Toll Group Agrees Sale and Leaseback of Singapore Logistics Facility
Toll Group has entered a sale‑and‑leaseback deal for its 25 Loyang Crescent logistics hub in Singapore, selling the property to CapitaLand Ascendas REIT. The agreement includes a 12‑year triple‑net lease with an optional six‑year extension for the wharf and jetty area, ensuring uninterrupted operations. Completion is targeted for Q3 2026, subject to standard conditions. Proceeds from the transaction will be redeployed into Toll’s core logistics and supply‑chain services.
BioAge Labs Provides Business Updates
BioAge Labs reported full‑year 2025 results, highlighting positive Phase 1 data for its oral NLRP3 inhibitor BGE‑102, which achieved up to 86% reduction in hsCRP and strong suppression of IL‑1β, IL‑6, and fibrinogen. The company announced a Phase 2a cardiovascular risk trial...
Maximising Collections to Deliver Business Value: A Modern Direct Debit Imperative
Mark Bish’s blog highlights Pay.UK’s Direct Debit rule 5.8, which now lets businesses challenge indemnity claims under reason code 4, curbing fraudulent disputes. The update tightens onboarding standards, demanding stronger validation and verification to avoid sanctions. He also stresses that automation,...
Qualified Business Income Tax Deduction – Smart Strategies
The Qualified Business Income (QBI) deduction lets eligible pass‑through ecommerce owners subtract 20 % of qualified income from taxable earnings. For 2025, businesses earning up to $197,300 (single) or $394,600 (married filing jointly) can claim the full credit, while higher earners...
Pico-Cap FY25 Review: Strong Incremental Margins and Profitability Inflection...
Pico-Cap’s FY25 report shows a dramatic earnings swing, with revenue surging and gross margins expanding to deliver full‑year profitability for a company valued under $10 million. Cash generated from operations before working‑capital changes suggests strong scalability once the business reaches larger...
Danske Pauses Tactical Risk-Taking as All Eyes Turn to Oil and War
Danske Bank Asset Management has placed its Global Tactical Allocation strategy on hold, moving to a neutral stance across all tactical risk exposures due to heightened uncertainty from the Middle East war. Head of Macro and TAA Bo Bejstrup Christensen...
This Client Cut $47K/Month Overnight
A Credit Banc client was juggling nine short‑term loans and an open tax balance, resulting in roughly $56,000 of cash outflows each month despite steady revenue. The firm consolidated the debt with a $1.1 million term loan that also covered the...
JBA Risk Management Brings Out Enhanced Global Flood Model
JBA Risk Management has launched an upgraded global flood model that features richer hazard maps, a broader suite of future climate scenarios, faster processing, and finer exposure‑disaggregation. The enhancements give insurers, corporates and asset managers a clearer view of current...
Brex Lands OpenAI as a Customer to Manage Its Global Corporate Spend and Financial Operations
OpenAI has selected Brex’s AI‑native corporate card and spend‑management platform to run its global financial operations. The deal incorporates Brex’s new ChatGPT integration, enabling finance teams to query expense data and policy details directly in a chat interface. Brex reports...
Is There an Optimal Number of Public Companies? (Part 1)
The article examines whether there is an optimal number of public companies in the United States, questioning the SEC chair’s push to “make IPOs great again.” It highlights the shift toward dual‑class structures, where 78% of market cap in controlled...
Port of Rotterdam Ensured Loan for Shore Power Infrastructure
European Investment Bank approved a €90 million ($98 million) loan to the Port of Rotterdam Authority to fund shore‑power installations at three deep‑sea container terminals. The loan is complemented by a €70 million ($76 million) European Commission grant, bringing total public financing to roughly...
Canada Life Finalises £30m Buy-In with Phoenix Medical Supplies Pension Scheme
Canada Life has completed a £30 million (≈ $37.5 million) full‑scheme buy‑in for the Phoenix Medical Supplies Pension Scheme, securing the future benefits of more than 145 pensioners and 80 deferred members. Barnett Waddingham served as lead broker, adviser and administrator, while Gateley...
The Collapse of Indra–EM&E Deal Tests Dan Loeb’s Playbook: Third Point’s Merger Setback:
Third Point’s high‑conviction merger‑arbitrage bet on the Indra Sistemas‑EM&E defense tie‑up collapsed, wiping out the fund’s European position. The breakup was driven by political push‑back, valuation disputes and integration complexity, sending both Spanish defense stocks lower. The failure has forced Dan...
Private Credit Yields Outperform High-Yield Bonds:
Senior‑secured U.S. direct‑lending funds are delivering 10%‑13% yields, outpacing traditional high‑yield bonds that trade at 7%‑9%. The roughly 300‑basis‑point spread reflects an illiquidity premium that has become a strategic differentiator for private credit. Institutional investors are accelerating allocations despite heightened...
Scott Kennedy’s BDC Series: Blackstone Secured Lending’s NAV, Valuation, And Dividend Versus 11 BDC Peers – Part 2 (Includes Cal...
Blackstone Secured Lending (BSL) reported its Q4 2025 results, showing a NAV increase to $1.12 per share and a dividend yield of 9.2%, positioning it ahead of eleven comparable BDC peers. The fund’s price‑to‑book multiple compressed to 0.9x, reflecting a modest...
The IPO Buzz: HMH Holding (HMH Proposed) Launches $215.7 Million IPO
Houston‑based HMH Holding announced an IPO of 10.52 million shares priced between $19 and $22, targeting roughly $215.7 million in proceeds. At the midpoint price of $20.50, the company would be valued at about $883.5 million. The offering is led by JPMorgan, Piper...
Heritage Global: A Distressed Asset Platform Trading at 5x EV/EBIT and Near Liquidation Value
Heritage Global Inc. (NASDAQ:HGBL) operates a multi‑segment distressed‑asset platform that trades at less than 70% of book value and roughly 5.5 × EV/EBIT, placing it near liquidation pricing. The San Diego‑based firm has posted profits every year since 2018 and exhibits counter‑cyclical...
![The Downlink [Mar 23, 25] Space Competition: “March Storm” On Capitol Hill Seeks Equal Tax Treatment For Space Investors](https://hixhlmpcokxhartfkpyi.supabase.co/storage/v1/object/public/images/articles/7e06263352a37962687b371f6345efc0.webp)
The Downlink [Mar 23, 25] Space Competition: “March Storm” On Capitol Hill Seeks Equal Tax Treatment For Space Investors
The Alliance for Space Development’s 30th “March Storm” advocacy event on Capitol Hill is pressing Congress for equal tax treatment of space startups and venture‑capital investors ahead of the anticipated SpaceX IPO. The campaign, dubbed “March Storm,” aims to level...
The $826 Billion Shift: Why Metal ETFs Are Reshaping — and Distorting — the Future of Supply
Metal and mining exchange‑traded funds now control roughly $826 billion, with 84% allocated to physical metal ETFs—gold alone accounts for about $577 billion. By contrast, funds that own mining equities represent just over 12% of assets, leaving critical‑mineral ETFs at a modest...
Five Profit-Killing Restaurant Mistakes
Restaurant operators are repeatedly sabotaging their own margins by overlooking critical performance indicators, mistaking raw food costs for true profitability, and neglecting systematic staff training. Industry expert Roger Beaudoin of Restaurant Rockstars urges operators to shift from simple food‑cost percentages...
Pharmaceutical Executive Daily: Pfizer Warns Shareholders to Reject Mini-Tender Offer
Pfizer has issued a formal warning to shareholders to reject an unsolicited mini‑tender offer from Tutanota LLC, which seeks to buy up to one million shares at $32 per share—an amount that could be below market value and lacks the...
Pfizer Receives Unsolicited Mini-Tender Offer for 1 Million Shares From Tutanota: Report
Pfizer has warned shareholders to reject an unsolicited mini‑tender offer from Tutanota LLC that seeks to buy up to 1 million shares at $32 per share, roughly 0.02% of its outstanding stock. The offer hinges on Pfizer’s price staying above $32,...
Increases CAPE Ratio Predictability with a Simple Adjustment
A new working paper demonstrates that a simple adjustment to the cyclically adjusted price‑earnings (CAPE) ratio—aligning index constituents and applying market‑cap weights—significantly sharpens its ability to forecast ten‑year equity returns. The revised Component CAPE delivers an out‑of‑sample R² of 0.575,...
Starr Completes IQUW Deal, Strengthens Specialty Re/Insurance Presence
Starr has finalized its acquisition of IQUW Group, creating a larger specialty re/insurance platform that now ranks as the ninth‑largest managing agency at Lloyd’s. The deal integrates IQUW’s London syndicates and Bermuda reinsurance operations under the new Starr Re brand,...
Wethos
Wethos is an all‑in‑one financial operating system built for freelancers, creative studios, and small agencies. Founded by Rachel Renock and Claire Humphreys, the platform goes beyond invoicing by offering a library of thousands of crowdsourced peer‑pricing templates that let users...
Wurthy
Wurthy is an AI‑powered financial operating system that offers a buy‑now, pay‑later (BNPL) solution tailored for service‑based small and medium‑sized businesses. Founded by serial entrepreneur Rudd Davis, the platform lets firms such as law offices, creative agencies, and medical practices...
The World’s “Most Ethical” FCPA Violators
Ethisphere’s 2026 “Most Ethical Companies” list expands to 138 honorees, up from 92 in its 2007 debut. The roster includes 16 firms that have settled Foreign Corrupt Practices Act (FCPA) enforcement actions and two companies currently under FCPA scrutiny. The...
Everest to Sell Canadian Retail Insurance Operations to Wawanesa
Everest Group has agreed to sell its Canadian Retail Insurance business, Everest Canada, to mutual insurer Wawanesa, with the transaction slated to close in the second half of 2026 pending regulatory approval. The deal will transfer an estimated CAD305 million (about...
Cencora to Expand Retina Consultants of America Through Acquisition of EyeSouth Partners’ Retina Business
Cencora, Inc. announced a definitive agreement to acquire EyeSouth Partners’ retina business for $1.1 billion, integrating the physicians into its Retina Consultants of America (RCA) network. The acquisition is expected to be slightly accretive to adjusted diluted EPS within the first...
What Fund Managers Need to Know About Cybersecurity Risks
Fund managers are increasingly treating cyber risk as a core operational concern, not just an IT issue. A stolen password or phishing scam can halt trading, delay reporting, and erode investor trust, prompting regulators like the SEC to tie cybersecurity...
FinEx Metals Completes Oversubscribed Private Placement for Gross Proceeds of $1,671,600
FinEx Metals Ltd. completed an oversubscribed non‑brokered private placement, issuing 13,930,000 units at $0.12 each and raising $1,671,600 in gross proceeds. Each unit comprises one common share and half of a warrant exercisable at $0.18 for 24 months. Insiders purchased...
When AI Erases Moats, What Happens to Markets?
The piece argues that AI will erode traditional competitive moats, making five‑year cash‑flow forecasts unreliable and forcing a shift from discounted‑cash‑flow models to valuations based on current cash flow multiples. Drawing on Elon Musk’s first‑principles thinking, it challenges the century‑old...
Spreadsheets for M&A: When Excel Breaks & What to Use Instead
Excel remains the default tool for corporate development teams to track M&A pipelines because it requires no onboarding and offers immediate flexibility. However, as deal volume and team size grow, spreadsheets suffer from version‑control chaos, fragmented deal context, and collaboration...
Uh-Oh, You Built a Compliance Automation Tool & Everybody Hates It
The article highlights a trust gap in compliance automation where control owners and auditors distrust system‑generated evidence, leading to parallel manual processes. Even though technology works, resistance stems from loss of professional identity and lack of auditor‑friendly documentation. Successful programs...
What's Actually Behind "AI Layoffs" In 2026
The wave of 2023‑2024 tech layoffs is being framed as an "AI‑driven" restructuring, but SEC filings reveal the true catalysts are declining revenue, missed earnings targets, and investor pressure. Studies show AI mentions in layoff announcements lift stock prices 7‑12%...
High Yield’s Allocation Dilemma in a Tight Spread Market
High‑yield bonds are trading at historically tight spreads, curbing any further price appreciation and leaving carry as the main source of return. Portfolio managers, like Veritas' Ville Iso‑Mustajärvi, warn that while the asset class still offers modest diversification, its downside...
Why L’Oréal Took on Kering for Gucci
L'Oréal agreed to buy Kering's entire beauty portfolio for roughly $4.7 billion, securing the coveted Gucci fragrance license that expires in 2028. The deal marks Kering's swift exit from cosmetics, allowing it to shed debt and refocus on fashion, jewelry and...
$JOJO: CE-Credit Webinar on Credit Rotation — Why Static Bond Allocations May Be a Risk
The ATAC Credit Rotation ETF ($JOJO) challenges the common belief that bond exposure should stay static, proposing a dynamic credit‑rotation framework. Portfolio manager Michael Gayed will detail this approach in a CE‑credit approved webinar on March 24, covering credit‑vs‑duration risk, utilities...
Invested Assets Growth Bolsters UBS Group AG (UBS) Net Profit
UBS Group AG reported a strong 2025 performance, with invested assets climbing 15% to over $7 trillion, reinforcing its status among the world’s largest wealth managers. Net profit rose to $7.7 billion, driven by a 56% jump in fourth‑quarter earnings to $1.2 billion...
Senegal Overstretch Saga Shadows Francophone Debt Diversion
The Iran‑related war in the Middle East has effectively halted new sovereign bond issuance in Francophone Sub‑Saharan Africa, leaving the region with only $6 billion of fresh issuance—half of last year’s pace. Credit spreads have surged to 375 basis points, and...
Exasol FY2025: The Turnaround Is Complete. Now Comes the Hard Part.
Exasol AG reported FY2025 results that confirm its cost‑structure turnaround, delivering $4.5 million EBITDA, $3.3 million net income and $4.3 million free cash flow. Annual recurring revenue in its focus verticals reached $29 million, but growth slowed to 10 % year‑over‑year, down from 24 % the...
The $2.3B Wake-Up Call: What GE HealthCare’s Intelerad Deal Actually Means for Imaging IT
GE HealthCare completed a $2.3 billion all‑cash acquisition of Intelerad, the largest recent enterprise‑imaging deal. The platform serves 1,500 health systems, processes 230 million exams annually and generates roughly $270 million in recurring revenue. The transaction underscores a strategic shift from hardware‑centric OEM...
Who’s The Biggest In 3D Printing, March 22, 2026
The weekly Fabbaloo leaderboard shows Farsoon retaining the top spot with a $4.6 billion market cap, though it slipped 12% amid profit‑taking. Xometry bucked the sector trend, rising 6% while the broader 3D‑printing market fell about 6% due to energy‑supply concerns....
Russell Napier’s Warning: The Great Portfolio Reset
Russell Napier warns that investors face a "great portfolio reset" as bond markets lose appeal, U.S. equities become riskier, and financial repression intensifies. He argues that prolonged low‑interest rates will erode fixed‑income returns, prompting a shift toward real assets and...
How Merchant Financing Helps Entrepreneurs Access Capital
Merchant financing, also called merchant cash advances, lets ecommerce and retail businesses obtain capital by selling a portion of future card sales. Lenders use factor rates, often resulting in effective APRs around 30%, considerably higher than typical 7‑8% term loans....
Should We Raise Capital?
Chenmark’s founders reflect on why they never took a $20 million external fund between 2015 and 2019, opting instead to bootstrap their hold‑co model. The lack of capital forced disciplined cash‑flow reinvestment, lean talent acquisition and a culture of shared risk....
Why Smart Financial Record Management Is Becoming Essential for Indian Businesses
Smart financial record management is becoming a critical capability for Indian ecommerce firms, especially Shopify merchants under $5 M GMV who still rely on spreadsheets. Disorganized books not only create compliance headaches but also restrict access to capital, obscure cash‑flow visibility,...
Forescout Reports Strong Growth and Profitability in FY2025
Forescout Technologies reported robust FY2025 results, adding over 230 net new customers and closing 58 deals worth $1 million or more, a 26% increase year‑over‑year. Revenue growth was strong across financial services (up 25%) and healthcare (up 24%), while gross dollar...