Core Viewpoint - Guangdong aims to enhance its regional equity market by increasing the number of listed companies, targeting 6,000 quality enterprises by the end of 2030, with 5,000 being technology and "specialized, refined, unique, and innovative" companies [2][3] Group 1: Development Goals - The Guangdong Equity Exchange Center plans to establish a comprehensive incubation system for technology enterprises, focusing on empowering small and medium-sized tech firms [2] - The provincial government emphasizes the rapid and orderly increase of listed companies in the regional equity market, aiming for 10,000 by the end of the 14th Five-Year Plan [3] Group 2: Financial Infrastructure - The regional equity market serves as a crucial financial infrastructure, facilitating the growth of tech companies from startup to higher capital markets [2] - The Guangdong Equity Exchange will collaborate with Shenzhen Qianhai Equity Exchange to implement a special action plan for nurturing quality SMEs [3] Group 3: Financing and Support Mechanisms - The exchange will utilize diverse private financing tools such as equity, convertible bonds, and stock options to meet the funding needs of startups [2] - A tiered cultivation system will be established to provide tailored governance, financing advice, and policy application services for companies at different growth stages [3][4] Group 4: Service Platforms - A comprehensive service platform for prospective listed companies will be created, enhancing connections with provincial and municipal listing reserves [4] - The aim is to improve the quality and quantity of IPOs and new three-board transfers through the regional equity market during the 14th Five-Year Plan [4] Group 5: Innovation in Financing - A full lifecycle capital service system for tech enterprises will be developed, including innovative financing models such as entrepreneurial debt and preferred shares [5] - The goal is to increase financing transaction volume by 10 billion yuan annually, driving high-quality industrial development through financial innovation [5]

Core Insights - The successful first physical delivery under the Abaxx Gold Singapore Futures contract marks a significant milestone for Abaxx Technologies and its integrated gold market infrastructure in Singapore [1][2][3] Group 1: Company Achievements - Abaxx Technologies has successfully completed its first physical delivery of gold futures, validating its market infrastructure [1][2] - The delivery involved MTS Gold Group and Kilo Capital, with clearing services provided by StoneX and KGI Securities, showcasing the operational capabilities of Abaxx Exchange [2][3] - This event establishes the Abaxx Gold Singapore Futures contract as a benchmark for price discovery and risk management in the Asian physical gold market [2] Group 2: Industry Impact - The physical delivery signifies a bridge between futures trading and physical delivery, enhancing transparency and security in gold trading [3] - StoneX and KGI Securities emphasize the importance of a regionally anchored, physically settled gold benchmark, which empowers clients in navigating the global commodities landscape [3] - The Abaxx Gold Singapore Futures contract, launched in June 2025, is part of a broader suite of futures contracts aimed at meeting the commercial needs of today's commodity markets [2][10]

NEW YORK, Feb. 24, 2026 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Nations Royalty Corp. (TSX-V: NRC; OTCQX: NRYCF), a royalty company focused on creating royalty diversification for First Nations and Indigenous groups, has qualified to trade on the OTCQX® Best Market. Nations Royalty Corp. upgraded to OTCQX from the OTCQB® Venture Market. Nations Royalty Corp. begins trading today on OTCQX und ...

Core Viewpoint - SWI Stoneweg Icona Group is expanding its digital infrastructure portfolio through the acquisition of significant stakes in a US data center company for a total of USD 330 million, following a previous acquisition of a private holding company for USD 170 million, which will enhance its overall shareholding and liquidation preference in the company [1]. Group 1: Acquisition Details - SWI Group has entered into a binding agreement to acquire additional interests in digital infrastructure and technology-enabled businesses for an aggregate purchase price of USD 330 million [1]. - On February 1, 2026, SWI Digital exercised its option to acquire all of the issued share capital of a private holding company for USD 170 million [1]. - Upon completion of both transactions, SWI is expected to hold 77.2% by value of the USD 1.124 billion liquidation preference attached to the preferred share classes in the company and approximately 38.3% of the total shareholding [1]. Group 2: Company Overview - SWI Stoneweg Icona Group is listed on the Amsterdam Euronext Stock Exchange under the ticker SWICH and operates in various sectors, including Data Centers, Real Estate, Credit, and the Financial Sector [1]. - The company manages approximately €11 billion in assets and has around 300 employees across 26 offices worldwide [1]. - SWI Group focuses on the development, acquisition, and management of data center assets through its subsidiary AiOnX, aiming to build high-quality, income-generating infrastructure over time [1].

Economic Overview - The S&P 500 has traded sideways this year, while the iShares MSCI ACWI ex US ETF has advanced about 10%, indicating a significant divergence in performance between U.S. stocks and global markets [1] - High valuations and concerns regarding President Trump's policies have led to a decrease in investor interest in U.S. stocks [1] Tariff Policy Changes - President Trump has replaced the now-illegal IEEPA tariffs with similar Section 122 tariffs, which were initially set at 10% and later increased to 15% [5][6] - The Supreme Court ruled against the IEEPA tariffs, stating that the president exceeded his authority, prompting the quick implementation of Section 122 tariffs [6] Economic Impact of Tariffs - Studies from various institutions indicate that U.S. businesses and consumers have borne approximately 90% of the costs associated with President Trump's tariffs [8] - The Congressional Budget Office (CBO) suggests that the tariffs have resulted in a lower GDP than would have occurred without them, as tariff revenue diverts funds that could have supported economic growth [9] Employment and Growth Data - In 2025, the U.S. economy added only 181,000 jobs, marking the lowest increase since 2009, excluding the pandemic [10] - Economic growth was recorded at just 2.2% in 2025, the slowest rate in a decade, excluding pandemic effects [10] - PCE inflation reached 2.9% in December 2025, the highest level since March 2024, indicating rising price pressures [10]

Group 1 - The U.S. is experiencing pronounced air displacement effects that are outweighing potential benefits, leading to a challenging environment for investors [2][7] - Software stocks are currently at the center of market volatility, with American Express seeing a decline of over 6% [3] - There is significant policy uncertainty in the U.S. market, with concerns about tariff impacts and their composition, contributing to a lower close for the Equal-weight S&P and Russell indices [6][7] Group 2 - In Japan, the yen and job markets are reacting to reports of the Prime Minister's apprehension regarding further rate hikes from the Bank of Japan (BOJ), indicating a serious concern for market stability [8][9] - Soft Japanese GDP data at the end of Q4 suggests that more stimulus may be necessary, contradicting the narrative of fiscal responsibility post-election [9][10] - Geopolitical tensions between Japan and China could lead to a significant increase in the dollar-yen exchange rate, with potential moves towards 160 yen per dollar [11]

扬子晚报网2月24日讯（记者 张可 王夕悦 刘丽媛）为让市场主体更加便捷地获取政策信息，近日，南 京市财政局近期制作了《南京市财政金融政策电子手册》，按照"贷、担、保、投"四个类别和中央、 省、市三个层级，从政策要点、申请通道等维度系统梳理60项政策产品。目前，手册已在"宁企通"上 线，帮助资金供需两端精准、快捷对接，实现"一键直达、按需获取"。 校对 盛媛媛 这套政策"组合拳"协同发力，让企业通过信用担保、知识产权质押等方式降低融资门槛，贷得容易；通 过财政贴息、担保费补贴等方式降低融资成本，贷得便宜；通过"免审即享"等方式，贷得便捷。 近年来，南京市财政部门综合运用"投、贷、担、保"等政策工具，聚焦政策集成和免审即享，赋能实体 经济，激发市场活力。一是打造"4+N"产业基金，发挥基金服务科技强市、产业强市、人才强市的赋能 作用，推动产业培育扶持、强链补链延链、科技成果转化运用。二是发挥"贷"的撬动，在制造业、服务 业等领域，与国家、省联动实施贷款贴息，帮助企业降低资金成本，撬动金融资源聚力产业攻坚。三是 用好"担"的增信，对小微企业贷款增信降费，"前端"予以担保费补贴，"后端"进行风险补偿。四是强 化"保 ...

Core Viewpoint - Brighthouse Financial, Inc. has reported disappointing earnings and revenue figures, indicating challenges in meeting market expectations while pursuing strategic acquisitions [2][3][5] Financial Performance - The earnings per share (EPS) for Brighthouse Financial was $3.93, which fell short of the expected $5.19, marking a significant underperformance compared to previous quarters [2][5] - The company's revenue for the period was approximately $2.17 billion, below the forecasted $2.24 billion and slightly down from $2.27 billion a year earlier [3][5] Acquisition and Market Reaction - Shareholders approved a $4.1 billion acquisition by Aquarian Capital, which led to a modest increase of 0.4% in the company's share price, closing at $63.93 [3] Valuation Metrics - Brighthouse Financial's price-to-earnings (P/E) ratio is around 8.33, indicating a relatively low valuation against its earnings [4] - The price-to-sales ratio stands at approximately 0.55, suggesting the stock is valued at just over half of its sales per share [4] - The enterprise value to sales ratio is 0.21, pointing to potential undervaluation [4] Financial Leverage - The debt-to-equity ratio of 0.47 reflects a moderate level of debt relative to equity, indicating a balanced financial leveraging strategy [5]

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 were $103 million, a 6% decrease from $110 million in Q4 2024, primarily due to lower restaurant revenue and fewer O'Charley's locations [12] - Total operating expenses in Q4 2025 were $127 million, down from $132 million in the prior year, with a significant decrease in operating expenses by approximately 13% when excluding non-cash impairment charges [13][14] - For the full year 2025, total operating revenue was $424 million, compared to $453 million in 2024, reflecting lower restaurant locations and associated revenue [15] - The operating loss for 2025 was $119 million, compared to $104 million in 2024, influenced by non-recurring management charges and non-cash impairment charges [15] Business Line Data and Key Metrics Changes - The decrease in total operating revenues was primarily attributed to lower restaurant revenue, which was offset slightly by higher lot sales and hospitality revenue at Brasada Ranch [12] - The company repurchased $323 million of stock, representing 28% of shares outstanding, and increased its dividend by 25% to $0.15 per quarter, totaling $30 million in dividends for 2025 [4][5] Market Data and Key Metrics Changes - The performance of AFC Bournemouth, part of the Black Knight Football investment, was highlighted, with the team sitting in eighth place in the Premier League and generating over $400 million in transfer proceeds [6][8] - The company also acquired the remaining 60% of FC Lorient for approximately EUR 60 million, indicating strategic growth in the sports sector [7] Company Strategy and Development Direction - The company is focusing on transforming its portfolio to concentrate on sports and entertainment-related assets, where it has a competitive advantage [9] - Strategic priorities include enhancing operating performance, increasing transparency, and maintaining disciplined capital returns [10][11] - The board is exploring strategic alternatives for its restaurant group and intends to monetize non-strategic assets to redeploy capital toward higher-returning opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with the current stock price, indicating that it does not reflect the intrinsic value of the company's assets [8] - The company remains optimistic about its partnership with JANA Partners and the potential for future investments, despite a shift in focus toward sports and entertainment [23][24] - Management is aware of AI risks across its portfolio but believes that most investments are well-positioned with long-term contracts [26][27] Other Important Information - The company expects to receive a $55 million tax refund in the summer of 2026, which will enhance liquidity [16] - Cannae's total assets were over $1.3 billion, with liabilities of $330 million, and a corporate cash balance of over $147 million [16] Q&A Session Summary Question: Strategic priorities and potential monetizations - Management is reviewing individual assets for potential monetization, particularly focusing on sports and entertainment-related assets [19][20] Question: Outlook on JANA partnership - Management remains optimistic about the partnership and its ability to source opportunities, although the focus is now on sports and entertainment [22][24] Question: AI risks across the portfolio - Management believes that most portfolio companies are well-protected against AI risks and are actively looking for ways to implement AI for efficiency [25][27] Question: Valuation of Black Knight Football Club - Management discussed the valuation framework and the importance of updated financial disclosures to better assess the value of their investments [30][33] Question: Investment in SpaceX - The investment in SpaceX is expected to be a source of cash over time, with significant value appreciation since acquisition [36][38]

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 were $103 million, a 6% decrease from $110 million in Q4 2024, primarily due to lower restaurant revenue and fewer O'Charley's locations [12][15] - Total operating expenses decreased to $127 million in Q4 2025 from $132 million in the prior year, with a notable decrease in operating expenses by approximately 13% when excluding non-cash impairment charges [12][13] - For the full year 2025, total operating revenue was $424 million, down from $453 million in 2024, reflecting lower restaurant locations and associated revenue [15] Business Line Data and Key Metrics Changes - The decrease in total operating revenue was primarily attributed to lower restaurant revenue, which was offset slightly by higher lot sales and hospitality revenue at Brasada Ranch [12] - Cannae's operating loss for 2025 was $119 million, compared to $104 million in 2024, influenced by non-recurring management charges and non-cash impairment charges [15] Market Data and Key Metrics Changes - Cannae's largest investment, Black Knight Football, continues to perform well, with AFC Bournemouth currently in eighth place in the Premier League and generating over $400 million in transfer proceeds [6][8] - The company has also acquired the remaining 60% of FC Lorient for approximately EUR 60 million, enhancing its strategic position in the multi-club model [7] Company Strategy and Development Direction - Cannae is focusing on transforming its portfolio to concentrate on sports and entertainment-related assets, where it has a competitive advantage [9][10] - The company plans to monetize non-strategic assets and redeploy capital towards higher-returning opportunities, particularly in the sports and entertainment sectors [9] - Enhanced operating performance and transparency are priorities, with plans to provide greater visibility into asset-level operating results [10] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with the current stock price, indicating that it does not reflect the intrinsic value of the company's assets or long-term potential [8] - The board has established new strategic priorities aimed at driving sustained long-term value creation for shareholders [8][11] Other Important Information - Cannae returned $323 million to shareholders through stock repurchases, representing 28% of shares outstanding, and increased its dividend by 25% to $0.15 per quarter [4][5] - The company expects to receive a $55 million tax refund in the summer of 2026 [4][17] Q&A Session Summary Question: Potential monetizations across the portfolio - Management indicated that they are reviewing individual assets for potential monetization, particularly focusing on sports and entertainment-related assets [19][20] Question: Outlook on the Jana partnership - Management remains optimistic about the partnership with JANA and believes they will continue to source investment opportunities, although the focus is currently on sports and entertainment assets [22][24] Question: AI risks across the portfolio - Management acknowledged the impact of AI but believes that most portfolio companies are well-positioned with long-term contracts and are actively looking to implement AI for efficiency [26][28] Question: Valuation of Black Knight Football Club - Management discussed the valuation framework for their investments, indicating that they are providing more detailed financials to help investors understand the value of their assets [31][33]