Core Viewpoint - Poxel SA is implementing a recovery plan to stabilize its financial situation and avoid liquidation, with new management focused on cost control and business development [3][5][6]. Recovery Plan Update - The recovery plan has been finalized, emphasizing commercial development for Imeglimine, PXL 770, and PXL 065, alongside significant cost reductions and clearing of liabilities [4][5]. - New financing commitments of up to €11.25 million from financial partners IPF and IRIS are aimed at supporting the recovery efforts [5][7]. - The plan requires approval from the Commercial Court of Lyon and will be presented to shareholders at the annual general meeting on December 11, 2025 [5][11]. Financial Structure and Capital Transactions - The recovery plan includes a capital increase with preferential subscription rights for existing shareholders, expected to be at a discount of 30% to 50% of the current share price [12][26]. - A capital increase reserved for IPF will be at a premium of 5% to 10% compared to the preferential subscription rights price [12][26]. - The restructuring aims to ensure that IPF retains approximately 29.9% of the company's share capital post-transaction [17][24]. Management and Strategic Focus - The new management team has been actively working since August to streamline operations and focus on core business areas, including potential partnerships for Imeglimine in Asia [6][9]. - The company plans to reduce administrative costs by transferring its listing to Euronext Growth, which will lower regulatory expenses [10][12]. Shareholder Engagement - A webinar is scheduled for November 26, 2025, to discuss the recovery plan and future prospects with shareholders [5][32]. - Shareholders will have the opportunity to vote on the proposed financial delegations and capital transactions during the upcoming general meeting [11][12].

Core Points - Hafnia Limited will release its Q3 2025 results on December 1, 2025, at approximately 07:30 CET [1] - An investor presentation will follow the results release, featuring key executives including the CEO, CFO, VP, and EVP [1] - The presentation will take place at different local times: 14:30 CET in Oslo, 08:30 EST in New York, and 21:30 in Singapore [1]

Core Insights - Naspers Limited is successfully implementing its ecosystem strategy, showing strong growth and results across Latin America, Europe, and India [1] - All operated businesses of the company are now profitable, indicating disciplined execution driving performance [1] - The company is on track to meet its guidance of over US$1.1 billion in adjusted EBITDA for the full year [1] - New investments, particularly in Just Eat Takeaway.com and La Centrale, are expected to further fuel growth [1]

Core Insights - Prosus N.V. is experiencing significant growth and profitability, with a 70% increase in ecommerce adjusted EBITDA, reaching US$530 million, and a 22% rise in ecommerce revenue to US$3.6 billion [6][10][18] - The company is on track to achieve over US$1.1 billion in adjusted EBITDA for the full year, excluding recent acquisitions [1][4] - Prosus is focusing on building an AI-first organization, with over 20,000 AI agents enhancing operational efficiency and decision-making [2][4] Ecosystem Strategy - Prosus is successfully executing its ecosystem strategy across Latin America, Europe, and India, with all operated businesses now profitable [1][3] - In Latin America, iFood is driving revenue growth for the online travel business Despegar, while strategic acquisitions are strengthening the company's position in India [3][5] - Recent investments in Just Eat Takeaway.com and La Centrale are expected to enhance consumer experiences and drive growth in Europe [3][7] Financial Performance - The company reported a US$399 million improvement in free cash flow, totaling US$1.3 billion [6] - Prosus has completed US$1.2 billion in asset sales to date in FY26, contributing to a strong balance sheet [6] - The buyback program has created US$63 billion in value through narrowing the discount [6] Regional Highlights - In Latin America, core food delivery revenue grew by 32%, with aEBITDA increasing by 57% to US$184 million [10] - In Europe, the acquisition of JET and La Centrale is aimed at replicating the success seen in Latin America, with a focus on AI-powered consumer experiences [7][10] - The Indian ecosystem is evolving through better execution and acquisitions, with PayU enhancing connectivity across various platforms [9][10] Future Outlook - The company aims to sustain peer-leading growth while expanding profitability and free cash flow [4][10] - Prosus is committed to strategic capital deployment through business investments, share repurchases, and opportunities that enhance its ecosystem [4][10]

Market Outlook - European stocks are expected to open positively, with the U.K.'s FTSE index projected to rise by 0.55%, Germany's DAX by 0.8%, France's CAC 40 by 0.76%, and Italy's FTSE MIB by 0.72% as hopes for a Fed rate cut in December resurface [1] - Asia-Pacific markets and U.S. stock futures have also increased, building on a rebound that began on Friday, following indications from the New York Federal Reserve regarding a potential December interest rate cut [2] Economic Indicators - The market is currently pricing in a 69.3% chance of a quarter-percentage-point cut in interest rates during the Fed's next meeting on December 9-10 [2] - There are no major data or earnings releases in Europe on Monday, but investors are preparing for the Autumn Budget in the U.K., with expectations of significant tax hikes from Finance Minister Rachel Reeves [3] Geopolitical Factors - Investors are monitoring U.S.-Ukraine peace talks, which have seen progress but no agreement on security guarantees for Ukraine, following a proposal perceived as pro-Russian [4]

Crude Oil Market - Crude oil prices remained steady in Asian trading, with Brent Oil Futures at $62.45 per barrel and WTI at $57.91 per barrel, following a weekly loss of approximately 3% [2] - The U.S. and Ukraine have agreed on a refined peace framework, which could potentially increase global oil supply if Russian oil flows resume, although analysts believe a deal is unlikely soon due to unresolved issues [3] - New U.S. sanctions on Russian oil firms, effective November 21, restrict crude exports, but market skepticism remains regarding their long-term impact [3] South Korean Currency Market - South Korean authorities are discussing stabilization measures for the won, which has seen increased volatility, recently surpassing ₩1,470 per dollar [4] - The volatility is attributed to a surge in overseas investments by Korean residents and an imbalance in dollar demand and supply [5] - The National Pension Service, holding 44% of its assets in overseas stocks and bonds, is a key focus for potential adjustments to stabilize the currency [5] Alibaba and AI Market - Alibaba's Qwen chatbot has surpassed 10 million downloads, indicating a strong push into the consumer AI market and positively impacting its stock [6][7] - The Qwen3-Max-Preview model features over one trillion parameters, positioning Alibaba as a leading generative AI provider in China [8] - Alibaba's strategic investments in AI aim to reduce reliance on U.S.-made chips and enhance its competitive edge [8] Hong Kong's Trade and Technology Initiatives - Hong Kong's Financial Secretary is leading a delegation to Italy to showcase technological advancements and strengthen business ties [9] - The delegation includes start-ups from various sectors, aiming to attract European companies to the Asian markets [10] Chinese Power Equipment Industry - Chinese power equipment manufacturers are experiencing a surge in demand due to the global AI boom, particularly in the U.S. and emerging markets [11] - Exports of transformers and high-voltage GIS from China increased significantly, with a 37.8% rise in transformers and a 28.5% rise in GIS in the first ten months of the year [12] - Companies like Sieyuan Electric reported substantial revenue and profit increases, driven by strong overseas demand [12]

Core Insights - The Gates Foundation Trust has sold a significant number of shares, including 2.4 million shares of Berkshire Hathaway, indicating potential concerns about market valuations and the need for portfolio diversification [1][4][7] Group 1: Berkshire Hathaway's Financial Position - Berkshire Hathaway currently holds over $380 billion in cash, representing more than one-third of its market capitalization of $1,087 billion, making it a relatively safe investment during market downturns [2][3] - The stock has a price-to-book ratio of around 1.6, which is higher than its historical range of 1.2 to 1.5 over the past decade, suggesting that it may be overvalued [7] Group 2: Gates Foundation Trust's Portfolio Strategy - After the recent sales, Berkshire remains the largest position in the Gates Foundation Trust's portfolio, accounting for 25% of total holdings, down from 30% [6][7] - The trust's decision to sell shares of Berkshire may reflect a strategy to achieve better diversification, as 12 out of 25 holdings experienced net selling last quarter, with no positions increased [4][5] Group 3: Market Sentiment and Future Implications - The selling activity by the Gates Foundation Trust mirrors Warren Buffett's own nervousness regarding current market valuations, as he has also refrained from share repurchases [8][9] - Despite the selling, the trust has been a net buyer in previous quarters, indicating that this action may not be a definitive bearish signal but rather a strategic adjustment [9]

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