Hey everyone and thanks for jumping back into the cryptoverse. We have a pretty special show today because I'm actually in the Coin Bureau headquarters. I'm at Coinbau headquarters in Dubai and this is actually the first time in ever that I've ever met Guy, which is crazy because we've been working together for for so long.But it's great to great to meet you and it's great to be here. >> Likewise, Ben. Well, yeah, it's great to great to have you in Dubai to meet you in person for the first time and um it's ...

Financial Data and Key Metrics Changes - The company recognized a net after-tax non-recurring charge of $75 million, or $0.20 per share, related to offshore wind liability, which increased the estimated liability for future payments to GIP by approximately $285 million, offset by $210 million of tax benefits [16][17] - GAAP earnings for Q3 were $0.99 per share, compared to a loss of $0.33 per share in the same quarter last year, while non-GAAP recurring earnings were $1.19 per share, up from $1.13 per share year-over-year [17][18] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.01 per share due to higher revenues from continued investment in the transmission system [18] - Electric distribution earnings rose by $0.03 per share, reflecting distribution rate increases in New Hampshire and Massachusetts [18] - Natural gas segment earnings improved by $0.04 per share, primarily due to base distribution rate increases in Massachusetts [18] - Water distribution earnings decreased by $0.02 per share due to higher O&M and depreciation expenses [19] Market Data and Key Metrics Changes - Year-to-date weather-normalized load growth was reported at 2%, with a peak of over 12 gigawatts experienced this summer, the highest since 2013 [11] - The company is on track to invest nearly $5 billion in transmission and distribution infrastructure this year [9] Company Strategy and Development Direction - The company is focused on executing key strategic initiatives to drive sustainable growth and strengthen its balance sheet [4] - There is a strong emphasis on infrastructure investments to maintain a reliable and resilient grid, accommodating new sources of generation to meet increasing electric demand [6][10] - The company is pursuing numerous transmission projects to address evolving electric demand and improve regional reliability [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the constructive shift in Connecticut's regulatory landscape, which is expected to facilitate collaboration on regulatory initiatives [5][7] - The company aims to deliver reliable, sustainable energy while keeping costs manageable and partnering with customers to ensure affordability [14] - The company reaffirmed its 2025 recurring earnings per share guidance to a range of $4.72-$4.80, with a longer-term EPS growth rate of 5%-7% [25] Other Important Information - The company has made significant progress on the Revolution Wind project, with Ørsted reporting that 52 of the 65 turbines are installed [67] - The company is actively working on storm cost recovery, with 98% of deferred storm costs either under review or already in rates [24] Q&A Session Summary Question: Update on Yankee Gas and alternative resolution - Management indicated that the decision from PURA was better than the draft decision, and they will provide more information later [32][33] Question: NSTAR Gas PBR proposal denial - Management explained that the denial was due to a roll-in of GSEP and indicated plans to file a general rate case if necessary [36] Question: Regulatory updates and credit agency views - Management noted that credit agencies are in a wait-and-see mode regarding regulatory outcomes [42] Question: Land acquisition strategy - Management clarified that land acquisitions are for their own regulated business and strategic energy injection [60] Question: Timing for storm cost securitization resolution - Management expects a decision on storm cost securitization in the second or third quarter of the following year [71] Question: Tax rate expectations - Management anticipates the tax rate to be in the low 20% for the current year, moving towards a more normal level in 2026 [91] Question: Completion of Revolution Wind project - Management reported significant progress and expects to improve the project schedule [67] Question: End of the Revolution Wind project agreement with Ørsted - Management stated that the end of the agreement will be at the Commercial Operation Date (COD) [100]

Core Viewpoint - First Horizon is positioning itself to explore acquisition opportunities due to an improved regulatory environment for banks, with CEO Bryan Jordan expressing confidence in potential mergers in the future [2][3][4]. Regulatory Environment - The regulatory landscape has changed significantly, with faster deal approval timelines under the current administration, making it easier for banks to pursue acquisitions [3][4]. - The distinction around the $100 billion asset threshold for regulatory categories appears to be less rigid, suggesting potential for future adjustments [4]. Acquisition Strategy - First Horizon, with $83.2 billion in assets, is focused on "fill-in" acquisition opportunities within its 12-state Southern footprint, targeting institutions with strong deposit bases for cross-selling [5]. - There is an increasing trend among institutions considering future opportunities, indicating a potential for First Horizon to expand its market presence [5]. Financial Performance and Growth - The bank aims to achieve an adjusted return on tangible common equity of 15% or more, while maintaining investments to enhance profitability and keep acquisition options open [6]. - The bank's board previously rejected a $13.4 billion acquisition offer from TD Bank in early 2022, emphasizing the need to create maximum value for shareholders amidst regulatory uncertainties [7].

Core Viewpoint - Atmos Energy Corporation is a leading natural gas utility company in the U.S., primarily operating in Texas, focusing on delivering natural gas to various customer segments [1] Group 1: Financial Performance - Barclays set a price target of $172 for Atmos Energy (ATO), which is slightly below its current trading price of $174.93, indicating a more optimistic market view [2][6] - The company has raised its earnings per share (EPS) guidance to a range of $7.35 to $7.45 for the year, reflecting confidence in its financial performance and growth prospects [4][6] Group 2: Market Position and Competitors - Atmos Energy competes with other utility companies such as CenterPoint Energy and ONE Gas [1] - The company has a market capitalization of approximately $28.08 billion, with its stock price fluctuating between $174.72 and $177.01, showing significant growth from a low of $136.05 in the past year [5] Group 3: Regulatory Environment and Investment Strategy - The favorable regulatory environment in Texas supports predictable cash flows, allowing Atmos Energy to invest heavily in capital programs, with 86% of its capital expenditure focused on enhancing safety and reliability [3][6] - The company's earnings are fully regulated, providing a stable revenue stream, which has been bolstered by recent legislation and customer growth [4]

Oftentimes when you come on the program, something has happened. There might be a piece of legislation or someone has said something. There are many news stories tangentially linked to Bitcoin right now, but I don't see like one single catalyst that's holding up an entire crypto industry.Well, I do think there is one common thread right now among the crypto industry, and that's that this year we have seen tremendous progress on the public policy front. We've had a very strong leadership by the White House w ...

Some big deal news out of the financial sector this morning. Fifth Third Bank announcing plans to acquire Comica for $10.9% billion, poised to create the ninth largest US bank with roughly $288 billion in assets. Joining us now with his reaction is Gerard Cassidy, RBC Capital Markets co-head of global financials research.Cincinnati based Fifth Third get gets a lot bigger. Gerard, is this a good deal. >> Yes, it is.It's a good deal, Sarah, because when you look at the metrics, the financial metrics, the deal ...

Core Viewpoint - The Stockholm Stock Exchange is currently the leading market in Europe for initial public offerings (IPOs), raising nearly $2 billion in 2025, significantly outperforming other major financial hubs like London, Frankfurt, and Madrid [1][2]. Group 1: Market Performance - Companies listed in Sweden have raised nearly $2 billion in 2025, which is more than eight times the volume seen in London [1]. - The IPO activity in Sweden is highlighted by upcoming high-profile listings from Verisure and NOBA, indicating a robust market environment [2]. - Despite the current boom, the amount raised in 2025 is still far from the all-time peak of over $11.5 billion achieved in 2021 [17]. Group 2: Investment Culture - Sweden's success in the IPO market is largely attributed to a strong national "equity culture," with about 70% of household wealth held in equity, compared to the EU average of 59% [5]. - A significant portion of the population, approximately seven in ten residents, hold investment funds directly, with only about 10% of their financial assets in cash or bank deposits, the lowest in Europe [5][6]. - The cultural acceptance of equity investment is supported by decades of government policy and regulation, fostering a mature investment ecosystem [6][7]. Group 3: Ecosystem and Support - The local capital ecosystem in Sweden is characterized by a high participation of retail and family office investors, as well as institutional capital managing savings and pension assets [8]. - The efficient IPO process benefits from a consistent deal flow and the involvement of "cornerstone" investors, which provides early quality assurance for new public offerings [10][11]. - A steady supply of companies backed by private equity and venture capital is contributing to the pipeline of potential IPOs, with private equity firms ensuring their portfolio companies are "IPO-ready" [12][14]. Group 4: Future Outlook - The outlook for the IPO market in Sweden remains positive, with expectations for a significant increase in activity in 2026 across the Nordics [18]. - Investors are currently selective, focusing on track records and prospects for profitable growth, but confidence in the upcoming pipeline is strong [17][18].

Group 1 - The CEO of RedBird IMI, Jeff Zucker, criticized the regulatory environment in the UK, stating it deters investment and must change for the UK to thrive [1][4][5] - RedBird IMI abandoned its bid for ITV's production arm after discussions broke down, indicating challenges in pursuing mergers and acquisitions in the current regulatory climate [2][3][6] - Initial public offerings (IPOs) in London have reached a three-decade low, highlighting the difficulties faced by companies in the UK market [4][5] Group 2 - RedBird IMI aims to grow All3Media and invest in UK companies but is hesitant to pursue public offerings unless the regulatory framework improves [5][6] - ITV Studios, a key growth driver for ITV, is facing challenges as RedBird IMI's withdrawal from the ITV deal could impact the broadcaster's efforts to enhance its share price [6][7] - The production division of ITV is valued at approximately £3 billion, which is comparable to ITV's overall market value, attracting interest from other potential buyers like Banijay [8]

Core Viewpoint - The regulatory environment in the UK is hindering investment and economic growth, particularly in the media and financial sectors [1][2][3] Group 1: Investment Challenges - RedBird IMI's CEO, Jeff Zucker, highlighted that the UK's media and financial market regulations are deterring foreign investment [1][2] - The company previously attempted to acquire the Daily Telegraph but abandoned the deal due to government intervention against foreign ownership of newspapers [2] - The London stock market is experiencing a 30-year low in IPOs, making it less attractive for companies looking to grow and go public [3] Group 2: Regulatory Environment - Zucker emphasized the need for changes in the regulatory framework to foster growth and investment in the UK [2][4] - The UK's financial regulator announced plans in July to ease some regulatory rules to facilitate capital raising for companies [4] Group 3: Market Opportunities - Despite regulatory challenges, Zucker acknowledged the unmatched quality of British creativity and its global content appeal [5] - RedBird IMI is interested in expanding its portfolio, including potential acquisitions like ITV's Studios business, although no deal has been finalized [5] - There is an expectation of consolidation in the TV production industry over the long term [5]

Business Expansion - Alvarez & Marsal is expanding in China [1] Market Environment - The expansion is driven by an increasingly complicated regulatory and geopolitical environment in China [1]