DaveAlan/iStock Unreleased via Getty Images It's been some time since our last analysis (August 2025), so we are back to comment on International Consolidated Airlines Group ( ICAGY ) ( BABWF ). As seen in Figure 1, the company’s share price has increased by 5% but retraced following the escalation in the Middle East. This is a good momentum to review the IAG investment equity story. As a reminder...
DaveAlan/iStock Unreleased via Getty Images It's been some time since our last analysis (August 2025), so we are back to comment on International Consolidated Airlines Group ( ICAGY ) ( BABWF ). As seen in Figure 1, the company’s share price has increased by 5% but retraced following the escalation in the Middle East. This is a good momentum to review the IAG investment equity story. As a reminder, our buy rating was supported by solid execution, a strong balance sheet, and ongoing cost transformation. At that time, lower fuel costs and capacity constraints provide additional support for valuation. Moreover, we recognized the IAG Loyalty platform as an earnings growth engine and, for this reason, we reiterated the buy rating. At that time, the oil price was $60- $65 per barrel; today, it is approximately $100 per barrel. Having said that, we have maintained a buy rating on Deutsche Lufthansa AG, and we still see upside for International Consolidated Airlines Group. Mare Evidence Lab's rating update Fig 1 Why are we still Positive? First, we note that EU airline companies usually hedge their fuel needs. Historically, this has been set between 50% and 80% over a 6-24 month time horizon . Again, this provides a lower margin but adds earnings visibility and reduces P&L volatility. On the contrary, American Airlines and United Airlines apply no hedging strategy; Southwest Airlines was the exception (but decided not to roll over its hedging strategy starting in Q2 2025), and Delta owns a refinery (so it is an indirect hedging strategy). Therefore, this provides support for the EU airlines. In particular, International Consolidated Airlines Group has hedged 62% in 2026 (Fig. 2). Therefore, there are two current upside in owning the company: 1) flat price with higher market share due to an increase in occupancy rate, and 2) same occupancy rate but higher earnings given the fact that US airline companies need to increase their ticket prices (due to higher fuel costs). While ...
Ca-ssis/iStock via Getty Images By Christopher Gannatti, CFA Japan is emerging as one of the most compelling opportunities in global equities today. What makes this moment different is not a single catalyst, but a convergence of forces. Valuations remain meaningfully discounted relative to global peers. Earnings growth is broadening across sectors. 1 And perhaps most importantly, corporate Japan i...
Ca-ssis/iStock via Getty Images By Christopher Gannatti, CFA Japan is emerging as one of the most compelling opportunities in global equities today. What makes this moment different is not a single catalyst, but a convergence of forces. Valuations remain meaningfully discounted relative to global peers. Earnings growth is broadening across sectors. 1 And perhaps most importantly, corporate Japan is undergoing a structural shift toward higher shareholder returns, improved governance, and more disciplined capital allocation. We believe this is not a cyclical rebound or a short-term trade, but instead it is a market that is evolving at its core. Importantly, this opportunity has not gone unnoticed. Some of the world’s most disciplined long-term investors began positioning for it years ago. Buffett’s Japan Playbook: From Valuation to Integration Warren Buffett’s entry into Japan in 2019 was deceptively simple. Berkshire Hathaway began acquiring stakes in five large Japanese trading houses. These are companies with diversified global operations, strong cash flows, and shareholder-friendly policies. What stood out to Buffett was not complexity, but arithmetic. As he noted, Berkshire “simply looked at their financial records and was amazed at the low prices of their stocks”. 2 That initial insight has aged well. Since those investments became publicly known, they have outperformed the S&P 500 Index, reinforcing the idea that Japan’s discount, particularly of these companies, was not justified by fundamentals. 3 But what is more interesting is how Berkshire’s approach has evolved. Tokio Marine: A Signal, Not Just a Stock At first glance, the Tokio Marine investment may appear modest in size. But structurally, it is far more significant. The transaction includes both an equity stake and a reinsurance relationship, likely increasing the quota-share structure within Tokio Marine’s reinsurance mix. This creates a mutually beneficial arrangement: Tokio Marine gains capital flexi...
格隆汇4月11日｜4月10日，翰宇药业与土耳其知名医药健康企业MCG Pharma İlaç Sanayi ve Ticaret Limited Şirketi（简称“MCG Pharma”）举行利拉鲁肽注射液、司美格鲁肽注射液对外授权签约仪式，标志着翰宇药业核心产品利拉鲁肽、司美格鲁肽成功切入土耳其市场，成为公司国际化战略布局在中东地区的关键一步。
格隆汇4月11日｜4月10日，翰宇药业与土耳其知名医药健康企业MCG Pharma İlaç Sanayi ve Ticaret Limited Şirketi（简称“MCG Pharma”）举行利拉鲁肽注射液、司美格鲁肽注射液对外授权签约仪式，标志着翰宇药业核心产品利拉鲁肽、司美格鲁肽成功切入土耳其市场，成为公司国际化战略布局在中东地区的关键一步。
Malaysian immigration officers have raided two massage parlours suspected of offering sexual services to clients, detaining 21 foreign workers and a local man believed to be the manager of the premises. The raids in Johor, which began at around 3pm on Thursday, targeted outlets that publicly advertised standard massage services from 80 ringgit (US$20) an hour. “The businesses were believed to be i...
Malaysian immigration officers have raided two massage parlours suspected of offering sexual services to clients, detaining 21 foreign workers and a local man believed to be the manager of the premises. The raids in Johor, which began at around 3pm on Thursday, targeted outlets that publicly advertised standard massage services from 80 ringgit (US$20) an hour. “The businesses were believed to be involved in immoral activities and employed foreigners without valid documents,” Johor immigration...
Baidu's Apollo Go has launched a fully driverless commercial ride hailing service in Dubai, its first deployment outside China. The rollout is part of a collaboration with local authorities and Dubai Taxi Company to offer autonomous rides to the public. This move marks a new phase in Baidu's international expansion of autonomous mobility services. Baidu, traded as NasdaqGS:BIDU, is extending its a...
Baidu's Apollo Go has launched a fully driverless commercial ride hailing service in Dubai, its first deployment outside China. The rollout is part of a collaboration with local authorities and Dubai Taxi Company to offer autonomous rides to the public. This move marks a new phase in Baidu's international expansion of autonomous mobility services. Baidu, traded as NasdaqGS:BIDU, is extending its autonomous ride hailing ambitions beyond its home market with this Dubai launch. The company’s...
tiero/iStock via Getty Images I initiate coverage on Bloom Energy Corporation ( BE ) with a buy rating mainly because I believe the company is in the right place at the right time. As data centers are expanding faster than utilities can deliver new capacity, hyperscalers are looking for the quickest "time to power" solutions. I see two main beneficiaries in this space: GE Vernova ( GEV ) and Bloom...
tiero/iStock via Getty Images I initiate coverage on Bloom Energy Corporation ( BE ) with a buy rating mainly because I believe the company is in the right place at the right time. As data centers are expanding faster than utilities can deliver new capacity, hyperscalers are looking for the quickest "time to power" solutions. I see two main beneficiaries in this space: GE Vernova ( GEV ) and Bloom Energy. Even though I am bullish on both companies, I have less conviction in Bloom Energy due to its margin story and valuation, two topics that I discuss below. However, despite the deterioration in margins and the sky-high P/E multiple, I see a stock that offers a practical solution to a real and growing bottleneck in the AI data center buildout. With headlines (or should I say, subheadlines) like the one below, I believe the grotesquely expensive P/E multiple of the company has plenty of room to rerate higher. Bloomberg Company Overview It's difficult to find a clearer slide than the one below to describe what the company does: Bloom Energy Bloom's core product is called Energy Server, an on-site solid oxide fuel cell (SOFC) system that generates electricity without combustion. As a side note, an Energy Server is made up of many power modules, each nicknamed Bloom Box. Bloom Energy The main advantage of these cells is the speed of deployment and modularity. Therefore, one shouldn't be surprised to see data center and utilities companies among the top buyers. Recent relationships with big names include Oracle ( ORCL ), Equinix ( EQIX ), American Electric Power ( AEP ), and Brookfield . The company says that it can deploy a model to deliver power in as little as 90 days. In fact, during the Q4 2025 earnings call , management said that they recently delivered a hyperscale AI-factory order in 55 days against a 90-day commitment. Given that utility and developer expectations appear to be misaligned by roughly 1.5-2 years in some markets, time to power is one of the main moa...
Oracle (NYSE:ORCL) is cutting about 30,000 roles globally, described as the largest workforce reduction in the company’s history. The layoffs are tied to a multibillion dollar capital shift toward AI infrastructure, aiming to free up an estimated $8 to $10 billion in annual cash flow. Oracle plans to deploy roughly $50 billion into data centers to support AI workloads for clients such as OpenAI. T...
Oracle (NYSE:ORCL) is cutting about 30,000 roles globally, described as the largest workforce reduction in the company’s history. The layoffs are tied to a multibillion dollar capital shift toward AI infrastructure, aiming to free up an estimated $8 to $10 billion in annual cash flow. Oracle plans to deploy roughly $50 billion into data centers to support AI workloads for clients such as OpenAI. The company has launched Fusion Agentic Applications, embedding AI agents across HR, finance,...
Jodie Burrage and Harriet Dart beat Storm Hunter and Ellen Perez 6-3, 6-4 Australia to miss Billie Jean King Cup finals for second straight year Australian team captain Sam Stosur’s fears of a “funky” upset have been realised as an understrength Great Britain sent Australia crashing out of Billie Jean King Cup contention. After the visitors claimed both opening-day singles matches at Melbourne’s J...
Jodie Burrage and Harriet Dart beat Storm Hunter and Ellen Perez 6-3, 6-4 Australia to miss Billie Jean King Cup finals for second straight year Australian team captain Sam Stosur’s fears of a “funky” upset have been realised as an understrength Great Britain sent Australia crashing out of Billie Jean King Cup contention. After the visitors claimed both opening-day singles matches at Melbourne’s John Cain Arena, new British doubles pairing Jodie Burrage and Harriet Dart completed a 3-0 rout in the best-of-five qualifying tie on Saturday. Continue reading...
The African Development Bank says water investments on the continent have increased over the past decade — from upstream preparation of projects to desalination efforts, service delivery and wastewater treatment plants. But Mtchera Chirwa, the AfDB's water and sanitation department director, says gaps within the sector won't just be resolved with more capital injection. (Source: Bloomberg)
The African Development Bank says water investments on the continent have increased over the past decade — from upstream preparation of projects to desalination efforts, service delivery and wastewater treatment plants. But Mtchera Chirwa, the AfDB's water and sanitation department director, says gaps within the sector won't just be resolved with more capital injection. (Source: Bloomberg)
David Attenborough celebrates the natural magic occurring close to home, and Keanu Reeves stars in Jonah Hill’s meta comedy-drama. Here’s the pick of the week’s culture, taken from the Guardian’s best-rated reviews Continue reading...
David Attenborough celebrates the natural magic occurring close to home, and Keanu Reeves stars in Jonah Hill’s meta comedy-drama. Here’s the pick of the week’s culture, taken from the Guardian’s best-rated reviews Continue reading...
Corruption scandals and a surging opposition have turned the vote into the biggest test yet for the long-serving populist leader The drone footage showed a sprawling residence in northern Hungary, complete with manicured gardens, a swimming pool and an underground garage. But it was what came next that captured much of the country’s imagination: zebras darting across the countryside. Continue read...
Corruption scandals and a surging opposition have turned the vote into the biggest test yet for the long-serving populist leader The drone footage showed a sprawling residence in northern Hungary, complete with manicured gardens, a swimming pool and an underground garage. But it was what came next that captured much of the country’s imagination: zebras darting across the countryside. Continue reading...
Exclusive: Guardian analysis suggests young people who pose ‘catastrophic’ threat still slipping through system Ministers are “failing to learn the lessons” from the Southport attack and allowing violence-obsessed teenagers to remain a “catastrophic” threat to society, lawyers for victims of the atrocity have said ahead of the findings of an official inquiry. A report on the July 2024 attack by th...
Exclusive: Guardian analysis suggests young people who pose ‘catastrophic’ threat still slipping through system Ministers are “failing to learn the lessons” from the Southport attack and allowing violence-obsessed teenagers to remain a “catastrophic” threat to society, lawyers for victims of the atrocity have said ahead of the findings of an official inquiry. A report on the July 2024 attack by the judge Sir Adrian Fulford, to be released on Monday, is expected to strongly criticise failings by a series of agencies, including the counter-terrorism programme Prevent. Continue reading...
Ladies’ Day at Aintree draws sellout crowd for first time since 2012 as Jockey Club’s social media strategy pays off The Aintree morning was still young, and the temperatures frigid enough for a thick coat, when Hayley Bentley arrived at Ladies’ Day wearing only a bridal dress and veil. “I love racing and got my future husband into it,” she explained. “So what better excuse is there to get dressed...
Ladies’ Day at Aintree draws sellout crowd for first time since 2012 as Jockey Club’s social media strategy pays off The Aintree morning was still young, and the temperatures frigid enough for a thick coat, when Hayley Bentley arrived at Ladies’ Day wearing only a bridal dress and veil. “I love racing and got my future husband into it,” she explained. “So what better excuse is there to get dressed up for Ladies’ Day and spend your hen party with 23 of your favourite people?” Everywhere you looked that sentiment was being echoed and magnified by 55,000 other racegoers, most dressed in their finest suits and silks, who were basking in the first Ladies’ Day sellout since 2012. Continue reading...
Ex-footballer to decorate gnome for annual event after organisers lift ban on the ornaments dating back to 1927 Rare roses and stunning irises are usually among the most coveted items at the Chelsea flower show. But this year, the star attraction might be pink, sequined – and decorated by David Beckham. The former England football captain is co-designing a garden at the May event with King Charles...
Ex-footballer to decorate gnome for annual event after organisers lift ban on the ornaments dating back to 1927 Rare roses and stunning irises are usually among the most coveted items at the Chelsea flower show. But this year, the star attraction might be pink, sequined – and decorated by David Beckham. The former England football captain is co-designing a garden at the May event with King Charles and as part of that effort he has been given a garden gnome to paint. It will be auctioned off for charity. Continue reading...
Carer’s allowance turns 50 this year, but it’s no reflection of the labour of the millions who cook, clean and nurse behind closed doors Imagine your house is on fire, and when you dial 999 the call handler suggests you try putting the blaze out yourself. Resources are tight, you see, and demand high, and the service increasingly relies on volunteers. Or perhaps your child’s maths teacher is off s...
Carer’s allowance turns 50 this year, but it’s no reflection of the labour of the millions who cook, clean and nurse behind closed doors Imagine your house is on fire, and when you dial 999 the call handler suggests you try putting the blaze out yourself. Resources are tight, you see, and demand high, and the service increasingly relies on volunteers. Or perhaps your child’s maths teacher is off sick. The headteacher texts and asks if you can leave work to explain algebra to the class. It’s your family, after all, so shouldn’t you be the one to help? The idea is ludicrous of course. And yet that’s exactly what is happening to the almost 6 million people in the UK who are unpaid carers for sick, disabled and older relatives. While we rightly wince at headlines of DIY dentistry and patients on NHS waiting lists crowdfunding for surgery , it has long been normalised for family to fill the gaping holes in the social care system. Frances Ryan is a Guardian columnist and the author of Who Wants Normal? Life Lessons from Disabled Women Continue reading...
On Monday, a public inquiry will reopen, nine years after the plan was proposed and a toxic local battle began When Fidelma O’Kane retired more than a decade ago from her career as a social worker and lecturer, she thought she would be “travelling and having a glass of wine and eating chocolate and reading books” while based in the quiet, hilly corner of rural County Tyrone where she has lived alm...
On Monday, a public inquiry will reopen, nine years after the plan was proposed and a toxic local battle began When Fidelma O’Kane retired more than a decade ago from her career as a social worker and lecturer, she thought she would be “travelling and having a glass of wine and eating chocolate and reading books” while based in the quiet, hilly corner of rural County Tyrone where she has lived almost all her life. It didn’t quite work out that way. Instead, an idle remark from a neighbour would set O’Kane on a path that would become an all-consuming mission . A mining company, the neighbour told her, was planning to drill for long-rumoured reserves of gold in the Sperrins, the low peatland mountain range in Northern Ireland where O’Kane’s family has lived for generations. Continue reading...
I am settling in for my usual haircut when, before I know it, my wife and the hairdresser are signing me up for a ‘treatment’ In the beginning I used not to be able to tell Kelly and Hayley – the identical twin hairdressers who came to the house appointments – apart. Eventually my wife furnished me with a handy mnemonic: Kelly cuts, Hayley highlights. From then on, I knew them by their tools. I do...
I am settling in for my usual haircut when, before I know it, my wife and the hairdresser are signing me up for a ‘treatment’ In the beginning I used not to be able to tell Kelly and Hayley – the identical twin hairdressers who came to the house appointments – apart. Eventually my wife furnished me with a handy mnemonic: Kelly cuts, Hayley highlights. From then on, I knew them by their tools. I don’t need that crutch any more: since my wife decided to go grey, we only have Kelly. She arrived at 11, and I am already in the chair, hair wet, a towel over my shoulders. Kelly is on her phone. My wife is sitting across the table from me. Continue reading...
An exclusive extract from Famesick, her new memoir • ‘I got everything I dreamed of … ’: read an interview with Lena Dunham Rehab doesn’t happen to you. You happen to rehab. That’s something I kept thinking when, at night, I wept myself to sleep in the tastefully appointed room where I could not keep any sharp objects, not even tweezers, and did not have a lock on my door. I realised it the moment...
An exclusive extract from Famesick, her new memoir • ‘I got everything I dreamed of … ’: read an interview with Lena Dunham Rehab doesn’t happen to you. You happen to rehab. That’s something I kept thinking when, at night, I wept myself to sleep in the tastefully appointed room where I could not keep any sharp objects, not even tweezers, and did not have a lock on my door. I realised it the moment I walked in and they demanded I remove my Marni booties, in keeping with their no-shoes policy, and I began to argue, muttering something about how I was self-conscious about my feet (a lie). I realised it when they asked me what sorts of things I liked to eat, and I considered it briefly, then said “goat yoghurt” like it was normal. I realised it when the woman who was tasked with watching me pee into a cup through a cracked door looked like I was giving her much more anxiety than she was giving me. Continue reading...
Engineers link reduced lifespan of roads to shift to heavier cars, some bought to navigate damaged surfaces Drivers who choose SUVs are compounding the pothole problem, experts have warned, as research showed hundreds of thousands of people bought bigger cars to navigate damaged roads. Scientists said the cumulative effect of increasing numbers of heavier vehicles was a contributory factor in Brit...
Engineers link reduced lifespan of roads to shift to heavier cars, some bought to navigate damaged surfaces Drivers who choose SUVs are compounding the pothole problem, experts have warned, as research showed hundreds of thousands of people bought bigger cars to navigate damaged roads. Scientists said the cumulative effect of increasing numbers of heavier vehicles was a contributory factor in Britain’s potholes getting worse. Continue reading...
Jack, 31, a nature consultant, meets Heather, 23, who works in marketing for a homelessness charity What were you hoping for? A nice evening, to meet someone new and see what type of person I would be matched up with. Continue reading...
Jack, 31, a nature consultant, meets Heather, 23, who works in marketing for a homelessness charity What were you hoping for? A nice evening, to meet someone new and see what type of person I would be matched up with. Continue reading...
Halle Bailey and Regé-Jean Page star in a slinky new romcom, while the dissolute teens of the US drama are back in their 20s You, Me & Tuscany Out now Where would the romcom be if everyone told the truth? When impulsive cook Anna (Halle Bailey) tells a porky pie about being engaged in order to justify her presence in an abandoned Tuscan villa, a train of events leading to true love is – naturally ...
Halle Bailey and Regé-Jean Page star in a slinky new romcom, while the dissolute teens of the US drama are back in their 20s You, Me & Tuscany Out now Where would the romcom be if everyone told the truth? When impulsive cook Anna (Halle Bailey) tells a porky pie about being engaged in order to justify her presence in an abandoned Tuscan villa, a train of events leading to true love is – naturally – set in motion. Regé-Jean Page and Nia Vardalos co-star. Continue reading...