Category: 3. Business

A broad majority of Wisconsin banking executives believe the state economy is strong, but enthusiasm is down compared to past surveys.

That’s according to a new end-of-the-year survey from the Wisconsin Bankers Association, conducted between Nov. 19 and Dec. 12. It showed zero percent of banking CEOs believe the economy is “excellent” and 79 percent say it’s “good.”

The same share of executives said the economy was good in the middle of the year, but 7 percent said it was “excellent” at that time, the survey shows. For comparison, 7 percent said the economy was “excellent: and 76 percent said it was “good” at the end of 2024. At least 5 percent of bankers have been describing the economy as “excellent” in each survey since at least the end of 2022.

Rose Oswald Poels, president and CEO of the Wisconsin Bankers Association, said the survey results show a “steady economic outlook” but “not an overwhelmingly great economic outlook.” She said some sectors of the economy are doing well, while others are struggling. 

“I think that’s true whether we’re talking about businesses or whether we’re talking about individuals,” Oswald Poels said. 

A slimmer majority of banking CEOs, 55 percent, expect Wisconsin’s economy to stay roughly the same over the next six months — while 28 percent believe the economy is going to grow over the next six months and 17 percent believe it will shrink, the survey shows.

Oswald Poels said the positive factors in Wisconsin’s economy — like low unemployment, a strong manufacturing sector and strong consumer spending — helped contribute to most bankers feeling the economy will remain steady in the next six months. 

But concerns around housing affordability, particularly for low-income individuals, and uncertainty around tariffs have contributed to less than one-third of bankers believing the economy will grow in the next six months, she said.

“I think that uncertainty will continue into next year, which gives, I think, the bankers a little bit of pause,” she said. “But at the same time, 28 percent are expecting the economy to grow, which is certainly a little higher than what we’ve seen in the last couple of survey responses six and 12 months ago.”

At the same time, 72 percent of bank CEOs believe interest rates will fall over the next six months, the survey shows. 

While most of the responses came in before the Federal Reserve announced a rate cut on Dec. 10, Oswald Poels said bankers, anecdotally, expect two more rate decreases next year.

Over the next six months, residential real estate loans were the only loan category most CEOs, 59 percent, predicted would see demand grow, according to the survey. For business, commercial real estate and agricultural loans, a majority of bankers said demand would stay the same.

Oswald Poels said residential real estate lending has been lagging behind the last couple of years due to high interest rates combined with the high costs of building new homes. That’s made home buying, especially for new homes, more expensive.

She said expectations that interest rates will come down over the next year, along with rate cuts earlier in 2025, have helped “lead to the optimism that we’re going to see pretty nice growth in residential real estate lending.”

She also said banks are seeing consumers use credit cards a little more this year than they have in the past few years, but deposit levels at banks have remained strong.

Heading into 2026, Oswald Poels said financial fraud is one of the biggest things banks are trying to keep an eye out for. 

Last week, the Wisconsin Bankers Association, citing data from the Federal Trade Commission, said Wisconsin consumers and businesses lost more than $107 million to fraud in 2025, including $32.8 million in losses in the third quarter of the year.

Oswald Poels said technological advancements, including in artificial intelligence, have helped make fraudster phone calls more believable, often posing as police, IRS agents, bank employees or family members.

“When someone’s calling or texting you and demanding you to act instantly, everybody should just pause at that point,” she said. “Then hang up the phone and contact people, whether it is the bank separately with a number you would normally use, or contact family members if that’s the urgent situation that the bad actor is trying to get you to act.”

Peguis First Nation is suing former chief Glenn Hudson over allegations he failed to act in the best interest of the band and financially benefitted from breaches of duty — including claims that he enriched himself, his family and supporters.

In a 29-page statement of claim filed Friday with Manitoba’s Court of King’s Bench, the First Nation alleges Hudson “engaged in corrupt practices,” made unauthorized transfers of funds, awarded contracts to companies he benefitted from, treated the First Nation’s assets “as if they were his own” and engaged in “risky financing and real estate transactions” during his 14 years as the chief as well as a shareholder and director of several Peguis corporations.

The allegations have not been proven in court. No statement of defence has been filed.

Hudson served as chief of Peguis, Manitoba’s most populous First Nation, from 2007 to 2015 and again from 2017 to 2023, when he lost to current Chief Stan Bird in an election Hudson continues to contest before the courts.

Hudson said the claims in the lawsuit are frivolous and intended to influence the outcome of the next Peguis election.

In its statement of claim, Peguis is seeking unspecified compensation for Hudson’s alleged breaches of trust and duty and asked the court to trace any money, property or other benefits that were received as a result.

“The Nation suffered substantial financial losses, reputational harm and erosion of governance integrity,” reads the statement of claim.

“The corruption that the defendant engaged in … continues to have lasting negative impacts on the Nation.”

Band alleges it was invoiced for furniture, vehicles

Peguis alleges in its claim Hudson used his band-issued credit card to make “numerous cash gifts” to band members and encouraged members to charge the band for gas purchased at the Mi Ki Nak Gas Station. The gas purchases amounted to $700,000 in the 2021-22 fiscal year, the claim states.

According to the claim, Hudson repeatedly invoiced Peguis for “home furniture, vehicles, personal telecommunications and personal legal fees” for himself, his family and associates.

The band also states in its claim that Hudson received honoraria for attending third-party events without disclosing the income to the band, diverted a $30,000 grant — intended to build a monument for residential school survivors — to himself “in or around 2023,” and diverted at least $250,000 from the Percy E. Moore Hospital “to cover the Nation’s cashflow shortages” on at least three occasions in 2022 or 2023.

According to the claim, Hudson directed, influenced or caused the band to approve the use of $22 million in treaty land entitlement funds in 2013 to invest in property at Assiniboia Downs in Winnipeg without disclosing he was a director of a company that was paid $935,000 “for purportedly arranging financing” for the purchase.

The claim also states Hudson did not act in the band’s best interest when Peguis First Nation’s real estate trust used $10 million of treaty land entitlement funds in 2021 to purchase the Meadows Golf Course in East St. Paul, placed band adviser Andrew Marquess “in total control of the development” and then sold most of the land to Marquess in 2024.

Peguis also alleges in its claim Hudson did not act in the band’s best interest when the Peguis real estate trust purchased land on Wellington Crescent in Winnipeg for $350,000 “for addition to reserve” and then sold it to a third party for profit.

According to the statement of claim, Hudson breached his duty to the band “by unilaterally awarding, or causing the Nation to award, construction contracts to companies in which he had a financial or business interest.” The statement alleges Peguis contracted Ayshkum Engineering Inc., which Hudson co-founded and served as a director, “for at least $20 million” during his tenure as chief.

The statement of claim alleges Hudson received “kickbacks” as part of this and other contracts, through cash “in the guise of ‘consulting fees,’ lavish dinners, gift cards, hockey tickets and other forms of compensation.”

The claim also alleges Hudson did not act in the band’s best interest when Peguis took $95 million worth of loans with private lender Bridging Finance Inc. at a rate of prime plus 11 per cent in 2017 and directed $10 million from those loans in 2018 to a cannabis venture without disclosing his interest in the venture.

Overall, Peguis alleges in its claim that Hudson “fostered an environment in which loyalty was rewarded, and procedures and independent oversight were discouraged and disregarded.

“Individuals who raised concerns were either fired, constructively dismissed or shuffled to different positions.”

The band alleges that Hudson’s conduct “was not isolated or inadvertent but formed part of a sustained pattern of governance failure, misuse of authority, and disregard for fiduciary obligations, resulting in foreseeable and substantial harm to the Nation.”

Lawsuit part of ‘negative campaign,’ Hudson says

In a Facebook post on Saturday, Hudson said he will defend himself and his family against what he called “frivolous claims” from current Peguis Chief Stan Bird.

Hudson said via text message on Monday the claims are part “a negative campaign” against him focused on the outcome of the next Peguis First Nation election.

“As First Nations leadership, we need to focus on the positive outcomes for our people rather [than] tearing opportunities down and pursuing defamation of character,” Hudson said via text.

In a Facebook video address on Friday, Bird said Peguis’s council did not take the decision to launch a claim against a former band chief lightly.

Amova Asset Management Co., Ltd. (formerly known as Nikko Asset Management Co., Ltd., hereinafter “Amova AM”) has entered into a conditional share purchase agreement to acquire a controlling stake in AHAM Asset Management Berhad (“AHAM Capital”) from leading shareholder CVC Capital Partners and other shareholders, increasing its ownership from 20% to 97.7%, subject to regulatory approvals and customary closing conditions.

Established in 2001, AHAM Capital, together with its wholly-owned Islamic fund management arm, AIIMAN Asset Management Sdn. Bhd., has surpassed RM100 billion in assets under management (“AUM”) as at 30 November 2025. Serving a broad client base ranging from retail and mass affluent investors to corporates, government-linked companies, and institutional clients, AHAM Capital is now among the top three asset managers in Malaysia.

Commenting on the transaction, Stefanie Drews, President and CEO of Amova AM, said, “This acquisition of a leading asset manager in a growth market is truly transformational and marks a pivotal milestone in Amova AM’s journey to connect Asia with global markets. We are proud that this follows so soon after our global rebrand earlier this year. By integrating AHAM Capital’s local expertise and Shariah investment capabilities with Amova AM’s global scale and innovation, we will deliver differentiated solutions for our clients and accelerate growth across public, private and Islamic investment segments. This strategic move underscores our ambition to lead in Asia while expanding our global reach.”

Dato’ Teng Chee Wai, Managing Director of AHAM Capital, added, “Amova AM has been a longstanding and trusted partner since 2011. We remain committed to ensuring this integration delivers meaningful benefits through strengthened capabilities, innovative offerings, and access to a wider regional network. Under the continued stewardship of our management team, we remain focused on continuity and delivering long-term value for our clients and partners who place their trust in us.”

U.S. regulators on Monday gave the green light to a pill version of the blockbuster weight-loss drug Wegovy, the first daily oral medication to treat obesity.

The U.S. Food and Drug Administration’s approval handed drugmaker Novo Nordisk an edge over rival Eli Lilly in the race to market an obesity pill. Lilly’s oral drug, orforglipron, is still under review.

Both pills are GLP-1 drugs that work like widely used injectables to mimic a natural hormone that controls appetite and feelings of fullness.

In recent years, Novo Nordisk’s injectable Wegovy and Lilly’s Zepbound have revolutionized obesity treatment globally and in the U.S., where 100 million people have the chronic disease.

The Wegovy pills are expected to be available within weeks, company officials said. Availability of oral pills to treat obesity could expand the booming market for obesity treatments by broadening access and reducing costs, experts said.

About 1 in 8 Americans have used injectable GLP-1 drugs, according to a survey from KFF, a nonprofit health policy research group. But many more have trouble affording the costly shots.

“There’s an entire demographic that can benefit from the pills,” said Dr. Fatima Cody Stanford, a Massachusetts General Hospital obesity expert. “For me, it’s not just about who gets it across the finish line first. It’s about having these options available to patients.”

The Novo Nordisk obesity pill contains 25 milligrams of semaglutide. That’s the same ingredient in injectables Wegovy and Ozempic and in Rybelsus, a lower-dose pill approved to treat diabetes in 2019.

In a clinical trial, participants who took oral Wegovy lost 13.6% of their total body weight on average over about 15 months, compared with a 2.2% loss if they took a placebo, or dummy pill. That’s nearly the same as injectable Wegovy, with an average weight loss of about 15%.

Chris Mertens, 35, a pediatric lung doctor in Menomonee Falls, Wisconsin, joined the Novo Nordisk trial in 2022 and lost about 40 pounds using the Wegovy pill. The daily medication worked to decrease his appetite and invasive thoughts of food, he said.

“If there were days where I missed a meal, I almost didn’t realize it,” Mertens said.

Participants in a clinical trial who took the highest dose of Lilly’s orforglipron lost 11.2% of their total body weight on average over nearly 17 months, compared with a 2.1% loss in those who took a placebo.

Both pills resulted in less weight loss than the average achieved with Lilly’s Zepbound, or tirzepatide, which targets two gut hormones, GLP-1 and GIP, and led to a 21% average weight loss.

All the GLP-1 drugs, oral or injectable, have similar side effects, including nausea and diarrhea.

Both daily pills promise convenience, but the Wegovy pill must be taken with a sip of water in the morning on an empty stomach, with a 30-minute break before eating or drinking.

That’s because Novo Nordisk had to design the pill in a way that prevented the drug from being broken down in the stomach before it could be absorbed by the bloodstream. The drugmaker added an ingredient that protects the medication for about 30 minutes in the gut and makes it easier to take effect.

By contrast, Lilly’s orforglipron has no dosing restrictions. That drug is being considered under the FDA’s new priority voucher program aimed at cutting drug approval times. A decision is expected by spring.

Producing pills is generally cheaper than making drugs delivered via injections, so the cost for the new oral medications could be lower. The Trump administration earlier this year said officials had worked with drugmakers to negotiate lower prices for the GLP-1 drugs, which can cost upwards of $1,000 a month.

The company said the starting dose would be available for $149 per month from some providers. Additional information on cost will be available in January.

It’s not clear whether daily pills or weekly injections will be preferred by patients. Although some patients dislike needles, others don’t seem to mind the weekly injections, obesity experts said. Mertens turned to injectable Zepbound when he regained weight after the end of the Wegovy pill clinical trial.

He said he liked the discipline of the daily pill.

“It was a little bit of an intentional routine and a reminder of today I’m taking this so that I know my choices are going to be affected for the day,” he said.

Dr. Angela Fitch, an obesity expert and chief medical officer of knownwell, a health care company, said whatever the format, the biggest benefit will be in making weight-loss medications more widely accessible and affordable.

“It’s all about the price,” she said. “Just give me a drug at $100 a month that is relatively effective.”

Plans have been submitted to refurbish the upper floors of Bettys tea rooms in York and install solar panels on the building’s roof.

An application from owners Bettys & Taylors Group proposes improvements to staff facilities including changing rooms, lockers and meeting spaces.

Solar panels and tiles which are designed to blend in with the St Helen’s Square building’s existing roof tiles would also be installed, if the plans were approved by City of York Council.

The application stated the changes would improve the working environment for staff while preserving the building’s historic value.

According to the Local Democracy Reporting Service, plans included installing a new shower and heated lockers on the first floor to encourage staff to walk and cycle to work.

Existing changing rooms would also be upgraded, along with the staff canteen and servery areas.

Works are also planned to try and reduce the damage to the building’s fabric which could be caused by business operations.

Existing offices would be sound-proofed and a dedicated, separated meeting space would also be created, along with storage improvements.

A quiet space would be expanded and a universal toilet added, with existing and outdated male and female ones also updated.

Plans stated: “The building has stood under the stewardship of Bettys & Taylors for more than 80 years during which period it has been sensitively maintained and adapted to suit the operational needs of the business.

“The proposals are intended to secure the future of the building as Bettys home in York.”

According to the Local Democracy Reporting Service, plans included installing a new shower and heated lockers on the first floor to encourage staff to walk and cycle to work.

Existing changing rooms would also be upgraded, along with the staff canteen and servery areas.

Works are also planned to try and reduce the damage to the building’s fabric which could be caused by business operations.

Existing offices would be sound-proofed and a dedicated, separated meeting space would also be created, along with storage improvements.

A quiet space would be expanded and a universal toilet added, with existing and outdated male and female ones also updated.

Plans stated: “The building has stood under the stewardship of Bettys & Taylors for more than 80 years during which period it has been sensitively maintained and adapted to suit the operational needs of the business.

“The proposals are intended to secure the future of the building as Bettys home in York.”

• €25 million portfolio risk-sharing to unlock €50 million in MSME lending
• Two loans of €3 million each, under the Go Digital and GEFF programmes, to drive digitalisation, energy efficiency and green technologies
• Package supported by the EU through the WBIF and EFSD+

The European Bank for Reconstruction and Development (EBRD) is expanding its cooperation with Raiffeisen Bank Kosovo through a comprehensive €31 million financing package that will strengthen access to finance for micro, small and medium sized enterprises (MSMEs), accelerate digital transformation and foster green investment across Kosovo.

The package comprises an unfunded portfolio risk-sharing guarantee of up to €25 million, a €3 million loan under the Go Digital in the Western Balkans programme, and a €3 million loan under the EBRD Green Economy Financing Facility (GEFF).*

Under the expanded portfolio risk-sharing facility, the EBRD will provide an unfunded guarantee of up to €25 million, covering up to 50 per cent of a newly generated €50 million MSME loan portfolio originated by Raiffeisen Bank Kosovo. The arrangement includes European Union-backed first loss risk cover of up to €2 million under the EU’s European Fund for Sustainable Development Plus (EFSD+). By sharing risk on a pro rata basis, the programme unlocks new lending with Raiffeisen Bank Kosovo’s own funds to businesses across Kosovo. The funds will be used to finance sub-loans to eligible MSMEs, with at least 30 per cent directed to green investments aligned with the EBRD’s Green Economy Transition (GET) approach, and focusing on youth- and women-led enterprises, firms outside Prishtina, and the agribusiness and tourism sectors.

The EBRD will also extend €3 million under its Go Digital in the Western Balkans programme to help SMEs modernise through automation, digital tools and green technologies. At least 60 per cent of the financing will support digitalisation projects, and at least 60 per cent of the total investments will be GET-eligible. The EU will provide support through the Western Balkans Investment Framework (WBIF), including expert technical assistance and investment incentives for eligible automation and digitalisation projects of up to 10 per cent of the individual loan, payable upon verified completion of the project. The programme promotes inclusion, providing targeted training and support for women-led SMEs to strengthen their competitiveness and sustainability.

Under its GEFF facility, the EBRD will provide €3 million to expand GET-eligible, energy-efficiency and renewable-energy financing for MSMEs. The funds will help firms cut energy use and emissions by financing building upgrades (insulation, windows, heating and cooling systems), efficient equipment and processes, and small-scale renewable generation through solar panels. The package is supported by the EU, Japan, Denmark and other donors, with financing for technical assistance and investment incentives for eligible green projects, to be paid after the investments have been completed and verified.

Sergiy Maslichenko, EBRD Head of Kosovo, said: “Kosovo’s small businesses can benefit significantly from finance that rewards innovation and green investment. In partnership with Raiffeisen Bank Kosovo, this package expands lending capacity, shares risk and channels capital to projects that strengthen competitiveness and resilience, reaching underserved regions and women- and youth-led enterprises. With EU support through the WBIF, the project will accelerate Kosovo’s transition to a low-carbon, digitally enabled economy.”

Alessandro Bianciardi, Deputy Head of Cooperation at the European Union office in Kosovo, commented: “The Go Digital and GEFF initiatives demonstrate the European Union’s strong commitment to supporting sustainable growth, digital transformation, and competitiveness across the region. Through the support of the WBIF and EFSD+, this package will help businesses modernise, adopt greener technologies and unlock new opportunities for innovation, productivity and job creation.”

Anita Kovacic, CEO of Raiffeisen Bank Kosovo, said: “These agreements with the EBRD further strengthen our longstanding partnership and our shared commitment to supporting Kosovo’s economy. By combining risk sharing, digitalisation financing and green investments, this package enables us to expand access to finance for MSMEs across the country, particularly women- and youth-led enterprises.”

Raiffeisen Bank Kosovo is the largest commercial bank in the country and a longstanding EBRD partner, with a successful record of implementing EBRD projects since 2006. Headquartered in Pristina, it serves a wide range of clients, from private individuals and small firms to large corporates.

The EBRD is a leading institutional investor in the country, with a cumulative investment of €871 million in Kosovo through 139 projects to date.

* The EBRD GEFF in the Western Balkans is co-funded by the European Union through the Western Balkans Investment Framework, by Austria, Japan and Denmark, and by Austria and Switzerland through the High-Impact Partnership on Climate Action (HIPCA). The EBRD’s HIPCA is supported by Austria, Canada, Finland, Germany, the Netherlands, South Korea, Spain, Switzerland, the TaiwanICDF, the United Kingdom and the United States of America.