格隆汇3月13日｜高盛发表研报指，太古地产2025财年业绩符合预期，租金收入健康复苏及住宅销售执行稳健。公司列账净亏损15亿港元，主要由于其香港写字楼组合因续租租金下滑而录得78亿港元重估亏损所致，即使资本率已降低12.5个基点。经常性基本溢利按年跌3%至62.6亿港元，符合该行预期，反映其物业买卖业务因子个住宅项目推售所产生的前期销售及市场推广开支而录得较大亏损。租赁净收入亦因Brickell City Centre 零售商场出售后失去租金收入而按年跌2%至68亿港元。部分抵销此等影响的是香港及内地酒店业务表现改善，其组合的每间可供出租客房收入均有增长。该行将其目标价由29港元上调至30港元，评级“买入”。
Good morning . Donald Trump warns Tehran to “watch what happens” today. Adobe’s long-time chief steps down. And Drake-backed Dave’s Hot Chicken explores sale of its European franchise. Listen to the day’s top stories . Here’s the Mideast latest: Donald Trump issued a new threat to Tehran, warning “watch what happens” today on Truth Social. Trump earlier said curbing Iran’s nuclear threat outweighs...
Good morning . Donald Trump warns Tehran to “watch what happens” today. Adobe’s long-time chief steps down. And Drake-backed Dave’s Hot Chicken explores sale of its European franchise. Listen to the day’s top stories . Here’s the Mideast latest: Donald Trump issued a new threat to Tehran, warning “watch what happens” today on Truth Social. Trump earlier said curbing Iran’s nuclear threat outweighs oil costs . Israel’s Benjamin Netanyahu said he can’t guarantee regime change in Tehran without an internal uprising. And Russia is helping Iran with satellite imagery and drone-targeting tactics , people familiar said. Oil stayed above $100 a barrel even as the US once again allowed purchases of Russian crude and Trump renewed his call for interest rate cuts, all in an effort to ease price pressure. US and European futures rose, suggesting some relief to markets heading into the weekend. Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets. UK GDP is due this morning , and growth likely accelerated to 0.2% in January, supported by improved confidence among consumers. However, Bloomberg Economics notes that the war has cast doubt on the outlook. The European Central Bank is seen keeping interest rates unchanged through 2027 even as inflation threats resurface. In corporate news , Adobe CEO Shantanu Narayen is stepping down after 18 years amid investor concerns about the company’s ability to compete in AI. Shares fell postmarket after a lackluster revenue forecast. Hungarian opposition leader Peter Magyar held a series of rallies in towns that host controversial battery plants a month before a key election against incumbent Prime Minister Viktor Orban. The rallies come after a report revealed that the government failed to address contamination at a Samsung SDI factory north of Budapest, despite being aware of the issue. More Top Stories Man Killed After Ramming Car Into Michigan Synagogue Musk’s X to Alter Verification System in E...
Earnings Call Insights: Allogene Therapeutics (ALLO) Q4 2025 Management View CEO David Chang described 2026 as a “defining year” focused on “delivering meaningful clinical milestones with rigor and speed.” He emphasized that Allogene’s approach is to “validate our allogeneic platform, not nearly as an alternative, but as the imperative path to making cell therapy scalable, accessible and deliverab...
Earnings Call Insights: Allogene Therapeutics (ALLO) Q4 2025 Management View CEO David Chang described 2026 as a “defining year” focused on “delivering meaningful clinical milestones with rigor and speed.” He emphasized that Allogene’s approach is to “validate our allogeneic platform, not nearly as an alternative, but as the imperative path to making cell therapy scalable, accessible and deliverable at biologic-like scale.” The company’s main clinical priorities are the ALPHA3 study of Cema-Cel in first-line large B-cell lymphoma and the ALLO-329 program for autoimmune disease, with key proof points expected in April and June respectively. Chang stated the ALPHA3 goal is about “shifting the paradigm in the first-line treatment and demonstrating that Cema-Cel can reduce the risk of relapse and improve the cure rate.” Allogene is now running over 60 active clinical sites across the U.S. and Canada, with expansion underway in Australia and South Korea, indicating a broadened clinical footprint. Chang reported that the company’s cash runway has been extended into the first quarter of 2028, enabling focused execution on the prioritized pipeline. CFO Geoffrey Parker stated, “As of December 31, 2025, we had $258.3 million in cash, cash equivalents and investments,” and highlighted the receipt of $23.7 million from an escrow related to arbitration, as well as $20.7 million raised via the ATM equity facility. Parker noted, “We have extended our cash runway into the first quarter of 2028, which we believe covers the time frame we currently estimate is needed to complete enrollment in the ALPHA3 trial.” Parker added, “Net loss for the fourth quarter was $38.8 million or $0.17 per share, including noncash stock-based compensation expense of $8.1 million.” Outlook Allogene is guiding for operating cash expense in 2026 to be approximately $150 million, with GAAP operating expenses expected to be approximately $210 million, including about $35 million in noncash stock-based compen...
Hong Kong plans to expand its “name-and-shame” regime for sloppy listing applications to include law firms and auditors, stepping up a campaign to improve the quality of initial public offerings in the city. Under a new Enhanced Return Mechanism proposed by Hong Kong Exchanges & Clearing Ltd. on Friday, all professional parties involved in a deal will be publicly identified if a listing applicatio...
Hong Kong plans to expand its “name-and-shame” regime for sloppy listing applications to include law firms and auditors, stepping up a campaign to improve the quality of initial public offerings in the city. Under a new Enhanced Return Mechanism proposed by Hong Kong Exchanges & Clearing Ltd. on Friday, all professional parties involved in a deal will be publicly identified if a listing application is rejected for being “not substantially complete.” The proposal, unveiled in a market consultation paper , marks an escalation in regulatory pressure as IPOs have boomed in the city, making it the world’s biggest listing venue last year. Currently, the exchange only identifies the listing applicant and the sponsoring banks when a filing is returned. The bourse operator is looking to increase accountability across the entire IPO pipeline, arguing that broader public exposure will act as a more effective deterrent against substandard work. Law firms and reporting accountants would join sponsors in the public spotlight if a filing fails to meet basic standards, in order to provide an incentive for all parties to ensure documents are “ready-to-publish” upon submission. Hong Kong Regulator Ramps Up Warnings Over Poor IPO Filings (1) HK Brokerages Face Licensing Limbo Amid IPO Quality Crackdown Hong Kong Scolds Banks Over Filing Shoddy IPO Applications (1) The move comes as Hong Kong seeks to bolster its reputation as a global financial hub by ensuring higher disclosure standards. By including legal and accounting advisers in the public record of failed applications, the exchange aims to force more rigorous due diligence before filings ever reach the regulator’s desk. Others that would be singled out are industry consultants, experts who have consented to include their comments in the listing applications and promoters of SPAC transactions. The public has until May 8 to submit comments. At the same time, the exchange proposed a number of moves to ease listings in the city, inc...
The United States has temporarily waived sanctions on Russian oil stranded at sea as Trump administration officials attempt to reverse a surge in prices that is causing mounting apprehension about global supplies. Scott Bessent, the US Treasury secretary, announced a “temporary authorization” late on Thursday, allowing countries to buy the stranded Russian oil for 30 days. Trump is “working to kee...
The United States has temporarily waived sanctions on Russian oil stranded at sea as Trump administration officials attempt to reverse a surge in prices that is causing mounting apprehension about global supplies. Scott Bessent, the US Treasury secretary, announced a “temporary authorization” late on Thursday, allowing countries to buy the stranded Russian oil for 30 days. Trump is “working to keep prices low”, he said, after average US fuel prices rose by 65 cents per gallon in a month. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” Bessent claimed. Brent crude, the international benchmark, remained above $100 per barrel during early trading on Friday despite this latest in a string of measures designed to soothe concerns around the economic impact of the US-Israel warn on Iran. The Middle East conflict has all but closed the strait of Hormuz, one of the most important arteries in global trade, through which about a fifth of the world’s oil and seaborne gas tankers typically pass. While the Trump administration has repeatedly pledged to escort vessels through the strait, activity has yet to recover. The Iranian regime has declared that it will not allow “one litre of oil” to be exported from the region while US and Israeli attacks continue. The Trump administration last week permitted Indian refiners to temporarily buy Russian oil for 30 days – a month after Trump claimed India had agreed to stop purchasing it, in a shift that he said would “help END THE WAR in Ukraine” by cutting off a vital source of funds for Russia. There were about 124m barrels of Russian-origin oil on water across the world as of Thursday, Fox News reported. Brent crude was up 0.3% at $100.74 per barrel after Bessent’s announcement, having broken above $100 earlier this week for the f...
Pla2na/iStock via Getty Images Ladies and gentlemen, the rotation is back. Every so often there is a periodic shift in the investment world that comes seemingly out of nowhere. Sometimes there is news that acts as a catalyst, and sometimes there is seemingly nothing. Right now, it appears as though the market is undergoing one of the more dramatic rotations over the past several years. The past th...
Pla2na/iStock via Getty Images Ladies and gentlemen, the rotation is back. Every so often there is a periodic shift in the investment world that comes seemingly out of nowhere. Sometimes there is news that acts as a catalyst, and sometimes there is seemingly nothing. Right now, it appears as though the market is undergoing one of the more dramatic rotations over the past several years. The past three months have seen a significant shift in favored investment styles. In just 90 days, some of the world's largest companies have seen dramatic shifts in sentiment, while geopolitics seem to be changing just as quickly. There are new wars breaking out, private credit appears to be in crisis, and questions remain around the extraordinary valuations of many software stocks in the face of artificial intelligence adoption. These factors, among others, created new pressures that are affecting the market. The topic of this article will be explaining how and why capital has begun to move back towards dividend funds. More specifically, the topic of discussion will be the Vanguard High Dividend Yield Index Fund ETF ( VYM ). Not all dividend ETFs are created equal, and this article will explore why VYM has underperformed competitors such as the Schwab US Dividend Equity ETF ( SCHD ) or the iShares Core High Dividend ETF ( HDV ). First, let's review my prior coverage of VYM. Review of Prior Coverage The last time I covered the fund was roughly one year ago. The topic of discussion was once again, this time catalyzed by radical new trade policy that was being forced onto the market. Last April, I published a series of articles on ETFs explaining how macroeconomic changes were affecting different sectors. The coverage around dividend ETFs, including VYM and SCHD, focused on how dividends can protect from downside. The cash flow provided in these funds provides somewhat of a buoy effect during downturns and the limiting effect. Last April, this meant that dividend ETFs like SHD had fall...
Jennifer Saunders and Jeff Goldblum take a seat in the first episode. Plus, a newspaper agony aunt is poisoned in Death in Paradise. Here’s what to watch this evening 10.40pm, BBC One It’s time for Claudia to take her rightful place as chatshow queen. Expect the same vibe as The Graham Norton Show (they share the same producer) with a bit more fake tan and eyeliner. Her first guests are celebritie...
Jennifer Saunders and Jeff Goldblum take a seat in the first episode. Plus, a newspaper agony aunt is poisoned in Death in Paradise. Here’s what to watch this evening 10.40pm, BBC One It’s time for Claudia to take her rightful place as chatshow queen. Expect the same vibe as The Graham Norton Show (they share the same producer) with a bit more fake tan and eyeliner. Her first guests are celebrities who always have a good anecdote up their sleeves: Jeff Goldblum, Vanessa Williams, Jennifer Saunders and Tom Allen. Plus, she’s promised to get the audience at home and in the studio involved, too. Hollie Richardson Continue reading...