Category: 3. Business

Stay informed with free updates

Simply sign up to the Accounting & Consulting services myFT Digest — delivered directly to your inbox.

A US-listed crypto venture backed by the Trump family has an auditor whose licence to practise lapsed earlier this year, as it wrestles with a crisis after failing to produce financial results.

Alt5 Sigma, a Las Vegas-based recycling business-turned-biotech-turned blockchain company, in August signed a deal to buy crypto tokens issued by the Trump family’s World Liberty Financial, with Eric Trump joining as a board observer.

But the company’s financial position has become murky since the deal was announced after it failed to produce quarterly results on time and switched auditors this month to a firm that has been fined by accounting regulators and failed an inspection under the industry’s peer review process.

The licence of the newly appointed firm, Victor Mokuolu CPA PLLC, expired in August, according to filings in its home state of Texas. It is therefore currently barred from doing audit work until the licence is renewed, under state regulations.

Victor Mokuolu, the firm’s founder, renewed his personal certified public accountant’s licence on August 31 but his firm’s licence had not been renewed as of December 26, the board’s records show.

Alt5 Sigma said in a statement to the Financial Times that its auditor was “undergoing a peer review per Texas State Board of Accountancy regulations and will be completed by the end of January 2026, at which point the auditor expects the firm’s licence to be active”.

“No reviews or audits of Alt5’s financial statements will be issued by our auditor until the firm’s licence is active,” it added.

Messages seeking comment from Mokuolu were not returned.

Mokuolu was an accountant in the oil and gas industry before setting up his own firm in 2020, according to his LinkedIn profile. His firm listed 30 small-cap audit clients in a recent regulatory filing.

The firm has been working for more than two years to remediate deficiencies which resulted in it getting a failing grade under the accounting profession’s peer review process in 2023.

The failure to renew its licence this year comes after the Texas State Board of Public Accountancy and another US regulator earlier took action against the firm for repeatedly failing to file regulatory paperwork on time.

The Public Company Accounting Oversight Board in 2023 fined the firm $30,000 for failing to inform the regulator of six public companies’ audits it had conducted the previous year, as it is supposed to do within 35 days of the audit being completed. The Texas board issued an additional $15,000 penalty last year for the same violations.

Alt5 Sigma’s appointment of Victor Mokuolu CPA PLLC on December 8 came amid a period of turmoil for the company, which now calls itself “a fintech with a pioneering $WLFI digital asset treasury strategy”.

The August Trump deal committed the company to buying and holding large quantities of World Liberty Financial’s $WLFI token, and the Trump venture became an investor in Alt5 Sigma.

Jonathan Hugh, the chief financial officer brought in at the time of the Trump deal, left the company after just three months, and Alt5 also parted ways with chief executive Peter Tassiopoulos in October.

Board member David Danziger resigned last month, putting the company in violation of a requirement to have an audit committee of a certain size and with accounting experience.

The company is now under threat of delisting from Nasdaq after failing to file its quarterly results for the period to late September. It blamed the delay in part on the “timeliness and responsiveness” of its previous auditor, who formally quit in November.

Alt5 Sigma was incorporated in July 2024 by a biotech company called JanOne Inc, which had previously focused on developing “innovative solutions for ending the opioid epidemic”. JanOne merged with Alt5 Sigma and assumed the latter’s name during the same month. 

JanOne had rebranded once before, in September 2019, prior to which it was called Appliance Recycling Centers of America. 

Alt5 Sigma says it provides financial infrastructure that allows traditional financial institutions to integrate with the digital asset economy. It held roughly 7.3bn $WLFI tokens as of December 8, worth about $1.1bn.

Alt5 Sigma’s chair since the Trump deal in August has been Zack Witkoff, who is co-founder of World Liberty Financial and son of President Donald Trump’s special envoy for peace negotiations, Steve Witkoff.

In August, Alt5 disclosed to US regulators that its Canadian subsidiary and the group’s former principal was found criminally liable by a Rwandan court in May “for offences including illicit enrichment and money laundering”.

Alt5 Sigma Canada and Andre Beauchesne appealed the judgment to the High Court of Kigali, Rwanda, in June, and the matter remains under judicial review. Both Alt5 Sigma Canada and Beauchesne denied any wrongdoing and maintain that they were the victims of fraud. 

Additional reporting by Joe Miller

I don’t own a dishwasher, so when it’s time for me to help stack one in the homes of friends and family, I’m not across the rules.

What I do know is some people like to rinse the dishes before stacking, and others bypass this step, loading up some of the crustiest plates I’ve seen.

So, is rinsing necessary, and how should we be stacking a dishwasher?

Rinsing may give worse results

Rinsing can actually send a message to your dishwasher that your plate doesn’t need as much washing, explains Ashley Iredale.

He is a whitegoods expert who worked at advocacy group Choice at the time of this interview.

All you need to do is scrape off any solid food before stacking your dishes. The dishwasher will clean off the rest.

Mr Iredale says if you pre-rinse, you may trick your dishwasher.

That’s because most dishwashers have sensors that detect how dirty your plates are, and wash your dishes with a suitably strong jet.

Rinsing is especially redundant if you have a good detergent, explains Mr Iredale.

Your dishwasher will do a better job of washing those unrinsed dishes if you use tablets rather than powders, Choice’s research has found.

But that doesn’t mean you have to buy the costly fancy ones, he says, noting price is not an indication of performance.

But won’t the food bits clog the dishwasher?

Scraping properly before stacking is important, so you don’t clog your dishwasher with food residue.

That’s according to Joshua Henzel, who runs an appliance servicing and repair business in Melbourne/Naarm.

And the newer the model, the greater the risk of this happening.

To stay on top of things, he recommends cleaning your dishwasher’s filter once a month.

The caveat around rinsing

If you’ve left your dishes a while before loading them in, a pre-wash can be beneficial, says Bridget Gardner, the director of a firm that advises cleaning and facility managers.

“If the dishes are coated in food containing proteins and carbs that tend to stick, such as milk, cereal or egg, and they are left for hours or even a day before washing, it is expecting too much of any dishwasher to remove.”

But if you’re keen to save water and avoid rinsing, there’s a workaround.

“I know people who try to live sustainably who use stale bread to clean away residual food rather than water, which they then put into the compost or feed their chooks,” Ms Gardner says.

How you stack matters

Stacking correctly is going to optimise the cleaning process.

For example, the size of your plates determines where they should go.

“You want your big plates on the outside, and the smaller plates closer to the centre,” says Mr Iredale.

“And everything should be facing towards the centre.”

That’s because there’s typically a jet spray at the bottom of a dishwasher.

Placing larger dishes on the outside, facing in, will allow the water to reach the smaller dishes, while also spraying the dirtiest surfaces of all your items.

For similar reasons, Kate Croukamp, the owner of a Gold Coast-based cleaning business, recommends stacking larger plates at the back of the dishwasher.

“This positioning prevents large items from obstructing water and detergent from reaching smaller dishes, allowing for a more thorough and efficient cleaning process.”

If you’re working with an upright cutlery basket, Mr Iredale says to place the “business end” of cutlery — so, “all your points and prongs” — facing downwards.

That’s for safety reasons, but also for hygiene.

“When it does come time to unload your cutlery, you’re not touching the end that goes in your mouth with your germ-laden fingers,” Mr Iredale says.

There are multiple jets and spray arms in a dishwasher, but the bottom shelf is “typically the more intensive wash zone”, says Mr Iredale, which is why heavily soiled pots and pans go on the bottom rack, and delicates go on top.

Plastics will also last longer if they’re stacked on the top shelf, because they’ll be less aggressively washed, he says.

And always run a full load, our experts recommend, provided water can reach all surfaces.

That way your dishwasher is “more energy-efficient and eco-friendly” as it saves water and energy, explains Ms Croukamp.

“This not only reduces your environmental impact but also cuts down on your power bills and saves you time in the long run.”

(Bloomberg) — Asian stocks rose for a seventh straight day, helping extend a global equities rally, while silver gyrated after jumping to yet another record.

A gauge of Asian shares advanced 0.5% on Monday, with the tech sector leading gains. A seven-day winning streak would be its longest since mid-September. Mining stocks in the region climbed as a broad measure of commodities gained for a sixth day. US futures edged lower after the S&P 500 finished near an all-time high on Friday.

Silver turned volatile after smashing through $80 an ounce for the first time amid a historic surge powered by a structural imbalance in supply and demand. Gold was lower after reaching a new peak in the previous session, while copper jumped more than 6% to hit a record following a two-day break on the London Metal Exchange.

Precious metals have emerged as a hot corner of financial markets in recent months, boosted by elevated central-bank purchases, inflows to exchange-traded funds and three successive rate cuts by the Federal Reserve. Lower borrowing costs are a tailwind for the commodities, which don’t pay interest, and traders are betting on more rate cuts in 2026.

“We are witnessing a generational bubble playing out in silver,” Tony Sycamore, market analyst at IG Australia, wrote in a note Sunday. “Relentless industrial demand from solar panels, EVs, AI data centers and electronics, pushing against depleting inventories, has driven physical premiums to extremes.”

In the last week, frictions in Venezuela — where the US has blockaded oil tankers — and strikes by Washington on Islamic State in Nigeria have added to the haven appeal of precious metals. With silver inventories near their lowest on record, there’s a risk of supply shortages that could impact multiple sectors.

“This is not good. Silver is needed in many industrial processes,” Elon Musk said on X on Saturday in response to a series of tweets on the supply shortage.

What Bloomberg Strategists say…

“Silver has particular drivers which mean it is understandable for it to be outperforming the general rally in metals, precious and otherwise, against the US dollar. Nevertheless it is very tough to justify the parabolic ramp-up in silver as it leaves peers behind.”

Garfield Reynolds, Markets Live Strategist. For full analysis, click here.

The MSCI All Country World Index — one of the broadest measures of the equity market — edged higher in Asia after climbing 1.4% last week to an all-time high as a much-expected year-end rally took hold.

Chinese stocks on the mainland underperformed the Asian benchmark on Monday. Data over the weekend showed industrial profits fell for a second month in November, adding to signs that weakening domestic demand and persistent deflation are weighing on corporate earnings.

The nation on Sunday pledged to broaden its fiscal spending base in 2026, signaling sustained government support to drive growth in a challenging external environment. Separately, Chinese state media cautioned against making one-way bets on the yuan, signaling growing official discomfort about the pace of recent gains in the currency. The yuan advanced past 7 per dollar last week in offshore trading for the first time since September 2024.

Geopolitics also drew attention at the start of a new week. Defense stocks in China and Taiwan rose as the former conducted military drills in waters and airspace surrounding Taiwan starting Monday. Meanwhile, Donald Trump said he made “a lot of progress” in talks with Ukrainian President Volodymyr Zelenskiy over a possible peace deal, but that it might take a few weeks to get it done and there’s no set timeline.

Elsewhere in markets, oil was higher on prospects for improved Chinese demand in 2026. It is still on track for a fifth monthly drop in December, which would be the longest losing streak in more than two years. Bitcoin advanced while a gauge of the dollar edged lower.

The gauge equities gauge has risen nearly 22% in 2025, heading for a third straight annual gain and the biggest since 2019.

Trends in AI, the key driver of this year’s rally, as well as the path of the Fed’s interest rates are seen by investors as two of the most crucial factors that will determine how equities perform in 2026.

“The focus this week will be on the release of the FOMC minutes” from the Fed’s December meeting, according to Sycamore. “Markets will scour the minutes for deeper insights into the committee debates on the balance of risks and the timing of future easing.”

Stocks

S&P 500 futures were little changed as of 12:43 p.m. Tokyo time Japan’s Topix rose 0.2% Australia’s S&P/ASX 200 fell 0.3% Hong Kong’s Hang Seng rose 0.4% The Shanghai Composite rose 0.3% Euro Stoxx 50 futures rose 0.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1774 The Japanese yen rose 0.1% to 156.37 per dollar The offshore yuan was little changed at 7.0085 per dollar Cryptocurrencies

Bitcoin rose 2.6% to $89,809.32 Ether rose 3.2% to $3,030.85 Bonds

The yield on 10-year Treasuries was little changed at 4.14% Australia’s 10-year yield advanced two basis points to 4.76% Commodities

West Texas Intermediate crude rose 1.1% to $57.34 a barrel Spot gold fell 0.4% to $4,515.50 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Carmeli Argana, Rita Nazareth and Ruth Carson.

©2025 Bloomberg L.P.

29 December 2025

Allen & Gledhill advised Clifford Capital Holdings Pte. Ltd. (“CCH”) on the issue of US$500 million 3.97% notes due 2028 (“Notes”).

The issuance is CCH’s debut bond transaction, and the first unguaranteed issuance of bonds by the Clifford Capital Group.

Advising CCH as to Singapore law were Allen & Gledhill Partners Yeo Wico, Jeanne Ong and Sunit Chhabra.

Advising CCH as to English law was Allen & Gledhill Partner (Foreign Law) Maree Quinn.

On Wednesday, 3 December 2025, the Faculty of Business Administration organized a high-impact workshop titled “Digital-Age Presentation Mastery” at the Multipurpose Hall – Annex 7, from 4:00 PM to 6:00 PM. The session was designed to strengthen students’ strategic communication capabilities and equip them with future-ready presentation competencies powered by AI-driven tools. Participation was open exclusively to students from the Faculty of Business Administration, with seating limited to 200 attendees, creating a focused, high-engagement learning environment.

The workshop featured an impressive lineup of speakers who delivered practical, innovation-focused insights on modern presentation excellence. Dr. Arif Khan, Assistant Professor, Department of Operations and Supply Chain Management, Farzan Mitu, Lecturer, Department of Marketing, and Nusrat Nowreen, Lecturer, Department of Management, led the core knowledge sessions, offering actionable frameworks on content structuring, storytelling, slide design, and the psychology of audience engagement. Their discussions emphasized AI-integrated tools such as Mentimeter, Canva AI, PowerPoint Copilot, and ClassPoint positioning these platforms as essential assets for building dynamic, interactive, and data-driven presentations.

The event also included special remarks from Prof. Dr. Anwar Hossain, Advisor and Dean-In-Charge, Faculty of Business Administration, whose presence added strategic weight to the initiative. Special acknowledgments were extended to Dr. Tahsin Farzana Jisun, Assistant Professor, Department of Operations and Supply Chain Management, Md. Mehzabul Hoque Nahid, Senior Assistant Professor and Department Head, MIS, and Fatema Tuz Zahra, Lecturer, MIS, for their valuable support in shaping the program. The session concluded with closing remarks and a formal vote of thanks delivered by Dr. Mohammad Faridul Alam, Professor and Director of the MBA & EMBA Program.

The workshop, branded as dynamic and innovative, effectively aligned academic ambition with industry expectations by demonstrating how AI-powered presentation tools can significantly elevate professional communication standards. FBA extends sincere appreciation to all students, volunteers, and faculty members whose participation and collaboration ensured the session’s strong operational execution and strategic impact.

Stay informed with free updates

Simply sign up to the Aerospace & Defence myFT Digest — delivered directly to your inbox.

Europe’s largest defence groups are set to return close to $5bn to shareholders this year as the sector rewards investors and increases investment after a surge in global military spending following the war in Ukraine. 

The bulk of the bumper returns this year at eight of Europe’s largest defence companies is in the form of higher dividends, according to analysis of the past decade by Vertical Research Partners for the Financial Times.

The research, which is focused on the largest defence players and excludes Airbus given its large commercial operations, shows that payouts are on course to reach a 10-year high.

Despite the payouts, the research also shows that European defence sector investment has risen significantly since Russia’s full-scale invasion of Ukraine nearly four years ago as companies have expanded production. 

By contrast, shareholder returns by the six largest defence companies in the US — Lockheed Martin, General Dynamics, Northrop Grumman, RTX Corporation, L3Harris Technologies and Huntington Ingalls — have fallen after hitting a 10-year peak in 2023.

At the same time investment — capital expenditure and self-funded research and development calculated as a percentage of sales — has dropped slightly. Boeing is excluded given its large civil aerospace operations.

The industry has drawn criticism, notably in the US, over doubts that it is investing the proceeds of the boom to boost production of new weapons and not simply spending those gains on share buybacks. 

Donald Trump has urged defence contractors to invest money in production, boosting returns to shareholders. He is due to discuss such issues with companies in Florida this week.

His comments follow those of US Treasury secretary Scott Bessent, who said in October that the country’s defence companies were “woefully behind in terms of deliveries, so we may have to, as their biggest customer . . . prod them to do a little more research, a little fewer stock buybacks”. 

Rob Stallard, analyst at Vertical Research, said the accusation that the US defence industry had underinvested or was “profiteering” was “not supported by the facts”.

“Buybacks and dividends as a percentage of market cap [of US companies] have almost halved over the past two years.”

Vertical’s research shows that the average investment of the basket of European companies analysed — measured as capex plus R&D spend as a percentage of revenues — is expected to rise to 7.9 per cent in 2025. In 2021, the year before the start of the conflict in Ukraine, this figure was 6.4 per cent.

Public debate about the issue in Europe has so far been limited but some industry experts believe that given the significant spending pledges announced by governments, they could become more involved. 

“If defence spending rises to a certain level, significantly higher than it is now, then defence becomes so important to the governments that they will become very interested in how much money you are making,” said Nick Cunningham, analyst at Agency Partners. 

At the same time, he added, the industry in Europe was “not ramping up”. 

“If you are operating in a capacity-constrained environment, coining it and buying back stock, that will not be going down very well. So you should make a big song and dance around how much you are investing,” he added.

• Twelve Aboriginal businesses to showcase expertise
  at major energy exhibition
• Energy Exchange Australia 2026 to feature
  international, Australian exhibitors, speakers, attendees
• Cook Government-supported Aboriginal Business
  Pavilion a hub for domestic, international exposure

The Cook Government will
support 12 Aboriginal businesses to co-exhibit in the Aboriginal Business
Pavilion at Energy Exchange Australia (EXA) 2026, a major conference attracting
more than 6,000 attendees from 33 countries.

EXA is a leading
exhibition and conference celebrating innovation across the energy sector, from
oil and gas through to renewables and clean energy solutions.

The Aboriginal Business
Pavilion will provide local businesses with the opportunity to showcase their
products, technologies, innovations and services to domestic and international
markets.

In 2025, it featured 257
exhibitors and 170 speakers.

Formerly known as AOG
Energy, EXA will be held from 10-12 March, 2026 at the Perth Convention and
Exhibition Centre.

To learn more, visit EXA
2026: Aboriginal Business Pavilion

Comments attributed to Energy and Decarbonisation Minister Amber-Jade
Sanderson:

“The Aboriginal Business
Pavilion will showcase the capability, innovation and professionalism of
Western Australian Aboriginal businesses to the global energy sector.

“By supporting Aboriginal
businesses to engage directly with major operators and supply chain partners,
the Cook Government is helping to create real economic opportunities and
long-term partnerships across the energy industry.”

 Comments
attributed to Aboriginal Affairs Minister Don Punch:

“The Aboriginal Business
Pavilion is an exciting opportunity to highlight the skill, innovation and
resilience of WA’s Aboriginal businesses on a national and international stage.

“By supporting
Aboriginal-owned businesses to connect with markets and industry leaders, we’re
helping to build sustainable economic opportunities for our communities.”

EXA 2026 Aboriginal Business Pavilion Co-Exhibitors

Samsung’s CES 2026 showcase is set to transform the exhibition paradigm through immersive experiences and Tech Forums that feature thought leadership panels

 

Samsung Electronics Co., Ltd. today announced that it will boldly break away from the conventional exhibition framework and present a new exhibition paradigm with The First Look at CES 2026, the world’s largest consumer electronics show, to be held in Las Vegas, Nevada on Jan. 6–9.

 

For The First Look, Samsung is shifting from operating a public booth within the Las Vegas Convention Center (LVCC) to establishing a standalone exhibition hall at The Wynn Las Vegas. There, Samsung will curate an experience that adopts techniques used in art galleries and museums to unveil its new products and technologies.

 

To this end, the company has built its exhibition space, the Samsung Exhibition Zone, on an industry-leading scale, enabling all activities – from product exhibitions and presentations, to events, technology forums and consultations with key clients and partners – to be conducted organically in a single integrated location. The Exhibition Zone reflects Samsung’s strong commitment to transforming the exhibition paradigm beyond a simple change of venue, towards an approach centered around customer experiences.

 

 

Beyond Simple Lineups: Experiencing the Essence of AI in a Well-Curated Space

At CES 2026, Samsung will present its unified AI approach for its Device eXperience (DX) Division and articulate the company’s overall business direction. It is because of this ambitious vision that the company has chosen to establish an industry-leading, large-scale premium standalone exhibition space at The Wynn. Via this approach, Samsung will have minimal limitations when showcasing its industry-leading innovations and will be able to better convey its overall AI strategy and vision, including real-life value it can bring to consumers.

 

The First Look event has been designed to demonstrate how Samsung’s technology transforms lives, moving beyond only showcasing new product features. To realise a fully immersive environment, the exhibition will provide minimised congestion and enhanced programming for a deeper, more meaningful visitor experience.

 

 

A Grand Showcase of Samsung AI at the Industry’s Largest Space

Through carefully curated storytelling, Samsung’s Exhibition Zone has been designed to allow visitors to intuitively engage with Samsung’s AI innovation, current key technologies and future direction. Under the theme of “Your Companion to AI Living,” the exhibition showcases how Samsung has extensively applied AI technologies not only across all its product categories, including mobile[1], home appliances and displays, but also the functions and services that connect them. Visitors will be able to experience these differentiated AI capabilities, which offer seamless, always-on connectivity anytime and anywhere. This hyper-connected ecosystem, where software and AI work together to overcome the normal limits of hardware, is something that only Samsung can deliver[2].

 

 

New Tech Forums Spotlight Recent Industry Trends and Technologies

At CES 2026, Samsung will also host a series of Tech Forum panel discussions dedicated to exploring the latest industry trends and future technologies. The panels will be held over two days on Jan. 5–6 (local time), and will consist of four sessions centered on AI, home appliances, services and design.

 

Each session will feature both Samsung experts and participants from partner companies, academia, media and the analyst community, who will engage in in-depth discussions on industry trends – as well as new technologies and the future of the industry.

 

To learn more about The First Look, visit Samsung Australia’s Newsroom https://news.samsung.com/au.

 

[1] Galaxy AI features are currently free of charge, with any specific plans for premium AI services to be decided in close coordination with our partners. There are currently no plans to charge for Galaxy AI features, however different terms may apply to other AI features provided by third parties, at the end of 2025.

[2] Internet connection and Samsung Account required. Data and subscription charges may apply. Apps and UI may be subject to change without notice.