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Category: 3. Business

  • National debt: UBS’s Paul Donovan warns governements will leverage private wealth

    National debt: UBS’s Paul Donovan warns governements will leverage private wealth

    When examining the flow of wealth in the coming decades, privately wealthy individuals rest in a very healthy position. Their assets have increased in value, their portfolios have performed well, and many are looking to the generations above them for a significant windfall of cash set to come from inheritance.

    Governments, with their eye-watering debt burdens and expensive borrowing costs, are eyeing that wealth—and they want in.

    Policymakers have leveraged private wealth in the past to pay their way, UBS chief economist Paul Donovan recently told media at a roundtable discussing the economic outlook for 2026—but the question is whether they will use a carrot or a stick to drum up revenue from individuals.

    As such, some may prove more popular than others. Donovan said last week: “Governments have long mobilized private wealth to support public finances. There are several approaches. One is to influence market behavior—encouraging individuals to buy government bonds through incentives like tax-free premium bonds, which channel savings directly into state financing. Prudential regulation can also steer pension funds toward domestic government debt, as seen in the UK after 1945, when a debt-to-GDP ratio of 240% was successfully reduced over decades.”

    It is this debt-to-GDP ratio that has economists so concerned, rather than the volume of debt itself. After all, the ratio is a useful indicator of whether an economy is growing fast enough to generate the revenues necessary to repay its debts—or the interest payments on its debts—to lenders. If the customers buying a government’s debt feel the ratio is unbalanced, they may demand higher interest to offset the risk and so push the government’s budget even further.

    To increase the supply of debt buyers—with individuals motivated by a tax-free incentive, for example—allows governments to borrow more without facing higher market interest.

    However, there are other, less popular ways to raise revenue to pay off the debt. “More contentious options exist,” added Donovan, “Such as taxing wealth through capital gains or inheritance levies. In practice, the initial focus tends to be on financial repression—using tax incentives or regulation to direct money into government bonds—before moving toward wealth taxation.”

    A timely wealth transfer

    Inheritance levies will be of significant interest in the era of the Great Wealth Transfer, with $80 trillion due to change hands over the next 20 years, according to UBS. Some studies put that figure even higher, saying as much as $124 trillion will be passed down from older generations to their younger counterparts.

    Donovan has previously warned that politicians will likely be wondering how this shift could help revive their own fortunes. The chief economist said in a video last month: “It seems unrealistic to suppose that governments will just sit idly by as this wealth moves around. We would expect governments to attempt to mobilize that wealth to help fund their debt, but in doing so, that denies private sector investment access to some of those funds.”

    With global public debt now surpassing $100 trillion, politicians and the public alike are growing increasingly concerned about the issue. While economists have described President Trump’s methods as “peculiar,” there is no doubt that his tariff regime has brought billions to Uncle Sam’s bottom line.

    The White House has also suggested selling “gold cards” to wealthy would-be immigrants, with Trump saying it would be “nice” to offset some of the debt with the proceeds. That being said, this idea was tabled in February with more details promised to emerge within the fortnight—no such small print has been confirmed.

    The U.K.’s Chancellor, Rachel Reeves, has adopted a different approach—potentially more in line with the policies Donovan has suggested. In a pre-budget speech a few weeks ago, Reeves made it clear that individuals will be called on to play their part in the wider fiscal trajectory.

    “If we are to build the future of Britain together, we will all have to contribute to that effort,” she said. “Each of us must do our bit for the security of our country and the brightness of its future. There is a reward for getting these decisions right, to build more resilient public finances—with the headroom to withstand global turbulence.”

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  • A Fresh Look at Micron Technology (MU) Valuation as Analyst Optimism Grows on AI-Driven Memory Demand

    A Fresh Look at Micron Technology (MU) Valuation as Analyst Optimism Grows on AI-Driven Memory Demand

    Micron Technology (MU) has drawn fresh attention from investors after analysts cited a surge in demand for its high-bandwidth memory and DRAM. This demand is supported by accelerated spending on AI-driven data center infrastructure. Momentum appears to be building as the memory market tightens and long-term contract volumes remain locked in.

    See our latest analysis for Micron Technology.

    Micron Technology’s share price has staged an impressive rebound after a short-lived selloff, jumping 14.04% over the past week and delivering a striking 170.79% year-to-date price return. Strong momentum, fueled by relentless demand for AI memory and improved market sentiment, has helped the stock cement its position as one of the biggest gainers in the tech sector this year. Long-term total shareholder returns have also outpaced the broader market.

    If Micron’s surge piqued your interest, why not see which other high-growth tech and AI names are catching investors’ attention? See the full list for free.

    With such rapid gains and bullish analyst price targets, the key question is whether Micron’s current rally is justified by its future prospects or if these expectations are already reflected in the share price. Could this still be a buying opportunity, or is the market now pricing in all foreseeable growth?

    Micron’s last close price of $236.48 already sits well above the fair value estimate of $203.92 according to the most followed narrative. The driver behind this ambitious target is not simply short-term hype; it is a calculated outlook on where high-bandwidth memory could lead the business in a new era of AI demand.

    The AI Supercycle: This is the most powerful catalyst. The demand for next-generation HBM is unprecedented. Micron has successfully passed NVIDIA’s quality verification for its HBM3E products, becoming a key supplier for the next-generation “Blackwell” AI accelerator. The company is now shipping high-volume HBM to four major customers across both GPU and ASIC platforms. With its entire 2025 production capacity already sold out, analysts project the HBM market will grow from roughly $30 billion in 2025 to $100 billion by 2030, representing a significant runway for growth.

    Read the complete narrative.

    Can you guess the financial leap required to justify such a lofty price? Consider margin expansion, rapid growth and a future profit multiple usually reserved for the world’s top chipmakers. Want to know the precise blueprint that backs this fair value? Discover which bold forecasts power this headline valuation in the full narrative.

    Result: Fair Value of $203.92 (OVERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, risks remain. Volatile memory markets and escalating geopolitical tensions could quickly change Micron’s outlook, potentially derailing current growth expectations.

    Find out about the key risks to this Micron Technology narrative.

    Stepping away from fair value estimates, let’s look at how Micron is priced compared to peers and industry benchmarks. Micron is trading at 31.1 times earnings, noticeably below the semiconductor industry average of 36.1x and well under the peer average of 87.3x. The fair ratio suggests the market could support a price closer to 43.6x earnings. This setup signals Micron might be attractively valued relative to its current growth story. However, does it really offer a safer entry point, or are broader market risks being overlooked?

    See what the numbers say about this price — find out in our valuation breakdown.

    NasdaqGS:MU PE Ratio as at Nov 2025

    If you are curious to see if your perspective matches these outlooks or want to dig into the data yourself, it only takes a few minutes to build your own narrative in your own way. Do it your way

    A great starting point for your Micron Technology research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

    Take your portfolio further by tapping into new themes and hidden opportunities you might be missing. Don’t let great stocks pass you by. These tailored ideas could put you ahead of the pack.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include MU.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Expression of DKK1, HOXC6, and YKT6 Genes in Subjects With Oral Squamous Cell Carcinoma Residing in Central India: A Case-Control Study

    Expression of DKK1, HOXC6, and YKT6 Genes in Subjects With Oral Squamous Cell Carcinoma Residing in Central India: A Case-Control Study

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  • Comparing activated carbon and graphene-based electrodes using electrosorption process to quantify environmental impact associated with thorium extraction via LCA framework

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  • High-resolution radar satellites launched for Greece

    High-resolution radar satellites launched for Greece

    Applications

    29/11/2025
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    Thanks to the EU-funded Recovery and Resilience Facility, and through collaboration between the Greek government, the private satellite company ICEYE and the European Space Agency (ESA), two new high-resolution radar satellites have been launched to strengthen disaster management, environmental monitoring and national security across Greece.

    The two ICEYE synthetic aperture radar satellites, integrated via Exolaunch, were lifted into orbit on 28 November 2025, aboard the SpaceX Transporter-15 rideshare mission from Vandenberg Space Force Base, California, USA – which also included two ESA HydroGNSS Scout satellites and the next batch of Italy’s IRIDE satellites.

    These new ICEYE satellites mark the first launch of the operational Earth observation satellites under the Greek National Small Satellite Programme, which foresees a constellation of 13 satellites, grouped into four categories based on their measurement instruments.

    Financed by Greece through the EU Recovery and Resilience Facility, the programme is designed to advance Greece’s satellite technology and application capabilities, promote job creation and economic growth, and strengthen the country’s capacity for disaster management, continuous environmental monitoring and national security.

    An ICEYE satellite

    While the Hellenic Space Center and the Greek Ministry of Digital Governance lead the project, ESA provides the overarching framework and supports ICEYE’s development of both satellites.

    Through this role, ESA ensures that such national initiatives contribute to, and benefit from, a unified system for Earth observation data exchange among its Member States.

    The two new ICEYE satellites, which each weigh around 120 kg, use X-band in several observation modes to provide day-and-night high-resolution images, up to 25 cm resolution.

    Information from the two satellites will enhance Greece’s capabilities in disaster management and national security. They will enable faster response times and more effective management of natural disasters such as floods, wildfires and landslides.

    Greece has an agreement with ICEYE under which the satellites will be operated in orbit by ICEYE. Through this partnership, Greece also gains access to ICEYE’s existing synthetic aperture radar satellite constellation – the largest of its kind in the world – enabling the country to monitor its areas of interest while developing its own space capabilities.

    ESA’s Director of Earth Observation Programmes, Simonetta Cheli, said, “The selection of ICEYE to develop the synthetic aperture radar satellites for Greece underlines ESA’s ongoing commitment to supporting national space initiatives from its Member States.

    Athens from ICEYE

    “And, speaking of national space initiatives, the next batch of IRIDE satellites for Italy were also launched on the same rocket. This approach also showcases ESA’s distinctive role in maximising the shared benefits of such programmes through a unified framework for Earth observation data exchange.

    “The inclusion of ICEYE’s X-band synthetic aperture radar capability in the Greek National Small Satellite Programme is a compelling example of how space technologies translate into tangible and vital benefits on Earth.”

    Greece’s Minister of Digital Governance and AI, Dimitrios Papastergiou, said, “The launch of the two ICEYE satellites marks a significant step forward for Greece’s ability to monitor and protect key areas of interest, both on land and at sea, in day and night and under any weather conditions. They will not only strengthen our disaster response capabilities but will also drive innovation within the Greek space sector.”

    Next year, an additional eleven operational Earth observation satellites will join the constellation under the Greek National Small Satellite Programme, further enhancing Greece’s Earth observation and space monitoring capabilities.

    This expansion will include four thermal-infrared satellites developed by OroraTech, designed to detect heat signatures and monitor wildfires and thermal activity, along with seven high-resolution optical satellites developed by Open Cosmos, providing detailed imagery to support environmental monitoring, agriculture and urban planning.

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  • Is Vertiv Stock Attractive After 12.5% Weekly Jump and Strategic Partnerships in 2025?

    Is Vertiv Stock Attractive After 12.5% Weekly Jump and Strategic Partnerships in 2025?

    • Ever wondered if Vertiv Holdings Co stock is attractive at today’s price? You are not alone, and this is the place to dig into what the numbers and the market are saying about its value.

    • After a staggering 1,121.5% gain over the last three years and a recent 51.9% surge year-to-date, Vertiv’s share price just jumped 12.5% in the past week. Even so, it has dipped 9.8% over the last month, so there is plenty to unpack about where it is heading.

    • Vertiv has been making headlines with strategic moves and fresh partnerships, which are propelling investor optimism for its role in next-generation infrastructure. This kind of news flow helps explain the big swings seen in the stock recently and is shaping perceptions as investors look for long-term winners.

    • The company currently scores just 1 out of 6 on our core valuation checks. This suggests there is more to the story than meets the eye. We will walk through how analysts typically value companies like Vertiv and end the article with a perspective that goes beyond the usual metrics.

    Vertiv Holdings Co scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

    The Discounted Cash Flow (DCF) model estimates a company’s intrinsic value by projecting its future cash flows and discounting them back to today’s dollars. This approach helps investors understand what the business is really worth based on the money it is expected to generate over time.

    For Vertiv Holdings Co, analysts used a 2 Stage Free Cash Flow to Equity model. The company’s latest twelve months Free Cash Flow stands at $1.36 Billion. According to projections, Free Cash Flow is expected to grow steadily over the next decade, reaching about $4.02 Billion by the end of 2029. It is important to note that analyst estimates extend up to five years. Beyond that, numbers are extrapolated to provide a full picture up to ten years ahead.

    Based on this model, the estimated intrinsic value per share is $215.55. This calculation implies that Vertiv stock is currently trading at a 16.6% discount, suggesting it is undervalued based on these cash flow projections.

    Result: UNDERVALUED

    Our Discounted Cash Flow (DCF) analysis suggests Vertiv Holdings Co is undervalued by 16.6%. Track this in your watchlist or portfolio, or discover 920 more undervalued stocks based on cash flows.

    VRT Discounted Cash Flow as at Nov 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Vertiv Holdings Co.

    The Price-to-Earnings (PE) ratio is widely used to value profitable companies because it shows how much investors are willing to pay for each dollar of earnings. For businesses generating steady profits like Vertiv Holdings Co, the PE ratio provides a quick comparison to peers and historical standards.

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  • Facebook owner Meta accused of letting AI sellers ‘run rampant’

    Facebook owner Meta accused of letting AI sellers ‘run rampant’

    Alice Cullinane & Rebecca WoodsWest Midlands

    Omelia and Oliver Jewels An AI-generated image showing a woman with brown hair holding a child in her arms and standing next to a table filled with necklaces. Omelia and Oliver Jewels

    Omelia & Oliver Jewels is among companies reported to Facebook for misleading and AI generated adverts

    Facebook owner Meta has been accused of allowing misleading companies to “run rampant” on its platforms, as dozens of people say they have fallen victim to sellers using AI-generated adverts.

    More than 60 people contacted the BBC after we revealed unscrupulous foreign firms were using fake images and back stories to pose as family-run UK businesses to lure in shoppers.

    Some said they had been targeted by ads on Facebook and Instagram, and consumer guide Which? said businesses were using the platforms to “spread their lies furthest and widest”.

    Meta said it had removed content by six companies, flagged by the BBC, which claimed to be based in England but were shipping cheap goods in from Asia.

    The tech giant said it did not allow fraudulent activity and worked closely with Stop Scams UK to protect users.

    One company removed from the platform is C’est La Vie, which claimed to be a longstanding jewellery retailer run by Patrick and Eileen in Birmingham but had a returns address in China.

    Mabel & Daisy, which used AI generated pictures of a mother and daughter and claimed to sell “timeless clothing” from a shop in Bristol, has also been removed from the platform after it was exposed for selling cheap items from a base in Hong Kong.

    Other companies Meta says it is taking action against are clothing firms Sylvia & Grace, Chester & Claire, Harrison & Hayes and Olyndra London, as well as accessories business Omelia & Oliver Jewels.

    All have one-star reviews on Trustpilot with hundreds of customers saying they were duped into thinking they were buying from UK-based brands and received shoddy goods.

    Chester and Claire An AI-generated shop front, named 'Chester and Claire', has four mannequins dressed in beige coats in the shop window. People are apparently walking in front of the shop outside. Chester and Claire

    Chester & Claire uses this image to sell its clothes – but this shop isn’t there

    Harrison & Hayes claimed to be a Manchester-based independent clothes shop with “decades of experience” but has a returns address to a central warehouse in China. It has used an AI-image of a shop front in the city which does not exist.

    Chester & Clare also uses an AI-generated image of a shopfront to market its business, which it claims has operated in London since 2005 but is actually based in the Netherlands and sells clothes shipped from China.

    Its terms of service states imagery, stories, characters and boutique locations “may have been created using generate AI” to “enhance customer experience”.

    The BBC contacted all businesses but only got automated responses.

    ‘It felt like a trusted brand on Facebook’

    Claire Brown was persuaded to buy two dresses for £73 from Luxe and Luna London, after “constantly” seeing the company’s appealing adverts on Facebook.

    When the dresses arrived weeks later they were poorly made of flimsy material and “looked awful”.

    “It felt like a trusted brand after I’d seen it on Facebook so much, you see all these clothing collections and I liked what I saw,” she said.

    Claire Brown A woman with short curly hair and red lipstick is smiling. Claire Brown

    Claire Brown believed she was buying from a trusted brand after spotting adverts on Facebook

    Ms Brown, who works in tech marketing, said she reported the company to Meta but never got a response.

    The company has now stopped operating, with a message on Facebook stating life had “taken a devastating turn” because of the death of a partner, an almost identical statement used by fake Birmingham jewellery business C’est La Vie.

    “It makes me feel really cross, because I hate people being scammed and the websites are the kind of thing you would share with a friend,” Claire added.

    “There is a real lack of protection here for consumers.”

    Another Facebook user, Stuart, said he had reported a number of suspicious companies to the platform but was advised to “influence the ads that you see by hiding ads and changing your ad preferences” in its response. No other action was taken.

    Omelia and Oliver Jewels An AI-generated image of a shop window has the print 'Omelia and Oliver Jewels' with autumnal trees on the road outside. Rows of necklaces with intricate designs are laid out on a table by the window. Omelia and Oliver Jewels

    Customers who bought from Omelia and Oliver Jewels described items as the “cheapest junk ever”

    Some of the fraudulent companies discovered by the BBC appear to be controversial “dropshipping” schemes.

    That’s where a third-party buys products from a wholesaler and sells them with a significant mark-up, having never seen the product themselves.

    The Advertising Standards Authority (ASA) recently banned ads by a so-called “British” clothing firm that used images of roses, cobbled streets and the union jack when it was shipping goods from a warehouse in Asia.

    The regulator said it was continuing to take action on misleading adverts but said platforms like Facebook played an “important role” in maintaining “responsible advertising” and continued to engage with them on how best to prevent those that break the rules.

    Which? said Meta had allowed fake companies to “run rampant on its platforms for too long” and said it should be doing “much more” to stop scams and protect its users.

    Sylvia & Grace Two women are standing next to each other and smiling, in an AI-generated shot. They are wearing beige and black tops and have their heads pressed against each other. Sylvia & Grace

    Sylvia & Grace used AI to generate pictures of their supposed founders

    Meta said it wanted users to report suspicious adverts on its platforms, which was an “important signal” to its review systems and could prompt a re-review of the advert while improving policies.

    Warning signs in social media adverts

    • Which? recommends being wary of adverts on social media that promote “too good to be true” offers and applied pressure tactics like a closing down sale with heavy discounts
    • It says you should be suspicious if you spot an account that was created recently claiming to be a well-known company, especially if they only have a few followers
    • The guide also suggests reaching out to companies to see if adverts are genuine by searching for the company’s legitimate website instead of clicking on links in a possible scam
    • Many companies claim to have thousands of positive reviews – but consumer website Trustpilot is often the best place to check for legitimate experiences of fashion brands
    • Experts who have verified some of the AI images used by the companies say to watch out for those that look too perfect – from the subject’s hair, to their skin and teeth. And for those with pictures of fabricated shop fronts, a quick Google can usually help discover whether they have an actual address and presence on a UK high street.

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  • This African nation built its development on diamonds. Now it’s crashing down

    This African nation built its development on diamonds. Now it’s crashing down

    GABORONE, Botswana — In a village outside Botswana ’s capital, Keorapetse Koko sat on an aging couch in her sparsely furnished home, stunned that a career — and an entire nation’s economy — built on diamonds had fallen so far, so fast.

    For 17 years, she had earned a living cutting and polishing the gems that helped transform Botswana from one of the world’s poorest nations into one of Africa’s success stories. Diamonds were discovered in 1967, a year after independence, an abrupt change of fortune for the landlocked country.

    Botswana became the world’s top diamond producer by value, and second-largest by volume after Russia. Diamonds are woven into the national identity, with local Olympic champion runner Letsile Tebogo heading a De Beers campaign celebrating how the industry funds schools and stadiums.

    The stones that Koko and thousands of others dug and polished over the decades have funded Botswana’s health, education, infrastructure and more. The country risked the “resource curse” of building its economy on a single natural asset — and unlike many African nations, it was a success.

    But Koko lost her job a year ago, joining many others left adrift as Africa’s trade in natural diamonds buckles under growing pressure from cheaper lab-grown diamonds mass-produced mainly in China and India.

    “I have debts and I don’t know how I am going to pay them,” said the mother of two, who had survived on about $300 a month and relied on her employer for medical insurance. It had been a decent situation for a semi-skilled worker in a country where the average monthly salary is about $500. “Every month they call me asking for money. But where do I get it?”

    Botswana, which has unearthed some of the world’s biggest stones, has prided itself on prudently managing its natural wealth, avoiding the corruption and fighting that have plagued many African peers. Its marketing message has been simple: Its stones are conflict-free and help fund development.

    “Diamonds built our country,” said Joseph Tsimako, president of the Botswana Mine Workers Union, which represents about 10,000 workers in the nation of 2.5 million people. “Now, as the world changes, we must find a way to make sure they don’t destroy the lives of the people who helped build it.”

    He warned that new U.S. tariffs under the Trump administration could worsen Botswana’s downturn, triggering staffing freezes, unpaid leave and more layoffs. The U.S. has imposed a 15% tariff on diamonds that are mined, cut and polished there.

    Diamond exports, roughly 80% of Botswana’s foreign earnings and a third of government revenue, have tumbled.

    Debswana, the largest local diamond producer and a joint venture between the government and mining giant De Beers, saw revenues halve last year. It has paused operations at some mines as Botswana and Angola enter talks to take over controlling stakes in De Beers’ diamond mining unit.

    In September, Botswana’s national statistics agency reported a 43% drop in diamond output in the second quarter, the steepest fall in the country’s modern mining history. The World Bank expects the economy to shrink 3% this year, the second consecutive contraction.

    The global rise of synthetic diamonds has been swift. They have “given stiff competition, especially in lower-quality stones,” said Siddarth Gothi, chairman of the Botswana Diamond Manufacturers Association.

    The gems emerged in the 1950s for industrial use. By the 1970s they had reached jewelry quality. Lab-grown stones now sell for up to 80% less than natural diamonds. Once making up just 1% of global sales in 2015, they have surged to nearly 20%.

    Glitzy social media videos have fueled the appeal of synthetic gems made in weeks under intense heat and pressure and marketed as cheaper, conflict-free and eco-friendly alternatives to stones formed over billions of years.

    Environmental groups have said natural diamond mining can drive deforestation, destroy habitats, degrade the soil and pollute the water. But environmental claims about the synthetic gems also face scrutiny, with critics noting that production remains energy-intensive, often powered by fossil fuels.

    From “a marginal phenomenon,” an “unprecedented flood” of synthetics now threatens the natural diamond’s value and future, World Federation of Diamond Bourses president Yoram Dvash warned in July.

    Lab-grown stones now account for most new U.S. engagement rings, he said. Natural diamond prices have fallen roughly 30% since 2022, leaving the industry at what Dvash called “a critical juncture.”

    Hollywood stars, including Billie Eilish and Pamela Anderson, and Bollywood celebrities have boosted synthetic diamonds’ allure, along with Gen Z influencers.

    “The new generation of youngsters getting engaged, they’ve got far more important things to spend their money on than a diamond,” said Ian Furman, founder of Naturally Diamonds, which sells natural and synthetic diamonds in neighboring South Africa. “So, it’s become so attractive to them to buy lab diamonds.”

    Furman said that for every 100 diamonds his company sells, around 95 are synthetic when just five or six years ago it was overwhelmingly natural diamonds.

    The shift is felt beyond Botswana. Across southern Africa, falling production of natural diamonds and revenue have led to job cuts and financial strain.

    To counter the trend, Botswana, Angola, Namibia, South Africa and Congo in June agreed to pool 1% of annual diamond revenues, translating into millions of dollars, into a global marketing push led by the Natural Diamond Council to promote natural stones. The nonprofit’s members include major mining companies such as De Beers Group and Rio Tinto, which have invested heavily in natural diamonds.

    Last year, the council launched a “Real. Rare. Responsible” campaign starring actor Lily James in a bid to recast natural diamonds as unique and ethically sourced.

    Kristina Buckley Kayel, the council’s managing director for North America, said restoring natural diamonds’ “desirability” is essential to protect producer economies, particularly in southern Africa.

    With its diamond income no longer assured, Botswana’s government in September created a sovereign wealth fund focused on investment and diversification beyond mining, although details about its value and investors sketchy. Suddenly, the country’s elephant-heavy tourism industry and other mining options, including gold, silver and uranium, are more important than ever.

    But for Koko, the laid-off diamond worker, the policy shift may have come too late.

    “I was the breadwinner in a big family,” she said. “Now I don’t even know how to feed my own. Looking for another job is very difficult. The skills I learned are only relevant to the diamond industry.”

    She never owned a diamond herself. Even the smallest would be a luxury beyond her means.

    ___

    Mutsaka reported from Harare, Zimbabwe. Associated Press writer Mogomotsi Magome in Johannesburg, South Africa, contributed to this report.

    ___

    For more on Africa and development: https://apnews.com/hub/africa-pulse

    The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

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  • East West Rail needs to win back trust, says Bedford mayor

    East West Rail needs to win back trust, says Bedford mayor

    Amy HolmesBedfordshire Political Reporter

    Kimberley Piper/BBC A picture of the Conservative Mayor of Bedford Tom Wootton. He is standing in front of a lake and is wearing a grey suit with black lines on it and has a light blue shirt and tie. He has a white beard and is smiling.Kimberley Piper/BBC

    The mayor of Bedford said the rail project did “not have the rationale” to demolish more properties in the borough

    The East West Rail (EWR) project “desperately needs to win back public trust”, a borough’s mayor said.

    The billion-pound rail line aims to connect Cambridge and Oxford, via Bedford, Milton Keynes and Bicester.

    Tom Wootton, the Conservative mayor of Bedford, said EWR’s latest plans “did not have a rationale” for needing to demolish more homes in the borough, after some properties were announced as being at risk of being knocked down in August.

    Natalie Wheble, EWR’s external affairs director, said: “We recognise that it takes time to build trust” and the company “remained committed to our intention of improving our communication with those impacted by our plans”.

    EWR held a third non-statutory consultation on its plans to develop the project at the start of this year and received more than 6,200 responses, which it said has helped to make 80 design changes to proposals.

    The revisions included building a new station at Stewartby to serve the proposed Universal Studios theme park, the redevelopment of Bedford Station, reducing the number of stations on the Marston Vale Line and building a new station at Tempsford.

    Alex Pope/BBC A picture of a road in Bedford, you can see the Dom Polski club which is a red brick building next to a sign for a railway station. There are also more houses down the right hand side of the road and a road crossing.Alex Pope/BBC

    In August plans were unveiled that could mean more properties will be demolished on Ashburnham Road in Bedford

    Wootton said he was studying the latest update to EWR’s plans, which were published this month, with officers from Bedford Borough Council and reaffirmed their continued support for the project “in principle”.

    He added that “everyone at East West Rail desperately needed to show they were being honest and transparent”.

    In August it was announced that more homes could be demolished on Ashburnham Road, along with a GP surgery and the Dom Polski community venue, to make way for the project.

    Wootton said he was waiting for an explanation from EWR on why the demolition would need to take place and claimed the council had been promised a technical note more than two months ago.

    Wootton said: “When EWR held a public meeting earlier this month, they failed to share simple information beforehand with the council.”

    He added that EWR “needed to keep us in the loop if we are to support our residents”.

    Ms Wheble said: “Bedford sits at the heart of the East West Rail route, and continued dialogue with the council, residents and local organisations is essential.”

    She added the company would “keep listening, working collaboratively and improving the way we engage as the project moves forward”.

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  • Does Digital Realty Trust’s Global Expansion Signal an Opportunity After 16% Stock Slide?

    Does Digital Realty Trust’s Global Expansion Signal an Opportunity After 16% Stock Slide?

    • Curious whether Digital Realty Trust is trading at a bargain or an inflated price? Let’s dive into what the numbers and recent events might reveal about its true value.

    • The stock has seen notable moves recently, rising 1.9% over the past week, but still down 4.2% for the month and 15.8% over the last year. These shifts hint at changing investor sentiment regarding both growth prospects and risk.

    • Recent headlines covering major partnerships and continued investment in global data center expansion have dominated the news. These developments highlight the company’s positioning in a fast-evolving tech landscape, help explain the stock’s volatile performance, and are generating ongoing debate about what could come next.

    • On our valuation checks, Digital Realty Trust scores a 3 out of 6, suggesting there’s more to the story beneath the surface metrics. We’ll walk through traditional valuation methods in a moment, but stick around for an even more insightful way to evaluate the stock before making any moves.

    Digital Realty Trust delivered -15.8% returns over the last year. See how this stacks up to the rest of the Specialized REITs industry.

    A Discounted Cash Flow (DCF) model estimates a company’s intrinsic value by projecting its future cash flows and then discounting those amounts back to today’s dollars. For Digital Realty Trust, this model uses adjusted funds from operations to forecast the company’s free cash flow performance over time.

    Currently, Digital Realty Trust generates annual free cash flow of $2.02 billion. Analyst consensus projects steady growth, with free cash flows expected to reach nearly $3.70 billion by 2029. After five years, further growth assumptions are extrapolated based on historical trends and sector outlook. All cash flow projections are measured in US dollars.

    Based on this analysis, the DCF model produces an estimated intrinsic value of $236.26 per share. Compared to the current market price, this suggests that Digital Realty Trust is undervalued by about 32.2 percent according to these assumptions.

    Result: UNDERVALUED

    Our Discounted Cash Flow (DCF) analysis suggests Digital Realty Trust is undervalued by 32.2%. Track this in your watchlist or portfolio, or discover 920 more undervalued stocks based on cash flows.

    DLR Discounted Cash Flow as at Nov 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Digital Realty Trust.

    The price-to-earnings (PE) ratio is one of the most widely used metrics for assessing the value of profitable companies like Digital Realty Trust. Since the company generates consistent earnings, the PE ratio helps investors quickly compare its share price relative to recent profits and spot any potential discrepancies in valuation.

    However, a “normal” or “fair” PE ratio can fluctuate based on investor expectations about future growth and risk. Higher growth prospects typically warrant higher PE ratios, while greater perceived risks or uncertainties often lead to lower multiples. This context is especially important for companies operating in dynamic sectors such as data center REITs.

    Currently, Digital Realty Trust trades at a PE ratio of 40.5x. This is higher than both the Specialized REITs industry average of 17.3x and its peer group average of 34.4x. At first glance, this premium suggests investors expect greater growth or lower risk than the broader sector.

    Simply Wall St’s proprietary “Fair Ratio” offers a more tailored benchmark—in this case, 28x—by accounting for Digital Realty Trust’s unique combination of growth rates, profit margins, market capitalization, and industry risks. Unlike standard peer or sector comparisons, the Fair Ratio provides a more nuanced view that reflects the factors most relevant to this company’s long-term outlook.

    Since Digital Realty Trust’s 40.5x PE is materially above the Fair Ratio of 28x, this suggests that the stock is overvalued on this metric, unless the company delivers considerably stronger growth than currently forecast.

    Result: OVERVALUED

    NYSE:DLR PE Ratio as at Nov 2025
    NYSE:DLR PE Ratio as at Nov 2025

    PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1443 companies where insiders are betting big on explosive growth.

    Earlier we mentioned that there’s an even better way to understand valuation. Let’s introduce you to Narratives. A Narrative allows you to craft your own investment story for Digital Realty Trust by connecting your view of the company’s future, such as revenue growth, profit margins, and risks, to a financial forecast and a fair value estimate, rather than relying solely on static ratios or models.

    Narratives bring the numbers to life by blending your perspective with real financial assumptions. This approach shows you in real time how your forecast affects what the stock may be worth. This feature is user-friendly, accessible to anyone on Simply Wall St’s Community page, and trusted by millions of investors looking for smart ways to navigate changing markets.

    Comparing your Narrative Fair Value to the current share price can help you decide if it is time to buy, hold, or sell. Because Narratives update automatically as fresh news and earnings come in, your analysis stays relevant. For example, one investor’s Narrative for Digital Realty Trust might predict a fair value as high as $199 if they expect AI-powered growth and strategic partnerships to pay off, while a more cautious view could lead to a much lower estimate if they see fierce competition and rising costs ahead.

    For Digital Realty Trust, we offer an overview of two leading Digital Realty Trust Narratives:

    • 🐂 Digital Realty Trust Bull Case

      Fair Value: $199.19

      Undervalued by approximately 19.6%

      Revenue growth forecast: 12.96%

      • Strong demand for data center capacity, strategic expansions, and sustainability efforts are forecast to drive revenue growth and profitability.

      • Analysts expect annual revenue to grow 11.5% over the next 3 years. However, profit margins are projected to compress due to increased costs and expansion efforts.

      • Main risks include rapid U.S. expansion potentially outpacing demand, rising interest rates affecting profitability, and intensified competition from other providers.

    • 🐻 Digital Realty Trust Bear Case

      Fair Value: $110.45

      Overvalued by approximately 45.1%

      Revenue growth forecast: 7%

      • Industry tailwinds from AI and cloud growth drive near- and mid-term demand, with international and technological expansions supporting the long-term thesis.

      • Headwinds such as rising interest rates, intense competition (for example, Equinix, AWS, Google Cloud), energy costs, and overbuilding risks could limit upside and compress margins.

      • Valuation is seen as reasonable for now. If the price-to-FFO ratio rises much further without corresponding earnings growth, or if debt remains expensive, downside risks increase.

    Do you think there’s more to the story for Digital Realty Trust? Head over to our Community to see what others are saying!

    NYSE:DLR Community Fair Values as at Nov 2025
    NYSE:DLR Community Fair Values as at Nov 2025

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include DLR.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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