Strategy Inc. (NASDAQ:MSTR) has tied much of its balance-sheet strategy to Bitcoin. But the company's latest move adds something less volatile to that equation: approximately $1.6 billion in cash.
The company has established a liquidity pool "USD Cash" that can be used for Bitcoin purchases, share repurchases, and other treasury activities. It is separate from Strategy's (NASDAQ:MSTR) existing USD Reserve, which is restricted to preferred-stock dividends and interest payments. For investors, the new pool provides greater financial flexibility, although it does not fundamentally change the company's exposure to Bitcoin.
The strongest argument for the new cash pool is optionality, as Strategy (NASDAQ:MSTR) can deploy the money according to market conditions instead of raising capital whenever an opportunity appears. If Bitcoin prices fall, the company could use some of the cash to acquire the ***** et without first raising additional funds at that time. Keeping liquidity available may also help Strategy (NASDAQ:MSTR) navigate periods of cryptocurrency weakness. Bitcoin's volatility can create attractive purchasing opportunities, but only for companies that have enough accessible capital to act. A dedicated pool gives Strategy the ability to maintain cash while continuing to pursue the accumulation strategy at the center of its investment case.
The timing may appear favorable following an improvement in digital-asset sentiment. Bitcoin gained slightly more than 13% over the five trading sessions preceding the announcement and moved above $70,000 for the first time since June. The rally followed President Donald Trump's call for Congress to establish clearer digital-asset rules. Risk ***** ets also benefited after the US Treasury doubled the size of buybacks for longer-duration debt, helping restrain yields.
Share repurchases provide another possible use. Strategy (NASDAQ:MSTR) could buy back its stock when management believes it trades below intrinsic value, potentially benefiting continuing shareholders. The company disclosed a $1 billion common-stock repurchase authorization in its second-quarter results, although no shares had been repurchased under that program at the time of the release. The distinction between USD Cash and the existing USD Reserve is important. Under Strategy's (NASDAQ:MSTR) current policy, the existing USD Reserve may be used only for preferred-stock dividends and debt interest unless the board authorizes another use, and the new pool gives management considerably greater freedom without drawing on funds intended to meet those financial commitments.

#strategy

The fallout from owner Jed York's arrest continues to hang over the San Francisco 49ers, but NBC Sports Bay Area's Matt Maiocco doesn't believe it will cost the York family the franchise.
York was charged with two misdemeanors — disorderly conduct and possession of criminal tools — after responding to an undercover ad on what was described as a known prostitution website. He received a two-day jail sentence and a $1,150 fine. NFL commissioner Roger Goodell confirmed at the league's preseason owners' meeting that the incident is being reviewed under the personal conduct policy. York did not attend the meeting, a decision that wasn't surprising given how recent the arrest was.
Speaking on KNBR, Maiocco addressed the inevitable speculation about a forced sale directly, pointing to how deliberately the York family structured its ownership just two years ago.
"I can't see that. Jed bought equity from his mom in order to become the principal owner. Yes, the 49ers raised a lot of money by selling off around 9.7% of the organization, but when they transferred ownership officially over to Jed as the principal owner, the idea was this was a move made to ensure that it remained in the family," Maiocco said. "I would imagine the long-term plan is for Jed to hand it over to one of his sons or keep it in the family. I don't think this [arrest] will impact that. I think that there will be some discipline by commissioner Roger Goodell. I think it can happen sooner rather than later because the legal process has run its course. I would expect a fine and even a suspension, where he has to stay away from the team for a certain amount of time."
York became the 49ers' principal owner in March 2024, purchasing additional equity from his family specifically to formalize what had effectively been his role since taking over as CEO in 2010. At the time, York did frame the move as a long-term succession plan, saying it was "reflective of how we've operated" and intended to keep the team "in our family for generations to come." His mother, Denise DeBartolo York, and father, Dr. John York, remained co-chairs.

#think #Roger #goodell

A fixed annuity guarantees the dollar amount, not purchasing power. With PCE inflation at 3.7%, a $1,900 check buys meaningfully less each decade.
Social Security's annual COLA, tracking 3.1% for 2027, preserves purchasing power over time in a way fixed private annuities fundamentally cannot.
Retirees can fight inflation erosion by adding a COLA rider, laddering annuity purchases across ages, or keeping part of the portfolio invested outside the contract.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
A $1,900 monthly annuity check that lands on the first of every month solves one problem exceptionally well. You cannot outlive it. That is really the case for annuitization in a single sentence, and it is exactly why insurers can market these contracts as guaranteed for life. But here is the catch. That guarantee covers the nominal dollar amount, not what it can buy. A decade later, that same $1,900 is going to buy a smaller basket of groceries, a smaller share of a Medicare supplement premium, and a much smaller slice of any long-term care bill.

#purchasing

Mortgage rates ticked higher this week, nudging the average long-term U.S. home loan rate closer to its recent high for the year.
The benchmark 30-year fixed rate mortgage rate edged up to 6.66% from 6.65% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.56%.
Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers' purchasing power. As rates rise, that can lead prospective home shoppers to delay buying a home, one reason U.S. home sales remain in a rut this year.
The average rate is now back to where it was four weeks ago and is just shy of 6.69%, the high for the year it reached earlier this month.
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week. That average rate increased to 5.98% from 5.95% last week. A year ago, it was at 5.69%.

#rates #higher #high

The London Company, an investment management company, released its second-quarter 2026 investor letter for its "Small-Mid Cap Strategy." The letter can be downloaded here. U.S. equities rebounded sharply in Q2, with the Russell 3000 gaining 15.4%, supported by AI infrastructure spending, strong earnings, and easing Middle East tensions. Technology led the rally as semiconductors recovered, while Energy and defensive sectors lagged. The portfolio returned 12.1% gross and 11.8% net compared with a 20.3% gain in the Russell 2500 Index. Stock selection weighed on relative performance, as high-beta and high-volatility stocks dominated returns while Quality remained weak, although results improved in June as market participation broadened. Looking ahead, resilient earnings and AI productivity support a constructive outlook, but negative hyperscaler cash flow, sticky inflation, geopolitical risks, index concentration, and elevated valuations warrant caution. The strategy continues to emphasize quality, downside protection, and active management. Additionally, reviewing the Fund's top five holdings could also highlight its best ideas for 2026.
In its second-quarter 2026 investor letter, London Company SMID Cap Strategy highlighted Credit Acceptance Corporation (NASDAQ:CACC). Credit Acceptance Corporation (NASDAQ:CACC) engages in the provision of financing programs and related products and services in the United States. On August 26, 2026, Credit Acceptance Corporation (NASDAQ:CACC) closed at $593.64 per share. Over the past month, Credit Acceptance Corporation (NASDAQ:CACC) returned 8.39%, while its shares have gained 18.09% in the last 52 weeks. Credit Acceptance Corporation (NASDAQ:CACC) has a market capitalization of $6.16 billion.
London Company SMID Cap Strategy stated the following regarding Credit Acceptance Corporation (NASDAQ:CACC) in its Q2 2026 investor letter:
"Credit Acceptance Corporation (NASDAQ:CACC) outperformed following signs of improving credit performance, while lower fuel prices eased concerns surrounding subprime borrowers. Credit trends continue to improve, and the company remains disciplined in repurchasing shares. We believe the investment thesis remains on track as fundamentals continue to strengthen."
Credit Acceptance Corporation (NASDAQ:CACC) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Credit Acceptance Corporation (NASDAQ:CACC) at the end of the second quarter which was 31 in the previous quarter. While we acknowledge the potential of Credit Acceptance Corporation (NASDAQ:CACC) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

#credit #cacc #company #letter

A former Texas schoolteacher was arrested Tuesday amid allegations of inappropriate relationships with students, nearly one year after authorities began investigating her.
Holly Adams, who taught at Angleton High School near Houston, is charged with one count of tampering with evidence and two counts of purchasing or furnishing alcohol to a minor, the Brazoria County Sheriff's Office said.
The probe began after a student told school staff that Adams was having an inappropriate relationship with a former student, KTRK-TV reported.
Texas Substitute Teacher Accused Of Improper Relationship With Student, Alarming Parents
Holly Adams, a former Texas high school teacher, is accused of having an inappropriate relationship with male students.

#texas #student #teacher

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Planning a vacation is exciting, but buying travel insurance can feel like homework. Between comparing plans, checking what your credit card already covers, and sorting through policy fine print, it's easy to get bogged down in the details before you even pack your bags.
Here's everything you need to know about how to buy travel insurance without the guesswork.
You don't need travel insurance for every trip. If you're driving two hours to visit family, a standalone policy is probably overkill. But if you're spending thousands of dollars up front — or leaving the country — travel insurance deserves a second look.
Travel insurance is most useful for protecting prepaid, nonrefundable costs and covering medical emergencies. Purchasing a policy makes the most sense if you're taking an international trip, cruise, safari, luxury tour, or any vacation where you'd lose a meaningful amount of money if you had to cancel.

#insurance #you 're #need #trip

Our ******* ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Revenue doubled year-over-year in the first half of 2026, driven by the completion of key deliverables and milestones earlier than originally anticipated.
Operating performance improved significantly as the company absorbed the majority of share-based compensation in Q1, leading to a 95% reduction in operating loss by Q2.
Management is deliberately deploying capital into revenue-generating infrastructure, including purchasing GPUs and securing data center capacity, rather than focusing on interest income.
The current gross margin dip reflects a temporary revenue mix weighted toward hardware and mobilization costs as the company builds its installed base.

#company #tell #analysts

Steve Cohen made his fortune by being right when other people were comfortable being wrong. The Point72 founder runs one of the most data-intensive multi-manager platforms in the world.
So when he makes an 188% increase in one position and a 55% cut in another simultaneously, to me, that is not portfolio rebalancing — but a thesis change.
The Q2 2026 13F filing tells us the story. Cohen sold 1.24 million Broadcom shares, cutting his position by 55%, while purchasing 2.23 million additional Oracle shares, lifting his stake by 188% to 3.41 million shares worth approximately $499.82 million.
Point72's portfolio sits at $88.13 billion across 3,859 holdings with a 27% turnover rate, according to GuruFocus.
This is Cohen's answer to a question every AI investor is asking right now: Which company makes more money from the next phase of the build-out?

#broadcom

Investments in secondaries drove returns at private foundations in 2025, according to new research by Commonfund. This may, however, be something of a mirage.
Investments in the PE secondary market, whether by acquiring secondhand fund stakes or backing managers that do, generated an average gain of 20.6% at the private foundations observed in the report, published last week by the $31.5 billion investment manager and the Council on Foundations, a nonprofit membership ***** ociation. This was the highest return of any alternative ***** et class among the 17 respondents that reported secondaries returns.
This doesn't mean that mature PE funds are once again exiting companies and throwing off cash.
Mark Hoeing, president and CEO of CF Private Equity, Commonfund's private equity arm, attributed the outperformance to secondary-market buyers' practice of purchasing ***** ets at a discount and marking them to par after purchase.
This practice has been employed against a backdrop of record secondary transaction volumes, multiplying the impact of the mark-ups in performance. Total secondary deal volume surpassed $120 billion in the first six months of 2026, a 20% jump over H1 2025, the previous record.

#private #foundations #Investments #billion

Paul Blaine Miller, who serves as Chief Purchasing and Merchandising Officer, bought 8,000 shares of Grocery Outlet Holding Corp. (NASDAQ:GO) on August 20, 2026. SEC Form 4 filing
Transaction value
$87,200
Shares purchased
8,000

#outlet

Robert Kiyosaki warned followers on X that the US Treasury is printing more fake dollars, pointing to an expanded buyback program for longer-dated Treasury securities.
The author of Rich Dad Poor Dad labeled the move another round of quantitative easing in disguise.
Quantitative easing refers to a central bank expanding the money supply by purchasing financial ***** ets, typically to lower long-term interest rates. Officials, however, describe this specific measure differently.
The Treasury raised the maximum size of its buyback operations from $2 billion to at least $4 billion per auction for 10- to 30-year bonds, effective September 9.
The announcement followed a sharp rise in long-term yields, with the 30-year bond briefly reaching levels not seen in nearly two decades. Officials described the larger buybacks as a liquidity measure rather than formal quantitative easing, noting that only the Federal Reserve can expand the monetary base.

#officials #buyback #billion #year

John Barrowman's expensive flight from Los Angeles to London took a turbulent turn before he even reached his destination. The "Doctor Who" actor posted a video from American Airlines' business class cabin complaining about missing pajamas, an incorrect meal order and what he described as "shady" customer service. However, his attempt to hold the airline accountable quickly backfired as social media users accused the 59-year-old performer of acting like a "diva."
Eroteme / MEGA
Barrowman filmed himself from his seat while his father and husband were seated behind him. "Hi American [Airlines] we have paid for the flagship service," the Scottish-American actor began.
He explained that the three travelers expected to receive pajamas after purchasing costly business class tickets. "My father and my husband behind and the tickets were very expensive and we get on thinking we'd get pajamas with the flagship service," Barrowman said.
The actor claimed that complimentary sleepwear was instead distributed only to certain passengers at the front of the cabin. "Then you apparently only give them to the first two rows in business class. What's that all about?" he asked. "So far you're not batting very high."

#airlines #barrowman #cabin

Shein Global Holdings Limited launched its global offering on Monday, selling approximately 280 million Class B shares at between HK$47.60 and HK$49.50 per share, valuing the company at close to $27 billion at the top of that range.
According to the prospectus, the total proceeds from the offering could reach HK$13.86 billion, equivalent to approximately $1.77 billion. The final price is expected to be announced August 31, with trading on the Hong Kong Stock Exchange set to begin September 1 under the stock code 00625.
The $27 billion valuation represents a decline of roughly 70% from the $98.2 billion private-market valuation Shein carried in 2022, and less than half the $64 billion figure investors **** igned to the company in 2023 and April 2024, according to CNBC.
A group of cornerstone investors, among them current Shein backers Boyu Capital, Tiger Global, and General Atlantic, committed to purchasing roughly $383 million in shares, according to Reuters. Tencent, Greenwoods, Taikang Life, and UBS **** et Management will also take stock. The company intends to direct approximately 80% of what it raises toward technology upgrades and broadening its international brand footprint.
The company's compressed valuation reflects a deteriorating financial trajectory. The company reported that revenue growth fell to 8% in 2025, down from 20.7% the prior year, before slowing even further to 1.1% in the first quarter of 2026. Shein posted a $99 million net loss in that quarter, reversing a $395 million profit from the same period a year earlier, after the U.S. eliminated a duty exemption on small packages from China. U.S. revenue fell 14.3% in the most recent first quarter compared with a year earlier.

#billion #Stock #approximately

South Korean battery manufacturer Samsung SDI Company announced that it plans to sell down its stake in Samsung Display Company, an affiliated manufacturer of digital displays for the automotive and other end-user sectors, as it looks to free up capital for investment in future growth businesses.
In a regulatory filing, the company confirmed that it has agreed to reduce its stake in Samsung Display from 15.2% to 10.2%, by selling 13.09 million shares each priced at KRW 304,000, freeing up a total of KRW 4.45 trillion (US$ 3.2 billion) in new investment capital. Samsung Display said it would buy back the shares from Samsung SDI as treasury stock, with the final valuation subject to change during the repurchasing process.
Samsung SDI has faced rising investment demand in the US, reflecting falling sales of battery electric vehicles (BEVs) in the country following policy changes by the US government, including the withdrawal of BEV purchase incentives worth up to US$ 7,500 per vehicle last year.
This has prompted manufacturers such as Samsung SDI, LG Energy Solution and SK On to convert some of their newly-built capacity in North America from automotive batteries to energy storage systems (ESS), while also buying out their vehicle manufacturing joint venture partners for some of this capacity.
Samsung SDI recently agreed to take over General Motors' almost 50% stake in its Synergy Cells joint venture, which was established in 2024, giving the South Korean battery maker full control of the US$ 3.5 billion battery plant under construction in New Carlisle, Indiana.

#korean #energy

On August 13, Stratasys (NASDAQ:SSYS) held its second-quarter earnings call, and the headline number was consumables revenue hitting a record $66.3 million. For a company trying to prove it has moved beyond selling prototyping machines into recurring, production-grade manufacturing, that record matters more than the top line itself. But underneath the record sat a cash flow warning that investors will want to weigh carefully.
Aerospace and defense is Stratasys's largest business, and it grew 17% year over year in the second quarter. Management pointed to expanding adoption across the U.S. Air Force, where the company's F900 system is certified for flightworthy production parts, describing the orders as increasing in volume across the Air Force's sustainment enterprise rather than one-time purchases. Once a part is qualified on a Stratasys platform, switching suppliers becomes costly, which is the basis for calling this demand structural. Stratasys Direct, the company's parts manufacturing arm, grew 12.1% year over year, fueled by defense technology customers building drones and munitions.
The quarter also delivered two large multiyear systems deals. Quickparts expanded its relationship with Stratasys by purchasing 12 Neo 800-plus systems on top of six units it already owned, with three of the new systems placed in Europe. FAW Group, one of China's largest auto manufacturers, signed for 12 F900 systems by year-end, with two shipped in the second quarter, adding to five F900s and eight other Stratasys machines it already runs to make interior parts like armrests and panels. Stratasys was also awarded a two-year, $7.8 million program through the 2026 America Makes OIB Modernization Challenge to develop monitoring technology for its F900 and F3300 platforms. Layered on top is the pending $42.5 million cash acquisition of MarkForged, whose continuous carbon fiber technology generated about $70 million in revenue in 2025 and which management expects to add positively to EBITDA within a year of closing.
System revenue fell to $26.4 million from $30.6 million a year earlier, meaning machine sales are shrinking even as the recurring materials business grows. Gross margin slipped too, with non-GAAP gross margin at 47.2% versus 47.7% a year ago, which the company attributed largely to a stronger Israeli shekel raising costs incurred in that currency. GAAP net loss widened slightly to $16.9 million, compared to $16.7 million a year ago, though GAAP loss per diluted share improved slightly to $0.19 from $0.20.

#stratasys #gaap

NEA delivers a 7.14% federally tax-free yield, which is double MUB's 3.52%, and posted a 12% price return over the past year.
NEA slashed its distribution nearly in half during 2022-2023 rate hikes and now trades at a NAV premium, eliminating the traditional CEF discount cushion.
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Investors who bought the iShares National Muni Bond ETF (NYSEARCA:MUB) did so for a good reason: it is the cheapest, most liquid way to own a diversified basket of federally tax-free municipal bonds. With a 0.05% expense ratio and $45.4 billion in **** ets, MUB has become the default core holding for taxable brokerage accounts. The problem is the payout. MUB's 30-day SEC yield of 3.52% as of August 13, 2026 looks thin against a 10-year Treasury at 4.63%, and even thinner for anyone trying to live on the income. A specific municipal fund pays more than double that rate, with the same AMT-free federal exemption, and Wall Street is only now re-rating it.
Roughly 5,900 investment-grade munis make up the portfolio at MUB, held with no leverage and no active security selection. That structure keeps the fee at a rounding error, though it also caps income near the underlying bond coupons. A retiree in the 32% federal bracket with $100,000 in MUB collects about $3,520 a year in tax-free interest. The taxable-equivalent yield is roughly 5.18%, which is respectable but leaves real purchasing power close to flat once inflation is deducted. For an investor whose entire reason for holding munis is tax-free monthly income, MUB is doing the job at half speed.

#federally

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If you have money sitting in a traditional savings account, you may not be getting a competitive return on your balance.
Today, the national average savings account rate is just 0.38%, according to the FDIC. However, a good savings account rate is much higher; today's best high-yield savings accounts pay closer to 4% APY — more than 10 times the average.
Here's a closer look at what a good savings account rate looks like in 2026, and where to find the best rates available.
A good savings account rate is one that not only beats the national average (which is currently 0.38%), but also helps your savings outpace inflation. Considering that the current inflation rate is 3.4%, a good savings account rate should be above this threshold — otherwise, your money will lose purchasing power over time.

#account #rate #national #inflation

On August 12, Tencent Music Entertainment Group (NYSE:TME) held its second-quarter 2026 earnings call, and the numbers told a story bigger than a music app. Total revenue reached RMB 8.9 billion, up 6% year over year, with the freshly consolidated audio platform Ximalaya adding roughly RMB 0.4 billion of that total. Music-related services revenue climbed 11%, and membership revenue rose 8% to RMB 4.8 billion. But the more interesting shift is happening beyond the subscription numbers, in concert stadiums, merchandise tables and a new audio business the company is only beginning to fold in.
Tencent Music is no longer content collecting streaming fees. Management pointed to live entertainment and artist merchandise as the fastest-growing part of the business, with both delivering strong double-digit year-over-year growth in the quarter. One collaborating rapper's stadium tour opener in Xi'an drew more than 30,000 fans, while another artist wrapped two consecutive sold-out arena shows in Hangzhou and a third sold-out debut arena show in Shenzhen quickly after tickets went on sale. The company's own concert franchise, TIMA, moved to a larger Hong Kong venue this year and more than tripled its audience capacity from last year's event. Fan meetings in Macau for an SM Entertainment trainee group drew tens of thousands of attendees and strong merchandise sales, and the company also invested in The Black Label to expand artist promotion and merchandise collaboration. None of this shows up cleanly in a subscriber count, but it is where TME is choosing to put its energy and capital.
The financial base underneath these bets held up too. Adjusted EBITDA rose 5% to RMB 3.3 billion, non-IFRS net profit attributable to equity holders rose to RMB 2.5 billion from RMB 2.4 billion a year earlier, and IFRS net profit climbed 4% to RMB 2.7 billion. Combined cash, deposits and short-term investments grew to RMB 44.2 billion from RMB 41 billion just three months earlier. The company also kept buying back stock, repurchasing 43.5 million shares for $400 million during the quarter under a program it expects to complete on schedule.
The acquisition that management is most excited about is also the one that muddies the picture. Ximalaya's consolidation contributed positively to both membership and advertising revenue this quarter, and after accounting for amortization of intangible ******* ets under purchase accounting, it had a favorable effect on gross margin as well. That is a lot of moving parts feeding into headline numbers that otherwise look straightforward. Strip out the roughly RMB 0.4 billion Ximalaya added, and the underlying growth rate looks noticeably softer than the 6% topline figure suggests.

#billion #music #revenue #rose

On August 7, **** ured Guaranty (NYSE:AGO) closed out a first half that pushed several core valuation metrics to record territory. Shareholders' equity, adjusted operating shareholders' equity, and adjusted book value per share all hit new highs at quarter-end, while new business production climbed to $152 million in present value of new business production/PVP for the first six months of 2026, up from $103 million a year earlier. That growth came even as the company kept underwriting through credit exposures that haven't gone away.
US public finance alone generated $106 million of PVP in the first half of 2026, more than the entire company produced in the first half of 2025, while insuring $9.6 billion of new issue par across 423 transactions. Global structured finance PVP more than doubled to $35 million from $15 million a year earlier, helped by fund finance deals that typically mature in a few months to a little over two years, letting the company recycle capital faster than in its longer-duration public finance book. The newer annuity reinsurance platform, **** ured Life Re, launched in January, and management says it remains on track to hit its production and income milestones.
Overseas, the company added deals in the UK, Spain, and France, part of a stated push into Europe and Asia Pacific. Second quarter adjusted operating income rose 22% year-over-year to $55 million, or $1.23 per share, helped by loss expense falling to $4 million from $28 million a year earlier. The company also kept returning cash, repurchasing 554,000 shares for $45 million in the quarter and paying $17 million in dividends, with the quarterly dividend per share now at $0.38.
Not everything moved in a straight line. The Brightline transaction was the biggest driver of economic loss development in the quarter, and management said the toll operator continues to face liquidity pressure even as its revenue grows; the exposure hasn't hurt adjusted operating income yet because expected losses haven't exceeded the deferred premium revenue on the policy, but the company said it is still working with Brightline and its other creditors on a resolution.
Thames Water remained a live issue too, though management reported no material change to its loss expectations in the second quarter, and the company is waiting on a new administration to help implement a solution creditors already negotiated with the UK regulator. The alternative investment book, which has delivered a roughly 12% inception-to-date internal rate of return against a 4.3% three-year average yield on the fixed maturity portfolio, took a step back after a $19 million mark-to-market loss tied to a CLO equity fund investment that reports on a one-quarter lag, a reminder of how much a single position can sway quarterly results.

#company #finance

Milan roared back in the transfer market and quenched their thirst for a new wing-back by purchasing one of the most coveted ones, Diego Moreira from Strasbourg, Sky reports.
Like in their previous big deals, the Rossoneri emptied their coffers to edge out the competition and seal the deal quickly to quash any attempts to hijack it. They'll pay a €45M fee plus hefty bonuses up to €20M, part which will be hard to activate. Instead, his wages will be relatively modest.
Milan beat in particular RB Leipzig for Moreira, while Roma had targeted him earlier in the summer. The Giallorossi had tendered €35M plus €10M add-ons and a 10 percent sell-on clause. He conspicuously posted a picture donning the Rossoneri jersey in early August.
The 22-year-old got his start at Benfica and had a cup of coffee at Olympique Lyonnais before being signed by Chelsea. He was an afterthought in London and returned to France a year later, blooming over the past two campaigns at Strasbourg. He registered 7 goals and 16 **** ists in 76 appearances and was part of Belgium's World Cup squad, although he appeared just once, making an impact in their comeback versus Senegal.
They surely don't beat around the bush when they really want somebody. Only time will tell whether these big fees will come back to bite them. Instead, from a technical standpoint, there are no notes. They were thin and weak on the wings, he can handle multiple positions, giving Ruben Amorim another versatile man to play with, and, at worst, he'll bring a lot of juice. A formation featuring him and Alexis Saelemaekers wide and two no.10s behind Gonçalo Ramos will be hard to stop.

#back #instead #hard #beat

FLA's new guidance offers a "strategic approach and concrete recommendations" informed by labour rights standards and frameworks, including its work with the Responsible Purchasing Practices Working Group. It is based on FLA's learnings from evaluating over 50 companies' responsible purchasing and production practices over the last decade; insights gleaned from conversations with buyers; and more.
"Purchasing decisions directly influence working conditions in supply chains," said FLA vice president of research & development in social compliance Tiffany Rogers. "Cost negotiations, payment terms, and lead times are just a few of the elements companies must consider in light of their impact on workers. Our latest guidance is designed to help businesses develop clear processes for working responsibly with suppliers that avoid creating risks for both workers and business operations."
Just Style coverage yesterday on the back of data from ESG ratings agency EcoVadis, revealed most UK retailers currently have no mechanism in place for workers to safely report labour rights abuse. EcoVadis ***** sed nearly 3,000 suppliers to UK retailers, 242 of which were based in countries classified as high risk for labour and human rights abuses.
While 72% of these suppliers had a written human rights policy in place, 56% had no formal channel available for workers to safely report labour-rights issues such as unpaid wages, harassment or forced labour conditions.
"FLA to issue new guidance on responsible purchasing practices" was originally created and published by Just Style, a GlobalData owned brand.

#labour #responsible

CF Industries (NYSE:CF) just posted a first half of 2026 that most fertilizer companies would frame around one thing: the conflict with Iran. Instead, management spent the earnings call on August 6 arguing that something bigger is happening underneath the headlines. Adjusted EBITDA hit $2.2 billion for the first half, ammonia plants ran at nearly 98% of available capacity, and the company raised its own estimate of what it can earn in a normal year. Investors chasing the geopolitical story may be missing the real one.
Management's central argument is that global nitrogen capacity has gotten permanently more expensive to build, which raises the price required to justify new plants and therefore lifts what CF Industries can earn even in ordinary years. That case leans on Blue Point, where the company has now received every permit needed to start construction, ordered nearly all its long lead items, and expects module fabrication to begin later this year. Combined with the planned return of the Yazoo City Complex in the first half of 2027, those projects support management's target of roughly $3.3 billion in mid-cycle EBITDA by 2030, up from a new $2.9 billion baseline, and neither figure includes any ****** p from the current conflict.
The quarter's numbers back up the operational side of that story. Second quarter net earnings reached $727 million, or $4.73 per diluted share, while trailing 12-month free cash flow came in around $1.8 billion. CF Industries has funneled much of that into buybacks, repurchasing 10.6 million shares for $958 million over the past year, and the board raised the quarterly dividend 20% to $0.60 per share in July. Shares outstanding have fallen 29% since the start of 2021 while the dividend has doubled, a combination management says has lifted investor ownership of the underlying business by more than 40% since 2020.
Management spent real time on the call pushing back on the idea that CF Industries' growth is mostly a geopolitical trade, which suggests that's exactly how a lot of investors are currently pricing the stock. Demand data from the quarter gives that read some support. Customers in regions with second-half application seasons deferred purchases as prices rose, and North American buyers slowed down enough in June that channel inventories fell to a very low point.
That weakness only reversed once thin inventories forced a rush into July's UAN and ammonia fill programs. Meanwhile, capital spending is about to climb as Blue Point construction ramps up, with CF Industries' share of 2026 capex projected at $950 million out of a company total of $1.3 billion, a bill that has to be paid before any of the 2030 targets show up in earnings.

#million #first #year

By Harry Robertson
LONDON, Aug 14 (Reuters) - Market gauges of inflation-adjusted borrowing costs have shot to their highest in more than a decade across major economies as AI companies and governments ramp up bond sales, raising risks for stock markets and the world economy.
Real yields are the returns that a bond investor ‌demands above inflation and are an important indicator of true borrowing costs for governments and companies. They are typically determined by expectations about growth, interest rates and the ‌supply and demand of money.
U.S. 30-year real yields, as measured by inflation-linked bonds, are near 18-year highs at around 3%, while British and German 10-year real yields are trading at around their highest in more than a decade.
Investors and **** ysts say a surge in borrowing by AI "hyperscalers", at a time when governments are still spending heavily, has been a leading factor pushing up yields, as buyers demand higher returns to keep purchasing the flood of bonds hitting markets.

#governments #costs

Interested in Ellington Credit Company? Here are five stocks we like better.
Ellington Credit delivered an 8.1% economic return in Q2 2026, with NAV rising to $4.18 per share from $4.09 and total NAV reaching $159.7 million. GAAP net income was $0.33 per share, while adjusted net investment income was $0.15 per share.
The company expanded its CLO portfolio to $334.1 million after purchasing $64.8 million and selling $35.1 million of investments. Management shifted toward longer-tenor CLO equity and higher-coupon, wider-spread mezzanine debt while reducing leverage and credit hedges.
Management reported continued momentum in July, including a roughly 3.1% economic return and adjusted NII of approximately $0.06 per share. It expects adjusted NII to reach the low-$0.20 range over the next few quarters and said the portfolio could grow another 5% to 10%.
Ellington Credit (NYSE:EARN) reported an 8.1% economic return for the quarter ended June 30, 2026, as the company expanded and repositioned its collateralized loan obligation portfolio following market volatility earlier in the year.

#Share #million #adjusted #Portfolio

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Management attributed the flat quarter-over-quarter revenue of $1.8 million to the long sales cycles inherent in hospital contracting, while emphasizing that the commercial pipeline has doubled over the last five to six months.
The company secured a national group purchasing agreement with a third major U.S. GPO, which management views as a critical strategic component for accessing a substantial portion of U.S. hospitals.
Strategic focus has shifted toward international distribution, with partnerships covering more than 40 countries now better supported by a strengthened balance sheet following recent financing.
Operational efforts are currently concentrated on the PMA supplement for the second-generation LungFit PH system, which management describes as the most important near-term catalyst for the company.

#operational #analysts

To generate $7,200 a month in dividends, investors need roughly $2.16M at a 4% yield or as little as $864,000 at 10%, though higher yields risk principal erosion.
A 3.5% yield growing 8% annually doubles income in nine years, outperforming static high yields that steadily lose real purchasing power to inflation.
Blending SCHD and AMGN for growth with O for monthly cash flow targets a ~4% blended yield while preserving inflation-fighting compounding.
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$7,200 a month in distributions works out to $86,400 a year. That is roughly what a comfortable retirement costs in most of the country once a paid-off house and Medicare are in the picture. The real question is how much capital you need to park, and what you have to accept in exchange, to produce it without ever selling a share.

#roughly #real #paid #blending

Ohio State football announced new in-stadium changes for home games ahead of the 2026 college football season, including the expansion of its facial recognition check-in software and the option for fans to rent single-game padded seatbacks.
The facial recognition software, called Express Entry, was introduced during the 2025 season as an optional service that allowed students (and some fans in "premium" areas) to skip lines and use dedicated gates with facial scanners to enter.
Ohio State described the 2025 rollout as "successful" and plans to expand Express Entry to certain public gates for the upcoming season. With last year's introduction, Ohio State became the second school in the country to use Express Entry after the University of Florida, which fully implemented the service throughout its stadium in August 2025.
Additionally, Ohio State is renting padded seatbacks, which can be purchased on a single-game basis at A Deck and C Deck rental carts. After purchasing, fans can take the seatback to their ticketed seat and use it throughout the game.
Seat cushions with back supports, zippers or storage slots are listed under Ohio Stadium's "prohibited items" list in the football team's online game day guide. That policy isn't new; seat cushions with back supports have been banned from Ohio Stadium since at least the 2023 season.

#ohio #season #stadium #seat

U.S. consumer sentiment fell about 8% in August, snapping two consecutive months of improvement as worries about inflation linked to the Middle East conflict weighed on households.
The University of Michigan's Index of Consumer Sentiment came in at 51.0 for August, down from 55.2 in July, a month-over-month decline of 7.6%. Economists surveyed by Reuters had forecast a reading of 54.5. A Bloomberg survey of economists had projected 55.
The decline was broad-based. While views of personal finances saw only minor changes, expected business conditions sank 11% for the short run and 17% for the long run, according to the survey. The Index of Consumer Expectations fell to 50.6 from 55.4, and the Current Economic Conditions Index dropped to 51.8 from 54.8.
Joanne Hsu, director of the University of Michigan Surveys of Consumers, said sentiment fell across the political spectrum, with Republicans recording the steepest month-to-month drop. "Sentiment among Republicans is now 19% below readings just prior to the Iran conflict and the lowest since the 2024 election," Hsu said in a statement. Notably large declines were also recorded among older consumers, lower-income consumers, and those without a college degree — groups Hsu described as particularly vulnerable to any erosion of purchasing power from inflation.
Year-ahead inflation expectations rose to 4.3% from 4.2% in July, topping the 3.4% reading recorded in February, just before the Iran conflict erupted, and coming in above every 2024 reading as well. Consumers' five-to-ten-year inflation outlook remained anchored at 3.3%, unchanged for the third consecutive month. Only 8% of consumers expect their income growth to outpace inflation in the year ahead, down from 18% in December 2024.

#index #year

US consumers grew more gloomy about the economy in August as sentiment declined amid the war, higher bond yields, and geopolitical uncertainty, according to a preliminary consumer sentiment reading from the University of Michigan.
UMich's Index of Consumer Sentiment fell to 51 from July's 55.2 reading, coming in markedly below economists' expectations of 55 and ending two consecutive months of improvement in the metric.
Indexes tracking current conditions and consumer expectations also underperformed estimates. The current conditions index printed at 51.8 versus economists' estimate of 54.8, while the expectations index was 50.6 versus the estimated 55.2.
Read more: What is consumer confidence, and why does it matter?
"Although the early-month weakening in sentiment was pervasive across various demographic groups, notably large reductions were seen among older consumers, lower-income consumers, and those without a college degree," said survey director Joanne Hsu. "These groups are all particularly vulnerable to any erosion of purchasing power stemming from inflation.

#expectations