- Yen stablecoin issuer predicts growing presence in Japan’s bond market Reuters
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- Japan top 3 banks to test yen stablecoins in push against dollar rivals Nikkei Asia
- MUFG Bank, SMBC, and Mizuho Bank parter to launch a stablecoin The Digital Banker
Category: 3. Business
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Yen stablecoin issuer predicts growing presence in Japan's bond market – Reuters
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Ukraine war briefing: Top banker’s straight talk to Putin over troubled economy | Ukraine
The Institute for the Study of War (ISW) reported that the head of Russia’s Sberbank, German Gref, spoke of Russia’s economic problems in a meeting with Vladimir Putin, the Russian president. His bank was experiencing only “very modest” growth due to “challenging macroeconomic conditions” including a shrinkage of its consumer loan portfolio, while 2025 growth was worse thank the bank expected. “Gref’s statements are notable,” the ISW assessed, “as Russian officials have largely refrained from admitting to any weakness in Russia’s economy and as the Kremlin has undertaken an information campaign to portray the Russian economy as stable and strong.”
Ukraine’s top military commander, Gen Oleksandr Syrskyi, said on Tuesday that the army’s situation had “significantly worsened” in parts of the Zaporizhzhia region amid fierce fighting with Russian forces. “In the Oleksandrivka and Huliapole directions … using its numerical superiority in personnel and materiel, the enemy advanced in fierce fighting and captured three settlements,” Syrskyi posted. The ISW, in its most recent assessment at time of writing, reported on advances in the area – both unconfirmed gains proclaimed by Russian sources, and others confirmed by geolocation of video footage.
Ukraine’s military said it struck a Russian oil refinery in the city of Orsk in Russia’s Orenburg region on Tuesday. “Explosions and a fire have been observed on the premises. According to preliminary information, one of the primary oil processing units has been hit,” the statement said.
Nato member Romania found drone fragments on its territory near the south-eastern border region after Russian strikes on Ukrainian Danube River ports, authorities said on Tuesday. Drones were earlier detected near Romanian and Nato airspace, said the defence ministry. The foreign minister, Oana Toiu, said: “These actions are part of a series of similar incidents and represent a characteristic of the war of aggression waged by Russia. This is also reflected in Russia’s systematic provocations against the EU and Nato.”
Sergei Lavrov said Moscow was “ready” to discuss with Washington accusations by Donald Trump that Russia had carried out secret underground nuclear tests. “We are ready to discuss the suspicions raised by our American colleagues regarding the possibility that we might be secretly doing something deep underground,” Russia’s recently reclusive foreign minister told state media in a televised interview. He denied it and said the US could check whether Russia tested a nuclear warhead via the global seismic monitoring system. “Other tests, both subcritical, or those without a chain nuclear reaction, and carrier tests, have never been prohibited,” Lavrov said.
Russian interests were negotiating their withdrawal from key Serbian oil company NIS which now faces US sanctions, Serbia’s energy minister said on Tuesday. Russia’s Gazprom Neft and its owner Gazprom have held nearly 45% of NIS since 2009. Gazprom recently transferred about 11% to another Russian firm, Intelligence. The Serbian state has just under 30%. Serbian officials feared that continued Russian control of NIS could harm Serbia’s economy. NIS runs Serbia’s main refinery at Pancevo near Belgrade which supplies about 80% of the country’s needs. The knock-on effects of the US sanctions on Russian oil companies have upended Russian investments in several countries.
The head of Ukraine’s delegation for talks with Russia said on Tuesday he was in Istanbul to try to “unblock” the process of prisoner swaps, and that he would have more meetings in the Middle East on the issue. “There was an agreement – and it must be implemented,” said Rustem Umerov, who is also the secretary of Ukraine’s security council.
Ukraine will increase power import capacity from neighbouring countries to a total of 2,300MW in December, the head of the state grid operator said on Tuesday, without elaborating on how this would be achieved. Vitaliy Zaichenko told a press conference that current capacity was 2,100MW but Ukraine was not able to use it all owing to limitations in the system.
Ukraine’s prime minister, Yulia Svyrydenko, said the government had dismissed Energoatom’s supervisory board while anti-corruption authorities said they had charged seven individuals over an alleged $100m kickback scheme involving the nuclear agency and other state enterprises. Energoatom, which generates more than a half of Ukraine’s energy supply, said the probe had not disrupted production or operational safety.
A Ukrainian man accused by German prosecutors of involvement in the 2022 Nord Stream pipeline blasts has ended a hunger strike he began on 31 October after Italian authorities pledged to give him food meeting his medical requirements, his lawyer said on Tuesday. The detainee, identified under German privacy laws as Serhii K, has said he suffers from pancreatitis and coeliac disease and is vegan. He denies any role in the explosions that severed Russian gas supplies to Europe, and is appealing against extradition to Germany.
Britain plans to ban companies from providing services such as shipping and insurance for Russian liquefied natural gas (LNG) exports. The EU has approved sanctions that ban Russian LNG imports from 1 January 2027 but the UK government said on Tuesday it wanted to go further. “The ban will be phased in over 2026 in lockstep with our European partners,” said the British Foreign Office.
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Irish corporate taxes to avoid tariff hit but risks rise, watchdog says
DUBLIN, Nov 12 (Reuters) – Most of Ireland’s big corporate taxpayers have so far escaped the direct impact of U.S. tariffs, but American trade policies have made the outlook for this critical source of government revenue increasingly uncertain, Ireland’s fiscal watchdog said.
Irish corporate tax receipts, paid mainly by a small number of U.S. multinationals, have jumped sevenfold since 2014 to account for close to one third of all taxes collected and transform the public finances.Sign up here.
The Irish Fiscal Advisory Council (IFAC) noted on Wednesday that the pharmaceutical and technology sectors, which together represent about 87% of corporate tax payments from U.S.-owned firms, had avoided U.S. tariffs so far.
PHARMA EXPORTS SURGED AHEAD OF EXPECTED TARIFFS
In fact, the watchdog said pharmaceutical exports to the U.S. had benefitted from frontloading, with Ireland’s shipments exceeding the record total for all of 2024 by April, as companies moved to stay ahead of potential trade barriers.It added that the data also pointed to a structural increase in exports of an active ingredient used in weight-loss drugs, boosting short-term corporate tax receipts.
However, IFAC warned the sector’s outlook remained “very uncertain”.
Risks include the long-term objective of the tariffs to encourage more pharma manufacturing in the United States.
“Multiple forces are at play, from potential tariffs and drug price reforms to new blockbuster drugs and buoyant underlying demand. Each could have an influence on the value of Ireland’s pharma exports to the U.S. and, hence, Ireland’s corporation tax receipts,” the watchdog said.“Corporation tax revenues from pharma could go up by a lot or down by a lot.”
While there is a clear risk corporate tax could decline in other manufacturing sectors such as drinks and medical devices likely to be directly affected by tariffs, they accounted for just 4% of Irish corporate revenues in 2024, IFAC added.
Reporting by Padraic Halpin
Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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Dollar eases as traders eye December Fed cut on weakening US jobs market – Reuters
- Dollar eases as traders eye December Fed cut on weakening US jobs market Reuters
- Dollar slides, euro and yen gain Business Recorder
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Treasuries Rise on Weak US Jobs, Dollar Holds Loss: Markets Wrap
(Bloomberg) — Treasuries advanced across the curve after private-sector data signaled a cooling US labor market and bolstered bets on a Federal Reserve interest-rate cut.
The yield on the 10-year fell four basis points to 4.08% after employment figures from ADP Research signaled US companies shed 11,250 jobs per week on average in the four weeks ended Oct. 25. Money markets also added to bets on Fed rate cuts, pricing roughly a 70% chance of a reduction next month, according to swaps tied to policy-meeting dates. A gauge of the dollar was flat after five days of losses while gold gained.
Asian shares edged higher along with US equity-index futures. Advancers outnumbered decliners seven to one on Japan’s Topix Index. Technology firms lagged, with SoftBank Corp. tumbling as much as 10% after selling its entire stake in Nvidia Corp.
The federal government’s closure has elevated the importance of private data, as investors lacked key official indicators to gauge the strength of the American economy. The record US shutdown may end as soon as Wednesday after the Senate passed a temporary funding bill, buoying stocks as investors brace for a flood of delayed data once agencies reopen.
“The biggest near-term catalyst would be a reopening of the government which would buttress current-quarter GDP forecasts but also may release more liquidity into the market, which typically is supportive of stocks,” said the JPMorgan Market Intelligence team led by Andrew Tyler.
ADP figures suggested the labor market slowed in the second half of October, compared with earlier in the month. ADP’s most recent monthly report, released last week, showed private-sector payrolls increased 42,000 in October after declining in the prior two months.
The data come after an array of companies flagged plans to reduce headcount in recent weeks. A report from outplacement firm Challenger, Gray & Christmas Inc. showed employers announced the most job cuts for any October in more than two decades, spurring anxiety about the health of the labor market.
“The market will be guided by the general risk vibe and Fedspeak, but we suspect it will be unable to establish consistent directional impetus,” Westpac Banking Corp. strategists Damien McColough and Uma Choudhury wrote in a note.
The reopening of the government now depends on the House, which plans to return to Washington to consider the spending package. It would keep most of the government open through Jan. 30 and some agencies through Sept. 30.
If approved, the bill goes to President Donald Trump, who has already endorsed the legislation.
Back in 2013, which was the last shutdown to affect the jobs report, the government reopened on October 17, and the September jobs report was released five days later, noted Jim Reid at Deutsche Bank.
“So based on that timeline, we could get the September jobs report pretty quickly, not least because the original release was meant to be on Oct. 3, just a couple of days after the shutdown began,” he said. “Early next week is realistic.”
The resumption of economic data releases could make the case for increased wagers on Fed rate cuts. Most economists surveyed by Bloomberg suggest that Fed officials will lower borrowing costs by a quarter-point at their Dec. 9-Dec. 10 meeting. But the central bank’s path remained foggy after Chair Jerome Powell last month said a cut is not a certainty, a sentiment since shared by others at the Fed.
Corporate News:
Advanced Micro Devices Inc., Nvidia Corp.’s nearest rival in AI chips, predicted accelerating sales growth over the next five years, driven by strong demand for its data center products. FedEx Corp. expects profit this quarter to improve from a year ago, easing investor concerns about a lackluster holiday season and volatile trade policies. A group of investors led by Macquarie Group Ltd. is expected to acquire infrastructure services business Potters Industries from private equity firm TJC, in a deal valuing the company at approximately $1.1 billion. JD.com Inc. said orders surged nearly 60% during this year’s Singles’ Day event. South Korea’s POSCO Holdings Inc. will buy a 30% stake in Mineral Resources Ltd.’s lithium business in a deal worth $765 million. Sea Ltd.’s quarterly profit missed analysts’ estimates after the company boosted spending to battle competitors in Southeast Asia’s cutthroat e-commerce market. Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 9:54 a.m. Tokyo time Hang Seng futures rose 0.4% Nikkei 225 futures (OSE) fell 0.5% Japan’s Topix rose 1% Australia’s S&P/ASX 200 rose 0.2% Euro Stoxx 50 futures rose 0.2% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1582 The Japanese yen was little changed at 154.24 per dollar The offshore yuan was little changed at 7.1216 per dollar The Australian dollar was little changed at $0.6521 Cryptocurrencies
Bitcoin rose 0.3% to $102,892.04 Ether was little changed at $3,419.62 Bonds
The yield on 10-year Treasuries declined four basis points to 4.08% Japan’s 10-year yield was little changed at 1.685% Australia’s 10-year yield declined three basis points to 4.36% Commodities
West Texas Intermediate crude was little changed Spot gold rose 0.2% to $4,135.95 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Toby Alder and Matthew Burgess.
©2025 Bloomberg L.P.
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SoftBank shares plunge as much as 10% after selling Nvidia stake
Pedestrians wearing protective masks walk past signage for SoftBank Corp. near a store in Tokyo, Japan, on May 15, 2020.
Kiyoshi Ota | Bloomberg | Getty Images
Shares of SoftBank Group plunged as much as 10% Wednesday after the Japanese giant said it had sold its entire stake in U.S. chip giant Nvidia for $5.83 billion. The capital will be used to fund SoftBank’s $22.5 billion investment in ChatGPT parent OpenAI, a person familiar with the matter told CNBC.
Shares of SoftBank Group last traded more than 6% lower.
In its earnings report, SoftBank said it sold 32.1 million Nvidia shares in October. It also trimmed its T-Mobile position, raising $9.17 billion.
“We want to provide a lot of investment opportunities for investors, while we can still maintain financial strength,” said SoftBank’s chief financial officer, Yoshimitsu Goto, during an investor presentation.
While the decision to unload Nvidia shares may have caught some investors off guard, it isn’t SoftBank’s first exit from the U.S. chip heavyweight.
The company’s Vision Fund was an early Nvidia supporter, reportedly building a $4 billion stake in 2017 before fully divesting in January 2019. Despite the latest sale, SoftBank remains closely tied to Nvidia through its broader business interests.
“This is a bullish signal on the theme from SoftBank doubling down and not a bearish sign in our view,” said Dan Ives, global head of technology research at Wedbush Securities.
While OpenAI is central to SoftBank’s GenAI portfolio, hardware remains a priority as well, mostly through its stake in British chip designer Arm, with which SoftBank is co-developing products, said Rolf Bulk, equity research analyst at New Street Research. SoftBank has a controlling stake in U.K-based Arm Holdings, whose chip designs power mobile and AI processors.
Several other tech stocks in the region also declined. Semiconductor testing equipment maker Advantest and Tokyo Electron, a chip production equipment maker, slipped over 2%.
Taiwan’s TSMC, the world’s largest contract chipmaker, fell 0.34%. South Korean memory chip giant SK Hynix was 1.62% lower.
—CNBC’s Dylan Butts and April Roach contributed to this report.
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FDA names longtime cancer scientist Pazdur to lead drug center
WASHINGTON — The Food and Drug Administration on Tuesday named a longtime regulator of cancer medicines to lead the agency’s drug center, replacing the former drug director who was recently ousted after an ethics complaint.
Dr. Richard Pazdur, a 26-year veteran of the agency, will become director of the Center for Drug Evaluation and Research, the FDA’s largest unit. A cancer specialist, Pazdur has previously served in numerous FDA roles, most recently leading the agency’s Oncology Center of Excellence.
Pazdur’s appointment comes just over a week after Dr. George Tidmarsh abruptly departed the agency after federal ethics lawyers began reviewing “serious concerns about his personal conduct,” according to a government statement. Tidmarsh, a former pharmaceutical executive and scientist, had been recruited to the agency by FDA Commissioner Marty Makary.
A lawsuit filed early this month alleged that Tidmarsh used his position at the FDA to pursue a “longstanding personal vendetta” against the chairman of a Canadian drugmaker’s board of directors. The two men had previously worked as business associates at several pharmaceutical companies, according to the lawsuit.
Tidmarsh has denied any wrongdoing in media interviews. He did not respond to requests for comment sent by The Associated Press to him and his lawyer.
Pazdur is one of the last remaining members of the FDA’s senior leadership to survive months of retirements, firings, resignations, and other actions by the Trump administration that forced longtime employees out of the agency.
He’ll be tasked with bringing stability to a unit that has been riven by low morale, return-to-office orders and turf battles with other parts of the agency, including the vaccine and biologics center led by Dr. Vinay Prasad.
The FDA’s drug center has lost more than 1,000 staffers over the past year to layoffs or resignations, according to agency figures. The center is responsible for the review, safety and quality control of prescription and over-the-counter medicines.
Pazdur will also inherit several new initiatives announced by Makary, including a voucher program that aims to review drugs that are deemed a “national priority” in just one to two months. Previously, the FDA’s fastest drug reviews required six months.
As the FDA’s top cancer specialist, Pazdur previously oversaw efforts to expedite the approvals of experimental cancer therapies based on early measures, such as tumor shrinkage. That approach has been criticized by many in academia, including Prasad, who spent years publishing papers scrutinizing the FDA’s approach to cancer medicines before joining the agency earlier this year.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.
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Bathurst Resources Limited (ASX:BRL) most popular amongst individual investors who own 48% of the shares, institutions hold 21%
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Significant control over Bathurst Resources by individual investors implies that the general public has more power to influence management and governance-related decisions
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The top 13 shareholders own 50% of the company
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Insider ownership in Bathurst Resources is 15%
Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.
To get a sense of who is truly in control of Bathurst Resources Limited (ASX:BRL), it is important to understand the ownership structure of the business. The group holding the most number of shares in the company, around 48% to be precise, is individual investors. In other words, the group stands to gain the most (or lose the most) from their investment into the company.
Institutions, on the other hand, account for 21% of the company’s stockholders. Generally speaking, as a company grows, institutions will increase their ownership. Conversely, insiders often decrease their ownership over time.
Let’s delve deeper into each type of owner of Bathurst Resources, beginning with the chart below.
Check out our latest analysis for Bathurst Resources
ASX:BRL Ownership Breakdown November 12th 2025 Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it’s included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.
We can see that Bathurst Resources does have institutional investors; and they hold a good portion of the company’s stock. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Bathurst Resources, (below). Of course, keep in mind that there are other factors to consider, too.
ASX:BRL Earnings and Revenue Growth November 12th 2025 Hedge funds don’t have many shares in Bathurst Resources. Crocodile Capital Partners GmbH is currently the company’s largest shareholder with 11% of shares outstanding. For context, the second largest shareholder holds about 10% of the shares outstanding, followed by an ownership of 8.6% by the third-largest shareholder. In addition, we found that Richard Tacon, the CEO has 0.9% of the shares allocated to their name.
After doing some more digging, we found that the top 13 have the combined ownership of 50% in the company, suggesting that no single shareholder has significant control over the company.
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French luxury brands risk getting stuck in reverse by using nostalgia as a business strategy
From Hollywood reboots and retro car models to vintage fashion, a swath of industries are doing a roaring trade in nostalgia. But there’s a fine line between celebrating your legacy and being stuck in a creative ditch. By failing to embrace fresh ideas, some French brands risk trading their future appeal for the comforts of the past.
Visitors to the French capital can currently see two major exhibitions looking back at the historic achievements of storied brands: Louis Vuitton Art Deco at LV Dream, the luxury giant’s Paris headquarters, and 1925-2025: One Hundred Years of Art Deco at the Musée des Arts Décoratifs, which explores the design legacy of the Orient Express. Both shows mark the centennial of a major art deco exhibition held in the city. There’s plenty of exquisite craftsmanship on display, both by major figures of the art deco movement and by modern-day artisans and designers.
Sail of the century: Aboard the ‘Orient Express Corinthian’ A standout piece from the Louis Vuitton exhibition is a trunk designed for British conductor Leopold Stokowski in 1929, which folds out into a portable desk. This clever feature allowed Stokowski to travel with his documents and sit down to write wherever he happened to be. The piece is emblematic of the brand’s history of innovating to meet the evolving needs of wealthy globetrotters throughout the 20th century. With the advent of cars and transatlantic steamers, Gaston-Louis Vuitton, the grandson of the brand’s founder, oversaw a period during which aesthetics and functionality went hand in hand.
At the Louis Vuitton shop above the exhibition space, you’ll spot an updated version of the Stokowski trunk, the Secrétaire Bureau 2.0. Usefully, it has a wider work surface that’s designed to accommodate laptops – but it seems more likely to grace a collector’s lounge than to travel the world with its owner.
Meanwhile, in the grand hall of the Musée des Arts Décoratifs, you can admire the splendid interiors of the new Orient Express. Though the state-of-the-art passenger train includes 21st-century amenities such as wi-fi, it’s ultimately just a homage to the 1920s. It reflects a mindset that locates the future of design in the archives – leaving true innovation stuck at the station.
That’s not to say that past icons can’t be resurrected to break new ground. Renault, for example, has successfully launched updated versions of classic models such as the Renault 5 and Renault 4, with the Twingo next in line. The refreshed Twingo features a design similar to the 1992 original, which sold 2.6 million models over its 20-year production run, as well as all-electric drivetrains. By combining nostalgia-inducing design with significant hardware upgrades, the automaker is making contemporary electric vehicles more appealing to drivers who aren’t yet fully comfortable with the technology.
Green for go: The new Renault Twingo What if brands such as Louis Vuitton and the Orient Express reclaimed their status as cutting-edge innovators in travel, while staying true to their legacy? Perhaps we’d enter a new golden age of travel – one that pairs timeless elegance with genuine progress. The 2026 christening of the Orient Express Corinthian, the world’s largest sailing yacht and a partnership with LVMH, could be a groundbreaking moment for the sector. Combining luxury amenities and destinations that are often out of reach for conventional cruise ships, it will be charting new waters for hospitality, while still evoking the Old World glamour of the Orient Express. Fresh ideas such as this are why these brands rose to prominence in the first place.
Simon Bouvier is Monocle’s Paris bureau chief. Fancy more from the French capital? Check out our City Guide. For more opinion, analysis and insight, subscribe to Monocle today.
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