Xi Tells Putin He's Glad to See Attempt at Improving US Ties
Xi set out China's position on Ukraine to the Russian leader, describing it as a set of complex issues with no simple solutions, according to Chinese state broadcaster CCTV. The report comes shortly after China defended its imports of Russian oil as justified and legitimate, resisting threats of secondary tariffs by the US for any country that trades with Russia.
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Shaolin's new abbot rolls out ‘996' routine, 30 monks reconsider their Zen
BEIJING, Aug 9 — China's legendary Shaolin Temple has entered a new era of discipline that would make even the hardest-working tech employee blink. Following the ousting of former abbot Shi Yongxin over allegations of financial and sexual misconduct, his successor Shi Yinle has imposed a rigorous set of reforms — including a schedule dubbed 'Buddhist 996,' after the famously brutal Chinese tech industry routine of 9am to 9pm, six days a week, the South China Morning Post reported. Shi Yinle, 59, who previously led The White Horse Temple, China's first Buddhist temple, took charge of Shaolin Temple in Henan province on July 29. Known for his low-profile but firm leadership style, the new abbot wasted no time announcing five major reforms aimed at restoring the temple's spiritual purity and financial transparency. According to the South China Morning Post, key changes include halting commercial performances, banning expensive consecration rituals, removing temple shops, promoting self-sufficiency through farming, and overhauling income distribution by scrapping criticised fees. The abbot openly criticised some monks for straying off the spiritual path, stating bluntly: 'Now some monks neither truly practise nor properly work.' Examples included monks ordering takeaway in meditation rooms or listening to pop music during chanting. As part of the new order, the Hong Kong-based newspaper reported that monks must attend morning prayers at 4.30am, spend hours farming, and practice Zen martial arts in the afternoon. Entertainment is all but banned, with mobile phones confiscated and stored centrally, and screen time capped at just 30 minutes daily. The temple's diet has tightened, favouring vegetables, with tofu limited to once a week. The reforms have sparked a wave of departures: within a week, more than 30 monks and staff reportedly resigned. The South China Morning Post reported it is unclear whether these individuals transferred to other temples or left monastic life altogether. One young monk likened losing his mobile phone — used for reading scriptures — to 'losing an arm,' while another joked about now 'smelling vegetables and feeling like vomiting.' The strict new regime has ignited spirited debate on mainland social media. One user commented, 'This helps weed out a large number of fakes who became monks just to enjoy life.' Another added, 'Those leaving were never real monks, they chanted 'gold' rather than Buddhist scriptures. It is a good thing. Let them go and take away the impurities with them.' A third quipped, 'When pilgrims arrive at the Shaolin Temple and see how hard the monks live, they suddenly feel their own lives are not so bad after all.'
Yahoo
16 minutes ago
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Ready Capital Corp (RC) Q2 2025 Earnings Call Highlights: Navigating Challenges and Seizing ...
Net Interest Income: Increased to $17 million in the quarter. GAAP Loss from Continuing Operations: $0.31 per common share. Distributable Earnings: Loss of $0.14 per common share, $0.10 excluding realized losses on asset sales. CRE Loan Portfolio: Totaled $6.1 billion, with a $5.4 billion core portfolio and a $695 million non-core portfolio. Core Portfolio Leverage Yield: Decreased 20 basis points to 10.9%, producing $43 million of net interest income or $0.26 per share. Non-Core Portfolio Yield: Negative 10.7%, resulting in a cost of $5.3 million or negative $0.03 per share. Gain on Sale Income: Increased $2.5 million to $22.7 million. Operating Costs: $58 million, a 5% increase from the previous quarter. Provision for Loan Loss and Valuation Allowance: Increased $48.4 million. Book Value per Share: $10.44 at quarter end, down $0.17 from March 31. Liquidity: Unrestricted cash over $150 million, with just under $1 billion of total unencumbered assets. Warning! GuruFocus has detected 3 Warning Signs with RC. Release Date: August 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Ready Capital Corp (NYSE:RC) completed a significant bulk sale of $494 million in legacy multifamily bridge assets, generating net proceeds of $85 million, which will improve net interest margin. The company took ownership of a mixed-use asset in Portland, Oregon, including a Ritz-Carlton Hotel, avoiding a costly foreclosure process and aiming to stabilize the asset quickly. Ready Capital Corp (NYSE:RC) enhanced liquidity by expanding warehouse capacity, supporting loan origination with $221 million in generated liquidity. The company plans to reenter the origination market, focusing on high-quality multifamily bridge loans, which are expected to yield 13% to 15%. Ready Capital Corp (NYSE:RC) anticipates modest earnings growth in the second half of 2025, driven by new originations, stabilization of the Portland asset, and increased SBA 7(a) lending volumes. Negative Points Ready Capital Corp (NYSE:RC) reported a GAAP loss from continuing operations of $0.31 per common share for the second quarter. The company experienced a decrease in SBA origination volume due to capital constraints, impacting earnings negatively. The Portland asset currently incurs a negative carry of $5.3 million per quarter, affecting overall profitability. Ready Capital Corp (NYSE:RC) faces a significant maturity wall of $650 million in corporate debt through 2026, which may pressure earnings due to higher refinancing costs. The company continues to deal with a non-core portfolio that has a negative yield, resulting in financial drag. Q & A Highlights Q: Tom, you mentioned reentering the origination market in the third quarter and expecting modest earnings growth. Can you clarify if you still expect distributable earnings losses in the near term and when you anticipate reaching profitability? A: We are gearing up to target new vintage multifamily bridge loans, which will take about 120 days. In the interim, we plan to deploy cash into CMBS trading instruments. The reduction in negative carry from a JV sale will increase EPS by $0.05 per quarter, with reinvestment generating another $0.02. We expect production increases in our small business lending segments to further boost earnings, though refinancing corporate debt may decrease earnings by $0.03 to $0.05. Q: Regarding the bulk sale of legacy bridge loans, can you describe the type of buyer and how much is left to sell? Also, can you discuss the pricing of that sale versus initial originated values? A: The buyers are a multifamily operator and a fund partner with $1.5 billion AUM. The sale price was around 77% of the UPB. This portfolio had a sponsor concentration of two syndicators, and we are removing 100% exposure to them. About 40% of the portfolio was 60-plus days delinquent. There is still some of the 2021 vintage left in the core portfolio. Q: Can you discuss the expected drivers for SBA volume increases and your confidence in the timing? A: Industry-wide SBA volume declined due to changes in regulations, but demand for small business loans remains strong. The main constraint has been SBA approval of warehouse lines, which we now see a path to increase. We expect volumes to remain consistent in the third quarter, with a ramp back to $1.2 billion to $1.5 billion in annual originations happening in the latter half of the year. Q: On the unsecured issuance, given the higher costs, does this market still make sense financially? A: We have $650 million maturing, with around $300 million being unsecured. We believe the unsecured market will play a part in refinancing, but the majority will likely be through secured issuance. We have significant clean performing product to support these issuances, though the increased cost will pressure earnings. Q: Regarding the Portland asset, will it be held on the balance sheet at $432 million, and what are the quarterly carrying costs? A: The initial valuation will be at $425 million, with the $5.3 million carrying cost reflecting a full quarter impact. We are working to reduce financing costs and stabilize the asset, which will help lower carrying costs over time. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16 minutes ago
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FuboTV Inc (FUBO) Q2 2025 Earnings Call Highlights: A Milestone Quarter with Positive Adjusted ...
North America Revenue: $371 million, down 3% year over year. North America Paid Subscribers: 1,356,000, down 6.5% year over year. Rest of World Revenue: $8.7 million, up 4.7% year over year. Rest of World Paid Subscribers: 349,000, down 12.5% year over year. Ad Revenue in North America: $25.5 million, a 2% year-over-year decline. Net Loss: $8 million or $0.02 per share, compared to a loss of $25.8 million or $0.08 per share a year ago. Adjusted EBITDA: $20.7 million, marking the first quarter of positive adjusted EBITDA. Net Cash Used in Operating Activities: $34.6 million. Free Cash Flow: Negative $37.7 million, a decline of $2.4 million year over year. Cash, Cash Equivalents, and Restricted Cash: Over $285 million at the end of the quarter. Warning! GuruFocus has detected 5 Warning Sign with FUBO. Release Date: August 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points FuboTV Inc (NYSE:FUBO) reported its first quarter of positive adjusted EBITDA, marking a significant milestone for the company. The global streaming business exceeded both revenue and subscriber expectations in the second quarter. FuboTV Inc (NYSE:FUBO) launched a pay-per-view feature, expanding its reach and creating a pathway to convert casual viewers into subscribers. The company formed a content partnership with DAZN, enhancing its sports streaming offerings and increasing visibility. FuboTV Inc (NYSE:FUBO) introduced personalized features like Catch Up To Live and Game Highlights, optimizing the live sports viewing experience. Negative Points North America revenue decreased by 3% year over year, and paid subscribers declined by 6.5%. In the Rest of World, paid subscribers fell by 12.5% year over year. Ad revenue in North America declined by 2% due to the loss of certain ad-insertable content. Free cash flow declined by $2.4 million year over year to negative $37.7 million. The company faces a competitive market environment, impacting marketing efforts and subscriber growth. Q & A Highlights Q: Congrats on the EBITDA profitability. Can you discuss subscriber expectations for the third quarter, considering the competitive environment and new product launches? A: John Janedis, CFO: July finished in line with expectations for subscribers. With the fall sports season approaching, we expect a typical seasonal uptick and reactivations. The market is competitive, so we focus on subscriber acquisition cost (SAC) conversion and churn. David Gandler, CEO: We see strong retention in our core English product and believe efficient marketing will lead to greater retention into the football season. Q: Can you update us on the French acquisition and its impact on Fubo? A: David Gandler, CEO: The acquisition has integrated our technology teams, enhancing our technology stack. We are discussing significant sports rights in France, which we expect to come online soon. We haven't yet provided Molotov with our ad technology, but plan to do so by the end of Q4 2025 or early 2026. Q: How are ad trends performing, and is the Fubo Sports Network FAST channel offsetting any declines? A: John Janedis, CFO: Auto softness continues, but overall ad decline isn't significant. Retail e-commerce and tech categories are strong. The FAST channels contribute high single digits to ad revenue and are growing in strong double digits, providing a modest positive tailwind. Q: Without guidance this quarter, what is the directional trend for EBITDA? A: John Janedis, CFO: Our business is seasonal, with Q2 typically being the strongest for adjusted EBITDA. In the back half of the year, while we grow subs, marketing costs also increase. Normal seasonal trends for profitability should continue. Q: What were the factors behind the revised subscriber guidance for Q2? A: John Janedis, CFO: We exceeded the original guide by about 100,000 subscribers due to strong interest in the Latino product after a price reduction and better retention trends. David Gandler, CEO: Despite losing content partners like Warner Bros. Discovery and Univision, we've seen strong conversion on Latino packages and stabilized the advertising business. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
