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Core Viewpoint - Adani Group is significantly increasing its reliance on domestic financing amid global market volatility and ongoing legal challenges, aiming to support its ambitious infrastructure investment plans [1][3]. Financing Strategy - The conglomerate has ramped up funding from local debt capital markets to approximately $2 billion in 2025, a ten-fold increase from the previous year, with plans to raise this to $10 billion over the next three years [2]. - Local banks' share of Adani Group's total debt has risen from about 30% two years ago to roughly 50% as of September [11]. Investment Plans - Adani Group is pursuing a five-year investment plan that could involve capital expenditures of up to $100 billion, which may strain balance sheets if reliance on Indian lenders increases [3]. Market Conditions - The US Securities and Exchange Commission's actions regarding a fraud case against Adani have highlighted the uncertainties surrounding the conglomerate, making local funding more appealing [4]. - Despite scrutiny, local creditors are showing a strong willingness to extend more debt to Adani Group, indicating confidence in its projects [5]. Recent Fundraising Activities - Adani Group's flagship firm successfully issued a $110 million public rupee bond that was fully subscribed within an hour, and Adani Power Ltd raised ₹7,500 crore ($818 million) in local-currency bonds, marking its largest issuance [6]. - The group has also engaged multiple state-run entities and top private sector lenders for funding, including Life Insurance Corporation of India and HDFC Bank Ltd [7]. Diversification and Global Trends - The shift towards local lenders is seen as a sensible strategy in the current global environment, with local market liquidity being favorable for infrastructure investments [8]. - The group's diversification in funding reflects a broader trend of de-dollarisation and India's recalibration on the global stage, as evidenced by recent trade agreements [10]. Future Outlook - Adani Group plans to buy back at least $100 million in dollar bonds this year, increasing its share of local borrowing due to lower costs associated with issuing rupee debt [13]. - Despite challenges, the group has maintained access to liquidity and has successfully closed transactions amid legal uncertainties [15].

Core Insights - Shanghai is launching "Spring Festival Gift Packs" to enhance the experience of residents and visitors during the Chinese Lunar New Year, featuring discounted tickets and cultural activities across 60 attractions [1][3][8] Group 1: Discounts and Promotions - The initiative includes attraction discounts of up to 50% off on tickets, along with zodiac-themed promotions and combo passes, making it more affordable for families, tourists, and locals [3][4] - Integrated experience packages are being offered, bundling accommodation with entry tickets or themed tours, providing convenient options for exploring Shanghai during the holiday [5] Group 2: Cultural and Festive Activities - A variety of cultural activities are planned, including intangible cultural heritage performances, interactive pet-themed events, traditional market fairs, and bazaars showcasing China-chic trends, all aimed at enhancing the festive atmosphere [4][7] - Themed tourism products have been curated by travel agencies and hotels, offering itineraries that focus on family-friendly, cultural, and rural leisure experiences, catering to diverse visitor interests [5] Group 3: Strategic Alignment and Industry Impact - The gift packs initiative is part of the "Discover Shanghai" Tourism Guide Super Competition, which aims to develop practical tour recommendations into actual tourism products for visitors during the Spring Festival [6] - Industry observers note that Shanghai is enhancing its appeal as a winter destination by combining affordability with cultural depth, immersing visitors in local customs during this significant holiday [7]

Core Insights - Apple Inc. reported a record revenue of $143.8 billion for the holiday quarter, exceeding Wall Street estimates of $138.4 billion, driven by strong demand for the iPhone 17, growth in services, and a rebound in China [1][5] - The iPhone generated $85.3 billion in revenue, surpassing the estimate of $78.3 billion, with a year-over-year growth of 23% [6] - Services revenue reached $30 billion, reflecting a 14% increase from the previous year, aligning with market expectations [6] Revenue Breakdown - Total revenue for the holiday quarter increased by 16% compared to the previous year [1] - Revenue from China was reported at $25.5 billion, marking a significant 38% increase year-over-year, exceeding Wall Street's projection of $21.8 billion [5] - The Mac segment saw a decline in revenue, falling 6.7% to $8.39 billion, which was below the expected $9.13 billion [7] Market Position and Future Outlook - Apple regained its position as the No. 1 smartphone seller globally, surpassing Samsung Electronics [3] - The company faces uncertainty in maintaining its market dominance, particularly regarding pricing strategies and the development of next-generation devices [4] - The wearables segment showed sluggish performance, with sales declining 2.2% to $11.5 billion, falling short of the $12.1 billion expectation [7]

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Markets don’t move in predictable, neat lines. Bear markets, characterised by a 20% or more decline, trigger fears. Confidence shrivels, headlines scream “crisis”, and investors panic as they sell first and ask questions later.Bear markets tend to hurt more than bull markets feel good as humans experience losses more intensely than gains, and a 20% drawdown can be emotionally devastating. Negative headlines and worst-case forecasts dominate attention, reinforcing fear and urgency. While the instinct to sell ...

Core Viewpoint - 5E Advanced Materials, Inc. has announced the pricing of its public offering of common stock, aiming to enhance its position as a leader in the refined borates and advanced boron derivative materials market [1] Group 1: Company Overview - 5E Advanced Materials, Inc. is a development stage company focused on becoming a vertically integrated global leader and supplier of refined borates and critical materials [1] Group 2: Offering Details - The company is selling 18,000,000 shares of common stock at a public offering price of $2.00 per share [1]

Core Viewpoint - Microsoft Corp. experienced a significant selloff, resulting in a loss of $357 billion in market value, marking the second-largest single-day valuation drop in stock market history [1][2]. Group 1: Market Impact - The stock closed down 10%, the largest decline since March 2020, following disappointing earnings that highlighted record spending on artificial intelligence while growth in its cloud unit slowed [1][4]. - This selloff is notable as it surpassed the market capitalizations of over 90% of S&P 500 Index members, indicating a substantial impact on the market [2]. Group 2: Industry Reaction - Other tech giants, including Alphabet Inc. and Nvidia, also faced significant losses, with each shedding more than $100 billion at one point during the selloff [3]. - Alphabet shares managed to recover slightly, closing up 0.7%, while Amazon's shares settled down 0.5% [3]. Group 3: Financial Performance - Microsoft reported a 66% increase in capital expenditures in the most recent quarter, reaching a record $37.5 billion, but the growth of its Azure cloud-computing unit showed signs of slowing [4]. - Analysts express skepticism regarding the return on investment from Microsoft's substantial AI spending, suggesting a need for reevaluation of the company's stock price to align with its historical fair value [5]. Group 4: Historical Context - The recent selloff is among the worst in Microsoft's history, comparable to significant market declines during events such as Black Monday in 1987 and the dot-com bubble [6].

Core Viewpoint - Rosen Law Firm has announced a class action lawsuit on behalf of sellers of Endeavor Group Holdings, Inc. Class A common stock for the period between January 15, 2025, and March 24, 2025, due to alleged misleading statements and omissions regarding the company's value and executive earnings [1][5]. Group 1: Lawsuit Details - The lawsuit seeks to recover damages for investors affected by allegedly false and misleading statements in the January 15, 2025 Information Statement filed with the SEC, which misled investors about Endeavor's share value and failed to disclose executive earnings and conflicts of interest [5]. - A class action lawsuit has already been filed, and potential lead plaintiffs must move the Court by March 18, 2026 [1][3]. Group 2: Participation Information - Investors who sold Endeavor Class A common stock during the specified Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - To join the class action, interested parties can visit the provided link or contact Rosen Law Firm directly for more information [3][6]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has been consistently ranked among the top firms for securities class action settlements and has recovered hundreds of millions of dollars for investors [4].

Company Overview - Shift4 is a fully integrated payment processor focusing on underserved verticals such as hospitality and events [1] - For the first nine months of 2025, Shift4's payment volume reached $150 billion and is projected to reach $210 billion [1] Leadership and Background - Building Benjamins is a free stock picking and market commentary investment newsletter published by Tradition Investment Management, LLC [1] - Benjamin Halliburton, the founder, has a long history in investment management, having started his career at Merrill Lynch in 1986 and earning an MBA from Duke's Fuqua School of Business in 1990 [1] - Halliburton has received accolades such as "PSN Manager of the Decade" for All-Cap in the 2000s and for Dividend Value in the 2010s [1] - He was recognized as the top-performing portfolio manager at Brundage, Story and Rose during the 1990s bull market [1]