Fiscal Policy - Thailand plans to reduce government borrowing by approximately 8% starting in October [1] - The reduction aims to maintain fiscal discipline as public debt nears the legal limit [1]

Investment Decisions - Fidelity and Pinebridge are considering investments in Indonesian bonds [1] - The decision hinges on Indonesia's fiscal discipline [1] Fiscal Policy - Indonesia's new finance minister has committed to maintaining the budget deficit within the legal limit of 3% of GDP [1]

Market Trends - Long-dated bonds are experiencing renewed selling pressure [1] - Investors are increasingly worried about governments' fiscal discipline [1] - Sticky inflation is contributing to the selling pressure on long-dated bonds [1]

Core Insights - Pineapple Financial reported reduced losses and improved cash flow for Q3 Fiscal 2025, indicating sustainable growth in a shifting market [1][2] - The company emphasized fiscal discipline, innovation, and responsible growth amidst market uncertainties [2] Financial Performance - Gross Billings reached $14.23 million, a 15.23% increase from $12.35 million in the same period last year [7] - Revenue rose 11.78% to $2.26 million, compared to $1.97 million in 2024 [7] - Operating Expenses declined 3.48% to $4.25 million, down from $4.42 million last year [7] - Operating Loss narrowed by 16.76% to $1.99 million, compared to $2.45 million in the prior year [7] - Net Cash Used in Operations improved significantly to $439,198, from $1.44 million in the same period last year [7] - Cash on Hand stood at $1.13 million as of May 31, 2025, compared to $580,356 at August 31, 2024 [7] Strategic Developments - On June 26, 2025, the Board approved a 1-for-20 reverse stock split to support NYSE American relisting requirements [8] - The company maintains access to a $15 million Equity Line of Credit, supporting future liquidity needs [8] - Pineapple enhanced its proprietary PineappleONE platform, now powering over 700 brokers across Canada [9] Market Context - The Canadian mortgage market remains resilient, with over $2 trillion in outstanding residential mortgage credit as of Q2 2025 [11] - Over $400 billion in Canadian mortgages are set to renew by 2026, creating significant opportunities for tech-enabled providers [10]

Economic Performance & Growth - The UK is on course for an anemic growth of approximately 1% [4] - Labour Party aimed to boost growth to fund projects like improving public services, but growth has not materialized [8] Fiscal Policy & Challenges - Chancellor Rachel Reeves reaffirmed commitment to fiscal discipline and balancing the budget, ruling out increased borrowing [1][9] - Government's room for maneuver on the economy is limited [8] - Public sector cuts, including welfare reform, have proven difficult [9] - Tax rises are the last resort for the Labour government [10] Trade & International Relations - Britain has signed three important trade deals with India, the European Union, and the United States [6] - Britain has been the only country so far to mitigate some of the tariffs imposed by President Trump [6] Political Challenges & Policy - The Labour Party faced a forced U-turn on welfare reform, indicating challenges in implementing its agenda [7] - Planning reforms and infrastructure projects have been greenlit, with the hope of achieving longer-term growth [3] - The budget unveiled in the autumn hit businesses hard, leading to a lack of investment and job creation [4]