Bank of America on Wednesday raised its closely watched profitability target as the second-largest U.S. lender looks to grow its market share and catch up with larger Wall Street rivals. ...

Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) reports Q3 2025 net income attributable to Golar of $31 million, Adjusted EBITDA1 of $83 million and Total Golar Cash1 of $661 million, before bond offering proceeds in October 2025. Entered the U.S. rated bond market with $500 million of 5-year 7.5% senior unsecured notes (the “Notes”) on October 2, 2025. Repaid $190 million outstanding principal balance of the $300 million 2025 maturing 2021 Unsecured Bonds on October 20, 2025. ...

Core Viewpoint - France's National Assembly has adopted a wealth tax amendment targeting cryptocurrency holdings, which may hinder innovation and drive talent abroad [1][4]. Group 1: Tax Amendment Details - Amendment No. I-3379 to France's 2026 Finance Bill was passed with a narrow vote of 163-150, adding digital assets to a new "unproductive wealth" tax base alongside gold, yachts, and classic cars [2]. - The amendment imposes a flat 1% annual tax on net wealth exceeding $2.2 million (€2 million), increasing from the previous threshold of $1.49 million (€1.3 million) [2]. Group 2: Implications for Cryptocurrency - The bill does not provide exemptions for cryptocurrency, unlike certain long-term rental properties, complicating tax treatment for crypto founders and builders [3]. - The lack of nuanced definitions in the amendment could lead to oversimplification of the crypto landscape, failing to differentiate between passive investors and ecosystem builders [4]. Group 3: Concerns from Industry Experts - Experts warn that the new tax structure could inadvertently penalize productive capital and technological progress in France's digital economy [4]. - The proposal replaces the previous 30% sale-only crypto tax with an annual wealth levy on holdings, taxing coins regardless of whether they are sold [5]. - There is a risk of economic injustice in taxing early token-holders who contribute to ecosystem-building, creating disincentives for long-term alignment [5]. Group 4: Tax Structuring Risks - The amendment lacks clear definitions distinguishing between occasional and professional traders, which could lead to tax-structuring risks for token-based business models [6][7]. - The determination of trader classification would be case-by-case, based on volume, frequency, and proportion of crypto income, leaving uncertainty until further guidance is provided [7].

Core Viewpoint - The establishment of a new body, External Reporting Australia, aims to consolidate existing accounting and auditing standards organizations in Australia, with a focus on enhancing sustainability reporting standards [1][2]. Group 1: Proposed Legislation - The draft legislation outlines the governance, structure, and operational framework for the new organization, including dedicated technical boards for accounting, assurance, auditing, and sustainability standards [2]. - It details the powers and functions of the new body, as well as transitional arrangements for the consolidation process [2]. Group 2: CPA Australia's Position - CPA Australia supports the creation of a new standard-setting board for sustainability reporting standards, which aligns with their long-standing advocacy [3]. - The organization welcomes the removal of the current function of providing strategic policy advice and audit quality reports, as this role is largely fulfilled by ASIC [3]. Group 3: Concerns Raised - There are concerns regarding the extent of authority granted to the proposed governing council, which may have excessive power over standard-setting boards and their leadership roles [4]. - Questions have been raised about the adequacy of checks and balances within the new structure, particularly regarding oversight amid potential bifurcation of technical activities [5]. Group 4: Future Engagement - CPA Australia expresses a desire to contribute to the development of subordinate law related to the new technical standard-setting boards for financial reporting, sustainability reporting, and audit & assurance [6].

Group 1 - AMD has exceeded market expectations in its latest financial results, indicating strong performance and potential growth in the semiconductor industry [1] - Bitcoin has experienced a brief dip below $100,000, reflecting volatility in the cryptocurrency market and potential implications for investor sentiment [1]

Core Insights - Metaplanet is increasing its Bitcoin holdings by securing a $100 million loan, despite the overall market downturn and Bitcoin's price dropping below $100,000 [1][6] - The company aims to accumulate 210,000 BTC by 2027 as part of its "555 Million Plan" [2] - Metaplanet has already surpassed its 2025 goal of 30,000 BTC, currently holding 30,823 BTC, making it the fourth-largest corporate Bitcoin holder globally [3] Company Strategy - The $100 million loan will be used for additional Bitcoin purchases and to expand its Bitcoin Income Generation initiative, which includes selling cash-secured put options [2] - Metaplanet is also executing a $500 million share repurchase program as part of its broader strategy [2] Market Context - While Metaplanet is ramping up its Bitcoin acquisitions, other corporate Bitcoin treasuries are experiencing a slowdown in accumulation [4] - Public companies collectively added 245,000 BTC in the first half of the year, but this number dropped to 205,000 BTC in the second half, with only 28,000 BTC added in Q4 so far [4][8] Comparative Holdings - Metaplanet ranks behind only three other companies in Bitcoin holdings: Strategy (640,031 BTC), MARA Holdings (52,477 BTC), and XXI (43,514 BTC) [3]

Economic Concerns - Goldman Sachs CEO David Solomon warns that the U.S. is heading towards a "debt death spiral," where the government must borrow to pay interest, creating a vicious cycle that accelerates over time [1][2] - U.S. national debt has surged from $7 trillion to $38 trillion over the past 15 years, and refinancing it could push the total into the low $40 trillion range [4][5] - Solomon emphasizes that without stronger economic growth, a painful adjustment could follow, indicating that the current trajectory is unsustainable [3][4] Debt and Inflation - High levels of national debt can fuel inflation, eroding the dollar's purchasing power, with $100 in 2025 equivalent to $12.05 in 1970 [6] - The burden of debt increasingly shifts to American citizens if foreign appetite for U.S. debt fades, potentially crowding out investment and slowing growth [2][6] Investment Strategies - Ray Dalio suggests that investors should consider diversifying their portfolios with gold, which has historically been a safe haven during economic turmoil [7][9] - Gold prices have increased over 45% in the past year, and Dalio recommends allocating 10% to 15% of investment portfolios to gold [9][10] - Real estate is also highlighted as a protective asset during inflationary periods, with the S&P Case-Shiller U.S. National Home Price Index rising by 47% over the past five years [12][13]

Summary of Key Points Core Viewpoint - BofA has lowered the price target for Vertex (VERX) to $24 from $34, maintaining a Neutral rating due to a disappointing Q4 outlook [1]. Company Performance - The implied growth rate for Q4 is projected at 9%, which is at the low end of the industry growth range of 8% to 12% [1]. - The firm suggests that the acceleration of growth is dependent on the success of cross-selling the e-invoicing offering [1].

Market Overview - The UK new car market showed stability in October with a 0.5% increase in registrations, totaling 144,948 units [1] Electrified Vehicles Performance - Electrified vehicles were the only powertrain technologies to experience growth, with battery electric vehicle (BEV) registrations rising by 23.6%, adding 7,028 units, resulting in a 25.4% market share, the second highest this year [2] - Plug-in hybrid vehicle (PHEV) registrations increased by 27.2%, accounting for 12.1% of the market, while hybrid electric vehicles (HEV) grew by 2.1%, claiming a 13.3% share [2] - Combined, electrified vehicles represented 50.8% of new car registrations for the second consecutive month [2] Year-to-Date Performance - Year-to-date, the BEV market has grown by 28.9%, with 386,244 units registered, surpassing the total for the entire year of 2024 with two months remaining [3] - BEVs now constitute 22.4% of all new sales, driven by significant manufacturer investment and government support through the Electric Car Grant (ECG) [3] Future Market Risks - The SMMT warns that future market growth may be jeopardized by government plans to end Employee Car Ownership Schemes (ECOS), which are crucial for attracting talent in the UK automotive sector [4] - The proposed taxation on ECOS vehicles could lead to the closure of these schemes, limiting access to new zero-emission vehicles for many workers [4] Economic Impact of ECOS Changes - Approximately 100,000 cars are supplied via ECOS annually, representing about 5% of the new car market; changes could depress growth and negatively affect nearly-new and used markets [5] - The SMMT estimates that over £1 billion in revenue could be lost to the industry, risking 5,000 manufacturing jobs, while the Treasury could face a £0.5 billion loss from VAT and Vehicle Excise Duty receipts [5] Market Forecast - GlobalData projects the UK car market to reach around 2 million units by 2025, although this forecast is subject to risks [6] - The outlook for the UK car market remains challenging, with cautious sentiment due to tightening fiscal policies and weak immediate growth prospects for the UK economy [7]

Group 1 - William Blair analyst Arjun Bhatia downgraded Thryv Holdings (THRY) to Market Perform from Outperform without a price target [1] - The downgrade is attributed to "challenging growth dynamics" in the company's software-as-a-service business that emerged last quarter [1] - Thryv is entering a transition period for the next several quarters as it builds its self-serve customer acquisition motion [1] Group 2 - Limited near-term visibility into the company's growth dynamics is now observed by the analyst [1]