Category: 3. Business

• Xtera to be acquired by a joint venture between Prysmian (80% stake) and Fincantieri (20% stake)
• Prysmian becomes a global player in submarine telecom thanks to the acquisition, building on its leadership in submarine energy solutions
• Fincantieri confirms its role as a leader for the development of integrated solutions in the underwater domain, focusing on unmanned and security solutions
• Customers will benefit from a one-stop shop for comprehensive submarine telecom solutions, including leadership in cable security
• Business positioned for long-term growth thanks to data centers and hyperscalers and from incumbent telecom players

Milan/Trieste, December 29, 2025 – A Prysmian led joint venture with Fincantieri has signed an agreement to acquire Xtera Topco Limited (“Xtera”), a UK and US-based leader in turnkey submarine telecom systems, enabling Prysmian to become a competitive global player in submarine telecom solutions.

The acquisition of Xtera from an affiliate of H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with $72 billion of capital under management, will be carried out through the aforementioned joint venture between Prysmian (80% stake) and Fincantieri (20% stake).

Prysmian and Fincantieri have also established a partnership which includes the development of innovative installation and security services to become a one-stop shop for comprehensive submarine telecom solutions. Fincantieri’s position as a leading integrator of advanced subsea systems is strengthened thanks to the partnership and joint venture.

Submarine telecom cables are major strategic assets and have long-term growth prospects as telecom operators look for new solutions as the adoption of AI is fueling the expansion of data centers and hyperscalers that will require regional and long-haul submarine connections.

Security will be central to Prysmian’s offer, as its established assets in monitoring and know-how in installation and cable production will be combined with Fincantieri which confirms its role as a leader for the development of integrated solutions in the underwater domain, focusing on unmanned and security solutions.

Raul Gil, EVP Transmission at Prysmian, said: “Thanks to the acquisition of Xtera we have made a significant leap forward in submarine telecoms, where growth is accelerating driven by the adoption of AI. As the market leader in submarine energy cables, we will now be competitive in delivering regional and long-haul telecom connections globally. Security is a differentiator for our customers, and also thanks to the partnership with Fincantieri, we will offer unique and technologically advanced solutions to the market in a one-stop shop.”

Pierroberto Folgiero, CEO and Managing Director at Fincantieri, commented: “This operation marks a significant step forward in implementing our industrial vision, which positions the underwater sector as one of the Group’s strategic pillars, both now and in the future. By covering every area of this field—including through partnerships with leading companies such as Prysmian—we are strengthening our ability to anticipate global challenges and drive innovation across the entire value chain. In a world where subsea infrastructures are increasingly vital, Fincantieri aims to be a leader and a benchmark for the development of integrated and sustainable solutions.”

Keith Henderson, CEO at Xtera, added: “This investment marks a significant milestone in Xtera’s journey to further strengthen our competitive position in subsea telecom systems. We look forward to partnering with Prysmian and Fincantieri to deliver even greater breadth across the value chain to telecom operators and private subsea system owners.”

Xtera
Headquartered in London, UK, Xtera is one of just five companies able to deliver subsea telecom networks on a global scale. Their long-standing management team, focus on innovation and track record of project delivery positions Xtera as one of the fastest growing providers in the growing submarine telecom market. A specialist in regional and long-haul submarine telecom projects thanks to their proprietary technology, Xtera has industry-leading revenues per FTE with approximately €130 million in revenues and around 60 employees. Xtera also has state-of-the-art R&D facilities in the UK and Texas, USA.

The transaction implies an enterprise value of $65 million. The acquisition of Xtera remains subject to regulatory approvals. Completion of the transaction is expected to occur in the first quarter of 2026.

One-stop shop for submarine cable solutions
The acquisition of Xtera will complement Prysmian’s leadership in submarine telecom production from its Nordenham (Germany) plant, its in-house acoustic and temperature monitoring solutions, and its world leading fleet of cable installation vessels and know-how. The partnership with Fincantieri will build on the already established relationship in cable installation vessels and will expand to new security-focused underwater services including guard vessels and drones. Prysmian’s one-stop shop for submarine telecom solutions will be deeply embedded in both Europe and the US, benefiting from a shared culture and supply chain across the two continents. Prysmian and Fincantieri are also exploring extending the partnership to submarine energy cables.

Air passengers are being warned to brace for ticket rises as regional airports across the UK face “unprecedented” rises in property tax next year.

Analysis of government data for the Press Association has revealed regional airports are among those facing the steepest increases in business rates of any sector in the UK amid an overhaul of property valuations underpinning the tax.

While London’s Heathrow and Gatwick are also being hit with huge increases in their business rates bills, the figures show that the most extreme cases are focused outside London, with regional airports poised to suffer.

Global tax firm Ryan’s calculation of Valuation Office Agency data found that the rateable values have jumped more than six-fold in some cases in the latest property revaluation, sending tax bills soaring higher.

Even with transitional relief, which limits increases to 30% next year, regional airports will still endure some of the largest cash increases in the country.

And most airports face their bills more than doubling over the next three years.

Manchester airport is among the worst affected, with its business rates bill likely to increase by £4.2m to £18.1m next year, according to Ryan’s data.

Bristol airport will receive a £1.2m increase to £5.2m, while Birmingham International airport faces a £1.8m rise to £7.6m.

Newcastle International airport is in line for a £244,755 rise to £1.1m.

Alex Probyn, the practice leader for Europe and Asia-Pacific property tax at Ryan, told PA: “With an unprecedented 295% sector-wide uplift, regional airports simply cannot absorb a cost shock of this magnitude.

“These increases will inevitably flow through the system: first into airport charges, then into airline costs, and ultimately into ticket prices.”

Airport operators have said the tax blow may also hold back investment in the sector.

A Manchester Airports Group spokesperson said: “Airports were already some of the highest rates-payers in the country and were prepared to pay significantly more.

“But increases of more than 100% mean we have to look again at our plans to invest more than £2bn in our airports across the UK over the next five years.

“It is inevitable air travel will become more expensive as the industry absorbs these costs. That impacts hard-working people throughout the country and makes global trade harder for businesses.”

AirportsUK – the trade group representing the sector – is working on a response to the Treasury’s consultation on the business rates plan, which closes in February.

It said the plans are “shortsighted” and will “have a knock-on effect for the businesses that depend on airport connectivity in all areas of England”.

This risks “negatively impacting local economies that depend on the supply chains, tourists and connections their airports provide”, according to the group.

“That is why the long-term review into how airport business rates are calculated, also announced by government, is so important and we will engage with Treasury to ensure this delivers the positive outcome airports need to drive investment and economic growth.”

Other regional airports heading for large bill increases include Liverpool airport with a £233,100 rise to £1m, East Midlands International airport with a £437,895 increase to £1.9m, and Bournemouth airport with a £102,398 increase to £443,723.

This abbreviated commentary is reprinted without references from the Cleveland Clinic Journal of Medicine (September 2025, 92[9] 550-554; doi: 10.3949/ccjm.92a.25014). The open-access and fully referenced original article is available at ccjm.org/content/92/9/550.

By Samuel M. Schut, DC

For patients with acute or chronic musculoskeletal conditions, guidelines recommend a variety of noninvasive pharmacologic and nonpharmacologic treatments as first-line management. However, many patients receive suboptimal care, including unneeded imaging, too many prescriptions for opioids, not enough evidence-based advice, and premature referrals for interventional or surgical procedures, without first exhausting conservative measures.

These practices are associated with worse financial and clinical outcomes, including higher total healthcare costs and greater risk of developing chronic, disabling pain. Notably, many of the recommended frontline treatments outlined in clinical practice guidelines align with approaches central to the chiropractic profession. And some US healthcare systems now include chiropractors on interdisciplinary pain management teams.

Integrating chiropractors into multidisciplinary care settings can help support high-value, guideline-concordant musculoskeletal care and may free up internists to see more patients with other problems. Here, we outline for internists and other medical specialists the following aspects of chiropractic care.

Extensive training

Doctors of chiropractic (DCs) are licensed healthcare professionals trained to operate as point-of-contact practitioners for musculoskeletal complaints. To become licensed, DCs must successfully complete a 3- to 4-year accredited doctoral degree program and obtain satisfactory scores on a four-part examination administered by the National Board of Chiropractic Examiners. These examinations involve both computer-based and structured practicums and assess knowledge in the areas of basic and clinical science, diagnostic imaging, and case management.

Matriculates into doctoral programs must hold a bachelor’s degree or have obtained a cumulative grade-point average of 3.0 (2.75 in select circumstances) or higher on a 4.0 scale for 90 semester credits at an accredited institution before admission. Didactic and clinical training consists of a minimum of 4,200 hours of basic and clinical science instruction correlated with analytical and practical skill development. A minimum of 1,000 contact hours is spent in a patient-care setting.

After completing the doctoral program, some DCs pursue advanced postgraduate training in integrated residency or fellowship programs. Such training is optional and not currently required for licensure in any state. Requirements to obtain and maintain active licensure are set forth by each state individually. States stipulate regular continuing education in topics such as documentation, ethics, law, and clinical practice to retain a license to practice.

What do chiropractors do?

Chiropractic is a healthcare profession and not a singular treatment approach. Chiropractors possess diagnostic autonomy and use nonpharmacologic, noninvasive therapies to treat musculoskeletal disorders and improve quality of life using an integrative, whole-person approach. The chiropractic profession is not categorically opposed to pharmacologic or invasive therapies; rather, chiropractors simply do not provide these types of treatment, and patients should not expect to receive them from chiropractors.

An initial trial of chiropractic care typically includes a cluster of treatment sessions within a short time (eg, 4–6 visits over 1–2 months), followed by a reevaluation to assess treatment effectiveness and determine the need for continued or escalated care.

For chronic or more complex conditions, patients may benefit from supportive treatment beyond the initial trial of care. However, empowering patients to self-manage symptoms and minimize practitioner dependency remains a top priority.

Evidence-based care

Spinal manipulative therapy as an isolated intervention has been shown to be as effective as other guideline-recommended treatments and more effective than non-recommended treatments in terms of relieving pain and improving function and quality of life in patients with acute and chronic back pain. Additionally, spinal manipulative therapy may allow patients to minimize their reliance on pain medications, with their attendant risks.

While the degree of benefit varies, the combination of spinal manipulative therapy and other goal-oriented interventions such as rehabilitative exercise or neuromuscular reeducation is a well-rounded and patient-centered approach as recommended by clinical practice guidelines.

When considering the evidence supporting chiropractic care, it is most pragmatic to evaluate the benefits of multimodal integrative care rather than the efficacy of isolated interventions and single outcomes. Clinical practice guidelines recommend treatments such as joint manipulation and mobilization, myofascial therapies, and exercise as part of a multimodal care plan for managing back and neck pain — all of which are central to the chiropractic scope of practice.

Chiropractic care is also cost-effective. In a recent retrospective analysis, patients who started care with a chiropractor for acute low back pain incurred total medical costs that were $8,848 lower than those who started care with primary care clinicians and $12,267 lower than those who started care in the emergency department.

Practical considerations

Who should — or should not — see a chiropractor? Conditions commonly managed by chiropractors include mechanical low back and neck pain, with or without associated extremity symptoms, cervicogenic and tension-type headaches, and musculoskeletal extremity complaints such as knee osteoarthritis, rotator cuff tendinopathy, and carpal tunnel syndrome.

Contraindications to certain chiropractic treatments can be broadly categorized as absolute or relative, depending on the resultant impact on treatment decisions. Absolute contraindications to spinal manipulative therapy include but are not limited to acute fractures or dynamic spinal instability, severe or progressive neurologic deficits related to the area of concern, and pain caused by cancer or infection; relative contraindications include diseases that cause bone softening, prior spinal surgery, bleeding disorders, and inflammatory diseases in the nonactive phase.

The best available evidence suggests that if patients obtain pain relief from chiropractic therapy, they get it quickly, whereas factors that predict lack of relief include poor psychological status (eg, depression, anxiety, kinesiophobia), adverse sleep and fatigue patterns, chronic pain, and high baseline pain intensity.

In most instances, it is not necessary to obtain imaging, laboratory work, or other specialty testing before referring patients for chiropractic care unless there is suspicion for sinister disease or treatment contraindications.

Chiropractors vs. physical therapists

Internists and other medical specialists are likely familiar with indications for physical therapy and, at this point, may observe substantial overlap between it and chiropractic. So, what differentiates chiropractors from physical therapists? While there are similarities between the two professions, including training in rehabilitative and manual therapies, chiropractors receive approximately twice as much academic and clinical training, and this is reflected by their broader scope of practice.

Since DCs can establish a diagnosis and order or perform imaging or other diagnostic studies (eg, electrodiagnostics, musculoskeletal ultrasonography, laboratory studies), this authority eliminates the need for the referring physician or the patient’s primary care clinician to coordinate clinical decisions on the chiropractor’s behalf, leaving chiropractors to independently evaluate, diagnose, and manage patient care.

A practical solution

Integrating chiropractors into multidisciplinary healthcare teams offers a practical solution to the challenges faced by internists when managing painful musculoskeletal conditions. Their specialized training, evidence-based approaches and ability to act as point-of-contact case managers offer a unique solution to provide guideline-concordant, cost-effective care without excessive administrative demands. By collaborating more with chiropractors, healthcare systems can improve patient outcomes, reduce costs, and alleviate burdens on primary care clinicians.

• EBRD to lend up to US$30 million to Hamkorbank
• Funds to support green lending in Uzbekistan
• Concessional co-financing to be provided by the HIPCA

The European Bank for Reconstruction and Development (EBRD) is helping micro, small and medium-sized enterprises (MSMEs) in Uzbekistan to improve their access to green finance and promote green innovation by providing fresh funds under its Uzbekistan Green Economy Financing Facility II (GEFF II Uzbekistan).

An EBRD loan of up to US$30 million (€25.7 million) under GEFF II Uzbekistan will allow Hamkorbank to expand its energy-efficiency lending to companies and households across the country, who can use the funds to modernise production, increase their energy efficiency and improve their climate resilience. The loan will be supported by concessional co-financing provided by the government of Canada under the High-Impact Partnership on Climate Action (HIPCA).

HIPCA donors include: Austria, Canada, Finland, Germany, the Netherlands, Norway, South Korea, Spain, Switzerland, the TaiwanICDF (International Cooperation and Development Fund), the United Kingdom and the United States of America.

The EBRD has invested over US$6.6 billion in Uzbekistan to date through 196 projects, with the majority of those funds supporting private entrepreneurship, contributing to the country’s economic development.

(Bloomberg) — Global stocks held gains from a record-breaking run fueled by artificial intelligence that’s helped markets rebound from an April slump sparked by tariff concerns. Volatility gripped precious metals such as silver, which climbed to another all-time high.

The MSCI All Country World Index — one of the broadest measures of the equity market — was steady after rising 1.4% last week to a new high as a much-expected year-end rally took hold. A gauge of Asian shares advanced 0.3% in a seventh straight day of gains, boosted by tech and industrials. European futures rose 0.3% while contracts on the S&P 500 edged lower after the US benchmark finished near its peak on Friday.

Silver gyrated after smashing through $80 an ounce for the first time amid a historic surge powered by speculative trades and a persistent mismatch between supply and demand. Gold was down more than 1% after reaching a fresh high in the previous session, while copper jumped more than 6% to hit a record 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.”

Monday’s early momentum for precious metals had come after a comment by Elon Musk over the weekend that highlighted the growing investor frenzy around them. Musk replied to a tweet on Chinese export restrictions by saying on X: “This is not good. Silver is needed in many industrial processes.”

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

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.

In geopolitical news, President 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.

Oil rose as the US-led talks failed to yield a breakthrough, and as China vowed to support growth next year. It is still on track for a fifth monthly drop in December, which would be the longest losing streak in more than two years.

Elsewhere in markets, Bitcoin rallied more than 2% while a gauge of the dollar was steady.

The global equities gauge has risen nearly 22% in 2025, heading for a third straight annual gain and the biggest since 2019. Trends in AI 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 Fed is scheduled to release minutes from its December policy meeting later this week.

“Stocks can continue their party into 2026 because rate cuts are coming, global growth is robust, and the worst of the tariff threats seem to be already in the price,” said Nirgunan Tiruchelvam, an analyst at Aletheia Capital.

Stocks

S&P 500 futures were little changed as of 6:50 a.m. London time Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.3% The MSCI Emerging Markets Index rose 0.5% Hong Kong’s Hang Seng fell 0.5% The Shanghai Composite was little changed Euro Stoxx 50 futures rose 0.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1764 The Japanese yen rose 0.2% to 156.26 per dollar The offshore yuan was little changed at 7.0043 per dollar The British pound was little changed at $1.3494 Cryptocurrencies

Bitcoin rose 2.6% to $89,775.64 Ether rose 3.3% to $3,032.46 Bonds

The yield on 10-year Treasuries was little changed at 4.13% Germany’s 10-year yield was unchanged at 2.86% Britain’s 10-year yield was little changed at 4.51% Australia’s 10-year yield advanced two basis points to 4.76% Commodities

Spot gold fell 1.1% to $4,483.53 an ounce West Texas Intermediate crude rose 1% to $57.32 a barrel This story was produced with the assistance of Bloomberg Automation.

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

©2025 Bloomberg L.P.

Mr Doyle was not the only person to potentially sell inside secrets on the development of Concorde.

In 1999, it was revealed a spy codenamed “Agent Ace” had also betrayed Britain.

The agent was an aeronautical engineer recruited in 1967, according to papers smuggled out of Russia by dissident KGB officer Vasili Mitrokhin.

It is thought Ace handed over more than 90,000 pages of detailed technical specifications.

The agent was one of more than a dozen spies operating within Britain and passing commercial and technological secrets to the Russians at the height of the Cold War, the papers revealed.

The secrets that made it out of Filton helped Russia build the Tupolev-144, nicknamed Concordski, and which was strikingly similar to Concorde.

It remains unclear whether Mr Doyle did, in fact, pass on the details he claimed to have done in the interview to the KGB or any other secrets about the Concorde programme.

For one, questions marks remain over why Mr Doyle was never prosecuted – despite admitting spying for Russia.

UK Parliament records seen by the BBC raised that very question on the 18 October 1971.

The Attorney General at the time said he had been consulted about the possibility of a prosecution under the Official Secrets Act, but a prosecution would be unlikely to succeed, based on the evidence, and criminal proceedings should not be started.