Category: 3. Business

  • Nuclear Energy Agency (NEA) – Estimating backend costs for new reactor technologies

    Nuclear Energy Agency (NEA) – Estimating backend costs for new reactor technologies

    Workshop participants participating in a collaborative breakout session. 

    The NEA Workshop on Initial Estimation of Backend Costs for Advanced Reactors and Small Modular Reactors brought together more than 120 participants to Paris, France from 18-20 November. Participants from a broad range of stakeholders from both the public sector and the private sector included individuals with experience in reactor design, waste management, decommissioning, finance, investing, cost estimation, regulation, and more.

    Workshop participants at the end of the first day of the workshop.  

    The goal of the workshop was to help provide preliminary guidance that aids in understanding future backend and decommissioning requirements for new and advanced nuclear technologies. Such guidance would help inform those currently working on designing new reactor technologies. By providing a holistic picture of long-term costs, including those of decommissioning and backend management, the workshop aimed to inform financial and funding stakeholders for new projects. This was done through breakout sessions, high-level panels and dedicated interactive discussions.

    The workshop discussed new technologies, with a variety of presentations from small modular reactor (SMR) and advanced reactor developers Aalo Atomics, Blykalla, Korea Hydro and Nuclear Power (KHNP), Orlen Synthos Green Energy (OSGE) and TerraPower. International co-operation for new technologies was highlighted through ongoing efforts such as the work being done by the European Nuclear Cogeneration Industrial Initiative, the International Atomic Energy Agency (IAEA), Nucleareurope and the NEA. One such example showcased was the NEA Small Modular Reactor Dashboard: Third Edition. Discussions further centered on current knowledge and good practices from existing strategies across waste management and decommissioning providing a strong basis for in-depth conversations on new and novel fuels, their selection and the potential impact on existing backend management strategies.

    Rebecca at WECAREA panel session of the workshop. 

    By thinking with the end in mind, the workshop also explored the idea of ‘Decommissioning by Design’. This helped the inter-disciplinary group of attendees unpack not only potential decommissioning activities for new reactors but also consider how concepts of modularity and standardisation may have an impact on cost drivers. Highlighting existing backend cost estimation methodologies, such as the International Structure for Decommissioning Costing (ISDC), the workshop included discussions on the importance of cost-estimation as a means to ensure projects are economically sound – considering full lifecycle costs and holistic analysis – and help provide key stakeholders, such as policymakers and the public, with a pathway for robust long-term strategies that capture the various promises offered by these new technologies.

    Building from discussion on cost estimation methods, the workshop also addressed considerations for adequate financial and funding strategies including the need to consider the backend and decommissioning costs as a key component. A large part of this conversation also highlighted the role of collaborative efforts by key stakeholders, including government, industry, regulators and the public.

    Day 3 wecare A panel session on the last day of the workshop.

    Participants stressed the beneficial role of international collaboration, particularly for reducing uncertainties associated with new technologies and helping enable the development of new regulatory, legal and technical approaches. Exploring these topics is important not only to foster earlier and more robust collaboration between technology vendors and the backend nuclear energy community, but also to further develop frameworks that can help streamline the licensing processes and facilitate financing.

    The lessons learnt and key discussions from the workshop will be developed into preliminary guidelines. These guidelines will compile best practices to aid stakeholders build trust and confidence; guide understanding of critical decommissioning and waste management considerations  and support regulatory and licensing processes.

    Wecare workshopOne of the groups working during the breakout session. 

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  • Tokio Marine Holdings to Acquire Commodity & Ingredient Hedging, a Leading Provider of Technology-Enabled Risk Management Solutions for the Agricultural Economy

    CHICAGO and TOKYO, Nov. 21, 2025 /PRNewswire/ — Tokio Marine Holdings, Inc. (“Tokio Marine”), a leading global insurance group, today announced that it has signed a definitive agreement to acquire Commodity & Ingredient Hedging (“CIH”), a leading provider of risk management solutions for the agricultural and commodity sectors, from Falfurrias Capital Partners (“Falfurrias”). The transaction is expected to close during the first quarter of calendar year 2026, subject to customary regulatory approvals.

    Headquartered in Chicago, CIH helps agricultural producers, grain merchandisers, and other businesses manage commodity price risk through an integrated suite of consulting, brokerage, and insurance services, all powered by a proprietary technology platform. CIH’s unique and proprietary offering combines weekly, education-driven advisory sessions with real-time execution capabilities across both insurance and derivatives markets, allowing clients to view, model, and manage exposure through a single interface. CIH’s integrated approach, deep commodity expertise, and focus on client education have made it a trusted partner across the agricultural value chain and a leading solution in technology-enabled risk management.

    Tokio Marine, through this acquisition, will add a highly complementary business that will enhance its specialty offerings in the U.S. agricultural sector and expand its non-insurance risk solutions capabilities. The combination will further strengthen the capabilities of Tokio Marine HCC’s agricultural business, diversify the group’s earnings and benefit customers in the agricultural economy.

    On behalf of Tokio Marine Group, “We’re excited to welcome CIH,” said Susan Rivera, CEO of TMHCC. “The team has built an impressive business that combines deep agricultural expertise with innovative technology to help clients manage price volatility. This partnership expands our ability to deliver comprehensive risk solutions beyond traditional insurance and supports Tokio Marine Group’s long-term strategy to grow through diversified, fee-based services.”

    “Through our partnership with Falfurrias Capital Partners, we’ve worked together to strengthen our technology, expand our service model, and position CIH for continued growth,” said Pat Gregory, CEO of CIH. “Joining Tokio Marine will allow us to extend our reach, broaden our capabilities, and deepen the support we provide to clients navigating complex commodity markets.”

    “Pat and the CIH team have built an exceptional business at the intersection of technology, risk management, and agriculture,” said Wilson Sullivan, Partner at Falfurrias. “We’re proud to have supported CIH’s growth and innovation and are confident that Tokio Marine is the ideal partner to advance the company’s next chapter.”

    William Blair served as financial advisor and K&L Gates LLP served as legal counsel to Falfurrias and CIH on the transaction. Evercore served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Tokio Marine.

    About CIH
    Founded in 1999, Chicago-based CIH provides clients with the critical information, tools and skills needed to make better risk management decisions. Through a unique combination of education, regular consultation and technology tools, CIH provides comprehensive risk management services to producers, importers/exporters, elevators, traders and end users in various agriculture industries, including hog, beef, dairy, poultry/feed, ethanol and crop. Serving over a thousand clients, CIH is widely recognized as a leader in margin and risk management in the agricultural commodity markets. Visit www.cihedging.com.

    About Tokio Marine
    Tokio Marine is one of the world’s largest global insurance and risk players with a market capitalization of approximately JPY 11.1 trillion ($74 billion) as of March 31, 2025, a network encompassing Japan and 57 countries and regions worldwide, and over 51,000 employees. Tokio Marine Group has the capabilities to drive genuine positive changes through a business model grounded in a sense of purpose and social responsibility, built on 146 years of history and an enduring culture that fosters innovation and expertise.

    Composed of a diverse range of insurance and solutions businesses across the world, that bring a depth and breadth of capabilities to address and mitigate the ever-evolving risks we face, we provide our clients and communities with the security they need to move forward, while working to create more resilient societies and a better tomorrow. Its stock is publicly traded on the Tokyo Stock Exchange.

    About Falfurrias Capital Partners
    Falfurrias Capital Partners is an operationally focused middle-market private equity fund focused on investing in growth companies. The team is comprised of investors and proven operators, as well as in-house resources across strategy & market insights, risk & integration, talent, and technology. The fund is managed by Falfurrias Management Partners, a Charlotte-based private equity firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America; Marc Oken, former CFO of Bank of America; and Managing Partner Ed McMahan. The firm has raised $3.6 billion across seven funds and invests in growing, middle-market businesses in sectors where the firm’s operational resources, relationships, and sector expertise can be employed to complement portfolio company executive teams in support of growth objectives. For more information, visit www.falfurrias.com.

    SOURCE Falfurrias Management Partners

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  • Zara workers plan Black Friday protests at stores across Europe

    Zara workers plan Black Friday protests at stores across Europe

    Nov 21 (Reuters) – Workers at Zara plan to protest outside stores in seven European countries on Black Friday, a key sales day, to demand a profit-sharing scheme be reinstated, the European Works Council for parent company Inditex (ITX.MC), opens new tab said on Friday.

    Spain’s CCOO union is coordinating the planned November 28 protests with unions in Belgium, France, Germany, Italy, Luxembourg, and Portugal, set to take place in front of Zara stores in major cities.

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    Rosa Galan, representative for CCOO at Inditex, told Reuters that Inditex previously had a profit-sharing scheme, but that it was removed after the pandemic.

    “We are once again asking that a company that has huge profits, which are the result of the work of its staff, distribute those profits fairly,” said Galan.

    Inditex did not respond to a request for comment. It was not clear how many workers were expected to participate in the protests.

    The world’s biggest listed fast-fashion retailer has enjoyed strong sales growth in the years since the coronavirus pandemic ended, and its shares have doubled in value since three years ago.

    Black Friday – the last Friday of November – and the weeks around it are a key sales period that retailers use to lure shoppers into stores and clear old stock before bringing in new holiday collections. Retail workers worldwide also use the day to spotlight their demands through strikes and protests.

    On the eve of Black Friday in 2022, workers in Spain protested to demand higher pay, and three months later Inditex agreed a 20% increase in average wages for store workers in its home country.

    (This story has been refiled to fix a typo in the spelling of ‘coordinating’ in paragraph 2)

    Reporting by Helen Reid; Editing by Susan Fenton

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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  • LBS Digital Learning secures two silver wins at the Learning Technologies Awards 2025

    LBS Digital Learning secures two silver wins at the Learning Technologies Awards 2025

    London Business School’s Digital Learning team picked up two prestigious Silver awards at the Learning Technologies 2025 Awards in London, marking a significant milestone in the School’s continued leadership in learning innovation.

    The team received Silver in ‘Best Use of AI in Learning for its AI for Storytelling tool and Silver in ‘Best Online Distance Learning Programme’ for the design and development of the LBS Online course Business Analytics in the Age of Generative AI which is part of the school’s online portfolio.

    This double recognition enhances LBS’ growing influence in the global learning-technology space and reflects the School’s commitment to delivering high-quality, research-informed digital learning experiences for executives, students and alumni.

    Judges praised the AI for Storytelling tool, developed in partnership with Make Real, as an innovative and impactful use of AI, to help leaders master one of the most important capabilities that’s difficult to personalise at scale.

    Judges also recognised how LBS’ Online course, developed in partnership with Professor Nicos Savva and Digital Learning team members Michele Asbury and Janaina McLachlan, offers rich interactive experiences that leaders expect. Learning management system Thinqi supports all LBS courses and was an integral partner in helping the School achieve this accolade.

    Reflecting on the achievement, Jade Mountain, Director, Strategic Digital Learning Solutions said: “These two silver awards reinforce our commitment to creating world-class, research-informed digital learning. Our AI storytelling tool now recognised for the second time this year, demonstrates how emerging technologies can help leaders build deeply human skills at scale, while retaining authenticity and personalisation.

    “Above all, these awards reaffirm our commitment to using AI responsibly, underpinned by strong academic foundations and rigorous pedagogic design. Innovation paired with scholarship ensures our learners receive human-centred experiences powered, not defined by AI.”

    With entries spanning the global learning-tech ecosystem from L&D teams to corporate innovators, competition at the Learning Technologies Awards is intense. LBS’s two Silver awards signals a proud moment for the School and industry recognition in its digital-learning vision.

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  • Rethinking a hybrid malaria chemoprevention delivery strategy for children in sub-perennial settings: a modelling study integrating age- and seasonally-targeted delivery | Malaria Journal

    Rethinking a hybrid malaria chemoprevention delivery strategy for children in sub-perennial settings: a modelling study integrating age- and seasonally-targeted delivery | Malaria Journal

    Optimized chemoprevention strategies in sub-perennial malaria transmission settings have received little attention. This study aimed to initiate multi-stakeholder dialogues to support chemoprevention guidelines for these settings by providing estimates of the potential public health impact and highlighting missed opportunities to protect vulnerable children. A validated open-access malaria model [17, 21] was used to explore the potential public health benefits of complementing current PMC recommendations with additional seasonally-targeted monthly SP doses during the high-risk transmission period. Since, there is no practical experience deploying mixed malaria chemoprevention to children, this study aimed to generate preliminary, quantitative evidence to inform the planning of new dosing strategies. Furthermore, enhancing the public health impact of PMC will be beneficial in ensuring a wider uptake of this historically less utilized yet efficacious and safe intervention across recommended settings that also include sub-perennial seasonality [1]. These model-driven estimates of the potential impact, benefits or risks are anticipated to support conversations on targeted chemoprevention in these settings, as well as support plans to generate empirical safety, feasibility, and impact data through pilot implementation studies.

    Overall, the model assumptions and simulated parameter ranges, including access to case management, reflect sub-Saharan African settings, where PMC is currently implemented. A proposed hybrid malaria chemoprevention (HMC) strategy to cover children up to 24 months of age was modelled, aligned with the WHO’s PMC recommendations and consistent with experience to date [1]. However, since children remain vulnerable to severe malaria, and additional EPI contacts likely remain available up to 36 months of age, an age-expanded HMC + schedule was also assessed. In addition, if these additional EPI contact points were utilized as malaria chemoprevention touchpoints, they may improve access to other vaccines or health services. Different SP-sensitivities were assumed to account for resistance and ranges of access to case management and coverage levels to predict likely public health impact across example implementation scenarios and archetypal transmission settings. The HMC + included age-expanded PMC +, which demonstrated a likely increase in net public health benefits and cost-effectiveness than current PMC [23]. The monthly SP doses were given during the rainy season, combined with PMC or PMC + throughout the year, to prevent interruption of current practices. A maximum of seven or nine PMC or PMC + doses spread over two to three years was considered, aligned with the WHO guidelines on PMC dosing frequency [1]. However, some PMC doses during the rainy season would likely be missed (i.e. replaced with seasonally-targeted doses) to ensure a one-month gap between any two SP doses. These schedules were modelled over a wide range of prevalence settings (PfPR2–10 5–70%) in a combination of different drug sensitivity, healthcare strength (i.e. varying access to case management), and coverage assumptions. As the mode of delivery for seasonally targeted dosing remains unknown (e.g. extended capacity within EPI, CHW delivery, or an SMC-like campaign), the same coverage level was assumed for both age- and seasonally targeted delivery. Full coverage was simulated to estimate both maximum impact and the worst-case scenario in terms of delayed malaria. In this explorative study, only one reduced coverage level was presented to illustrate the potential impact on incidence and effectiveness compared with full coverage. A per-cycle 80% coverage was assumed for both PMC and seasonally targeted SP, in line with WHO vaccination targets to reflect EPI-based PMC [30, 31] and previous SMC modelling studies [20, 32] informed by implementation study data [33]. Chemoprevention coverage is known to vary widely, from over 80% in some SMC programmes [34] to around 50% for former IPTi delivery [35]. Also, given limited PMC uptake, there are currently insufficient estimates of its per cycle coverage. Therefore, implementation studies will be crucial to understand the preferred mode of seasonally-targeted SP delivery, and to monitor cycle coverage and adherence for both age- and seasonally targeted SP.

    Model estimated efficacy against clinical, and severe cases, and the likely mode of parasite life stage activity of SP was validated to empirical data from randomized controlled trials and to a recent meta-data [5, 27] as described previously [23]. Both HMC and HMC + were predicted to substantially increase protection by averting clinical and severe malaria burden compared to the current PMC alone. This is due to the greater chances of getting an SP dose, through additional seasonal dosing, during a higher-risk period. In contrast, unless a child’s age aligns with the timing of high-risk periods, PMC does not ensure adequate protection.

    The results indicated increased protection and maintenance of effectiveness in modelled partially SP-resistant settings, albeit with slightly reduced total malaria averted, also in line with earlier findings [21, 22, 29]. Although, systematic reviews have confirmed that the effect of SP resistance is modest on the effectiveness of chemoprevention [29], the protection might further reduce in settings with more resistant parasite genotypes [20]. This implies that it would be prudent to monitor the evolution and spread of drug resistance by genetic biomarker surveys following continued and new chemoprevention. A recent case–control study found that a higher malaria burden may also be attributed to suboptimal drug concentration, possibly caused by missed doses rather than drug resistance [36]. Thus, alternative drug candidates must be carefully investigated to safeguard their chemoprevention benefits without compromising treatment options.

    Malaria outcomes from the simulations for children older than those covered by the proposed HMC or HMC + (up to five years of age) were analysed to assess any post-intervention effects, across access to case management levels reflecting sub-Saharan African settings [23,24,25]. The results demonstrated a larger positive net impact (cumulative cases by age during, and in the post-intervention period) of both HMC and HMC + compared to PMC alone, thus reducing the potential delayed malaria burden. This positive net impact of HMC and HMC + remained higher than PMC alone, also for scenarios with modelled lower coverage. Notably, improved and reliable access to treatment will be necessary to ameliorate any increased risk of malaria and manage severe malaria cases after children are no longer protected by chemoprevention as is the case for any child who is no longer using an effective form of malaria prevention) [23]. This is aligned with the WHO emphasis on strengthening healthcare systems. The increased impact of these chemoprevention strategies not only eases the demand on malaria treatment but also strengthens the capacity to prevent and treat other health needs [37]. Although, these results alleviate concerns about delayed malaria, it will be important to monitor age-incidence relationships and the net impact following expanded chemoprevention programme implementation in empirical setting to confirm these model-driven findings.

    To avoid potential safety concerns related to multiple dosing, the HMC or HMC + schedules were designed to restrict the number of doses each child received, ensuring a one-month gap between any consecutive age- or seasonally-targeted SP doses. However, it will be necessary to integrate stakeholder, community, and implementation perspectives in planning the timing of hybrid dosing strategies, including the total number and timing of both age- and seasonally-targeted doses to understand the feasibility, acceptability, safety, and effective implementation and communication [1].

    Additionally, the uncertainties related to changing climate conditions were taken into consideration. For example, less rainfall in some years may lead to less seasonal variation in malaria transmission. Thus, the potential benefit of rolling out HMC or HMC + in both representative sub-perennial and perennial settings was examined. As anticipated, the added benefit was larger in sub-perennial settings. However, the favourable net impact of the proposed hybrid schedule was also predicted in perennial settings. These results indicate that, regardless of year-on-year rainfall and transmission uncertainty, hybrid chemoprevention delivery will likely increase the effectiveness.

    Finally, it was acknowledged that conducting implementation studies in real-world scenarios is crucial to translating model-driven insights into policy or recommendations. As discussed, results from seasonally-targeted IPTi trial in Senegal [8] and modelling results built on IPTi trial data from Ghana [10] indicated a substantially larger impact of seasonally-targeted SP over a decade ago. However, no follow-up investigation or implementation occurred. Data collection for formal implementation research is beyond the scope of this modelling study; nevertheless, it aimed to address some likely next steps. This work is intended to facilitate broader discussion to ensure that new chemoprevention strategies advance beyond theoretical analysis and contribute to reducing the malaria burden in practice. To do this, possible implementation designs [15] and potential determinants of implementation for the proposed HMC [16] were presented based on literature.

    Although SP is a standard of care when given as PMC, data still needs to be generated to understand the effectiveness, feasibility including cycle coverage and potential mode of delivery for the seasonally-targeted dosing, and the costs of alternative delivery strategies to support resource-allocation decisions. Therefore, hybrid type 2 effectiveness-implementation research will likely be helpful. Safety and efficacy studies may not be required given what’s known about safety & efficacy of individual doses of SP. As such, each dose protects for a certain period of time (depending on the resistance context) and that severe adverse reactions (primarily Stevens-Johnson syndrome) are idiosyncratic rather than dose-dependent [38]. Hence, evaluating effectiveness, consolidating safety and understanding impact is important. Furthermore, collecting qualitative data for the contextual determinants for tailoring delivery strategies to local contexts will be crucial to understanding how to begin rolling out any new delivery schedule. However, alternative study designs may also be considered, such as hybrid type 1 effectiveness-implementation with a primary emphasis on assessing clinical effectiveness and modest refinement to record the secondary implementation research goals. Programme success will depend on the availability of funds to deploy additional staffing at EPI facility and on the ability of community health workers to deliver both age- and seasonally-targeted dosing. Notably, expanding any prevention strategy will require comparing the cost-effectiveness of alternative approaches [23]. However, uncertainty around delivery methods and cost-per-dose estimates for seasonally targeted dosing limited economic analyses of HMC strategies in this study. It will be valuable in future work to explore cost-effectiveness again as cost data and delivery plans become available from potential implementation studies.

    As with all modelling studies, these results have several limitations. First, the predictions are based on a model of blood-stage parasite-clearing activity for SP [23]. However, pyrimethamine may include liver-stage action, and any differences in immunity acquisition, assuming alternative mode of drug action dominates have not been explored [23, 32]. Also, the model does not estimate additional secondary benefits of SP beyond antimalarial effect (such as on bacterial or fungal infections) [39], which will further increase the total effect of HMC and HMC +. Second, outputs were not estimated by gender, given limited data on chemoprevention disaggregated by gender exists. Nevertheless, since the PK/PD model assumptions are consistent with earlier studies [23, 32], the broad conclusions regarding the impact of HMC and HMC + expect is expected to hold. Third, SP was modelled as used in PMC, though implementation might prefer SP-AQ during high-risk periods. However, mixing PMC with SMC would require careful consideration of different drug schedules [1]. Thus, proposed hybrid delivery schedules with SP were assessed only as a first step. SP is a relatively inexpensive, single-dose drug available within EPI and is likely to have better adherence compared to a three-day schedule. Increasing SP use may increase pressure on resistance development and spread. Thus, genomic surveillance would be prudent. Fourth, since there is currently no quantitative definition of sub-perennial transmission setting [6], a conservative threshold below strictly seasonal (i.e. less than 60% in consecutive four-month period [2, 3] was considered to define a representative sub-perennial setting. As a potential next-step for informing pilot implementation studies, the distribution of malaria cases over months was modelled based on rainfall pattern in parts of Mozambique [5, 23], where several pilot PMC (IPTi + projects) studies have been conducted [22, 23, 40]. However, results may vary in settings with different transmission profiles, such as flatter or two shorter rainy seasons [4] rather than a single prolonged one [5], reinforcing the need for a more precise definition. Finally, an implementation strategy was explored, only to initiate the discussion around possible designs.

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  • Rail services through Stafford disrupted as signalling system fails

    Rail services through Stafford disrupted as signalling system fails

    PA Media The front of a train, which is yellow and grey and has the words Avanti West Coast under the window.PA Media

    The fault is affecting lines running through Stafford and Stoke-on-Trent

    A major fault with a signalling system led to the closure of rail lines on Friday afternoon, causing disruption to services across England.

    Although some lines had reopened and Network Rail was working at the scene in Stafford and Stoke-on-Trent, services were heavily disrupted, warned National Rail.

    Network Rail said the issue had been caused by a signalling power failure at 14:45 GMT, adding that teams were “working to restore the failure and recover services as quickly as possible”.

    Routes between Stafford and Crewe, Stoke-on-Trent, Manchester Piccadilly and Derby are affected, with cancellations, delays of up to three hours or revisions.

    Avanti West Coast, CrossCountry, East Midlands Railway, London Northwestern Railway and Northern services are affected.

    Avanti West Coast is advising customers do not travel on all routes between London and Manchester, Liverpool, Holyhead and Preston.

    Hannah Tobin A large display in a station shows different rail services and their times. There are people stood under the display looking at the information.Hannah Tobin

    The situation at Euston station was described as “chaos” by one passenger

    East Midlands Railway have replacement road transport in operation and Northern said services may start or terminate at Macclesfield with onward coaches arranged.

    CrossCountry tickets can be used on other services.

    Hannah Tobin, who wanted to travel to Coventry from Euston at 15:10 GMT described the situation at the London station as “chaos” following the signalling fault in Staffordshire.

    There had been nothing going out on the West Coast mainline and hardly any announcements, she said.

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  • Walmart rings bell on grand battle of the bourses

    Walmart rings bell on grand battle of the bourses

    Unlock the Editor’s Digest for free

    For years, the rivalry between the New York Stock Exchange and Nasdaq revolved around initial public offerings: who could land the next hot tech offering and who could take more start-ups public. With new listings still well below 2021’s highs, a quieter war is now being raged, not over newcomers but companies that are already public. 

    Walmart’s switch to Nasdaq after 53 years on NYSE, announced on Thursday, is a major coup for its new host. The world’s biggest retailer, with a market capitalisation of more than $850bn, it will be the biggest transfer on record. Walmart joins Shopify, Kimberly-Clark, Thomson Reuters and Fiserv, which together represent more than $317bn in market capitalisation and have all decamped from NYSE this year.

    There are some cosmetic benefits to this. Walmart frames the move as part of its “people-led, tech-powered” strategy. Nasdaq is, after all, home to Apple, Alphabet, Nvidia, Tesla and many of their tech peers.

    Yet there are real advantages too. The shift will make Walmart eligible for inclusion in the Nasdaq-100 index. That ought to prompt buying by many exchange traded funds and mutual funds by default. Analysts at Jefferies reckon added demand could help to lift its valuation, already a generous 37 times forward earnings, towards the low 40s, provided it can sustain its sales and earnings growth.

    Beyond that demand bump, there’s little in it. While some NYSE defectors have thrived — Shopify’s shares are up 52 per cent — Kimberly-Clark and Thomson Reuters are both more than a quarter less valuable than when they moved. Exchange venues can provide liquidity and index eligibility; they cannot make companies run better.

    Line chart of Listing transfers measured by market capitalisation ($bn) showing Switcheroo

    For Nasdaq, as a listed company traded on its own exchange, Walmart’s move confers prestige rather than additional earnings. But it underscores a broader strategy: exchanges are recasting themselves not as mere listing venues but as strategic partners offering data, technology and investor relations support, such as “equity surveillance” services that show issuers who is buying and selling their stock.

    Without doubt, companies looking to go public are also swayed by less scientific factors, such as how hard an exchange courts them and what kind of pomp they offer. NYSE debutants get to ring the famous opening bell before a crowd of live traders. Nasdaq counters with prime placement on its giant Times Square billboard. Don’t underestimate the appeal of a party.

    On which note, from next year there will be a new kid in town: the Dallas-based Texas Stock Exchange, which has promised lower listing and compliance costs than its big rivals. NYSE has opened a Texan offshoot; Nasdaq plans to follow. If even an aged colossus like Walmart can be persuaded to flip venues, the exchange wars could get heated indeed.

    pan.yuk@ft.com

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  • Indian Rupee Slides to Record Low on Delay in US Trade Deal – Bloomberg.com

    1. Indian Rupee Slides to Record Low on Delay in US Trade Deal  Bloomberg.com
    2. Outflows, trade angst push rupee to record low past RBI’s defended line  Reuters
    3. INDIA BONDS-India bonds hit 3-week trough on rupee’s slide to record low  MarketScreener
    4. Indias Labour Code Overhaul, Rupees Record Plunge, Soaring Trade Deficit, And More — The Week That Was  NDTV Profit
    5. Rupee drifts higher tracking Asia FX, buoyed by interbank dollar offers  MSN

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  • Suspension and Amendments to US and China Port Fees – Current Status

    Suspension and Amendments to US and China Port Fees – Current Status

    The subsequent USTR notices and guidance have attempted to clarify some of the open questions regarding the port fees. However, several questions remain.

    1. For purposes of Annex I port fees on vessels owned by a Chinese entity in the case of a Chinese lease financing, is the ‘owner’ the registered owner/lessor or the disponent owner/lessee?

    While the USTR notices have provided no further guidance as to the identity of the ‘owner’, guidance released by the US Customs and Border Protection (“CBP”) port operators for the ports of New Orleans and Houston state that “[t]he vessel owner(s) will be determined by the vessel’s Registry (REG).” While this guidance applies only to the ports of New Orleans and Houston and not other ports, the guidance suggests that in the case of a sale-leaseback financing with a Chinese lessor, the port fees would be imposed, notwithstanding that the beneficial owner of the vessel may have no Chinese nexus. The guidance further suggests that in the reverse case, where the registered owner is not a Chinese entity but the beneficial owner is a Chinese company, the port fees on Chinese owners would not apply (although the fees may still be owed if the Chinese company is the ‘operator’). 

    2. For purposes of Annex II port fees on Chinese-built vessels, does the small vessel exception apply to tankers?

    The April Notice exempted small vessels from the port fees on Chinese-built ships. For this purpose, a small vessel was defined as a “vessel with a capacity of equal to or less than: 4,000 Twenty-Foot Equivalent Units, 55,000 deadweight tons, or an individual bulk capacity of 80,000 deadweight tons.” This led to some uncertainty, since the meaning of “individual bulk capacity” is unclear. The reference to ‘bulk’ may have suggested dry bulk vessels, although tankers carry liquid cargo in ‘bulk’.

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  • Lilly, Novo Nordisk back direct-to-employer programs to expand access to weight-loss drugs – Reuters

    1. Lilly, Novo Nordisk back direct-to-employer programs to expand access to weight-loss drugs  Reuters
    2. Waltz Health Launches New Direct-to-Employer Access Model for Obesity Management Medications  PR Newswire
    3. Novo Nordisk and Eli Lilly will offer Zepbound and Wegovy to companies starting Jan. 1 – Bloomberg News  MarketScreener
    4. Novo, Lilly collaborate with Waltz Health to sell weight-loss drugs directly to employers  TradingView
    5. Goodpath Expands Access to Obesity Management Care and Medications Through New Transparent Offering  PR Newswire

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