UK-based cigarette major British American Tobacco (BAT) on Thursday said it is looking to sell between 7 per cent and its entire 15.3 per cent stake in hospitality major ITC Hotels via an accelerated bookbuild process. The final number of shares sold will be determined to optimise the overall pricing outcome to BAT.“British American Tobacco p.l.c. announces that its wholly-owned subsidiaries, Tobacco Manufacturers (India), Myddleton Investment Company and Rothmans International Enterprises, intend to sell b ...

人工智能基础设施建设的巨大资本需求，正通过一个日益庞大的债务市场与全球金融系统深度绑定。 19日，StockMarket.News在X上发帖认为， 推动这一趋势的核心，是科技巨头们急剧膨胀的资本支出。 以亚马逊为例，其资本支出同比激增75%，规模已接近公司运营现金流的水平。面对如此巨大的资金缺 口，传统的股权融资已难以为继，企业不得不转向债券市场和私募信贷寻求支持。 市场的反应极为热烈。亚马逊近期一笔150亿美元的债券发行，吸引了高达800亿美元的认购需求，显示 出机构投资者在当前高估值、低利率和激烈竞争环境下对收益率的极度"渴望"。养老基金、共同基金和 保险公司正成为这股融资潮的支柱，它们将大量资金配置于AI相关的债务工具，从而将数百万普通投 资者的储蓄与科技行业的未来紧密相连。 这一模式正引发市场关于风险传导的担忧。分析认为，这种将高杠杆、集中化的行业押注广泛分散至整 个金融系统的做法，与2008年金融危机前的抵押贷款市场存在相似之处。一旦作为基础资产的"AI基础 设施"投资逻辑出现裂痕，其后果将远不止冲击硅谷。 资本渴求催生债务依赖 强劲的融资需求恰好迎合了机构投资者的"收益率困境"。在全球股市估值偏高 ...

Core Viewpoint - The company is undertaking a significant asset sale to reduce its high debt levels, with a target to bring debt below $15 billion by the end of the year [2][3]. Group 1: Debt Management - The asset sale proceeds will be used immediately to pay down debt, addressing one of the highest debt levels among larger EMP companies in the sector [2]. - The leverage ratio is expected to decrease from approximately 1.4 times net debt to EBITDA to around 0.8 times, which reduces the overall risk of the business [9]. Group 2: Business Model Changes - The transaction will transform the company into a more capital-intensive pure play EMP company by divesting its chemicals business, necessitating more capital investment per unit of growth [3][4]. - The market reaction to the stock has been volatile, with initial outperformance followed by relative underperformance due to softer deal terms and higher tax leakage than anticipated [6]. Group 3: Market Conditions - Oil prices have been declining throughout the year, and expectations from the upcoming OPEC meeting suggest further increases in production, potentially leading to an oversupplied market [7][8]. - Despite current market conditions, the price target for the stock has been raised by 2% to $46, reflecting the positive impact of leverage reduction [8].

Summary of Rogers Communications FY Conference Call Company Overview - **Company**: Rogers Communications (NYSE: RCI) - **Date of Conference**: September 25, 2025 Key Points Industry Insights - The Canadian wireless pricing environment is stabilizing, with flanker and fighter brand pricing increasing by double digits [2] - The market is competitive but more stable compared to previous years, with less heavy discounting observed [2] - Subscriber growth in the sector is projected to be around 3%, translating to nearly 1 million new customers [3] Customer Retention and Churn Management - Rogers is focusing on reducing churn, reporting improvements in churn rates compared to previous years [3] - Initiatives such as add-a-line promotions and bundling services (wireless and broadband) are being employed to enhance customer relationships and reduce churn [7][9] - The Rogers Bank credit card program is contributing to customer loyalty through discounts that exceed competitors' offerings [8] Wireline and Wireless Integration - The acquisition of Shaw has expanded Rogers' wireline market presence, allowing for coast-to-coast bundling of services [4] - Fixed wireless capabilities are being utilized effectively in regions where Rogers lacks a wireline footprint, particularly in Quebec and parts of Ontario [10] Financial Performance and Margins - Cable margins are currently at 58%, with expectations to reach 59% again, while wireless margins are around 64% to 66% [12] - The company is focused on driving growth in subscribers, revenues, and free cash flow while maintaining capital efficiency [12] MLSE Acquisition and Future Plans - Rogers has acquired a 75% stake in MLSE and is in discussions to buy out the remaining 25% stake held by a minority partner [15][17] - The integration of MLSE is expected to create significant cost and revenue synergies, particularly in live entertainment and sponsorship opportunities [20] - The combined value of MLSE and Rogers Sports & Media is estimated to be around CAD 20 billion, with potential for substantial growth [25] Leverage and Debt Management - Current leverage is approximately four times, with efforts to reduce it through capital deployment and asset sales [26] - The company aims to maintain a leverage ratio of around 3.9 to 4 times by year-end [28] Market Conditions and Asset Sales - The real estate market remains soft, and Rogers is not aggressively pursuing asset sales but is open to trimming surplus real estate holdings [30] - The focus remains on the MLSE transaction as the largest opportunity for capital monetization [30] Conclusion - Rogers Communications is strategically positioning itself in a stabilizing Canadian wireless market while focusing on customer retention, financial efficiency, and leveraging its recent acquisitions to drive future growth and profitability [2][3][12][25]

Core Viewpoint - The dialogue between Howard Marks and Morgan Housel emphasizes the significant impact of debt on investment behavior, highlighting the dual-edged sword effect of leverage and the historical lessons for investors [2][4]. Group 1: Debt and Investment Behavior - Debt is not merely a mathematical issue; it involves philosophical and psychological aspects, as excessive debt limits the range of acceptable fluctuations in life [2][3]. - Marks points out that financial troubles often stem from debt, and having no outstanding debt can prevent situations like forced liquidation or bankruptcy [2][4]. - The concept of leverage is critical; higher leverage combined with volatile assets can lead to substantial losses, sometimes even catastrophic [2][4]. Group 2: Personal Financial Management - Housel shares his personal financial strategy of maintaining zero debt, which he believes enhances stability and maximizes endurance in investments [3][4]. - Both experts agree that maintaining low debt levels is essential for achieving long-term investment returns, as it allows investors to better manage risks associated with market fluctuations [4]. - Understanding the influence of debt on the capacity to endure volatility is crucial for managing personal and family finances effectively [4].

以下文章来源于投资家 ，作者笔锋 投资家 . 投资家是投资家网旗下专注财经科技领域的内容平台。多次荣获年度影响力财经号，并多次获得百度、 头条、新浪、网易、搜狐、东财、同花顺、澎湃等颁发的荣誉奖项。投资家网是国内知名资本与产业创 新综合服务平台。 作者 ： 笔锋 来源：投资家（ID：touzijias） 赌神又出手了。 当"杠杆狂人"盯上AI，全球科技圈正在见证一场疯狂到窒息的豪赌。 近日，外媒一则报道，再次把孙正义推上了风口浪尖。这个曾用2000万美元押中阿里巴巴、狂赚2000 倍的日本首富，如今又盯上了AI。 他计划借款240亿美元（约合1744亿人民币），加上抵押ARM股份借来的185亿美元，再加上软银自 掏的100亿美元，孙正义这次至少要拿500亿美元，"All In"星际之门（Stargate）和 OpenAI这两个连马 斯克都直呼"离谱"的豪赌。 有人惊叹"这是人类史上最大规模的科技豪赌"，也有人嘲讽"孙正义又在画饼"。但孙正义根本不 care。2006年，他曾借款150亿美元收购沃达丰日本，当时被嘲"自杀式收购"，结果呢？成就了软银 的电信帝国。如今，他又要复制神话，高举杠杆，在AI战场上豪赌一 ...