US overdose deaths have plunged, but experts warn the ‘supply shock’ from Chinese precursors may only be a temporary fix As Donald Trump travels to Beijing this week, fentanyl – and China’s role in its supply chain – remains an enduring point of acrimony in bilateral relations . At a UN meeting in March, the US again accused China of failing to stop its chemical industry selling the precursors req...
US overdose deaths have plunged, but experts warn the ‘supply shock’ from Chinese precursors may only be a temporary fix As Donald Trump travels to Beijing this week, fentanyl – and China’s role in its supply chain – remains an enduring point of acrimony in bilateral relations . At a UN meeting in March, the US again accused China of failing to stop its chemical industry selling the precursors required to make the potent synthetic opioid , while China suggested the US was shifting the blame for its domestic drug problem. Continue reading...
China has sent artificial embryos to its space station to study whether humans could reproduce in zero gravity. The experiment was reported on Tuesday by state broadcaster CCTV. Project leader Yu Leqian said the main goal was to study the impact of gravity – and its absence – on early development, in preparation for eventual human settlement off Earth. Once the impact of the force on embryos was u...
China has sent artificial embryos to its space station to study whether humans could reproduce in zero gravity. The experiment was reported on Tuesday by state broadcaster CCTV. Project leader Yu Leqian said the main goal was to study the impact of gravity – and its absence – on early development, in preparation for eventual human settlement off Earth. Once the impact of the force on embryos was understood, scientists could develop interventions to control its effect, he told CCTV. Yu is a...
Two small counties in China have put in place reciprocal arrangements for their residents to visit tourist spots following a moving story involving people in one place buying the apples of a sick farmer from the other. The story began on May 2 when Ji Yaozhong, a farmer from Yangxian county of northwestern Shaanxi province, drove a truck carrying 4,000kg of apples to sell in Xianfeng county in Hub...
Two small counties in China have put in place reciprocal arrangements for their residents to visit tourist spots following a moving story involving people in one place buying the apples of a sick farmer from the other. The story began on May 2 when Ji Yaozhong, a farmer from Yangxian county of northwestern Shaanxi province, drove a truck carrying 4,000kg of apples to sell in Xianfeng county in Hubei province, central China, the Hubei Daily reported. He suffered a sudden stroke which left him...
FirstRand Ltd. hired Bank of America Corp. and its own investment-banking arm, Rand Merchant Bank , as advisers to help it sell its UK-based Aldermore Group and exit the European market, a spokesperson for the South African lender said. The bank, among the continent’s biggest, is using a dual-adviser structure in an effort to widen the pool of potential buyers for the UK-based specialist-banking s...
FirstRand Ltd. hired Bank of America Corp. and its own investment-banking arm, Rand Merchant Bank , as advisers to help it sell its UK-based Aldermore Group and exit the European market, a spokesperson for the South African lender said. The bank, among the continent’s biggest, is using a dual-adviser structure in an effort to widen the pool of potential buyers for the UK-based specialist-banking subsidiary that it bought in 2017. FirstRand said in April that it would work on “an orderly ownership transition” from Aldermore after it was forced to more than triple how much it set aside to cover compensation for customers over claims they were missold car loans in the UK. Representatives from BofA declined to comment while RMB didn’t respond to queries from Bloomberg. FirstRand increased a provision to cover such costs by £510 million ($694 million) to £750 million after the UK Financial Conduct Authority finalized its redress plan in March. Collectively, the industry has to pay about £9.1 billion to consumers, with 12.1 million loans eligible. Lenders in the UK motor-finance industry, including Lloyds Banking Group Plc and Close Brothers Group Plc, had argued the regulator’s proposals were too strict and failed to take proper account of a Supreme Court ruling. FirstRand has reiterated its view that the FCA plan is “unfair and disproportionate,” but has decided it would not legally challenge the redress plan. Aldermore Group comprises Motonovo Finance — a major provider of motor finance in the UK — as well as Aldermore Bank, which focuses on small- and medium-sized enterprise lending as well as residential mortgages, and has been part of FirstRand’s UK growth strategy since its acquisition. Rising funding costs, regulatory pressures and increased competition in specialist lending markets have prompted several European and African banking groups to reassess their overseas holdings. The lender’s overall business in the UK comprises about 10% of its company-wide earnings ...
da-kuk/iStock via Getty Images At a glance Performance The Fund returned -5.16% and the MSCI World Index SM returned -3.57%. Contributors/detractors Stock selection in the financials and consumer staples sectors detracted from relative performance. An overweight in the energy sector and stock selection in the healthcare sector contributed. Outlook We continue to seek out companies with high-qualit...
da-kuk/iStock via Getty Images At a glance Performance The Fund returned -5.16% and the MSCI World Index SM returned -3.57%. Contributors/detractors Stock selection in the financials and consumer staples sectors detracted from relative performance. An overweight in the energy sector and stock selection in the healthcare sector contributed. Outlook We continue to seek out companies with high-quality business models and balance sheets, robust cash flow, and proven management teams. Investment environment • Equity markets experienced volatility in the first quarter, as artificial intelligence ( AI ) exuberance gave way to anxiety. Early in the quarter, investors grew more cautious about the valuations and capital spending plans of large U. S. technology companies. We also saw multiple compression in software stocks facing potential AI-related disintermediation. • Volatility increased further in March amid heightened geopolitical uncertainty and surging crude oil prices. Against this backdrop, investors rotated away from growth stocks toward value shares. Markets also broadened outside the U. S. , enabling global indices with lower exposure to mega-cap technology stocks to outperform their U. S. counterparts. Portfolio review During the first quarter, we saw a broad-based decline in software stocks on concerns over how AI may disrupt the competitive landscape. These fears pressured shares of Intuit ( INTU ), an enterprise software company whose products include QuickBooks and TurboTax. Worries over potential AI disintermediation rose following news of a new AI-powered tax planning tool, which investors feared might directly compete with TurboTax. We believe such fears are overstated. Intuit's management is looking to incorporate AI across its project ecosystem, which could strengthen its competitive positioning while providing new revenue-growth opportunities. Intuit has continued to deliver solid financial performance and guidance, aided by strong growth in its QuickBo...
EU Targets France's Jordan Bardella With Fraud Probe As His Anti-Migration Party Surges In The Polls Via Remix News, Last week, reports that the European Public Prosecutor’s Office (EPPO) is investigating France’s right-wing, anti-migration party National Rally (RN) for misallocation of EU funds made the rounds. At its core, the case involves a complaint filed last December by the association AC!!...
EU Targets France's Jordan Bardella With Fraud Probe As His Anti-Migration Party Surges In The Polls Via Remix News, Last week, reports that the European Public Prosecutor’s Office (EPPO) is investigating France’s right-wing, anti-migration party National Rally (RN) for misallocation of EU funds made the rounds. At its core, the case involves a complaint filed last December by the association AC!! Anti-Corruption with the National Financial Prosecutor’s Office (PNF) in Paris. These allegations have already been contested by RN, but the party must also now face scrutiny from Brussels, as the funds involved include EU money. The charge is that the National Rally misused the funds by allocating money received for media training for its leader, Jordan Bardella, not for his work as an MEP, but with the aim of helping him to prepare for France’s 2027 presidential election. Other members of the party have also been named in connection with the same charge. Bardella posted on X that the investigation is not news and certainly nothing new for the party, labeling the charges as politically motivated slander. Nous n’avons strictement rien à nous reprocher. L’association à l’origine de la plainte est une organisation d’extrême-gauche revendiquée, dont les déclarations agressives laissent peu de doute quant à leurs intentions. J’ai déposé plainte il y a plusieurs semaines pour… https://t.co/GNkyGB5lbd — Jordan Bardella (@J_Bardella) May 7, 2026 “We have absolutely nothing to reproach ourselves for. The association behind the complaint is a self-proclaimed far-left organization, whose aggressive statements leave little doubt as to their intentions. I filed a complaint several weeks ago for slanderous denunciation,” he wrote, while assuring that he and his party would fully cooperate with the EPPO. National Rally has been in the top spot in recent polling, despite its former leader, Marine Le Pen, having been sidelined by a similar case last year. She is appealing that decision, b...
SpaceX is scouting possible U.S. and overseas locations to build new "spaceports," CEO Elon Musk said on Tuesday, as the company prepares for a future in which its massive Starship rocket could launch thousands of times a year. Musk Says SpaceX Seeks New Spaceports Musk took to X to state, "SpaceX is considering several locations domestically and internationally to build the world's most advanced ...
SpaceX is scouting possible U.S. and overseas locations to build new "spaceports," CEO Elon Musk said on Tuesday, as the company prepares for a future in which its massive Starship rocket could launch thousands of times a year. Musk Says SpaceX Seeks New Spaceports Musk took to X to state, "SpaceX is considering several locations domestically and internationally to build the world's most advanced spaceports!" He quoted a post from SpaceX that said the company intends to launch Starship frequentl
Mirum Pharmaceuticals ( MIRM ) priced a private offering of $600M aggregate principal amount of 0.00% convertible senior notes due 2032. The initial purchasers have a 13-day option to buy up to an additional $90M notes. Mirum plans to use about $475M proceeds plus roughly 3.2M shares to exchange approximately $237.2M principal amount of its existing 4.00% convertible senior notes due 2029 and rema...
Mirum Pharmaceuticals ( MIRM ) priced a private offering of $600M aggregate principal amount of 0.00% convertible senior notes due 2032. The initial purchasers have a 13-day option to buy up to an additional $90M notes. Mirum plans to use about $475M proceeds plus roughly 3.2M shares to exchange approximately $237.2M principal amount of its existing 4.00% convertible senior notes due 2029 and remaining for general corporate purposes. The offering is expected to close on May 15, 2026. The stock price traded about 2.3% lower on Wednesday during pre-market trade. More on Mirum Pharmaceuticals Mirum Pharmaceuticals: A Rare Disease Platform Becoming Bigger Than Its First Franchise Mirum Pharmaceuticals, Inc. (MIRM) Q1 2026 Earnings Call Transcript Mirum Pharmaceuticals, Inc. (MIRM) Discusses Topline Clinical Results in Primary Sclerosing Cholangitis and Hepatitis Delta - Slideshow Mirum raises 2026 net product sales outlook to $660M-$680M as it targets year-end zilurgisertib launch Mirum Pharmaceuticals GAAP EPS of -$13.43 misses by $13.06, revenue of $159.9M beats by $11.69M
(RTTNews) - Zurich Insurance Group (ZURN.SW) reported that Property & Casualty or P&C first quarter gross written premiums was $15.56 billion, up 8% on a like-for-like basis. On a reported basis, growth was 17%. Commercial Insurance grew 9% driven by Global Specialty and Middle M
(RTTNews) - Zurich Insurance Group (ZURN.SW) reported that Property & Casualty or P&C first quarter gross written premiums was $15.56 billion, up 8% on a like-for-like basis. On a reported basis, growth was 17%. Commercial Insurance grew 9% driven by Global Specialty and Middle M
Joe Hendrickson/iStock Editorial via Getty Images Shares of Charles Schwab ( SCHW ) have been a muted performer over the past year, gaining about 6%. While the company is operating at a high level, the stock fell sharply in February amid AI concerns, and those concerns have mounted, continuing to weigh on shares. In particular, there are questions as to how much AI could disrupt financial advisory...
Joe Hendrickson/iStock Editorial via Getty Images Shares of Charles Schwab ( SCHW ) have been a muted performer over the past year, gaining about 6%. While the company is operating at a high level, the stock fell sharply in February amid AI concerns, and those concerns have mounted, continuing to weigh on shares. In particular, there are questions as to how much AI could disrupt financial advisory activity and reduce client cash balances, the most important being why Schwab monetizes its assets. I last covered shares in November , upgrading them to a “ B uy,” and this was a mistake with SCHW down 2% since then. Now is a good time to revisit shares and determine if the AI fear has created an opportunity or if Schwab has further downside risk. Seeking Alpha Macro tailwinds support a better near-term outlook When revisiting a recommendation that has not worked out as hoped, a good place to start is determining whether your fundamental outlook was misguided or if you misjudged sentiment. In this case, Schwab is quite interesting. Last November, I was targeting $5.35-$5.70 in 2026 EPS. Analyst consensus today is $6.02 ; the fact that SHCW is actually trading lower than in November speaks to significant multiple compression given the AI fears. This fear is not entirely shared by Wall Street analysts who expect 15+% EPS growth in 2027 to $6.99, though, of course, their estimates could be wrong. I also expect Schwab to earn substantially more in 2026 than I previously did, for several reasons. Schwab started the year on solid footing, earning $1.43 (which beat estimates by $0.04), in the first quarter as revenue surged 16% to $6.5 billion. This was up 38% from last year, thanks to macro tailwinds, strong cost controls, and share repurchases. Schwab also maintains peer-leading margins, which expanded 520bps over the past year to 51.4%. Charles Schwab There are basically three ways that Schwab makes money, and all three have enjoyed tailwinds since November. First, it earns f...