Core Viewpoint - UBS has announced that five financial advisor teams in its Southeast region have been recognized by Forbes in the 2025 America's Top Wealth Management Teams Private Wealth list [1] Group 1: Recognition of Financial Advisor Teams - The financial advisor teams recognized include LongBernsteinGunderson from Philadelphia, New York City, and Dallas, consisting of Ryan M. Long, Bradford Bernstein, Louise Gunderson, and Nina Gunderson [1] - The Capital ESOP Group from Washington, D.C. is also recognized, with team members Keith Apton, Nick Francia, Joanne Ferland, and Sarah Bothner [1]

Core Points - USA TODAY Co., Inc. will participate in the UBS Global Media and Communications Conference on December 9, 2025, with CEO Michael Reed and CFO Trisha Gosser presenting [1] - The conference will be accessible via a video webcast on the company's Investor Relations website, archived for 180 days [1] Company Overview - USA TODAY Co., Inc. is a diversified media company focused on empowering communities through its national and local media reach [2] - The company operates the USA TODAY NETWORK, which includes the national publication USA TODAY and various local media organizations [2] - USA TODAY Co. is committed to delivering high-quality journalism and digital marketing solutions, including support for small and medium-sized businesses through its LocaliQ brand [2] Recent Developments - Gannett Co., Inc. has rebranded to USA TODAY Co., Inc., effective November 18, 2025, adopting the name of its most recognized publication [6] - The name change aims to leverage the brand's strength in promoting understanding and unity among audiences [6]

Company Overview - Charles River is entering its 60th year, marking a significant milestone in its history and evolution as a company [2]. Event Context - The discussion is part of a fireside chat hosted by UBS, featuring Charles River's CEO, Paul Maleh, indicating the company's engagement with investors and analysts [1].

Core Insights - Shenandoah Telecommunications Company (Shentel) is actively participating in industry conferences focused on fiber technology and telecommunications opportunities in December 2025 [1][2]. Company Overview - Shenandoah Telecommunications Company provides broadband services through advanced fiber optic and cable networks to both residential and commercial customers across eight contiguous states in the eastern United States [3]. - The company's service offerings include broadband internet, video, voice, high-speed Ethernet, dedicated internet access, dark fiber leasing, and managed network services [3]. - Shentel operates an extensive regional network with over 18,000 route miles of fiber [3]. Conference Participation - Ed McKay, the CEO of Shentel, will participate in the "We're Putting the Band(width) back together: The FTTH Wave Continues" panel at the Raymond James TMT and Consumer Conference on December 8, 2025 [2]. - Additionally, Ed McKay will be part of the "FTTH Panel: Framing the Future Opportunity" at the UBS Global Media and Communications Conference on December 9, 2025 [2].

Core Viewpoint - Carvana's stock price increased by 0.9% at the end of trading on Monday, indicating positive market sentiment towards the company [1] - UBS Group has set a target price of $450 for Carvana, suggesting a bullish outlook on the company's future performance [1] Company Summary - Carvana's stock performance reflects a slight upward trend, which may attract investor interest [1] - The target price set by UBS Group indicates confidence in Carvana's growth potential and market positioning [1]

Core Points - Switzerland's federal prosecutor has filed charges against Credit Suisse and UBS over the "tuna bonds" loan scandal that significantly impacted Mozambique's economy nearly a decade ago [1][2] - The charges include money laundering against an unnamed Credit Suisse employee, with accusations of "organizational deficiencies" in both banks that allowed wrongdoing to occur [2][5] - The scandal involved $2 billion in loans arranged by Credit Suisse for Mozambique, with funds misappropriated and kickbacks totaling at least $137 million [3][4] Summary by Sections - **Charges and Accusations** - The Swiss attorney general's office has accused Credit Suisse and UBS of failing to implement necessary organizational measures to prevent money laundering during 2016 [5] - UBS has stated it will vigorously defend its position against the attorney general's conclusions [2] - **Background of the Scandal** - The tuna bonds scandal originated from loans intended for government-sponsored projects, including maritime security and a state tuna fishery [2] - A contractor was found to have arranged significant kickbacks, including $50 million for Credit Suisse bankers [3] - **Regulatory Settlements** - Credit Suisse settled with US and UK regulators in 2021, paying $275 million to American authorities and £147 million to the UK's Financial Conduct Authority [4] - UBS agreed to settle with Mozambique in October 2023, just before a trial was set to begin in London [4] - **Impact on Credit Suisse** - Credit Suisse was sold to UBS in March 2023 amid a banking crisis, with UBS acquiring the bank for 3 billion Swiss francs [5][7] - The crisis of confidence in Credit Suisse was exacerbated by its largest shareholder, Saudi National Bank, ruling out further funding [6]

The charges are the latest in a saga that started around 2013, when Credit Suisse arranged debt deals for state-owned companies in Mozambique. ...

Group 1 - Switzerland's federal prosecutor has filed an indictment against a former Credit Suisse employee for money laundering related to loans in Mozambique [1]

Summary of Key Points from the Asia Telecom Sector Conference Call Industry Overview - **Industry**: Data Centre Sector in Asia, with a focus on ASEAN region [1][2] Core Insights 1. **Capacity vs. Demand**: There is a significant gap between announced data centre capacity and actual operational supply, with demand growing at a compound annual growth rate (CAGR) of over 20% [2][3] - Example: In Johor, Malaysia, approximately 8 gigawatts (GW) of new capacity announced, but only about 700 megawatts (MW) operational, which is less than 10% [2] - Japan's planned facilities for 2028 are now expected to be completed by 2033 [2] 2. **Infrastructure Bottlenecks**: Persistent infrastructure issues, including water, power generation, transmission, and regulatory hurdles, are constraining growth and creating a competitive environment [2][3] 3. **AI vs. Cloud Computing**: While AI is a growth catalyst, cloud computing remains the primary driver of demand in the region, sustaining a robust CAGR of around 20%+ [3][5] - AI deployments are significant in select markets but are less predictable and time-sensitive compared to traditional cloud workloads [3] 4. **Cost Dynamics**: AI-focused data centres can be built at approximately 60% of the cost of traditional facilities due to lower redundancy needs and cheaper land options [5] 5. **Competitive Landscape**: The competitive dynamics are shifting rapidly, with an increase in mergers and acquisitions (M&A) in the sector, driven by hyperscalers' preference for large-scale global providers [5] 6. **Emerging Trends**: The rise of "neo clouds," which are smaller, niche platforms offering specialized AI or cloud services, is beginning to take up more capacity [3] Additional Considerations - **Regulatory Risks**: Increased regulatory risks, particularly concerning higher spectrum prices, pose challenges for telecommunications companies in the APAC region [6] - **Investment Opportunities**: The ongoing consolidation in the data centre market presents potential investment opportunities, especially for firms capable of navigating the evolving landscape [5] This summary encapsulates the critical insights and trends discussed during the conference call, highlighting the challenges and opportunities within the data centre sector in Asia.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials - **Focus**: Trade flows amid changing US tariffs on China, covering shipping, shipbuilding, ports, international freight flights, and land transportation [2][3][4]. Core Insights and Arguments - **Container Throughput**: Container throughput at key ports in China increased by 5% week-over-week (WoW) and 13% year-over-year (YoY) last week, indicating strong port activity [3][6]. - **Port of Los Angeles**: Import volume estimates indicated a decrease of 6% WoW but a growth of 4% YoY for week 49, following a significant 17% YoY increase in week 48 [3][10]. - **International Freight Flights**: The number of international freight flights rose by 13% YoY last week, compared to a 10% YoY increase in week 46, suggesting a recovery in air freight capacity [3][34]. - **Freight Rates**: The China-US freight rate dropped WoW, with the overall Shanghai Containerized Freight Index (SCFI) falling by 4% WoW and 35% YoY, indicating a softening in freight costs [4][12]. - **Charter Market Activity**: The containership timecharter market remained active, with operators competing aggressively for tonnage in the 1,700-4,200 TEU range, and charter rates holding firm at high levels outside the COVID period [4][12]. - **European Port Congestion**: A nationwide general strike in Italy is expected to disrupt the freight sector, with the average vessel waiting time at the Port of Rotterdam around 1.96 days [5][30]. Additional Important Insights - **Railway Express Volumes**: Outbound volume of the China-Europe/China-Asia Railway Express recorded a decrease of 7% YoY for China-Europe and an increase of 21% YoY for China-Asia in October [3][25]. - **Asia Feeder Ship Availability**: The Asia feeder ship availability index decreased by 6% WoW, indicating tighter capacity in the feeder market [4][32]. - **China Expressway Truck Traffic**: Truck traffic on expressways in China increased by 2% YoY last week, reflecting a slight uptick in domestic logistics activity [29]. - **Direct Shipping Volumes**: Direct shipping volume from China to ASEAN/US decreased by 10% WoW but showed a 1% YoY increase last week [20][22]. Risks and Considerations - **Macroeconomic Risks**: Investment downsizing at the macroeconomic level remains a key risk for China's industrial sector, with potential impacts on demand for industrial goods and import/export volumes [42].