CHOLTICHA KRANJUMNONG/iStock via Getty Images While I was not particularly bullish on White Mountains Insurance Group ( WTM ) when I covered the company some months ago, its stock has performed relatively well since then, being up by close to 25% and has outperformed the overall stock market ( SPY ) by a good margin during the same period. Article performance (Seeking Alpha) This good performance was justified by a higher book value during the last few months and also by the positive operating performance of its operating subsidiaries. Indeed, WTM’s book value per share increased by 25% during 2025 , supported by strong results from its operating entities, good investment returns, and the contribution of net gains from the sale of Bamboo. This divestment added some $320 per share to its book value per share last year, being the largest contributor to book value gain. WTM reported a net gain from the sale of Bamboo of $848 million, while it still retained an indirect equity interest valued at $250 million, holding about 17% of its equity at the end of 2025. Adjusted for the sale of Bamboo, WTM’s book value per share would have been around $1867 at end-2025, up by 7% YoY. This shows that WTM’s organic growth was clearly less impressive, even though investors should consider that a large part of the company’s long-term growth strategy is based on performing acquisitions and divestments. As can be seen in the next graph, WTM has made several acquisitions and divestments over the past few years, and this strategy is not expected to change much ahead. Capital deployed (White Mountains Insurance) Despite this business strategy, WTM’s capital returns to shareholders have been flat at $1 per share since 2009, which is quite low and shows that WTM prefers to use cash proceeds from divestments to make further acquisitions, rather than returning capital to shareholders. Indeed, its annual dividend related to 2025 earnings was recently declared at $1 per share, unchanged from th...

Tencent Music Entertainment (TME) reported fourth-quarter earnings in line with expectations, while Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.

M. Suhail/iStock Editorial via Getty Images Shares of M&T Bank ( MTB ) have been a solid performer over the past year, gaining about 14%. However, momentum has clearly turned in shares over the past two months, with shares down about 15% from their highs. The entire regional banking sector has been caught up in private credit fears, though these pressures may have led to indiscriminate selling and created opportunities in some stocks. I last covered shares in October , and even with their recent retreat, MTB is up 11% since then, making my “ H old” too conservative. With updated financials and a revised macro outlook, now is a good time to revisit shares. Seeking Alpha Now, as you can see below, M&T Bank has about 9% of its loans to non-depository financial institutions (NDFIs), a key worry area for investors. However, this is a broad category that covers many things of varying degrees of risk. Consistent with its history as a conservative underwriter, M&T’s NDFI exposure is low risk, which should leave it fairly well insulated from pressures in the sector. Nearly half of its NDFI supports mortgage origination. Mortgage lenders will use “warehouse” facilities to finance their loans (which become MTB’s collateral) as they package them into mortgage-backed securities. These facilities are short-term in nature, overcollateralized, and backed by high-quality loans; it is a longstanding product, not a “new” form of private credit. I do not foresee material losses here. M&T Bank Similarly, its next largest exposure is for subscription lines to private equity, another long-term bank product. When an institutional investor commits funds to a private equity fund, it does not provide the cash until the PE firm buys targets (to avoid paying management fees on idle cash). These funds will have lines of credit they can use to close announced deals while waiting for committed investors to provide the committed capital once called upon; as such, these are short-term bridge loans, ...

Source: Bloomberg, 0:00

Bentley is to cut 275 jobs in the UK as the carmaker faces a “challenging global market environment”. The luxury brand, owned by Germany’s Volkswagen, is preparing to launch its first all-electric model but acknowledged it had some work to do to convince consumers to switch away from internal combustion engine vehicles. The company said on Tuesday it was slashing about 6% of its 4,600-strong workforce by cutting about 150 office-based permanent staff and by not filling vacant positions or replacing employees. The announcement came as the company reported a 42% fall in annual operating profit to €216m (£187m) in 2025, compared with a year earlier. While this marked a seventh consecutive year of profitability at Bentley, which produces cars at its factory in Crewe in Cheshire, the company said its profits took a hit from the impact of US tariffs introduced by Donald Trump and foreign exchange changes and weaker sales in China, as well as decisions made by its parent company, VW. Frank-Steffen Walliser, Bentley’s chief executive, said the company was making “some difficult decisions to ensure the long-term competitiveness of the business”. He added that the job cuts and investment in its sites would “ensure Bentley remains financially resilient, strategically focused and well positioned for the next generation of luxury vehicles”. US tariffs and weaker demand in China have also put pressure on other luxury carmakers. Aston Martin Lagonda announced plans in February to cut its workforce by 20% in an effort to save £40m and tackle widening losses. Bentley said it delivered 5% fewer cars in 2025 compared with a year earlier, but this was partly offset by higher customer demand for bespoke personalisation of its vehicles. The Bentayga luxury SUV remains its bestselling model, which has a starting price of £176,000 but can cost significantly more with higher specifications. The carmaker is due to unveil its electric “urban SUV” later this year. The company pushed back its e...

imaginima/iStock via Getty Images Neocloud platform Nebius Group N.V. ( NBIS ), on March 16, 2026, announced a massive $27B AI infrastructure agreement with Meta Platforms ( META ) that will seriously boost the firm's growth prospects and revenue volume and potentially accelerate Nebius' timeline to sustainable profitability. Nebius has previously signed major AI infrastructure deals with Microsoft ( MSFT ) and Meta Platforms and has proven that it can attract tier-1 hyperscalers to its GPU-as-a-Service platform. Nebius is set for a major ARR uplift to $12.4-14.4B by FY 2027, following the new Meta deal, and the neocloud is set to accelerate its revenue growth as it executes against its sizable and growing revenue backlog. Data by YCharts Previous rating I have previously rated shares of Nebius, together with those of CoreWeave ( CRWV ), as a Strong Buy because I liked the emerging GPU-as-a-Service business model that allowed Nvidia's ( NVDA ) preferred partners to cash in on the AI gold rush in the data center market. Further, Nebius was starting to see some positive momentum in terms of adjusted EBITDA in Q4 '25, which allowed the GPU platform to publish a major inflection point in terms of profitability last year. Specifically, the massive upswing in industry CapEx that highlights strong multi-year demand for the newest AI chips coming to market is a major reason why I am super bullish on Nebius. The deal between Nebius and Meta is significant in size and will drastically allow the neocloud to scale its GPU business in the years ahead. Implications of Nebius-Meta deal With a new $27B, 5-year AI infrastructure deal signed with Nebius, Meta is executing on its aggressive strategy to implement superintelligence across its business and app platforms. The $27B agreement is split into two components: Nebius will provide Meta with dedicated, large-scale compute power across multiple global locations. This part of the deal is worth $12B. The neocloud also has a "backstop...

Two of Britain’s biggest asset managers are buying UK government bonds, convinced the market has misjudged how the Bank of England will respond to the war in the Middle East. Legal & General and Aviva Investors both added exposure to gilts this month as surging energy prices prompted traders to abandon bets on interest rate cuts and wager instead that resurgent inflation would force a hike. Prior to the war’s outbreak, investors expected the central bank to cut interest rates twice this year, reducing borrowing costs by a total of 0.5 percentage points. Now, swaps reflect a 50% chance of a hike. The rapid shift in expectations helped drive a selloff in UK government bonds, and create a buying opportunity for contrarians. Yields on two-year gilts — the most sensitive to changes in monetary policy — have risen over 0.5 percentage points since the start of the conflict to roughly 4%. “I don’t know whether they’re still likely to cut, but they’re unlikely to hike,” said Christopher Jeffery , head of macro strategy within the asset allocation team at Legal & General. His thesis revolves around the state of the UK labor market and the economy, which failed to grow in January . Rates are also a lot higher than in 2022, when Russia’s invasion of Ukraine fanned inflation and the Bank of England increased borrowing costs. “The unemployment rate has been creeping up for the best part of a year and a half, the labor market backdrop — and the starting point of rates — is very different to 2022,” said Jeffery. Other money managers have made a similar assessment. Russell Investments, Marlborough Investment Management and Nedgroup Investments have also braved the volatility, boosting their exposure to gilts amid the selloff. Legal & General bought UK bonds at the belly of the curve, while Aviva added a position in one-year one-year forwards, a bet that two-year rates will fall. “We still think the path is for lower rates over the next 12 to 18 months,” said Steve Ryder , senior por...

格隆汇3月17日｜中国联合国采购促进会对外发布了《关于撤销和暂停相关分支机构工作的通知》。 通知称，对未经该会批准设立，擅自以该会分支机构名义进行活动的“国际商务工作委员会”，该会已向西安市民政局投诉。该组织已被西安市民政局依法立案调查后取缔。

楼市持续调整冲击了房产交易基本盘；租赁、家装等低毛利板块占比提升，对冲了规模下滑造成的营收压力，但也稀释了公司整体盈利能力 北京，贝壳公司。图：视觉中国 【财新网】 房地产市场持续调整，贝壳（NYSE：BEKE；02423.HK）业绩承压，呈现出“营收基本停滞、利润明显下滑”的特征。3月16日，贝壳公布2025年业绩：全年实现净收入946亿元，同比微增1.2%；但净利润仅为29.9亿元，同比大降26.7%；经调整净利润为50.2亿元，降幅亦达30.4%。 贝壳是国内头部房产交易服务平台，经纪业务是其核心收入来源。在该公司的财报口径中，净收入是公司实际获得的收入，大致等同于其他企业的“营业收入”，其中经纪板块的净收入主要来自交易佣金和服务费，再扣除退款、成本及税费后的金额。

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财联社3月17日讯（编辑 夏军雄） 据媒体援引消息人士报道，人工智能（AI）公司OpenAI已签署一项新协议，将通过亚马逊云服务向美国国防部和政府机构出售其AI模型的使用权，用于处理机密和非机密工作。 据悉，这项合同使OpenAI能够根据上月底达成的协议，为五角大楼（美国国防部）提供支持。此前，五角大楼已放弃其原有的AI供应商Anthropic。 开发Claude模型的Anthropic与美国政府的合作关系于今年2月底破裂，原因是该公司拒绝允许其AI被不受限制地用于军事用途，尤其是在国内监控和自主武器方面。 五角大楼随后将Anthropic列为“供应链风险”，这是美国首次针对本土企业采取此类措施。此前，美国通常只会将这种待遇用于敌对国家的供应商。 就在Anthropic遭到美国政府抵制后，OpenAI宣布与政府达成协议，将其技术部署到国防部的机密网络中。 包括美国国务院在内的多个政府机构纷纷弃用Claude，并改用其竞争对手如OpenAI和谷歌等公司的模型。 以美国国务院为例，据报道，其内部聊天机器人StateChat所使用的模型已替换为GPT-4.1。 上周一，Anthropic分别在两家法院针对美国国防部等部门提起诉讼，指控五角大楼把其列为“供应链风险”的决定违法，侵犯其“言论自由”等宪法权利。 作为OpenAI的主要竞争对手之一，Anthropic普遍被认为在企业AI市场领先于OpenAI，在企业客户中的采用程度更高。 截至上月底，OpenAI企业业务的年化收入约为100亿美元，而Anthropic整体年化收入约为250亿美元。 周一有媒体报道称，OpenAI正与多家私募股权机构洽谈成立一家合资企业，目标是将其企业级AI产品推广至这些机构旗下投资组合公司以及更广泛的领域。 报道还称，Anthropic也在积极争取私募股权机构合作，合作方式同样是通过成立合资企业，向这些私募机构投资的企业出售其 Claude AI 技术。 值得一提的是，在OpenAI于上月底完成的新一轮融资中，亚马逊承诺投资500亿美元，超过英伟达和软银集团，后两者的承诺投资金额均为300亿美元。 此外，OpenAI还宣布与亚马逊达成一项多年期战略合作协议。OpenAI已将其与亚马逊AWS现有的380亿美元合作协议，在未来八年内扩大1000亿美元。AWS还将成为OpenAI企业平台Frontie...

Qualcomm (QCOM) Stock Rises 3% After $20 Billion Buyback Announcement CoinCentral

国家反恐中心主任乔·肯特周二宣布，他将因特朗普政府对伊朗的军事行动而辞职。 肯特在致特朗普总统的信中表示：“我无法凭良心支持正在进行的战争。”这封信发布在肯特的个人官方X账户上。 肯特是一名极右翼阴谋论的鼓吹者，去年7月参议院以微弱优势确认其担任主任一职。他在信中指责总统被以色列欺骗，从而支持对伊朗的战争。 肯特写道：“伊朗并未对我们国家构成紧迫威胁，而且很明显，我们是因为以色列及其强大的美国游说团体的压力而发动了这场战争。” 白宫、国家反恐中心以及国家反恐中心所在的国家情报总监办公室没有立即回应媒体的置评请求。 责任编辑：张俊 SF065

Residential buildings in Luohu district, Shenzhen. Photo: VCG Home sales in the southern Chinese metropolis of Shenzhen revived in the first two weeks of March following the Lunar New Year holiday, fueling hopes that the battered local property market has finally hit bottom. Transactions for both new and pre-owned homes rose significantly. Pre-owned home sales in Shenzhen surged 118% week-on-week in the first week of March and climbed another 45% the following week, according to major brokerage Beike.

Micron Technology stock hits all-time high at 456.21 USD Investing.com Nigeria

美國國家反恐中心主任肯特因不滿軍事打擊伊朗辭職。

Key Points Broadcom will hold an estimated 60% of the AI application-specific integrated circuits market by 2027. The company's AI sales more than doubled in the first quarter amid tech companies ramping up AI infrastructure spending. 10 stocks we like better than Broadcom › Broadcom (NASDAQ: AVGO) has been a phenomenal artificial intelligence (AI) stock over the past three years, rising 449% thanks to rising demand for the company's processors as large tech companies fight for AI dominance. And more gains could be on the way. Analysts' average price target for Broadcom stock over the next 12 to 18 months is about $463. That would represent a gain of about 38% at the stock's current price, which seems possible given current AI spending and Broadcom's position in the hardware space. 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 » Broadcom is a leader in AI processor hardware Broadcom designs and manufactures application-specific integrated circuits (ASICs) that have quickly become an important part of AI data centers. The company's customers include leading tech companies like Meta and Alphabet. Counterpoint Research estimates that despite rising competition, Broadcom will remain the leader in AI-focused ASICs, with 60% market share by 2027. The most recent proof of Broadcom's benefit from this lead can be seen in the company's recently reported first-quarter results. Revenue increased by 29% to $19.3 billion, and non-GAAP earnings per share rose by 28% to $2.05. Notably, Broadcom's AI revenue jumped 106% from the year-ago quarter to $8.4 billion. And more growth is on the way, with CEO Hock Tan saying AI revenue growth is "accelerating," and the company expects AI semiconductor sales to be $10.7 billion in the second quarter. With these strong results and the company's lead in the ASICs processor ...

格隆汇3月17日｜2月28日，美国和以色列联合发动对伊朗的军事打击。如今，战事已经进入第三周，有美国分析人士认为，美以在战争走向问题上的分歧正日益扩大。

"I've got so many flies in my mouth because I've been cycling with my mouth wide open. All our jaws are on the floor from how mad that all was," he said.

从与IP衍生品相关的“谷子经济”到微短剧，再从AI漫剧到AI仿真人短剧，阅文不断切换主线叙事 上海，阅文集团展台。图：视觉中国 【财新网】 腾讯旗下内容平台阅文集团在影视、网文业务陷入滞长之后，借力人工智能（AI），探索AI漫剧、仿真人短剧等新兴赛道。 3月17日港股盘后，阅文集团（00772.HK）披露2025年业绩，总营收73.66亿元，同比下滑9.3%；净亏损7.7亿元，亏损额扩大523%；但在非国际财务报告准则（Non-IFRS）下，公司归母净利润同比减少24.8%至8.6亿元。 两个口径利润的巨大差异，来自阅文集团2018年收购而来的影视公司新丽传媒的商誉减值。2月10日，阅文集团公告称，阅文将对其收购的影视公司新丽传媒计提18亿元商誉减值，受此影响，预计阅文2025年净亏损约为7.5亿元至8.5亿元。而在2024年，阅文就已因对新丽传媒计提近10亿元商誉减值而出现亏损。

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys. At International Flavors & Fragrances, a filing with the SEC revealed that on Thursday, Director Paul J. Fribourg bought 156,459 shares of IFF, for a cost of $70.12 each, for a total investment of $10.97M. So far Fribourg is in the green, up about 4.0% on their buy based on today's trading high of $72.91. International Flavors & Fragrances is trading up about 2% on the day Tuesday. Before this latest buy, Fribourg made one other buy in the past year, purchasing $1.00M shares at a cost of $64.80 a piece. And on Friday, Paul S. Levy bought $4.39M worth of Builders FirstSource, buying 50,000 shares at a cost of $87.73 each. Before this latest buy, Levy made one other purchase in the past year, buying $55.48M shares for a cost of $110.97 a piece. Builders FirstSource is trading up about 4.2% on the day Tuesday. So far Levy is in the green, up about 3.5% on their purchase based on today's trading high of $90.81. VIDEO: Tuesday 3/17 Insider Buying Report: IFF, BLDR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source: Bloomberg, 2:47

A former Belgian diplomat , 93, should stand trial over alleged complicity in the 1961 murder of Patrice Lumumba, the first prime minister of what was then the newly independent Congolese state, a Brussels court has ruled. Étienne Davignon, the only person still alive among 10 Belgians the Lumumba family accuses of involvement in the killing, is charged with participation in war crimes. The decision, which follows a surprise referral by the Brussels prosecutor last June, can be appealed against. Davignon, a former vice-president of the European Commission, has denied the charges. Lumumba’s grandson, Mehdi Lumumba, told Agence France-Presse on Tuesday that he was relieved to hear about the court’s decision. “Belgium is finally confronting its history,” he said. Lumumba was tortured and assassinated by firing squad in January 1961, alongside his associates Joseph Okito and Maurice Mpolo. The murders were carried out by separatists in the Katanga region with the support of Belgian mercenaries. Davignon had arrived in what was then Belgian Congo as a 28-year-old diplomatic intern on the eve of independence in 1960. The charges that the prosecutor outlined relate to his alleged role in Lumumba’s “unlawful detention and transfer” and denial of a fair trial, as well as “humiliating and degrading treatment”. A charge of intent to kill was dismissed. Davignon, who went on to numerous senior political and business roles, was not present for the hearing at the Palais de Justice in Brussels, and his lawyers made no comment as they left. Davignon’s lawyer has been contacted for comment. His lawyer rejected claims of war crimes at a hearing behind closed doors in January and argued that reasonable time to judge the case had passed, according to sources cited in Belgian media. A 2001 parliamentary inquiry concluded that Belgian ministers bore a moral responsibility for the events that led to the Congolese leader’s gruesome death. Belgium returned a gold-capped tooth to the Lumumba...