Category: 3. Business

This article first appeared on GuruFocus.

Micron Technology (MU, Financials) is deepening its roots in Taiwan with a $1.8 billion agreement to buy Powerchip Semiconductor Manufacturing Corp.’s P5 fabrication plant, a move aimed at meeting the growing appetite for memory chips that power artificial intelligence systems.

The Idaho-based chipmaker said the deal will add about 300,000 square feet of cleanroom space at the Tongluo, Miaoli County site. Micron expects the facility to begin contributing to dynamic random access memory wafer production in the second half of 2027. The added capacity comes as global demand for advanced memory continues to outpace supply, with AI servers, smartphones, and cloud computing driving the next wave of chip consumption.

Powerchip’s shares climbed nearly 10% after the announcement, reflecting investor optimism about the long-term partnership between the two companies. Powerchip said Micron will not only purchase the facility but also collaborate on specialty DRAM process technologies and advanced packaging.

Micron is one of the world’s top three producers of high bandwidth memory, alongside Samsung and SK Hynix, and has operated in Taiwan for more than three decades. The island remains a cornerstone of Micron’s manufacturing network and a hub for DRAM and high performance chip production.

Micron’s CEO, Sanjay Mehrotra, has said tight memory markets could persist beyond 2026. The company’s stock surged 240% last year, far outpacing the broader semiconductor index.

Introduction

Placenta accreta spectrum (PAS) is a serious obstetric complication usually associated with abnormal attachment or invasion of the placenta into the myometrium,¹ which may lead to life-threatening postpartum hemorrhage and hysterectomy.² Indeed, placental implantation spectrum disorders include several types: placental adhesion (anchoring villi attached to the superficial myometrium without insertion into the meconium), placental implantation (infiltration of placental villi into the myometrium), and penetrative placental implantation (anchoring villi tissue penetrating the entire uterine wall and even reaching surrounding organs).³ In recent years, the incidence of PAS has risen significantly with the rising rate of cesarean section and the increasing age of pregnant women.⁴ In order to accurately predict PAS and its associated risks in the prenatal period, researchers have developed various magnetic resonance imaging (MRI)-based prediction models. For example, Maurea et al proposed a model that utilizes ultrasound and MRI features (eg, loss of posterior interstitial space, intra-placental dark bands, and focal interruption of myometrial borders) to predict the risk of PAS in patients with placenta previa.⁵ Andrea et al developed an MRI-based scoring system that, by evaluating indicators such as T2 dark bands, uterine myometrial thinning, and abnormal vascular distribution, has further improving the diagnostic accuracy of PAS.⁶

However, most of these models do not adequately consider the morphological characteristics of the cervix and placenta. In recent years, it has been shown that placental volume and cervical length are closely associated with the occurrence of PAS and the risk of postpartum hemorrhage. In a study by Yue et al it was found that patients with smaller cervical areas and shorter cervical lengths had significantly more intraoperative hemorrhage and a higher incidence of adverse pregnancy outcomes in the presence of a complete placenta previa.⁷ And a study by Yue et al further confirmed that increased placental volume and T2 dark band volume were positively associated with the risk of major bleeding in patients with PAS.⁸ These findings suggest that morphological characteristics of the placenta and cervix are valuable in risk assessment of PAS.

Based on these studies, this study innovatively combined cervical volume, placental volume, and cervical length to construct a novel PAS risk prediction model. By quantifying these morphological indicators, we aimed to provide clinicians with a more accurate prenatal prediction tool to help them better assess the likelihood of PAS in patients with complete placenta previa who have a history of cesarean delivery. The establishment of this model not only fills the gap of previous studies in cervical and placental morphology, but also provides new ideas for early diagnosis and risk stratification of PAS, which is of great clinical significance.

Materials and Methods

This study was reviewed by the Ethics Committee of Suzhou Hospital of Nanjing Medical University (Approval K-2022-015-K01). Informed consent was waived because this anonymously selected study was retrospective and no new interventions were performed on patients. We reviewed the clinical data of pregnant women with complete placenta previa from January 2018 to August 2024 who had a history of cesarean delivery. Inclusion criteria were: pregnant women with MRI-confirmed diagnosis of complete placenta previa. Exclusion criteria were: (1) twin or multiple pregnancies, (2) no previous history of cesarean section, (3) no pelvic MRI, (4) incomplete clinical or surgical data, and (5) poor image quality affecting observation. The flow chart of the study design is shown in Figure 1. The reason for this design is that MRI is a key tool in the diagnosis of complete placenta previa and placenta implantation spectrum disorders (PAS), providing clearer images than ultrasound and ensuring diagnostic accuracy. By requiring all study subjects to undergo MRI, bias introduced by inconsistent diagnostic tools can be avoided, ensuring homogeneity and reliability of the study data. Ultimately, a total of 157 patients were included in the study, and the diagnosis of PAS was based on the 2019 FIGO criteria.

Figure 1 Flow chart of PAS patients with complete placenta previa included in the study.

MRI scans were performed at 3t (Siemens Medical Solutions, Erlangen, Germany) without gadolinium and keeping the bladder partially filled for optimal evaluation of the bladder-plasma membrane interface. Most patients were examined in the supine position, and a few patients who could not tolerate the supine position were examined in the left lateral position. MRI image acquisition employs a T2-weighted half-Fourier single-pass turbo spin-echo sequence to obtain axial, sagittal, and coronal images covering the entire uterus.

Cervical volume, placental volume, and cervical length were measured by three radiologists with over 20 years of experience in obstetric and gynecologic MRI. Radiologists were unaware of all clinical information and other radiologists’ impressions. First, MRI images from patients with complete placenta previa were imported into 3D Slicer software (version 5.2.1, www.slicer.org) to create placental and cervical contours and measure placental and cervical volumes with coronal, sagittal, and axial views of the placenta as shown (Figure 2A–C). Subsequently, MRI images from patients with complete placenta previa were imported into ImageJ software version 1.50 (National Institutes of Health, Bethesda, USA) to measure cervical length. The measurement method involved lines a and b passing through the internal and external cervical canals, respectively, and perpendicular to the cervical canal. The shortest distance between these two lines represented the cervical length (Figure 2D). After segmentation in 3D Slicer software, its 3D reconstruction function generated three-dimensional models of the placenta and cervix. The main steps were as follows: (1) Import the patient’s original MRI images in DICOM format; (2) Run the Editor module in the 2D window; (3) Perform segmentation by manually tracing the external contours of the placenta and cervix on each slice; (4) Utilize the program’s 3D segmentation function to calculate the volumes of all placental and cervical voxels (Figure 2E and F).

Figure 2 Magnetic resonance imaging (MRI) and three-dimensional (3D) reconstruction of the placenta and cervix in a patient with placenta accreta spectrum (PAS). (A) Coronal T2-weighted MRI view of the placenta.(B) Sagittal T2-weighted MRI view of the placenta.(C) Axial T2-weighted MRI view of the placenta.(D) Measurement of cervical length (2.62 cm) on a sagittal T2-weighted MRI. Line a passes through the internal cervical os, line b passes through the external cervical os, and both are drawn perpendicular to the cervical canal. The double-headed arrow indicates the cervical length, defined as the shortest distance between the two lines.(E) 3D reconstruction model of the cervix, generated using 3D Slicer software.(F) 3D reconstruction model of the placenta, generated using 3D Slicer software.

Statistical Analysis

The normality of continuous variables was assessed using the Kolmogorov–Smirnov test. Normally distributed variables were expressed as mean ± standard deviation, and intergroup comparisons were performed using the independent samples t-test. Non-normally distributed variables were expressed as median (interquartile range), and intergroup comparisons were performed using the Mann–Whitney U-test. Categorical variables were expressed as case numbers (percentages). Inter-observer agreement in MRI feature assessment was measured using the Kappa coefficient. Pearson correlation analysis explored associations between cervical volume, placental volume, cervical length, and PAS. Receiver operating characteristic (ROC) curve analysis determined optimal cutoff values for MRI features predicting PAS, with corresponding sensitivity, specificity, positive predictive value (PPV), and negative predictive value (NPV) calculated. Sample size estimation was performed using PASS software (version 11.0.7). The current sample size of 157 cases achieves over 90% test power at an α=0.05 level. All statistical analyses were conducted using IBM SPSS Statistics software (version 23.0). P < 0.05 was considered statistically significant.

Results

In the current study, we performed transabdominal ultrasound and MRI on 157 women who had undergone at least one cesarean section and were confirmed to have complete placenta previa, all of whom had delivered at our healthcare facility. Of these, 72 had placenta accreta (PAS), while the remaining 85 did not. Table 1 details the clinical characteristics of these patients. The mean differences in continuous variables such as age and weight between the two groups were assessed using t-tests. Z-scores were employed to compare the distribution differences of continuous variables between the two groups. For categorical variables (eg, parity, surgical history), the differences in proportions between the two groups were evaluated using chi-square (χ²) tests. By comparing the general clinical data, we found that maternal age, body mass index (BMI), gestational age, number of deliveries, history of dilatation and curettage, history of cesarean section, gestational age as revealed by MRI, and perioperative hemorrhage did not differ significantly between the two groups (P > 0.05). This finding may be related to multiple factors. All patients in the study had a history of cesarean delivery, which means that the two groups were already similar in the baseline characteristic of history of cesarean delivery, and thus the number of cesarean deliveries may no longer be a key factor in distinguishing PAS from non-PAS in this particular population. Second, although the number of cesarean deliveries is an important risk factor for PAS, other factors such as placental volume, cervical volume, and cervical length may have played a more significant role in the development of PAS in this study. In addition, the limitations of the sample size may have led to a statistical failure to detect differences in the number of cesarean deliveries. Therefore, although a history of cesarean delivery is a known risk factor for PAS, other factors may have been more critical in the specific population of this study, resulting in a history of cesarean delivery that was not significantly different between the two groups. In addition, we performed a three-dimensional reconstruction using 3D Slicer software and calculated placental volume, cervical volume, and cervical length. Interobserver variability in MRI images was nearly consistent, with Kappa values for cervical length, cervical volume, and placental volume all exceeding 0.900 (see Table 2). Of particular importance, we found that the placental volume of PAS pregnant women was significantly greater than that of non-PAS pregnant women, while their cervical volume and cervical length were significantly smaller than those of non-PAS pregnant women, and these differences were statistically significant (P < 0.001), as detailed in Table 3.

Table 1 Clinical Characteristics of Study Participants

Table 2 Interobserver Reliability of Magnetic Resonance Imaging (MRI) in the Measurement of MRI Features

Table 3 MRI Signs Related to PAS in Caesarean Section

To explore in more depth the risk factors for the development of placental implantation disease (PAS) in patients with complete placenta previa with a history of cesarean delivery, we plotted two subject operating characteristic (ROC) curves (Figure 3). In this case, the dashed line demonstrates the role of three indicators, placental volume, cervical volume, and cervical length, in predicting the occurrence of PAS. From the ROC curve analysis, we identified optimal threshold values for placental volume (880.0 cm³), cervical volume (20.0 cm³), and cervical length (3.0 cm) (Figure 4), which are important for distinguishing between pregnant women who are likely to develop PAS and those who are unlikely to do so. Subsequently, we created a novel predictive model based on these thresholds. The model was designed to explore the complex relationship between cervical volume, placental volume, and cervical length and the likelihood of PAS in pregnancies with complete placenta previa with a history of cesarean delivery. To assess this relationship more visually, we further developed a scoring system (shown in Table 4). The design of the scoring system was based on the Odds Ratio (OR) value of each indicator, ie, their independent predictive value for the occurrence of PAS. The OR for cervical volume was 4.132, for cervical length was 2.875, and for placental volume was 2.076. These ORs reflect the strength of the association between each indicator and the occurrence of PAS, with a higher OR indicating a stronger prediction of PAS by that indicator. Thus, cervical volume was assigned a score of 2, while cervical length and placental volume had relatively low OR values and were assigned a score of 1 each. Based on the scores, patients were categorized into low-risk (0–1), intermediate-risk (2) and high-risk (3–4) groups, with 76 cases in the low-risk group and 13 cases (17.1%) with combined PAS disease, 33 cases in the intermediate-risk group with combined PAS (21 cases (63.6%)) and 47 cases in the high-risk group with combined PAS (38 cases (80.9%)), which shows that with the increase in the scores, the incidence of the probability of PAS disease increases (Figure 5). In order to verify the accuracy of the scoring system, we again plotted a ROC curve (solid line). This curve demonstrates the predictive effect of the score after scoring assignment on the occurrence of PAS in those with complete placenta previa with a history of cesarean delivery. The results showed that the AUC value of the dashed line (raw index) was 0.891, while the AUC value of the solid line (scoring system) was 0.902. The sensitivity, specificity, positive predictive value (PPV), and negative predictive value (NPV) for predicting PAS based on individual signs are shown in Table 5. When combined with cervical length, cervical volume, and placental volume, the sensitivity, specificity, PPV, and NPV for predicting PAS were 87.305%, 83.946%, 82.163%, and 88.645%, respectively. When applying the scoring system to predict PAS, the sensitivity, specificity, PPV, and NPV were 88.723%, 84.209%, 82.663%, and 89.817%, respectively. The high agreement between the two curves indicates that the scoring system we developed has a high accuracy in predicting the occurrence of PAS. This provides a powerful tool for assessing the risk of PAS in patients with complete placenta previa who have a history of cesarean delivery.

Table 4 PAS Index in Complete Placenta Previa with Prior Cesarean (PIPs)

Table 5 Receiver Operating Characteristic Analysis for Prediction of PAS Based on Cervical Volume, Cervical Length, and Placental Volume

Figure 3 Receiver operator characteristic curves for the regression model with cervical length, cervical volume, and placental volume, and for prediction score. Dashed line AUC= 0.891. solid line AUC= 0.902.

Figure 4 Multivariate logistic regression analysis of risk factors for patients with PAS.

Figure 5 Simple scoring model evaluated for correspondence with PAS.

Discussion

Previous studies have shown that the risk of placenta previa (PP) is usually associated with previous cesarean section, increases with the number of previous CS, and is an independent risk factor for PAS.⁹ In addition, PP combined with scarred uterus significantly increases the risk of developing PAS.^10,11 Therefore it is crucial to accurately predict the likelihood of PAS in women with placenta previa with a history of cesarean section in the antenatal period, which enables adequate preoperative preparation, for example, by planning the delivery in a referral labor ward, where more necessary means (blood transfusion, interventional radiology, resuscitation and surgical skills, etc.) are available.¹² When women with PAS deliver in a tertiary referral center with an experienced multidisciplinary team, maternal mortality and complication rates associated with PAS are significantly reduced.^13–16

In recent years, several researchers have also created different ultrasound scoring systems to help clinicians effectively predict PAS and adverse clinical outcomes before delivery. Zou¹⁷ et al scored the number of previous cesarean deliveries, placental position, placental/uterine augmentation, placental heterogeneity, placental T2 dark bands, intra-placental vascular anomalies, placental bed vascular anomalies, loss of the T2 low-signal interface, interruption of the bladder wall, penetrating PI and muscle thinning and interruption to investigate whether magnetic resonance imaging can effectively predict the diagnosis of malignant placenta previa with or without PAS and adverse clinical outcomes. In addition, Tovbin.¹⁸ created a new ultrasound scoring system that scored the number and size of placental sockets; occlusion of the boundary between the uterus and the placenta; placental position; color Doppler signals within the placental sockets; vascular richness of the placenta-bladder and/or utero-placental interface area; and number of previous cesarean deliveries. It was found that all ultrasound criteria of the scoring system were significantly associated with pathologically adherent placenta (MAP) (P<0.001). This provides additional and stronger imaging evidence for the diagnosis of MAP. Correct prenatal diagnosis buys more time for the multidisciplinary team to plan the delivery, which will help to reduce surgical complications, maternal blood loss, and length of stay in the intensive care unit.^14,19,20

In contrast to previous studies, the scoring system created in this study incorporated cervical morphology, and we chose placental volume, cervical volume, and length as key predictors of PAS based primarily on their pathophysiologic relevance. Increased placental volume usually reflects hyperplasia of placental tissue, especially in pregnant women with a history of cesarean section, where damage to the endometrium and myometrium may lead to abnormal invasion of placental villi into the myometrium, which may in turn increase the risk of PAS. Yue et al showed that the of PAS in patients with a placental volume greater than 887 cm³ was 85.531%, and the specificity was 83.907%, which indicating that placental volume is an important predictor of PAS.²¹ Shorter cervical length and volume were negatively associated with the severity of PAS and the risk of hemorrhage. Shorter cervical length usually means that the placenta may have invaded the cervical region, leading to disruption of cervical structures and abnormal vascular distribution. Yue et al found that patients with cervical length less than 30 mm had a significantly increased risk of hemorrhage, and cervical length was negatively correlated with hemorrhage volume.⁷ Based on these studies, this study innovatively combined cervical volume, placental volume and cervical length to construct a new PAS risk prediction model.

Notably, the results of this study indicate that the proportion of anterior placenta was significantly higher in the PAS group than in the non-PAS group (62.5% vs 41.2%, P = 0.008). This difference may be related to the fact that uterine scars after cesarean section are often located on the anterior wall, making the placenta more likely to attach to this area. Despite differences in placental location distribution between groups, this model’s advantage lies in its independence from placental location as a single variable. Instead, it achieves precise disease risk assessment by directly capturing PAS-induced morphological end changes in the cervix and placenta—such as reduced cervical volume and increased placental volume. Consequently, this model demonstrates greater universality. Regardless of whether the placenta is located in the anterior or posterior wall, characteristic morphological alterations can be effectively identified, achieving high predictive performance (AUC = 0.902).

The International Society for Abnormal Invasive Placenta (IS-AIP) has proposed several criteria for MRI signs of PAS, including Focal exophytic mass, Myometrial thinning, Bladder wall interruption, Abnormal vascularization of the placental bed, etc.¹² These MRI signs suggested by IS-AIP are high risk signals for PAS. In contrast, the present study identified PAS by measuring placental volume, cervical volume, and cervical length, which provides new MRI signs for prenatal prediction of PAS. It is noteworthy that the scoring system achieves quantitative evaluation by assigning corresponding points to each parameter: cervical length (CL) < 3.0 cm receives 1 point, cervical volume (CV) < 20.0 cm³ receives 2 points, and placental volume ≥ 880.0 cm³ receives 1 point. Thus, pregnant women meeting all these criteria achieve the maximum score of 4 points. Based on this scoring, patients with 3–4 points belong to the high-risk group for PAS disease. For example, PA patients with a history of CS who have CL < 3.0, CV < 20.0, and PV ≥ 880.0 strongly suggest concomitant PAS disease. This approach reduces diagnostic subjectivity to some extent. Thus, this scoring system offers clinicians a novel approach for prenatal assessment of PAS occurrence probability.

Furthermore, numerous previous studies have demonstrated associations between molecular biomarkers such as Cripto-1, AFP, and PAPP-A with PAS and placenta previa. Serum Cripto-1 levels in patients with PAS were significantly higher than in those with PP but without pregnancy complications. Elevated AFP levels during mid-pregnancy independently predicted PAS requiring hysterectomy, while elevated PAPP-A correlated with PAS and postpartum hemorrhage volume. In the future, integrating biomarkers like Cripto-1, AFP, and PAPP-A with imaging morphological parameters into predictive models may further enhance the comprehensiveness and accuracy of PAS prediction.

This study has several limitations. First, its retrospective design carries a risk of selection bias, and the limited sample size prevented complete matching between the PAS and non-PAS groups. Second, discrepancies between specimen collection times and disease diagnosis times in some laboratories may have affected the accuracy of certain indicators. Third, while inter-observer agreement was assessed and demonstrated good reproducibility (Kappa > 0.9), intra-observer variability was not analyzed. Although all measurements were performed by uniformly trained radiologists, future studies may incorporate automated segmentation techniques to further enhance measurement efficiency and objectivity. Finally, placental position, as a potential confounding factor, requires further clarification regarding its independent contribution to PAS occurrence alongside cervical-placental morphological parameters. Subsequent prospective studies with larger samples should employ multivariate or stratified analyses to determine the independent predictive value of each parameter, thereby optimizing model structure and diagnostic performance.

Conclusions

Cervical length, cervical volume and placental volume are independent risk factors for having PAS disease in patients with complete placenta previa with a history of cesarean delivery. According to the scoring system in this study, the higher the score, the higher the risk of having PAS disease in patients with complete placenta previa with a history of cesarean delivery. This scoring system has the potential to be applied to predict the likelihood of having PAS in patients with complete placenta previa with a history of cesarean delivery, thus contributing to the prenatal selection of rational treatment.

Abbreviations

PAS, placental implantation spectrum; MRI, magnetic resonance imaging; FIGO, International Federation of Gynecology and Obstetrics; DICOM, digital imaging and communications in medicine; PPV, positive predictive value; NPV, negative predictive value; ROC, receiver operating characteristic; BMI, body mass index; NICU, neonatal intensive care unit; OR, odds ratio; PP, placenta previa; CS, caesarean section; MAP, morbidly adherent placenta; IS-AIP, International Society for Abnormal Invasive Placenta; CL, cervical length; CV, cervical volume; PV, placental volume; PA, placenta accreta.

Data Sharing Statement

The datasets used and/or analysed during the current study are available from the corresponding author on reasonable request.

Ethics Approval and Consent to Participate

This study was reviewed by the Ethics Committee of Suzhou Hospital of Nanjing Medical University (Approval K-2022-015-K01). Informed consent was waived because this anonymously selected study was retrospective and no new interventions were performed on patients.

Author Contributions

All authors made a significant contribution to the work reported, whether that is in the conception, study design, execution, acquisition of data, analysis and interpretation, or in all these areas; took part in drafting, revising or critically reviewing the article; gave final approval of the version to be published; have agreed on the journal to which the article has been submitted; and agree to be accountable for all aspects of the work.

Funding

This study was supported by SuZhou Gusu Medical Youth Talent (grant number GSWS2023055), Suzhou Science and Technology Development Plan (grant number SYW2025052) and Suqian Science and Technology Plan Research Project (grant number SY202210).

Disclosure

The authors declare no competing interests in this work.

References

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2. Liu X, Wang Y, Wu Y, et al. What we know about placenta accreta spectrum (PAS). Eur J Obstet Gynecol Reprod Biol. 2021;259:81–89. doi:10.1016/j.ejogrb.2021.02.001

3. Silver RM, Branch DW. Placenta accreta spectrum. N Engl J Med. 2018;378(16):1529–1536. doi:10.1056/NEJMcp1709324

4. Wu X, Yang H, Yu X, et al. The prenatal diagnostic indicators of placenta accreta spectrum disorders. Heliyon. 2023;9(5):e16241. doi:10.1016/j.heliyon.2023.e16241

5. Maurea S, Verde F, Romeo V, et al. Prediction of placenta accreta spectrum in patients with placenta previa using a clinical, US and MRI combined model: a retrospective study with external validation. Eur J Radiol. 2023;168:111116. doi:10.1016/j.ejrad.2023.111116

6. Delli Pizzi A, Tavoletta A, Narciso R, et al. Prenatal planning of placenta previa: diagnostic accuracy of a novel MRI-based prediction model for placenta accreta spectrum (PAS) and clinical outcome. Abdom Radiol. 2019;44(5):1873–1882. doi:10.1007/s00261-018-1882-8

7. Yue Y, Zhu L, Liu C, et al. The relationship between cervical length and area measurements evaluated by MRI and the amount of hemorrhage in PAS cases. BMC Pregnancy Childbirth. 2024;24(1):293. doi:10.1186/s12884-024-06472-5

8. Yue Y, Song Y, Zhu L, et al. The MRI estimations of placental volume, T2 dark band volume, and cervical length correlate with massive hemorrhage in patients with placenta accreta spectrum disorders. Abdom Radiol. 2024;49(7):2525–2533. doi:10.1007/s00261-024-04272-1

9. Thurn L, Lindqvist PG, Jakobsson M, et al. Abnormally invasive placenta-prevalence, risk factors and antenatal suspicion: results from a large population-based pregnancy cohort study in the Nordic countries. BJOG. 2016;123(8):1348–1355. doi:10.1111/1471-0528.13547

10. Saxena U, Rana M, Tripathi S, et al. Prediction of placenta accreta spectrum by prenatal ultrasound staging system in women with placenta previa with scarred uterus. J Obstet Gynaecol India. 2023;73(Suppl 2):191–198. doi:10.1007/s13224-023-01830-3

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The Communications Regulatory Authority of Namibia (CRAN) has granted authorisation to Blue Telecommunications (Pty) Ltd, a subsidiary operating under Radio Electronic (Pty) Ltd’s license, to roll out Eutelsat OneWeb connectivity solutions nationwide. Operating from Low Earth Orbit, Eutelsat OneWeb’s satellite constellation provides high-speed, low-latency internet connectivity tailored for regions with inadequate or nonexistent ground-based network infrastructure. The service primarily serves sectors including enterprises, governmental institutions, maritime operations, aviation, and essential infrastructure providers.

Francois du Toit, Chief Executive Officer of Radio Electronic, said the approval marked a significant milestone for both the company and the country.

“This is a proud moment for Radio Electronic and for Namibia. Securing regulatory approval enables us to introduce Eutelsat OneWeb’s advanced LEO connectivity to the country for the first time,” du Toit said.

Du Toit stressed that LEO technology should be viewed as complementary rather than disruptive, stating it’s not a replacement for fibre, mobile or fixed wireless networks, but as an additional layer of infrastructure aimed at improving coverage, resilience and performance.

Laying the Groundwork for LEO Connectivity in Namibia

Namibia’s LEO connectivity landscape is at an early but consequential stage, shaped by a regulatory approval that reflects the strength of the country’s telecommunications framework. The authorisation granted to Radio Electronic positions it as Namibia’s first locally licensed provider of LEO satellite services, enabling advanced global satellite technologies to enter the market through a regulated, locally anchored operating model.

While the approval represents a historic milestone, full service activation remains subject to the completion of outstanding administrative steps, notably the formal issuance of the physical licence by CRAN, despite type approvals for the required hardware already being in place. Strategically, the rollout aligns closely with CRAN’s national objectives to deliver secure, reliable, and compliant connectivity solutions, particularly for enterprise, government, and other mission-critical users, reinforcing LEO satellite services as an increasingly integral component of Namibia’s digital infrastructure landscape.

Alongside this initial market entry, recent developments involving Starlink are further defining Namibia’s LEO connectivity environment, with the company entering a public consultation phase as part of its regulatory engagement process. During the consultation, Starlink received public support for its proposed operations in the country, reflecting interest in expanded satellite-based connectivity and broader awareness of LEO services among local stakeholders.

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• SpeeDBee Synapse low-code environment: Low-code flow chart design with prebuilt collectors enables faster deployment by users with varying skill levels.
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• Built-in support for production dashboards: With Grafana built-in, the single unit can host a wide range of dashboards, delivering visualizations as unique as the data being collected.
• Standard northbound interfaces to cloud systems: Collect data over MQTT, and SQL, then share the consolidated data over MQTT to maximize network bandwidth.
• Predictable licensing for scalable deployments: Transparent, device-based licensing helps control costs as systems expand across multiple lines or facilities. 

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A private debt collector has paid zero corporate tax since securing contracts worth tens of millions of dollars from the Australian Taxation Office to pursue arrears payments, including from welfare recipients.

The parent entity of the outsource operator, Recoveriescorp, has recorded large income streams in its two most recent annual accounts, according to Guardian Australia analysis, with revenue surpassing $100m during 2025.

At the same time, business expenses inflated by high consulting fees and elevated interest repayments to unnamed financiers has resulted in a series of annual losses, with no corporate tax payable.

Mark Zirnsak, secretariat at the Tax Justice Network Australia, said the accounts of the parent company, Symbos Bidco, raised questions.

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“Why is it a loss-making entity? It’s almost like it’s a not-for-profit, and what private business runs as a not-for-profit?,” Zirnsak said.

“As for its loan facilities, it’s a private company and there’s no obligation for them to explain why they have them, so we are left in the dark.”

There is no suggestion the company or its directors have acted illegally.

The ATO referred more than 355,000 taxpayers to Recoveriescorp between January 2024 and October 2025. It has awarded the firm $42.8m worth of contracts since 2022, according to the government tender portal.

A spokesperson for Recoveriescorp said the business and its parent were “fully compliant with their tax and regulatory obligations”.

“The business is in a growth phase so has been reinvesting in systems, frontline people and processes to continually improve the quality and expand the services offered,” the spokesperson said.

The private equity-backed Recoveriescorp is the second company with major government contracts identified by Guardian Australia as running at a financial loss, with no tax payable.

It comes after Guardian Australia revealed an unrelated outsource call centre operator for Centrelink, Telco Services Australia, also paid no corporate tax for several years after winning a large government agency contract.

Procurement rules

Tax Justice Network Australia, which advocates for reform on behalf of dozens of aid agencies, unions and governance groups, has said the tax compliance threshold to apply for government contracts in Australia was low and should be strengthened.

Recoveriescorp is one of the largest subsidiaries of Symbos Bidco, and a main driver of its revenue. All profits, losses and tax liabilities from its operations flow to the controlling entity.

The debt collector is ultimately controlled by the private equity firm Allegro, which bought the company in 2024.

Recoveriescorp staff have worked inside the ATO offices for several years, with its operations recently expanding to include offsite services, whereby the private collector chases debts under its own name on the agency’s behalf.

Symbos Bidco has paid hundreds of thousands of dollars for advisory services to the same firm that audits its accounts; a lawful practice but one that a recent parliamentary committee recommended against.

It has also paid an interest repayment rate in excess of 7% on a near $58m loan facility, although it is unclear why it needs access to such a large sum. It also has access to an $86m loan from a related party.

The Recoveriescorp spokesperson did not respond to questions about why it required the loans or why it doesn’t use different firms for audit and advisory services.

An ATO spokesperson said the agency was unable to comment on the tax affairs of Recoveriescorp or its parent company due to confidentiality laws.

“The ATO undertakes procurement processes in accordance with the commonwealth procurement rules,” the spokesperson said.

The ATO has been particularly reliant on outsource operators, and has awarded contracts to three private call centre operators, the US private equity-owned Probe Operations, the Nasdaq-listed Concentrix Services and the British multinational Serco, in addition to its contract with Recoveriescorp.

Staff at outsource call centres for agencies including the ATO and Centrelink have said training is poor, morale is low and the attrition rate is high.

The tax ombudsman has reported a spike in complaints over the ATO’s use of a third-party collector to chase tax debts and warned the agency to be considerate of a person’s circumstances.

Workday Inc. (NASDAQ:WDAY) is one of the best future stocks to buy for the long term. On January 12, Goldman Sachs assumed coverage of Workday with a Neutral rating and $238 price target. This decision was made as Goldman Sachs initiated coverage on 12 software stocks, highlighting AI as a major long-term growth driver that will expand the sector’s TAM over the next decade. However, the firm offered a more cautious outlook on Workday and noted that its next stage of capturing market share may prove more challenging than previous cycles.

A day before that, Goldman Sachs initiated coverage of Workday with a Neutral rating and a price target of $238. This assessment was part of a broader sector analysis in which the firm assumed coverage of 12 different software stocks. While the firm has a bullish view of the long-term adoption of AI, Goldman Sachs expressed caution regarding Workday’s specific growth trajectory as the company may face increasing difficulty in securing further market share gains during its next phase of expansion.

Additionally, on January 5, RBC Capital adjusted its price target for Workday Inc. (NASDAQ:WDAY) from $320 down to $300, while maintaining an Outperform rating. The firm suggested that 2026 will be a pivotal year where companies prepared for enterprise AI adoption begin to see clear benefits, while those less prepared may struggle against the narrative that AI threatens the traditional software model.

Workday Inc. (NASDAQ:WDAY) provides enterprise cloud applications in the US and internationally.

While we acknowledge the potential of WDAY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

The Decree transposes into Italy Directive (EU) 2024/1619 (CRD VI) and aligns the domestic framework with Regulation (EU) 2024/1624 (i.e., CRR III), amending the Italian Consolidated Banking Act (ICBA) and the Italian Consolidated Financial Act (ICFA).

The Decree reshapes the framework applicable to third-country branches/subsidiaries, group consolidated supervision, and the execution of certain corporate transactions, including but not limited to mergers and demergers involving banks (and/or (M)FHCs, as defined below) incorporated in Italy.

We set out below a brief description of the main amendments introduced by the Decree and the rollout of the transitional regimes. This publication will be followed by a series of insights relating to each of the main amendments outlined below.

Main amendments of the Decree

Third-country branches (TCB)

The main (and, from an in-scope entities’ perspective, the most burdensome) change brought by the Decree is the introduction of the so-called “branch establishment requirement”, which, upon expiration of the transitory regime, would apply to non-European undertakings engaging in certain “core banking” activities and services with Italy-based clients.

Notably, the new Article 14-bis of the ICBA provides that non-EU undertakings that intend to perform the following core banking services: (i) taking deposits and other repayable funds; (ii) lending; and (iii) granting guarantees and commitments (jointly, the Core BK Services) are required to establish a local branch (or, in certain situations, a subsidiary) within the Italian territory, unless an exemption applies.

Although the domestic regime envisaged by the Decree substantially aligns with that set forth in Articles 21c and 47 and the following of the CRD VI, the Italian legislator has nonetheless exercised certain national discretions, partly deviating from the harmonized European framework.

In particular, it is worth preliminarily mentioning that:

(i) reliance on the intra-group and intra-bank exemptions is nonetheless subject to a prior communication requirement to the Bank of Italy. Although this is not a strict prior approval procedure, the Italian regulator has the authority to prevent the notifying entity from commencing or continuing the performance of Core BK Services if certain requirements are not met (note, these requirements will have to be identified by the Bank of Italy in its secondary-level regulations, yet to be published).

(ii) the Decree seems to have not formally transposed the MiFID exemption, since Article 14-bis of the ICBA only includes a cross-reference to the ICFA (which sets out the existing regime for the provision of MiFID services in Italy by non-EU firms, among others). It is therefore not totally clear how this exemption will effectively apply to any non-EU undertakings intending to render Core BK Services that qualify as an activity ancillary to MiFID investment services. Based on the literal wording of the Decree, it seems that an authorization under the ICFA to provide investment services and activities (and relevant eligibility conditions) in Italy would nonetheless be required (subject to a case-by-case assessment).

(iii) the provision on a cross-border basis of banking services and activities other than those qualifying as Core BK Services by non-EU undertakings remains subject to a requirement for the prior notification of the Bank of Italy, though formal prior authorization is no longer required. This notwithstanding, the Bank of Italy has the authority to prevent the notifying entity from commencing or continuing the provision of the relevant services if certain conditions and requirements are not met (note, these requirements will have to be identified by the Bank of Italy in its secondary-level regulations, yet to be published).

(iv) the Decree finally codifies (under Article 14-bis of the ICBA) the reverse solicitation exemption but does not identify any (additional) eligibility criteria to define the permitted scope of the exemption.

The Bank of Italy has been mandated to enact secondary-level regulations and acts to further implement the provisions laid down by Article 14-bis of the ICBA to determine, inter alia, the requirements non-EU undertakings should comply with to rely on the intra-bank and intra-group exemptions, and also to operate in Italy on a cross-border basis (where feasible), and the criteria for assessing the applicability of the reverse solicitation exemption.

The Decree provides a “grandfather” regime benefiting pre-existing contracts (i.e., entered into before July 11, 2026) concerning Core BK Services but clarifies that non-EU undertakings may not novate or renew such contracts. Contrary to CRD VI, clients’ rights are not expressly addressed, and additional restrictions apply to open-ended pre-existing agreements, which must be terminated or transferred to other authorized intermediaries by January 10, 2028 (unless the reverse solicitation exemption applies).

For existing Italian branches of non-EU undertakings, these “grandfather” rights are conditional upon the relevant Italian branch filing a “refreshed” authorization application with the Bank of Italy by January 11, 2027.

As a final comment, it is also important to note that, according to the position historically taken by the Bank of Italy, the issuance and placement of debt securities in Italy by credit institutions is considered deposit-taking activity and is therefore currently subject to the requirement for prior authorization from the Bank of Italy (or passporting requirements, as the case may be). The Decree is silent on this and does not include a specific exemption the issuance of debt securities issuance may benefit from to fall outside the scope of the local branch requirement.

Fit and proper requirements

The Decree materially reshapes the fit and proper requirements applicable to banks (and other regulated intermediaries), as currently laid down by Article 26 of the ICBA.

Notably, to ensure full alignment with the changes brought by CRD VI at a European level, the Decree:

(i) introduces a reference to the “independence of mind” among the requirements for members of management bodies

(ii) exercises the discretion granted by CRD VI and, in the event of the replacement of the majority of members of the management bodies, allows suitability assessments to take place after newly appointed members have taken up their position

(iii) grants the Bank of Italy authority to independently assess the suitability of members of management bodies and key function holders for larger institutions. The relevant materiality thresholds for this assessment shall be identified by a secondary-level decree to be adopted by the Ministry of Economy and Finance.

The Decree also extends the application of the above requirements to regulated non-banking intermediaries, including Italian investment firms (e.g., SIMs) and Italian asset management companies, and, to certain extent, financial holding companies and mixed financial holding companies (the (M)FHCs).

Mergers and demergers

Irrespective of any materiality thresholds or the size of the relevant transactions, mergers and demergers are subject to the prior approval of the Bank of Italy in the following cases:

(i) In the case of a merger, the incorporating entity is a bank or an (M)FHC with its registered office in Italy.

(ii) In the case of a demerger, the demerged entity is a bank or an (M)FHC with its registered office in Italy.

Article 57 of the ICBA, as amended by the Decree, sets out the evaluation criteria for granting (or denying) authorization in accordance with the requirements laid down at a European level by CRD VI. Contrary to the approach followed by the European legislator, the Decree does not directly identify circumstances in which prior approval is not required, or the regulatory term for completing the assessment or filing further information upon the regulator’s request. The regulatory procedure that banks and/or (M)FHCs should follow will be governed by the secondary-level acts and regulations that the Bank of Italy has been mandated to enact.

Acquisition or sale of material holdings

The Decree introduces a new prior authorization or notification requirement for acquisition and sales of “material holdings” by banks and (M)FHCs, respectively. As opposed to CRD VI, the Decree (notably, the newly introduced Article 57-bis ICBA) does not define the meaning of “material holding”, nor set the thresholds for triggering a prior approval (or notification) requirement.

Among other things, the Bank of Italy is in charge of enacting a secondary-level regulation identifying the materiality thresholds for the application of the regime in question, governing the main terms and the timing of the relevant regulatory procedure in-scope entities should follow, and ensuring an adequate level of coordination with other regulatory regimes already in place (e.g., qualified holdings).

The thresholds triggering a prior approval (or notification) requirement may be exceeded on an individual or consolidated basis. In the latter scenario, the Bank of Italy shall consult and decide whether to grant the prior approval in coordination and cooperation with the European competent authority exercising the consolidated supervision (if different).

Similar to the approach followed for the qualified holdings regime, voting (or similar) rights attached to material holdings acquired/held in breach of the prior approval requirements cannot be exercised and the Bank of Italy may order the disposal of the relevant material holdings within a predetermined time frame.

Material transfer of assets and liabilities

Italian banks and (M)FHCs are required to notify the Bank of Italy, in writing, in advance of any material transfer of assets or liabilities they intend to execute. The newly introduced Article 58-bis of the ICBA does not identify the criteria for assessing whether a transfer of assets or liabilities is considered “material” or carry over the exemptions from this notification requirement laid down at a European level into Italian law.

As per the approach taken in relation to mergers and demergers and material holdings, the comprehensive regime concerning the material transfer will be envisaged by the secondary-level regulation the Bank of Italy is mandated to enact in this respect.

This notwithstanding, to avoid any regulatory misalignment and unlevel playing fields, the Decree amends the regulatory treatment applicable to bulk transfers of legal relationships (cessione di rapporti giuridici in blocco). Notably, the Decree:

(i) repeals the prior authorization procedure previously provided by Article 58 of the ICBA in relation to certain (material) bulk transfers of legal relationships

(ii) clearly envisages that in the case that a bulk transfer of legal relationships amounts to a material transfer of assets and liabilities, the relevant transaction will be subject to both regulatory regimes, as set out by Articles 58 and 58-bis of the ICBA, respectively.

Group supervision and consolidation perimeter

In terms of group consolidated supervision, the new Article 60-ter of the ICBA enables (M)FHCs that have been exempted from acting as a parent company to be excluded from the prudential consolidation perimeter of the group, provided that certain conditions and requirements are met. Upon the granting of the relevant authorization, the prudential requirements will be then calculated at the level of the controlled entity designated as a parent.

The Decrees also clarifies that an intermediated (M)FHC can be designated as responsible for ensuring compliance with the applicable legal and regulatory requirements on a consolidated basis.

The transitional regimes

The Decree entered into force on January 9, 2026, and provides for the following transitional regimes:

(i) The amendments introduced in relation to: (i) mergers and demergers; (ii) the acquisition and sale of material holdings; (iii) the material transfer of assets and liabilities; (iv) the regulatory treatment of (M)FHCs; and (v) the “fit and proper” requirements, would enter into force upon the adoption of the relevant secondary-level acts and regulations by the Bank of Italy. Therefore, as at the date of this publication, it is not possible to foresee when the transitory regimes for these matters would ultimately end.

(ii) The amendments introduced in terms of third-country branch regimes would enter into force on January 11, 2027. As from such date, non-EU undertakings may continue to provide, on a cross-border basis, any activities that are strictly necessary for the execution/performance of contracts pertaining to Core BK Services entered into before July 11, 2026 (with no ability to novate or renew such agreements).