Wise Co-Founder Slams Fintech's Plans to Move Listing to US
A vote for changing the listing location also requires shareholders to approve extending the dual-class shareholder structure that was introduced during the company's 2021 direct listing, according to a letter to shareholders from Skaala Investments OÜ. Skaala is controlled by Taavet Hinrikus, who left Wise in 2021 and has gone on to back many smaller stage technology firms.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Stellantis NV (STLA) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
Net Revenues: Approximately EUR74.3 billion for the first half of 2025. Adjusted Operating Income (AOI): Approximately EUR540 million, excluding EUR3.3 billion of net charges. Net Loss: Approximately EUR2.3 billion, inclusive of unusual items. Industrial Free Cash Flow: EUR3 billion outflow. Tariff Impact: Approximately EUR330 million net impact in the first half. Foreign Exchange Impact: Just under EUR1 billion year-over-year, primarily related to the Turkish lira, euro, U.S. dollar, and Brazilian real. Inventory Levels: Total vehicle inventories unchanged from the prior six months; OEM inventories up 60,000 units, dealer inventories down 60,000 units. Warning! GuruFocus has detected 12 Warning Signs with STLA. Release Date: July 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Stellantis NV (NYSE:STLA) reported net revenues of approximately EUR74.3 billion for the first half of 2025, indicating strong sales performance. The company launched several new products, including five new B and C segment entries in Europe, which are expected to drive future growth. Stellantis NV (NYSE:STLA) saw sequential improvement from the second half of 2024, with increased volumes and revenues, improved AOI margin, and reduced cash flow outflows. The Middle East and Latin America regions showed strong performance, contributing positively to the company's AOI. Stellantis NV (NYSE:STLA) plans to reestablish financial guidance on July 29, 2025, indicating a proactive approach to addressing current challenges. Negative Points The company reported a bottom line net loss of approximately EUR2.3 billion for the first half of 2025, reflecting significant financial challenges. Stellantis NV (NYSE:STLA) experienced lower-than-expected volumes due to a sluggish European LCV market and lower production ramp-up of newly launched products. Higher industrial costs, including increased fixed asset absorption and warranty costs, negatively impacted profitability. Foreign exchange fluctuations, particularly involving the Turkish lira and euro, resulted in a negative impact of just under EUR1 billion year-over-year. Tariffs had a net impact of approximately EUR330 million in the first half, with expectations of increased impact in the second half. Q & A Highlights Q: Can you explain the continued market share losses in the U.S. and Europe, and how the ramp-up for the Smart platform has been an issue? A: Douglas R. Ostermann, Stellantis NV - Chief Financial Officer: Our market share in Europe is up by about 130 basis points compared to the second half of last year, thanks to new product launches. However, the ramp-up has been slower than expected. The sluggish European LCV market, where we hold a 30% share, has also impacted us. We are addressing these issues with new product launches, including the Fiat Grande Panda, and are working on programs to encourage fleet renewals. Q: Should we expect higher margins in the Middle East, Africa, and LatAm regions due to strong performance? A: Douglas R. Ostermann, Stellantis NV - Chief Financial Officer: We continue to have a strong business in the Middle East, supported by a young and affluent population. Our brands are well-received, and we are well-positioned in these regions. Detailed regional performance will be discussed in the upcoming call on July 29. Q: Can you comment on the gap between operating cash flow and free cash flow? A: Douglas R. Ostermann, Stellantis NV - Chief Financial Officer: The difference is due to the inclusion of the financial services business in operating cash flow, which saw increased capital use, particularly in North America. The industrial free cash flow, which excludes financial services, was negative due to insufficient AOI to cover R&D and CapEx. Q: What actions are being taken to regain market share in the Ram fleet segment? A: Douglas R. Ostermann, Stellantis NV - Chief Financial Officer: We are reintroducing the V8 engine in the Ram pickup truck and launching the Express model to address the lower end of the market. We are also improving production numbers to regain fleet market share and have reintroduced Ram into NASCAR to boost brand excitement. Q: How do you view the liquidity of the business, and what are your expectations for cash generation in the second half? A: Douglas R. Ostermann, Stellantis NV - Chief Financial Officer: We aim to maintain liquidity at 25% to 30% of trailing 12-month revenues. Despite first-half cash burn, we remain within this range. We issued debt in the U.S. and European markets to cover upcoming maturities. We plan to generate positive industrial free cash flow in the second half, with more details to be provided on July 29. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
25 minutes ago
- Yahoo
Labour announce plans to build £38bn Sizewell C nuclear plant
The government has announced the construction of the Sizewell C nuclear power plant in Suffolk will cost around £38 billion, with it being the biggest equity shareholder in the project. Energy secretary Ed Miliband has signed off on the final investment decision for the development, with the UK government investing a 44.9 per cent stake. New Sizewell C investors include La Caisse with 20 per cent, Centrica with 15 per cent, and Amber Infrastructure with an initial 7.6 per cent. It comes alongside French energy giant EDF announcing earlier this month it was taking a 12.5 per cent stake – lower than its previously stated 16.2 per cent ownership. A general view of main generator 1, at the Sizewell nuclear power plant in Suffolk (James Manning/PA) (PA Archive) The nuclear plant is expected to deliver clean power to the equivalent of six million homes and help save £2bn a year in electricity savings once operational. Rachel Reeves, the chancellor, said the multibillion-pound investment was 'a powerful endorsement of the UK as the best place to do business and as a global hub for nuclear energy'. 'Delivering next generation, publicly owned clean power is vital to our energy security and growth, which is why we backed Sizewell C. This investment will create thousands of good quality jobs and boost the local economy as we deliver on our plan for change,' she said. She later said that the Sizewell C announcement would reduce the UK's reliance on 'foreign dictators' for energy. 'This is something that politicians have spoken about for years and today we are actually delivering,' she told reporters. 'This is a public-private consortium. We as a Government are putting in money but that means that government – taxpayers – will get a return on that investment. The government's statement said the deal ended an 'era of dithering and delay' to give Sizewell C the go-ahead, which will support 10,000 jobs once operational. Mr Miliband said: 'It is time to do big things and build big projects in this country again- and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come. 'This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.' Chris O'Shea, Centrica's chief executive, said Sizewell C was a 'compelling investment for our shareholders and the country as a whole'. 'This isn't just an investment in a new power station – it's an investment in Britain's energy independence, our net zero journey, and thousands of high-quality jobs across the country,' he added.
Yahoo
25 minutes ago
- Yahoo
Galp Energia SGPS SA (GLPEF) Q2 2025 Earnings Call Highlights: Strong Production and Upgraded ...
Upstream Production: 113,000 barrels per day. Full-Year Production Guidance: Upgraded to 105,000 to 110,000 barrels per day. Full-Year Group EBITDA: Expected to surpass EUR 2.7 billion, revised upwards from EUR 2.5 billion. Operating Cash Flow: Expected to be over EUR 1.8 billion. Release Date: July 21, 2025 Warning! GuruFocus has detected 1 Warning Sign with BOM:532505. For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Galp Energia SGPS SA (GLPEF) reported a strong second quarter with higher-than-anticipated Upstream production and increased LNG trading flexibility. The company upgraded its full-year production guidance to a range of 105,000 to 110,000 barrels per day. Full-year group EBITDA is now expected to surpass EUR2.7 billion, an upward revision from EUR2.5 billion. Operating cash flow is now expected to be over EUR1.8 billion, reflecting strong cash generation. The company received non-binding offers from credible players for its Namibia partnership, indicating progress in securing a strong partnership. Negative Points The company faced headwinds from dollar depreciation, impacting financial performance. CapEx is expected to be heavier in the second half of 2025, particularly in Industrial low-carbon projects. There is uncertainty regarding the timeline for the Namibia farm-out process, with completion expected by year-end. The company is not guiding on net debt levels by the end of the year, indicating potential financial uncertainty. Galp Energia SGPS SA (GLPEF) faces challenges with the special energy tax in Portugal, with ongoing discussions and potential legal disputes. Q & A Highlights Q: Can you clarify the impact of Bacalhau on the upgraded production guidance and comment on CapEx expectations? A: Bacalhau is expected to contribute very little, around 3,000 barrels, to production this year. The guidance upgrade is based on strong performance from our existing fleet. CapEx for 2025 has been revised to below EUR1 billion, with a heavier second half expected due to increased investments in low-carbon projects and renewables. (Maria Carioca, Co-CEO & CFO) Q: Could you elaborate on the midstream performance and the timeline for the Namibia farm-out? A: The midstream strength is largely due to receiving three cargos from Venture Global, contributing significantly to earnings. We expect to receive 10 cargos in total this year. Regarding Namibia, we aim to finalize the farm-out by year-end, focusing on securing a strong partnership with an experienced operator. (Joao Diogo, Co-CEO & EVP Commercial; Maria Carioca, Co-CEO & CFO) Q: What is the hedging strategy for Venture Global volumes, and how does this affect shareholder returns? A: We have no material long-term hedges for Venture Global volumes. Our distribution policy remains steady, focusing on maintaining flexibility and optionality, with no immediate changes planned despite a strong balance sheet. (Joao Diogo, Co-CEO & EVP Commercial; Maria Carioca, Co-CEO & CFO) Q: Can you provide insights into the production profile for Bacalhau in 2026 and net debt expectations? A: Bacalhau's production ramp-up is expected to take over a year, with plateau production not anticipated in 2026. Net debt is not expected to fluctuate significantly, with some working capital effects expected to flow through by year-end. (Maria Carioca, Co-CEO & CFO) Q: What are the key drivers behind the strong midstream performance, excluding Venture Global? A: The strong performance is due to increased flexibility in gas trading and strong results across all commodities, including oil and power. Our positioning in Iberia and Brazil also contributes to this success. (Joao Diogo, Co-CEO & EVP Commercial) Q: How do you view the development concept for Mopane in Namibia, and what are the next steps in the partnership process? A: The development concept for Mopane is not yet finalized and will be developed in partnership discussions. We are currently analyzing non-binding offers and will engage in bilateral conversations to assess alignment with potential partners. (Maria Carioca, Co-CEO & CFO) Q: What is the outlook for Refining margins in the second half of the year, and is there any update on the Spanish blackout impact? A: Refining margins are expected to remain strong, supported by diesel and jet fuel. We maintain our guidance due to planned maintenance in Q4. The Spanish blackout impact is still under review, with no clear resolution yet. (Joao Diogo, Co-CEO & EVP Commercial) Q: Can you provide an update on the Mozambique capital gains assessment and contingent payments? A: We are in discussions with the Mozambican government regarding capital gains assessments, prioritizing a diplomatic solution. Contingent payments include EUR100 million for Coral and $400 million for onshore development, expected in the near future and by 2026, respectively. (Joao Diogo, Co-CEO & EVP Commercial; Maria Carioca, Co-CEO & CFO) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
