PM Images/DigitalVision via Getty Images Year 10 of this venture saw the market rise by nearly 18% as indicated by the S&P 500 ( VOO ), in the face of interest rates which are still higher than the Federal Reserve target, but have come down once again over the last few months. The income of both portfolios was set in January of 2025. How last year’s income was determined was described in my article from 2025 . Going forward I will be selling most all positions in both of these portfolios, except for VOO. I will explain my new asset allocation at the end of this article. Background For any background information you can read the 2025 article linked to above. DGI Portfolio Capital Southwest Corp ( CSWC ) FS KKR Capital Corp ( FSK ) Janus Henderson AAA ( JAAA ) Omega Healthcare ( OHI ) Oxford Lane Capital ( OXLC ) PIMCO Dynamic Income ( PDI ) PIMCO ETF Fund ( PTY ) Global X NASDAQ Covered Call ETF ( QYLD ) Total Return Portfolio Vanguard 500 ETF ( VOO ) – 20% Vanguard Value ETF ( VTV ) – 20% Vanguard S&P Small-Cap 600 ETF ( VIOO ) – 20% Vanguard Small-Cap Value ETF ( VBR ) – 20% Vanguard REIT ETF ( VNQ ) – 10% iShares 3-7 Year Treasury Bond ( IEI ) – 5% iShares 20+ Year Treasury Bond ( TLT ) – 5% 2025 - Recap – DGI10 Once again in 2025, OHI was my best performing investment among both portfolios with a total return of just over 25%. Even though it hasn’t increased its dividend in the last 6 years it has done quite well with an 8% average dividend yield over the last 4 years. Below is a table showing where these investments have gone in year 10. Table 1 What can be seen from the above table is an increase of dividends paid from 2024 to 2025 of $2683 or 23.25%. Most of that increase came from added shares of the three above whose share totals are highlighted in yellow. Overall what you see above is that after 10 years of withdrawing funds from this account, it is still up over 17% from its starting position. 2025 - Recap – TR7 Below is a table showing where these investm...

伯克希尔·哈撒韦周四表示，已自2024年以来首次重启自有股票回购，同时，新任首席执行官格雷格·阿贝尔本人购买了价值1500万美元的股票。 这家总部位于奥马哈的集团在监管申报文件中披露，已于周三开始回购其A类股和B类股。根据上周末发布的年报，伯克希尔的政策允许公司在首席执行官与董事会主席（即沃伦·巴菲特）协商后，认为回购价格低于伯克希尔内在价值时，随时回购股票。 “我当然和沃伦谈过。我的方法是，显然要考量价值，对内在价值有看法，然后与沃伦就价值和时机问题进行商议，”阿贝尔周四表示。 责任编辑：张俊 SF065

Oil is up double digits in a month, the VIX is sitting at 23.57, and Reddit is calling it “Black Swan Territory” — yet the retail crowd holding NVIDIA, Meta, and Microsoft is not selling. The Invesco QQQ Trust (NASDAQ:QQQ) is down 0.71% over the past week and 1.08% over the past month, yet retail ... War Risk Is Real and QQQ Investors Simply Do Not Care

阿塞拜疆关闭靠近伊朗的南部空域，为期12小时。 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

As of March 5, 2026, the global financial landscape is defined by a single architectural force: Nvidia Corp. (NASDAQ: NVDA). With a market capitalization hovering at a staggering $4.4 trillion, Nvidia has transcended its origins as a high-end graphics card manufacturer to become the indispensable utility of the Intelligence Age. The company’s trajectory over the last three years has been nothing short of cinematic, evolving from a hardware vendor into the "foundry" for the world’s generative and agentic AI ambitions. This article explores the mechanics of Nvidia's dominance, its financial fortitude, and the complex geopolitical web it must navigate to maintain its crown. Historical Background Founded in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem, Nvidia’s journey began with a vision to bring 3D graphics to the gaming and multimedia markets. The company's first major breakthrough, the RIVA TNT, established it as a serious competitor, but it was the 1999 launch of the GeForce 256—marketed as the world's first "GPU" (Graphics Processing Unit)—that redefined the industry. However, the most pivotal moment in Nvidia’s history was not a hardware launch, but the 2006 introduction of CUDA (Compute Unified Device Architecture). By allowing researchers to use GPUs for general-purpose mathematical processing, Nvidia inadvertently laid the groundwork for the deep learning revolution. For over a decade, Jensen Huang's "bet the company" investment in CUDA went largely unrewarded by the market until 2012, when the AlexNet neural network proved that GPUs were orders of magnitude more efficient than CPUs for training AI models. This set the stage for the 2023 explosion in Generative AI, transforming Nvidia from a niche gaming player into the most valuable corporation on Earth. Business Model Nvidia’s business model has shifted from selling discrete components to providing a "Full-Stack AI Factory." Its revenue streams are now categorized into four primary segments: Dat...

The $4.4 Trillion Epoch: A Deep-Dive Research Feature on Nvidia Corp. (NVDA) The Chronicle-Journal

中煙香港公告，2025年收入145.79亿港元，同比增长11.5%；年内利润10.47亿港元，同比增长14.9%；本公司权益持有人应占年内利润9.8亿港元，同比增长14.8%。董事会建议派发截至2025年12月31日止年度末期股息每股0.33港元，全年股息合计每股0.52港元，同比增长13.0%。 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

Elon Musk has acknowledged that the tweet at the center of a multibillion-dollar lawsuit over his $44 billion acquisition of Twitter “may not have been my wisest” as the world’s richest man defends himself from allegations of market manipulation in court. He told a San Francisco jury on Wednesday that his post was not intended to manipulate Twitter’s stock price in the midst of the takeover battle. A group of Twitter investors has alleged they lost money after Musk threatened to walk away from the deal to gain leverage during takeover talks, despite being aware he would be legally forced to complete the $44 billion buyout. Read full article Comments

乌克兰总统泽连斯基：我们从英国获得了“风暴阴影”，这很有帮助。这是一种非常好的武器。我们还从法国获得了“SCALP”，过去我们也从美国获得了有限数量的ATACMS。

Shares of server leader Super Micro Computer (SMCI 0.34%) rallied 11.3% in February, according to data from S&P Global Market Intelligence. Super Micro had been a laggard among AI stocks over the past year and a half, as revenue growth has been lumpy and gross margins had pressured by competition. But with the stock trading at a cheap valuation entering the month, a solid beat in the December quarter and positive words about margin improvement going forward caused Super Micro to rise in February. Expand NASDAQ : SMCI Super Micro Computer Today's Change ( -0.34 %) $ -0.11 Current Price $ 32.54 Key Data Points Market Cap $20B Day's Range $ 32.27 - $ 32.62 52wk Range $ 27.60 - $ 62.36 Volume 105K Avg Vol 29M Gross Margin 8.02 % Super Micro beats and provides upbeat guidance In its fiscal second quarter ended in December, Super Micro delivered 122.8% revenue growth to $12.7 billion, with adjusted (non-GAAP) earnings per share up 16.9% to $0.69. Both figures beat expectations. Not only did Super Micro beat expectations in December, but management also projected a better-than-expected March quarter, forecasting $12.3 billion in revenue and adjusted EPS of "at least" $0.60, compared with analyst projections of $10.2 billion and $0.52, respectively. Super Micro had been expected to report strong growth, as a delayed build-out from a large customer from the prior quarter was anticipated to hit in December. Still, the December quarter revenue exceeded even those high expectations, as did next quarter's forecast. Management also projected fiscal 2026 revenue of at least $40 billion, up from the prior projection of at least $36 billion. One fly in the ointment continues to be gross margins, which fell from 11.9% in the year-ago quarter and 9.5% in the September quarter to just 6.4% in December. While overall business growth enabled Super Micro to still grow gross margin dollars relative to last year, even at the lower margin, these lower margins have been the subject of scrutin...

Key Points Super Micro reported December quarter earnings that beat expectations. CEO Charles Liang outlined steps to improve the company's gross margin. The company anticipates over $40 billion in revenue this year. 10 stocks we like better than Super Micro Computer › Shares of server leader Super Micro Computer (NASDAQ: SMCI) rallied 11.3% in February, according to data from S&P Global Market Intelligence. Super Micro had been a laggard among AI stocks over the past year and a half, as revenue growth has been lumpy and gross margins had pressured by competition. But with the stock trading at a cheap valuation entering the month, a solid beat in the December quarter and positive words about margin improvement going forward caused Super Micro to rise in February. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Super Micro beats and provides upbeat guidance In its fiscal second quarter ended in December, Super Micro delivered 122.8% revenue growth to $12.7 billion, with adjusted (non-GAAP) earnings per share up 16.9% to $0.69. Both figures beat expectations. Not only did Super Micro beat expectations in December, but management also projected a better-than-expected March quarter, forecasting $12.3 billion in revenue and adjusted EPS of "at least" $0.60, compared with analyst projections of $10.2 billion and $0.52, respectively. Super Micro had been expected to report strong growth, as a delayed build-out from a large customer from the prior quarter was anticipated to hit in December. Still, the December quarter revenue exceeded even those high expectations, as did next quarter's forecast. Management also projected fiscal 2026 revenue of at least $40 billion, up from the prior projection of at least $36 billion. One fly in the ointment continues to be gross margins, which fell from 11.9% in the year...

根据再就业与辅导公司Challenger， Gray & Christmas的数据，2月份计划裁员人数和招聘人数均出现下滑，延续了劳动力市场的这一趋势。 在其对美国大型雇主活动的月度跟踪中，Challenger表示，2月份公司宣布裁员48，307人，较1月份下降55%，较去年同期下降72%。其中，科技行业裁员占比最大，较2025年2月增加51%。人工智能被认为是10%裁员的原因。 招聘方面，2月份招聘计划较1月份的低点跃升了140%，但较2025年2月下降了63%。年初至今的招聘计划较去年同期下降了56%。 责任编辑：张俊 SF065

jetcityimage/iStock Editorial via Getty Images Value retailer, Five Below ( FIVE ), has quietly flown under the radar over the past year or so. Shares in FIVE are up about 167% during this period, and the stock is currently trading at the top end of its 52-week range. Seeking Alpha - 1-YR Share Price Performance Of FIVE Stock The outperformance follows significant house cleaning at the top ranks and a change in strategy to better target younger consumers. The changes certainly are working, and the prospects ahead remain positive, in my view. The retailer will be releasing its Q4 later in March, and I would say that expectations are high. In its Q3 release, FIVE increased its full-year outlook for a second time. The question is whether FIVE can meet the high bar it set for itself, especially in a period of economic uncertainty that now includes higher prices at the pump. Heading into the Q4 print, I am neutral, though I view the outlook as positive and see the stock as a continued 'hold.' FIVE Stock Key Metrics At the top end of its 52-week range, FIVE is commanding a forward multiple of 35x. That may sound expensive, and it is, but it's within the range of other discount retailers . The TJX Companies ( TJX ), for example, holds a 30x+ multiple, as does Burlington ( BURL ). This is simply the price of a good discount from a consumer perspective. Seeking Alpha - Valuation Metrics Of FIVE Compared To Peers Both the Seeking Alpha ("SA") quants and the broader analyst community doesn't exactly see it that way. The quants give FIVE a "D" score on valuation, which ultimately has dragged shares into the 'hold' territory. Analysts, on the other hand, simply are apathetic to the stock in general. Seeking Alpha - Ratings Summary Of FIVE Stock Those on Wall Street are perhaps seeing something being missed by the SA community. Ratings from this group have been consistently bullish, and they still are. But expectations are somewhat more tempered. The average price target , for ex...

Joe Raedle/Getty Images News American International Group ( AIG ) was upgraded to Buy, while Allstate ( ALL ) was cut to Neutral, at Goldman Sachs as the investment bank assesses the impact of AI across property and casualty insurance stocks. AIG shares were up 2.65% to $80.38 Thursday pre-market, while ALL was trading 1.48% lower at $211.00. GS's new recommendation on AIG stock is supported by peer-high EPS growth and an improving ROE over the coming years. Meanwhile, the action on ALL considers mounting risks across near-term fundamentals, plus affordability and AI, adding that the valuation on normalized earnings is now more reasonable, according to the research note. "Investor conversations on insurance brokers over the years had been more focused on benefits from AI than disintermediation, but earlier this year broker stocks underperformed following a news article reporting that OpenAI has approved the first AI app from an insurance provider on ChatGPT, and have yet to fully recover losses," said the note. "We believe the market has deemed commercial insurers/reinsurers as the best positioned in the near term against headline AI risks to stocks, given views for minimal disintermediation risk," added the note. AIG bags a Buy rating from the Wall Street community and Seeking Alpha's Quant Rating system. SA authors grade the stock as Hold. On the other hand, Allstate is rated as Hold by Quant and Buy by the sell-side analysts and SA contributors . More on American International Group, Allstate The Allstate Corporation (ALL) Presents at 47th Annual Raymond James Institutional Investor Conference - Slideshow Allstate: You're In Fairly Valued Hands The Allstate Corporation (ALL) Presents at 47th Annual Raymond James Institutional Investor Conference Transcript Allstate sees higher catastrophe losses in January on winter storm Fern AIG outlines low to mid-teens general insurance premium growth for 2026 amid strategic repositioning and AI expansion

Federal Reserve Bank of Richmond President Tom Barkin says it's too soon to tell how policymakers will respond to the Iran war, but he says they are tracking the price of gasoline closely. He also says policy is modestly restrictive right now and we've seen "a couple months of relatively high inflation." He speaks to Bloomberg's Michael McKee in Richmond. (Source: Bloomberg)

Source: Bloomberg, 0:00

oatintro/iStock via Getty Images Investment Thesis At the core of the AI memory bottleneck is Micron Technology ( MU ). Since my last coverage when I called the supercyle starting point, MU had a strong bull run rising by more than 45%. Their HBM3E and their next-gen HBM4 products are shipping into high-volume production with their improved speed and power efficiency, which is exactly what hyperscalers are demanding. With 2026 High Bandwidth Memory (HBM) supply sold out and contracts locked in for multi-year supply agreements, Micron Technology is in a great position to drive their margins significantly higher as their premium mix of memory products could increase their margins by an astonishing 99% in FY26. Data by YCharts HBM4 Ramp Drives 99% EBITDA Growth Into FY26 I see that Micron has a commanding market lead based on the intersection of high-volume production of advanced memory products and an aggregate demand status that exceeds global supply. The main part of this financial setup is the HBM product line. I am mainly pointing to HBM3E and the newer HBM4 generations. Micron has commenced high-volume manufacturing of HBM4 with shipments ramping in Q1-26. This timeline is an acceleration occurring one quarter earlier than Micron management earlier guided. These products may directly lead to financial leverage. The HBM4 product achieves speeds of over 11 gigabits per second. Furthermore, the HBM3E product achieved 30% less power consumption than that of the competitors' products. This efficiency of the product is critical for data centers that are focusing on managing energy costs associated with AI workloads. Besides HBM, Micron has also come up with a new product, Low Power DRAM (LPDRAM), which has been applied in server configurations. This type of product has 60% lower power consumption compared to conventional DDR memory. This has encouraged data center architects to adopt Micron's products. Micron I believe this product lead is in line with a supercycle led...

oatintro/iStock via Getty Images Investment Thesis At the core of the AI memory bottleneck is Micron Technology, Inc. ( MU ). Since my last coverage , when I called the supercycle starting point, MU had a strong bull run, rising by more than 45%. Their HBM3E and their next-gen HBM4 products are shipping into high-volume production with their improved speed and power efficiency, which is exactly what hyperscalers are demanding. With 2026 High Bandwidth Memory (HBM) supply sold out and contracts locked in for multi-year supply agreements, Micron Technology is in a great position to drive their margins significantly higher, as their premium mix of memory products could increase their margins by an astonishing 99% in FY26. Data by YCharts HBM4 Ramp Drives 99% EBITDA Growth Into FY26 I see that Micron has a commanding market lead based on the intersection of high-volume production of advanced memory products and an aggregate demand status that exceeds global supply. The main part of this financial setup is the HBM product line. I am mainly pointing to HBM3E and the newer HBM4 generations. Micron has commenced high-volume manufacturing of HBM4, with shipments ramping up in Q1-26. This timeline is an acceleration occurring one quarter earlier than Micron management earlier guided. These products may directly lead to financial leverage. The HBM4 product achieves speeds of over 11 gigabits per second. Furthermore, the HBM3E product achieved 30% less power consumption than that of the competitors' products. This efficiency of the product is critical for data centers that are focusing on managing energy costs associated with AI workloads. Besides HBM, Micron has also come up with a new product, Low Power DRAM (LPDRAM), which has been applied in server configurations. This type of product has 60% lower power consumption compared to conventional DDR memory. This has encouraged data center architects to adopt Micron's products. Micron I believe this product lead is in line with a...

花旗认为，美伊战争引发的全球市场动荡为投资者提供了机会。 “我们一直认为，地缘政治事件的影响通常是暂时的，因为油价飙升的幅度可能很大，但通常持续时间很短。而油价见顶之日，就是风险市场触底之时，”花旗宏观战略与资产配置全球主管德克·维勒在周三的一份报告中写道。 鉴于芝加哥期权交易所原油波动率指数突破70，维勒认为最近一轮油价飙升已经“成熟”，并补充称，现在是逢低买入日本日经225指数的时候了。该指数在本周早些时候下跌后，周四收涨1.9%。该指数今年迄今已上涨近10%。 责任编辑：张俊 SF065

格隆汇3月5日｜据央视，3月1日起，一批涉及家用电器、家具、游乐设施等重要领域的国家标准正式实施，为提升产品质量、保障消费者权益、满足人民群众对美好生活的向往，提供有力的标准支撑。让产品质量更有保障《消费品质量分级 家用电器 空气净化器具》《消费品质量分级 家用电器 熨烫器具》两项标准，明确了产品分级的技术指标、试验方法及标识规则，有利于推动产业质量提升，优化消费体验。《家用和类似用途吊顶用多功能电器》则针对厨房与卫生间普遍采用的集成吊顶模式，对集照明、换气、取暖于一体的多功能产品质量及其安装提出明确要求，有助于促进该类电器技术发展与品质升级。

Image source: The Motley Fool. Thursday, March 5, 2026 at 8:30 a.m. ET CALL PARTICIPANTS President and Chief Executive Officer — J.C. Butler Vice President and Controller — Elizabeth I. Loveman Investor Relations — Christina Kmetko TAKEAWAYS Operating Profit -- $7.6 million, up 95% year over year and nearly 12% sequentially, with all three segments improving. -- $7.6 million, up 95% year over year and nearly 12% sequentially, with all three segments improving. Revenue -- $66.8 million, representing 5% year-over-year growth. -- $66.8 million, representing 5% year-over-year growth. Consolidated Gross Profit -- $12 million, an increase of 42% over the previous year. -- $12 million, an increase of 42% over the previous year. Adjusted EBITDA -- $14.3 million, up 59% year over year and 14% sequentially. -- $14.3 million, up 59% year over year and 14% sequentially. Net Income / Loss -- Net loss of $3.8 million due to a $6 million after-tax pension settlement charge and increased tax expense; previous year was $7.6 million net income. -- Net loss of $3.8 million due to a $6 million after-tax pension settlement charge and increased tax expense; previous year was $7.6 million net income. Utility Coal Mining Segment -- Operating profit grew to $7.2 million from $2 million, driven by improved results at Mississippi Lignite Mining Company and lower employee expenses. -- Operating profit grew to $7.2 million from $2 million, driven by improved results at Mississippi Lignite Mining Company and lower employee expenses. Contract Mining Segment -- Revenue, net of reimbursed costs, rose 9% year over year, while segment operating profit was $900,000 and EBITDA totaled $3.3 million, affected by a $1.1 million loss contingency related to a safety incident. -- Revenue, net of reimbursed costs, rose 9% year over year, while segment operating profit was $900,000 and EBITDA totaled $3.3 million, affected by a $1.1 million loss contingency related to a safety incident. Minerals and Royalties ...

Miller ( MLR ) declares $0.21/share quarterly dividend , 5% increase from prior dividend of $0.20. Forward yield 1.83% Payable March 23; for shareholders of record March 16; ex-div March 16. See MLR Dividend Scorecard, Yield Chart, & Dividend Growth. More on Miller Miller Industries: Attractive Valuation Meets An Unclear Recovery Path Seeking Alpha’s Quant Rating on Miller Historical earnings data for Miller Dividend scorecard for Miller Financial information for Miller

受上年同期“国补”带动下高基数但当季国补效果减弱、原材料（存储芯片）成本上涨的影响，京东主力品类电子产品及家用电器商品收入同比下滑12% 【财新网】 “国补”效果减弱，京东收入放缓；同时，在新业务方面的投入导致京东由赢转亏。3月5日晚，京东集团（NASDAQ：JD/ 09618.HK ）发布2025年四季度及全年财报，当季实现收入3522.84亿元，略高于市场预期的3503.14亿元，增速放缓至1.5%。受益于以旧换新补贴，2024年四季度起，京东的收入增速回归两位数增长，此前四个季度，京东的收入增速分别为13.4%、15.8%、22.4%和14.9%。

周四公布的经济数据显示，美国第四季度生产率和劳动力成本增幅均超预期，而过去一周的裁员人数变化不大。 美国劳工统计局报告称，衡量产出与工时比率的生产率在10月至12月期间增长了2.8%。接受 道琼斯 调查的经济学家此前预测增长1.8%。按年率计算，生产率也增长了2.8%。 同样，单位劳动力成本（即薪酬减去生产率）也再次录得2.8%的增幅，高于2%的预估值。劳动力成本在12个月内增长了1.3%。 劳工统计局还报告称，1月份进口价格上涨0.2%，低于0.3%的预估值。 其他方面，劳工部表示，截至2月28日当周，初次申请失业金人数总计21.3万人，与前一时期持平，略低于21.5万人的预估值。滞后一周的持续申领失业金人数增加4.6万人，达到187万人。 责任编辑：张俊 SF065

The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly. Top 5 Upgrades: RBC Capital upgraded Builders FirstSource (BLDR) to Outperform from Sector Perform with an unchanged price target of $119. The stock's valuation pullback creates an attractive risk/reward, the firm tells investors in a research note. Goldman Sachs upgraded AIG (AIG) to Buy from Neutral with a price target of $90, up from $83, which implies 16% total return. AIG offers "peer-high" earnings growth, and an improving retune on equity over the coming years, the firm tells investors in a research note. Evercore ISI upgraded Southern Company (SO) to Outperform from In Line with a price target of $111, up from $103. The firm, which continues to view Southern as a core foundational utility holding for any utility investor, has grown "incrementally bullish" over the last two months and believes shares are poised to "further breakout to all time highs." Benchmark upgraded Penn Entertainment (PENN) to Buy from Hold with a $21 price target. Interactive reaching break-even and "meaningful" free cash flow expansion can "materially" shift the profile despite "extremely low management credibility," the firm tells investors. Scotiabank upgraded MongoDB (MDB) to Outperform from Sector Perform with a price target of $310, up from $275. The shares at the "current reset level create an attractive buying opportunity," the firm tells investors in a research note. Top 5 Downgrades: Arete downgraded Meta Platforms (META) to Neutral from Buy with a price target of $676, down from $732. The firm says the company is "lagging" on AI monetization and its "surging" investments will lead to margin declines. Rothschild & Co Redburn downgraded American Airlines (AAL) to Neutral from Buy with a $12.50 price target. Domestic airline capacity growth is accelerating through this year, and the Iran conflict will...

There are no important events for this country at this time. Select "All" to see top events in other countries or view all events.

Portugal has been fined €10m (£8.7m) by the EU’s court of justice for failing to comply with environmental laws that require it to protect biodiversity. It has also been ordered to pay €41,250 a day until it complies with a previous court order in 2019. The court said it was imposing the maximum fine possible to “encourage” Portugal to bring the infringement to an end. The daily fine corresponds to a penalty of €750 for each of the 55 sites that the court said had “still not been protected” despite having ordered Lisbon seven years ago to comply with EU laws. The fine will be reduced by €750 a day per site that is brought into compliance. The court said in a statement: “The court considers that these are particularly serious infringements of EU environmental law, in which Portugal has persisted. “Given that Portugal’s territory hosts rich biodiversity, including 99 habitat types and 335 species covered by the habitats directive, what is at stake for the European Union’s common heritage there is especially important. “In view of this, as well as the considerable duration of the infringement and Portugal’s capacity to pay, the court sets the amount of the lump sum at €10m.” The European Commission has battled for years to force Portugal to conserve and protect habitats and species in areas that should have been designated for conservation under the EU habitats directive. Under EU law, sites of “community importance for the Atlantic biogeographic region” include Peneda-Gerês, Portugal’s only national park; the natural park Litoral Norte and the Minho and Lima rivers. Also included are Valongo, home to rare fern species and an important site for the golden-striped salamander, the Serra D’Arga mountain range and Corno do Bico, a protected landscape, records show. Lisbon was ordered by the court to comply with the EU habitats directive in a case brought by the European Commission in 2019 after allegations it had failed to designate sites of community importance as special...