Bitcoin on Tuesday was trading 26% below its October record high.
As bitcoin edged higher Tuesday, Standard Chartered said it now expects the cryptocurrency to end the year higher at $100,000. That’s still a halving of its previous year-end target of $200,000, which was issued in June 2024.
The bank also halved its bitcoin forecast for year-end 2026 to $150,000, from $300,000, and lowered its year-end projections through 2029. But it still expects bitcoin (BTCUSD) can reach $500,000 in 2030, according to a Tuesday note by Geoff Kendrick, global head of digital-assets research at Standard Chartered.
Until recently, Standard Chartered was one of the only major banks acting as a custodian of cryptocurrencies for its institutional clients. Unlike stocks, price targets for bitcoin can be few and far between on the Wall Street.
The downward revisions also come as bitcoin has been treading water for the past few days and was trading slightly above $93,000 on Tuesday, almost 26% off its record high of $126,273 reached on Oct. 6. “Price action has forced us to recalibrate our bitcoin price forecasts,” Kendrick wrote.
Of note, Kendrick also said: “We think buying by bitcoin digital-asset-treasury companies (DATs) is likely over.”
Digital-asset-treasury companies are businesses that have adopted a strategy of piling up their balance sheets with crypto – even if historically many of these companies had little or nothing to do with crypto. A fear in markets has been that if these companies start selling crypto, one of the year’s most popular trades could implode.
Earlier this week, Michael Saylor’s Strategy (MST), the largest and highest-profile bitcoin-treasury company, defied expectations that it may face difficulties in fundraising by disclosing it had purchased roughly another $1 billion worth of bitcoin last week, its biggest single acquisition since July.
Strategy has been trading below the value of its bitcoin holdings since November, reversing the steep premium it once enjoyed, according to data provider BitcoinTreasuries.net. As of Tuesday, its shares traded at an 11% discount compared with a premium that reached as high as 700% in 2020.
Read: GameStop’s bitcoin holdings – and sales – slide
Buying from both digital-asset-treasury companies and bitcoin exchange-traded funds has been one of the main forces driving bitcoin’s price since 2024, according to Kendrick.
But one leg of that demand appears to be weakening. Like Strategy, many other crypto-treasury companies have seen their share prices fall below the value of the crypto assets they hold. That makes additional buying harder to justify and less financially supported as they struggle to raise new financing, according to Kendrick. As a result, he expects buying from this group to stall.
Read: Many crypto-treasury companies are trading for less than what their digital assets are worth. Is this a bargain or a big red flag?
The chart below shows that the aggregate market net asset value of bitcoin-treasury companies – or the aggregate market capitalization of such companies divided by the value of bitcoin they held – has fallen sharply from earlier this year.
Still, Kendrick noted that it remains unlikely Strategy will sell any of its bitcoin.
For smaller digital-asset-treasury companies, Kendrick said the most probable outcome is stabilization rather than selling. These firms are more likely to pause or maintain their current holdings rather than unwind them, he added.
Looking ahead, Kendrick expects bitcoin’s price action to be driven mostly by ETF flows. He expected to see continued ETF inflows over the next several years, supported by broader institutional adoption of bitcoin.
However, near-term flows have been mixed. BlackRock’s iShares Bitcoin Trust IBIT, the largest bitcoin ETF, has logged six consecutive weeks of outflows as of last week – its longest streak of weekly outflows since its debut in January 2024, according to data from CFRA Research. It has still accumulated $25.4 billion in net inflows year to date.
-Frances Yue
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
Report from The Consumer Goods Forum’s Human Rights Coalition shows advancements made by individual companies using CGF’s framework to strengthen approaches to tackle forced labour.
The public results show members have individually put in place strong governance, clear policies, structured risk assessments and mitigation plans – demonstrating that action accelerates when effective frameworks, tools and peer learning are in place.
The publication also provides practical member case studies and highlights areas where more work is needed.
Paris, 10 December 2025, The Consumer Goods Forum (CGF)’s Human Rights Coalition (HRC) has today published a report on the progress of its members’ human rights due diligence systems, focused on preventing forced labour in their operations. The publication is part of the Coalition’s commitment to transparently shine a light on steps taken and important challenges ahead.
Explore the findings and access the full report
The HRC is a collective of brands, manufacturers and retailers voluntarily working together in line with competition rules to ensure that human rights are protected and respected across the entire length of international value chains. The Coalition’s members, who act individually and independently in their business operations, represent an estimated $1.7 trillion in combined annual revenue and supply chains that reach millions of suppliers and workers worldwide.
The report, published five years after the Coalition was first formed and coinciding with the UN’s Human Rights Day, shows that members have individually put in place strong governance, clear policies, structured risk assessments and mitigation plans that integrate worker input; 91% of member companies have now reached maturity through their own individual efforts.
At the heart of the report is the full CGF ‘Maturity Journey Framework for Human Rights Due Diligence (HRDD) Systems Focused on Forced Labour in Own Operations’. A six-step pathway for companies to individually evaluate and strengthen their individual due diligence systems. The framework offers companies an option for a transparent self-assessment to understand their own progress and identify what comes next:
John Ross, CEO of IGA and a CGF board member and Coalition sponsor, said:
“This report underscores a simple truth: tackling forced labour starts with strong governance, clear expectations, and leaders willing to hold their own organisations accountable. By making this assessment public, the Human Rights Coalition shows how important it is to keep due diligence front and centre.”
HRC Co-Chairs, Virginie Mahin, Senior Director Global Social Sustainability & Stakeholder Engagement, Mondelēz International and Rachel Elliott, General Manager Sustainability – Human Rights, Woolworths Group, and outgoing Co-Chair Jessica Rivas, Director, Climate and Nature Sourcing Transformation, McDonald’s Corporation, said:
“We’re proud to see that 91% of Coalition members have reached maturity in embedding due diligence in their operations. Our recommended Framework is an effective way for the wide consumer goods industry to approach human rights due diligence and ensure we’re all delivering best practices for people.”
The report contains a range of practical examples illustrating how member companies are applying due diligence best practices, including:
APP Group launching a full due diligence process including training over 5000 employees and managers;
Danone connecting assessment action and monitoring through an integrated governance system;
Ferrero operationalising a new forced labour prevention policy;
Jerónimo Martins embedding Human and Labour Rights Through Training, Audits and Worker Integration
Mondelēz International expanding risk assessment across its operations;
McDonald’s updating its Human Rights Policy, Supplier Code of Conduct and supporting guidance;
Neste extending access to grievance mechanisms for third-party workers;
Unilever evaluating the impact of fee remediation on migrant workers in Malaysia and Thailand.
While marking important headway, the report also points to significant steps that remain. For example, remedy systems – designed to correct harm and restore the rights of impacted workers – are being developed and rolled out by many companies but have not yet reached the scale required by the size of the challenge. Structured assessment practices allow companies to collect data, but consistency still needs to be strengthened. Companies are individually, tracking and monitoring outcomes of their programs, but have yet to embed a feedback cycle that feeds directly into company decision making.
Wai-Chan Chan, Managing Director of The Consumer Goods Forum, said:
“I’m proud that the Human Rights Coalition members have individually strengthened governance, clarified responsibilities and taken steps to identify and act on risk, following collaborative action through the Coalition. I look forward to seeing how the wider consumer goods sector can pick up these recommended best practices, supporting not only workers across the globe, but also helping deliver against strategic business priorities and meet key company commitments.”
The members of the Human Rights Coalition are: Ahold Delhaize, APP Group, The Coca Cola Company, Colgate-Palmolive, Danone, Ferrero, Flora Food Group, Haleon, Heineken, IGA, Jerónimo Martins, L’Oréal, The Lindt & Sprüngli Group, Lipton Teas & Infusions, Mars, Inc., McDonald’s Corporation, Mondelēz International, Neste, Nestlé, PepsiCo, Tesco Unilever, Walmart and Woolworths Group.
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Cracker Barrel, a US old-fashioned restaurant chain, cut its sales outlook for its fiscal year as it continues to recover from a social media controversy over an attempt to modernise its logo.
The company, whose restaurants are known for serving Southern-style comfort food, reported sales fell more than expected in its most recent quarter, sending its shares down about 10 per cent in after-hours trading on Tuesday.
“First-quarter results were below our expectations amid unique and ongoing headwinds,” chief executive Julie Masino said. “We have adjusted our operational initiatives, menu and marketing to ensure we are consistently delivering delicious food and exceptional experiences.”
Cracker Barrel in August changed its “Old Timer” logo that featured an elderly man leaning against a wooden barrel as a way to modernise the brand and attract new customers. But the shift ignited a social media backlash that prompted accusations that the company was engaging in “woke” rebranding.
US President Donald Trump weighed in, saying in a Truth Social post that the restaurant chain should go back to the old logo and “admit a mistake”.
Management quickly reverted to the old logo but the controversy has stuck: sales continue to fall and the company’s share price is down by about half this year.
Activist investor Sardar Biglari launched a proxy campaign this year urging shareholders to vote against the re-election of Masino, alleging that her tenure had been marked with “highly publicised mis-steps”. The chief executive retained her role following a November vote.
Cracker Barrel’s fortunes have diverged from those of American Eagle Outfitters. The apparel retailer’s ads over summer featuring actor Sydney Sweeney dragged it into the “culture wars” but it was defended by Trump. Last week, the company boosted its outlook, helped in part by the success of its marketing campaign featuring the starlet.
The absence of a “Trump bump” in sales has left Cracker Barrel exposed to the sort of challenges facing other American restaurant chains, as cash-strapped consumers skip dining out amid high prices and concerns about job security. Chipotle lowered its sales forecasts for the third time this year as it noted that the chain lost diners to grocery stores.
Cracker Barrel cut its full-year outlook and now expects annual revenue to be between $3.2bn and $3.3bn, compared to previous guidance of $3.35bn to $3.45bn: management told analysts they expect weaker customer traffic and a higher level of discounting. It also downgraded its forecast for adjusted earnings before interest, taxes, depreciation and amortisation to between $70mn and $110mn, lopping $80mn off each end of its earlier projection.
The outlook downgrade accompanied the group reporting a 5.7 per cent drop in revenue to $797.2mn in the three months that ended October 31, owing to a fall in traffic. That missed Wall Street’s expectations for revenue of $801mn.
It swung to a first-quarter net loss of $24.6mn, weighed down by items including impairments related to store closures and company restructuring costs.
TOKYO, Dec 10 (Reuters) – Markets are increasingly worried about Japan’s “tail risk” of slipping into a negative spiral, where monetary tightening lags inflation and a weak yen pushes prices higher, the markets chief at top lender Mitsubishi UFJ Financial Group (8306.T), opens new tab said.
Markets have priced in a 90% chance of a rate hike by the Bank of Japan this month, shifting attention to how the central bank signals its longer-term policy path.
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MUFG is among top Japanese players in the foreign exchange market and the largest owner of Japanese government bonds among major banks.
“If the BOJ fails to anchor expectations for further rate hikes beyond the next and the government boosts spending to appease voters frustrated with inflation, the yen could weaken further,” Hiroyuki Seki, the head of MUFG’s Global Markets Business Group, told Reuters in an interview.
“That could re-accelerate import costs, creating a negative spiral of inflation and currency depreciation,” he said.
Despite narrowing interest rate differentials with the United States, the yen has remained weak around 155 per dollar, partly reflecting market expectations that Prime Minister Sanae Takaichi’s reflationary stance could limit further BOJ tightening.
Seki stressed that eliminating Japan’s extremely low real interest rates was essential.
“The BOJ needs to move early and steadily toward monetary normalization to preempt a vicious cycle where insufficient tightening allows yen depreciation to push inflation even higher,” he said.
Beyond the potential December hike, Seki expects the BOJ to follow a gradual normalization path, raising rates by 25 basis points roughly every six months, provided economic and price trends evolve in line with the central bank’s projections.
The so-called terminal rate – the level at which the tightening cycle is expected to end – is projected at 1.25%-1.5% by mid-2027, though risks are skewed higher if inflation proves sticky, he said.
The BOJ has released estimates suggesting Japan’s nominal neutral interest rate – one that neither cools nor overheats the economy – lies somewhere between 1% and 2.5%.
On MUFG’s Japanese government bond strategy, Seki said the bank has been cautiously rebuilding positions since the benchmark 10-year yield rose above 1.65%.
“If the yield exceeds 2%, we plan to accelerate the pace of rebuilding, mainly on 10-year bonds, in line with higher interest rates,” he said. MUFG has substantial capacity for purchases given its currently restrained risk exposure, he added.
Reporting by Makiko Yamazaki, Miho Uranaka and Tomo Uetake; Additional reporting by Takaya Yamaguchi
Editing by Tomasz Janowski
Our Standards: The Thomson Reuters Trust Principles., opens new tab
The “premium” that the UK pays to borrow money compared with its international peers may be coming to an end as markets grow more confident about the government’s plans, a thinktank has suggested.
The Institute for Public Policy Research (IPPR) said that the chancellor Rachel Reeves’s announcement in the autumn budget that she would be more than doubling the UK’s financial headroom by 2030 from £9.9bn to £22bn had begun to assure bond markets about Labour’s fiscal approach.
Government bond yields – which is the return paid on government debt – have been increasing around the world in recent years, as a result of higher inflation, rising interest rates and countries running bigger deficits.
However, UK’s gilt yields have been higher than its peers, including the US and the eurozone, largely because the economy suffers from a “credibility problem” over whether its fiscal policies will be achieved, according to IPPR, a left-leaning thinktank.
UK yields have risen by 0.4 to 0.8 percentage points more than major peers since Labour won the 2024 election, the IPPR said, costing taxpayers up to £7bn a year. The government has spent £92bn on interest payments so far for this financial year, it said.
Bond yield graphic
The higher cost of borrowing for the UK comes despite the fundamentals of its economy being stronger than countries with lower borrowing costs. The UK’s debt-to-GDP ratio is 101%, compared with 122% in the US and 237% in Japan, and the government is planning to halve the amount it borrows each year by the end of this parliament.
The problem is that bond traders think the UK is not good at keeping to its fiscal policies, the IPPR said. The mini-budget in 2022 under the Liz Truss administration “showed how quickly a UK government could bypass the fiscal framework”, the thinktank said. It added that in the years leading up to this event, successive chancellors had “repeatedly changed, missed or redefined their own fiscal rules” or changed themselves, with seven different chancellors from 2016 up to the 2024 election. A “lack of trust in stated fiscal policy has set in, as actions have spoken louder than words,” it said.
However, the autumn budget prompted the UK premium against the eurozone to almost halve. William Ellis, a senior economist at IPPR, said: “The premium on UK borrowing costs appears to be easing, showing that markets are responding to growing confidence in the government’s fiscal approach. Sticking to its fiscal plans could save the exchequer billions and free up fiscal space in the future.”
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IPPR said another way to lower borrowing costs would be for the Bank of England to pause its sale of government bonds after “selling them at a record pace”.
Carsten Jung, the associate director for economic policy at IPPR, said: “The Bank of England needs to pull its weight. Actively selling government bonds is adding unnecessary pressure to the gilt market. It should stop – just as every other major central bank has.”
On December 5, 2025, the Securities and Exchange Commission (the “SEC”) agreed to modify certain long-standing restrictions placed on major investment banks as part of a court settlement (commonly referred to as the “global research settlement”) in the early 2000s. The restrictions, which were designed to address alleged conflicts of interest between the firms’ equity research and investment banking arms, included a communications firewall between the two arms.
The SEC’s action was in response to motions filed by several of the major banks party to the global research settlement requesting that they be released from certain of the restrictions under the global research settlement. In their motions, the banks argued that those restrictions were no longer necessary because comprehensive, industry wide regulation—principally Rule 2241 of the rules of the Financial Industry Regulatory Authority, which was adopted in 2015—now addresses the very conflicts of interest those restrictions were designed to manage, noting that the global research settlement itself anticipated this outcome by presuming modification once such rules were adopted. The banks further argued that, after a decade of effective enforcement of FINRA Rule 2241, maintaining a parallel, settlement specific regime for only the banks party to the global research settlement creates a fractured framework that imposes unnecessary burdens and costs without corresponding investor protection benefits.
The global research settlement imposes several prescriptive restrictions that FINRA Rule 2241 does not, most notably a blanket ban on direct communications between investment bankers and research analysts except for narrowly enumerated exceptions. For example, the banks noted that the following actions, which would not pose any relevant conflict of interest under FINRA Rule 2241, are barred under the global research settlement: (1) bankers asking analysts for purely ministerial information (such as dial in details for a public research call); (2) bankers passively (i.e., in “listen only” mode) attending a research analyst call with company management; and (3) bankers facilitating or even alerting an analyst to an investor’s or corporate client’s request for an introduction or discussion. The banks further noted that while the global research settlement mandates communication rules that often require legal/compliance chaperoning, FINRA Rule 2241 uses a principles based “information barriers and policies/procedures” approach that allows benign interactions so long as conflicts are effectively managed.
In a statement hailing the SEC’s consent to the modification, SEC Commissioner Mark Uyeda noted that “the [SEC] took an important step toward eliminating outdated and costly requirements on firms and improving the availability of equity research in our markets by agreement to amend the [global research settlement].”
The proposed modifications remain subject to court approval.
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(Alliance News) – Anglo American PLC on Tuesday welcomed news that shareholders in Teck Resources Ltd have approved the “proposed merger of equals” between the two firms at a special meeting.
Shareholders in Vancouver, Canada-based Teck Resources overwhelmingly voted to approve the special resolution backing the merger with London-based miner Anglo American.
Teck said 99.7% of the votes cast by class A common shareholders at the meeting were in favour of the resolution and 89.7% of votes cast by class B subordinate voting shareholders were in favour of the resolution.
The resolution required the approval of at least two-thirds of class A shareholders and two-thirds of class B subordinate voting shareholders.
“This resoundingly positive vote marks an important milestone in creating Anglo Teck – a global leader in critical minerals headquartered in Canada,” said Jonathan Price, president and chief executive Teck.
“Anglo Teck will be positioned to deliver long-term value through a world-class copper growth portfolio, operational and functional synergies, and a stronger platform to meet growing demand for critical minerals essential to global economic growth and the energy transition,” he added.
Anglo American said it was pleased Teck shareholders had approved the “merger of equals”.
Anglo American Chief Executive Duncan Wanblad said: “We are extremely pleased to have received such strong support both from shareholders and stakeholders alike. Today marks a major milestone towards forming Anglo Teck – a global critical minerals champion, headquartered in Canada, and a top five global copper producer.”
“Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies – in the near term through a unique combination of industrial and other synergies, and in the longer term by applying proven capabilities to exceptional growth optionality, offering investors more than 70% exposure to copper,” he added.
Shareholders in Anglo American had earlier supported the deal, passing both motions required to approve the transaction. Around 99% of Anglo investors backed the proposal.
Under the planned deal, Anglo will own just over 62% of the combined group, with Teck shareholders owning the rest. The enlarged group’s headquarters will be in Vancouver, but its primary listing will remain in London.
The merger remains subject to customary closing conditions, including approval under the Investment Canada Act and applicable competition and regulatory approvals in various jurisdictions globally and final approval by the Supreme Court of British Columbia.
Shares in Anglo American closed down 0.5% at 2,916.00 pence each in London on Tuesday. Teck Resources ended up 0.9% at CAD61.95 in Toronto.
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Students enrolled in MIT’s New Engineering Education Transformation (NEET) program recently collaborated across academic disciplines to design and construct a solar-powered charging station. Positioned in a quiet campus courtyard, the station provides the MIT community with climate-friendly power for phones, laptops, and tablets.
Its installation marked the “first time a cross-departmental team of undergraduates designed, created, and installed on campus a green technology artifact for the public good, as part of a class they took for credit,” says Amitava “Babi” Mitra, NEET founding executive director.
The project was very on-brand for the NEET program, which centers interdisciplinary, cross-departmental, and project-centric scholarship with experiential learning at its core. Launched in 2017 as an effort to reimagine undergraduate engineering education at MIT, NEET seeks to empower students to tackle complex societal challenges that straddle disciplines.
The solar-powered charging station project class is an integral part of NEET’s decarbonization-focused Climate and Sustainability Systems (CSS) “thread,” one of four pathways of study offered by the program. The class, 22.03/3.0061 (Introduction to Design Thinking and Rapid Prototyping), teaches the design and fabrication techniques used to create the station, such as laser cutting, 3D printing, computer-aided design (CAD), electronics prototyping, microcontroller programming, and composites manufacturing.
The project team included students majoring in chemical engineering, materials science and engineering, mechanical engineering, and nuclear science and engineering.
“What I really liked about this project was, at the beginning, it was really about ideation, about design, about brainstorming in ways that I haven’t seen before,” says NEET CSS student Aaron De Leon, a nuclear science and engineering major focused on clean energy development.
During these brainstorming sessions, the team considered how their subjective design choices for the charging station would shape user experience, something De Leon, who enrolled in the class as a sophomore, says is often overlooked in engineering classes.
The team’s forest-inspired station design — complete with “tree trunks,” oyster mushroom-shaped desk space, and four solar panels curved to mimic the undulation of the forest canopy — was intended to evoke a sense of organic connectivity. The tree trunks were crafted from novel flax fiber-based composite layups the team developed through experiments designed to identify more sustainable alternatives to traditional composites.
The group also discussed how a dearth of device charging options made it difficult for students to work outside, according to NEET CSS student Celestina Pint, who enrolled in the class as a sophomore. The desk space was added to help MIT students work comfortably outdoors while also charging their devices with renewable energy.
Pint joined NEET because she wanted to “keep an open approach to climate and sustainability,” as opposed to relying on her materials science and engineering major alone, she says. “I like the interdisciplinary aspect.”
The project class presented abundant interdisciplinary learning opportunities that couldn’t be replicated in a purely theory-based curriculum, says Nathan Melenbrink, NEET lecturer, who teaches the project class and is the lead instructor for the NEET CSS thread.
For example, the team got a crash course in navigating real-world bureaucracy when they discovered that the installation of their charging station had to be approved by more than a dozen entities, including campus police, MIT’s insurance provider, and the campus facilities department.
The team also gained valuable experience with troubleshooting unanticipated design implementation challenges during the project’s fabrication phase.
“Adjustments had to be made,” Pint says. Once the station was installed, “it was interesting to see what was the same and what was different” from the team’s initial design.
This underscores a unique value of the project, according to NEET CSS student Tyler Ea, a fifth-year mechanical engineering major who joined the project team last year and is now a teaching assistant for the class.
Students “are able to take ownership of something physical, like a physical embodiment of their ideas, and something that they can point towards and say, ‘here’s something that I thought about, and this is how I went about building it, and then here’s the final result,’” he says.
While students only become eligible to join NEET in their second year, first-year students interested in the program were also able to learn from the solar-powered charging station project in the first-year discovery class SP.248 (The NEET Experience). After learning fundamental concepts in systems engineering, the class analyzed the station and suggested changes they thought would improve its design.
Melenbrink says student-built campus installations were once a hallmark of MIT’s academic culture, and he sees the NEET CSS solar-powered charging station project as an opportunity to help revive this tradition.
“What I hear from the old guard is that there was always somebody … lugging some giant, odd-looking prototype of something across campus,” Melenbrink says.
More collaborative, hands-on, student-led climate projects would also help the Institute meet its commitment to become a leading source of meaningful climate solutions, according to Elsa Olivetti, the Jerry McAfee (1940) Professor of Materials Science and Engineering and strategic advisor to the MIT Climate and Sustainability Consortium (MCSC).
“This local renewable energy project demonstrates that our campus community can learn through solution development,” she says. “Students don’t have to wait until they graduate or enter the job market to make a contribution.”
Students enrolled in this year’s Introduction to Design Thinking and Rapid Prototyping class will fabricate and install a new solar-powered charging station with a unique design. De Leon says he appreciates the latitude NEET students have to make the project their own.
“There was never the case of a professor saying, ‘We need to do it this way,’” he says. “I really liked that ability to learn as many things as you wanted to, and also have the autonomy to make your own design decisions along the way.”
