses. The margin improvements reflect a deliberate profit-first strategy in bidding for projects, as discussed in our previous coverage , that reflects a new phase of margin targets as compared to some of the still liquidating "legacy" backlog. But ...
Jeremy Poland/E+ via Getty Images TechnipFMC plc ( FTI ) has been delivering nicely, with solid margins in both onshore and offshore development businesses. The margin improvements reflect a deliberate profit-first strategy in bidding for projects, as discussed in our previous coverage , that reflects a new phase of margin targets as compared to some of the still liquidating "legacy" backlog. But the thing is that having proven out marginality in these businesses, Saipem ( SAPMF ), soon to be merged with Subsea 7 ( SUBCY ), has more space to gain by improving margins, especially onshore. As it happens, Saipem still has an onshore backlog liquidating at bad economics that needs to be digested out. Saipem also trades at a much lower valuation than TechnipFMC despite being in really the same markets, with the industry being basically an oligopoly, particularly now with Saipem and Subsea 7 merging. TechnipFMC loses in the relative value argument. Then, while not the focus of the thesis, we'd also say the run-up in all these stocks' prices may be premature, even though the Iran War has upset oil markets and increased oil prices. Results Backlog growth was pretty significant, up 15%. Most of it is, of course, in the much larger subsea division, as opposed to onshore oil engineering and procurement projects. Total revenue was up 9% from last year on backlog growth and execution; sequentially, revenues were seasonally under pressure due to maintenance scheduled in the EoY period. Segment Results (FY Presentation) For the FY, subsea saw 11% growth in adjusted EBITDA, ignoring restructuring expenses, with margins coming up almost above 20%, with the medium-term target being around 21%. The quarterly margin was lower due to seasonality and reflects YoY deceleration as well, though not in terms of profits, with the profit discipline clearly bearing fruit. Continued achievement of EBITDA lift is expected as a result of more new-phase project bidding, where now the company has a ...
What Taiwan Semiconductor Manufacturing’s Recent Performance Tells Investors Taiwan Semiconductor Manufacturing (NYSE:TSM) has drawn fresh investor attention after recent share price moves, with the stock last closing at US$370.60 and posting positive returns over the week, month and past 3 months. For readers tracking longer horizons, the company’s total return sits in double digits over the past...
What Taiwan Semiconductor Manufacturing’s Recent Performance Tells Investors Taiwan Semiconductor Manufacturing (NYSE:TSM) has drawn fresh investor attention after recent share price moves, with the stock last closing at US$370.60 and posting positive returns over the week, month and past 3 months. For readers tracking longer horizons, the company’s total return sits in double digits over the past year and multi year periods. This has prompted closer scrutiny of its current valuation and...
A private spy firm founded by former members of Israeli intelligence has confirmed its involvement in a sting operation targeting state officials and private interests in Cyprus, saying it wanted to expose corruption. A senior aide to President of Cyprus Nikos Christodoulides resigned in January after a video posted online showed him discussing investment projects in Cyprus. It also featured a...
A private spy firm founded by former members of Israeli intelligence has confirmed its involvement in a sting operation targeting state officials and private interests in Cyprus, saying it wanted to expose corruption. A senior aide to President of Cyprus Nikos Christodoulides resigned in January after a video posted online showed him discussing investment projects in Cyprus. It also featured a businessman who suggested he had direct access to Christodoulides, and a former minister speaking...
QQQ’s top holding recently crossed a $3 trillion market cap threshold—and it’s not alone in that club inside this single fund. Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) tracks the Nasdaq-100 Index, which holds the 100 largest non-financial companies on the Nasdaq. That exclusion of financials means the fund is structurally tilted toward technology, communications, and ... QQQ Beat the Market 46% La...
QQQ’s top holding recently crossed a $3 trillion market cap threshold—and it’s not alone in that club inside this single fund. Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) tracks the Nasdaq-100 Index, which holds the 100 largest non-financial companies on the Nasdaq. That exclusion of financials means the fund is structurally tilted toward technology, communications, and ... QQQ Beat the Market 46% Last Year. Here’s the Volatility You’re Really Buying