Market Signal Briefing

ETH returned to a higher price range, boosted by accumulation in mid-range wallets. Despite the slowdown in whale buying, shark wallets became a major factor for ETH in the past year. 

ETH shifted to a higher price range, accelerating its recovery based on more active derivative trading. Token accumulation was also a major factor behind the recent rally, especially driven by wallets with 1K-10K ETH. Based on Santiment data, shark wallets were important for ETH support in all of 2025. 

The recovery of ETH extended to $3,207.23, boosted by the overall positive market direction. ETH still held at 0.034 BTC, and remained the top gainer among the top 10 coins and tokens. For the past day, ETH reclaimed 5% on its price. 

As the driver of DeFi and mainstream ETF adoption, ETH recovered faster compared to altcoins, trading in its own category. Traders also regained confidence in an ETH recovery, recently pushing leverage on Binance to an all-time high.

Accumulation wallets also hold the highest balance of ETH, with over 25.9M tokens sent to self-custodial holder wallets. ETH accumulation turned vertical since June, as the token expected a breakout to a higher range.

During the accumulation stage, whales were greedier and confident compared to retail, which were mostly selling and turning bearish on ETH.

ETH buying for treasuries has gone flat since October
During previous market rallies, buying from treasury companies added to the hype for ETH. Since October, those buyers have diminished, with only Bitmine (BMNR) making regular additions. 

In the past 30 days, Bitmine was practically the sole DAT buyer, expanding its treasury by 9.8%. However, the past month saw a few other whales move in, and treasury buyers only retained their holdings. Most companies now rely on staking rewards for a regular weekly passive income. 

Despite the slowdown of the DAT narrative, ETH finds other factors for growth. At the same time, DAT company shares remain near their lows, with mNAV ratios below 1. The low ratio signals a low enthusiasm for applying Strategy’s playbook to ETH. 

ETH open interest keeps rising
ETH open interest kept rising, and is back to around $18B, up by $3B in the past week. After a period of relative calm and smaller long liquidations, traders started returning. 

ETH long liquidations diminished in the past month, allowing traders to rebuild positions with more confidence. | Source: Cryptoquant
Based on the currently available liquidity, ETH may see a short squeeze to over $3,300. Long positions also established a support price for ETH at just above $3,000, where most of the liquidity is concentrated. 

The derivative and perpetual futures market is becoming more important for ETH, after a brief switch to spot trading. However, derivative positions also inform spot buyers and accumulating wallets. 

ETH is also showing a return to buying demand, as the taker buy/sell ratio rose, signaling a rush to buy at the current market price.

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A senior Kremlin adviser wants Russia’s crypto mining classified as an export, arguing tens of thousands of Bitcoins and import payments must be reflected in trade data.

Summary

Kremlin aide Maxim Oreshkin says mined crypto effectively flows abroad and should be recorded as an export impacting Russia’s balance of payments and FX market.​
Industry leaders estimate Russian miners produced about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024, with daily income near 1 billion rubles.​
Russia’s legal mining regime includes registration, tax rates up to 25% for firms, but widespread illegal operations and power theft are costing the state billions of rubles.

A senior Kremlin official has proposed treating cryptocurrency mining as a form of export in Russia’s official trade accounts, arguing that large volumes of mined digital assets effectively flow abroad even without crossing physical borders.

Kremlin hopes to make Bitcoin mining
Maxim Oreshkin stated the industry generates substantial sums that remain outside formal statistics despite influencing the foreign-exchange market and the balance of payments, according to reports.

Russia legalized cryptocurrency mining on Nov. 1, 2024. Oreshkin described the sector as a “new export item” that the country “doesn’t value very well,” according to the reports. He argued that because cryptocurrency can be used to pay for imports through alternative channels, those transactions should be counted when the state measures trade flows and currency dynamics.

Industry figures indicate the scale has become material. Oleg Ogienko, chief executive of Via Numeri Group, estimated that Russia’s output of proof-of-work assets this year could equal “tens of thousands” of Bitcoins. Sergey Bezdelov, head of the Industrial Mining Association, estimated production at approximately 55,000 Bitcoins in 2023 and roughly 35,000 Bitcoins in 2024, citing the network’s halving as a factor reducing miner rewards.

The revenue impact is also substantial, according to industry participants. Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimated daily mining income across the country at around 1 billion rubles, a figure he linked to Russia’s share of global computing power and Bitcoin’s (BTC) price. Brezhnev stated that because mined coins can be used directly to settle import bills, the case for recording those flows in official statistics is clear.

Regulators have implemented oversight measures. Legal entities and sole proprietors must register with the Federal Tax Service to mine, and hosting providers are listed in a separate registry. Household miners are exempt from registration only if they consume less than 6,000 kWh per month, though all income must be reported. Corporate mining is taxed at 25 percent, while individuals face progressive rates of 13 to 22 percent; non-residents pay 30 percent.

A recent Russian media investigation revealed that illegal and semi-legal crypto mining is costing the country millions of dollars annually through stolen electricity and unpaid taxes. Broadcaster Ren TV reported that many miners avoid registering their operations to escape high power tariffs and tax obligations, pushing large parts of the industry underground and creating billion-ruble losses for the state budget.

Although Russia now permits industrial crypto mining and offers legal status to registered operators, smaller miners are reportedly refusing to comply. While major firms such as BitRiver and Intelion operate within the legal framework, many independent operators are accused of resorting to meter manipulation, bribery, and secret agreements with utility workers. Households and legitimate businesses are reportedly absorbing the cost of stolen electricity as a result.

Analysts appear to be right about this $3.6 trillion quantum computing stock.

The sizzle has largely fizzled for IonQ (IONQ +3.67%). This once-hot stock was up nearly 90% year-to-date by early October. However, since then, IonQ's shares have plunged.

Such a steep sell-off could prompt some investors to seek a better quantum computing stock to buy. If you're in that group, Wall Street loves one alternative, in particular.

Image source: Getty Images.

A quantum computing game changer?
Microsoft (MSFT 2.33%) is best known for its Windows operating system, productivity software such as Excel and Word, and Xbox gaming system. But the company is also a giant in the quantum computing space.

Like the two other largest cloud providers, Amazon's (AMZN 0.87%) AWS and Alphabet's (GOOG +1.44%) (GOOGL +1.21%) Google Cloud, Microsoft's Azure platform offers tools to quantum computing developers. Azure also has a "Quantum Ready" program that helps organizations prepare for the impact of quantum computing on their operations.

However, the most important quantum computing development to watch with Microsoft is the company's Majorana 1 Quantum Processing Unit (QPU). Majorana 1 is the first quantum computing chip to use a topological superconductor, also known as a topoconductor. For a long time, topoconductors – a new type of matter that is neither solid, liquid, nor gas – were only theoretical. Microsoft figured out a way to make them a reality.

Topoconductors enable Microsoft to create and control qubits, the basic units of information in quantum computers. Thanks to the novel approach, the company has now achieved two major milestones on its quantum computing roadmap. It has four more to go to fulfill the goal of building a large-scale quantum supercomputer that can address real-world commercial and scientific challenges.

Microsoft believes that it will deploy practical quantum computers in years, not decades. Topoconductors just might be as much of a game-changing technology for quantum computers as silicon was for personal computers.

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Wall Street's favorite
It would be an understatement to say that Wall Street loves Microsoft. I'd even argue that Microsoft is analysts' favorite quantum computing stock.

Of the 56 analysts surveyed by S&P Global (SPGI +1.76%) this month who cover Microsoft, 12 (roughly 21%) rated the stock as a "strong buy." Another 43 analysts (77%) rated it as a "buy." The lone outlier recommended holding Microsoft.

Wall Street's consensus 12-month price target for Microsoft reflects a potential upside of 28%. Several analysts are even more bullish, with one projecting the stock could soar another 49%.

Granted, Wall Street also has positive outlooks for several other quantum computing stocks. For example, six of the nine analysts surveyed recently by S&P Global rated IonQ as a "buy" or "strong buy." However, I haven't seen any leader in the quantum computing arena with more broad-based enthusiasm on Wall Street as Microsoft.

The best reason to buy Microsoft
Will Microsoft emerge as the most successful company in quantum computing on the back of its revolutionary topoconductor technology? I think it's possible, but there's no guarantee.

More importantly, it doesn't matter all that much in deciding about whether or not to invest in the stock. The best reason to buy Microsoft isn't quantum computing; it's the tech giant's tremendous opportunities in artificial intelligence (AI).

Organizations continue to scramble to develop cloud-based generative AI applications. Microsoft's fiscal 2026 first-quarter results demonstrate how the company is benefiting from this trend. Its Azure and other cloud services revenue soared 40% year-over-year.

I don't expect this growth to slow significantly. The adoption of agentic AI could even accelerate Microsoft's momentum, not just for Azure but also for the company's productivity software business as well.

Microsoft's quantum computing initiative is similar to a billionaire buying a lottery ticket. If it pays off, great. If it doesn't, no worries. That's why Microsoft is the kind of quantum computing stock that Wall Street loves.

Keith Speights has positions in Alphabet, Amazon, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, IonQ, Microsoft, and S&P Global. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

The successful hedge fund manager doesn't seem to think this stock is as magnificent as it once was.

Billionaire Ken Griffin went on a shopping spree in the third quarter of 2025. His Citadel Advisors hedge fund bought a large number of stocks. In many cases, the transactions involved the purchase of millions of shares.

It probably shouldn't be surprising that Griffin owns all of the so-called "Magnificent Seven" stocks. After all, each member of the group ranks among the top 10 largest stocks in the world based on market cap. Griffin loaded up on every Magnificent Seven stock in Q3 – with one notable exception.

Image source: Getty Images.

Magnificent buys
Microsoft (MSFT 2.33%) is Citadel's largest holding. That wasn't the case earlier this year. However, Griffin doubled his hedge fund's position in Microsoft during Q3, buying roughly 2 million additional shares.

That purchase left Nvidia (NVDA 1.04%) in second place. Griffin bought 1.73 million more shares of the GPU maker last quarter, increasing Citadel's stake by 21.4%

One of the billionaire's biggest moves in Q3 involved Meta Platforms (META 1.18%). Griffin increased Citadel's position in the parent company of Facebook and Instagram by a whopping 12,693%. Meta is now the hedge fund's third-largest holding.

Another Magnificent Seven stock comes in fourth. Griffin more than doubled Citadel's stake in Apple (AAPL 0.71%) in Q3.

Additionally, Griffin picked up more shares of two other Magnificent Seven stocks in Q3 that aren't in his hedge fund's top 10 holdings. He bought another 1.1 million shares of Tesla (TSLA +4.17%) and another 1.25 million shares of Google parent Alphabet (GOOG +1.44%) (GOOGL +1.21%).

One glaring exception
That leaves one member of the elite group of stocks that Griffin no longer views as so magnificent. He sold 2.1 million shares of Amazon (AMZN 0.87%) in Q3, reducing Citadel's stake in the e-commerce and cloud services giant by 39%.

The obvious question is: Why did Griffin sour on Amazon? However, there isn't an obvious answer.

Amazon's AWS cloud unit benefits from the same artificial intelligence (AI) tailwinds as fellow cloud providers Microsoft and Alphabet's Google Cloud. Although AWS isn't growing as fast on a percentage basis as its rivals, it's still a strong business.

Griffin didn't sell Amazon in Q3 because the stock had become too expensive. Amazon's share price fell during part of the quarter, with its decline roughly in line with the moves of several other Magnificent Seven stocks.

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Amazon's quarterly update announced during Q3 didn't disappoint investors either. The company handily beat Wall Street's earnings estimate.

Perhaps the best explanation for Griffin's sale of the stock is that he was simply rebalancing Citadel's portfolio. The hedge fund has owned Amazon for years, frequently buying and selling shares with no apparent rhyme or reason.

Should you sell Amazon stock, too?
If we knew exactly why Griffin sold Amazon stock and agreed with the reasoning, following in his footsteps by selling the stock too would make sense. However, that's not the case here.

Even though Amazon reigns as the largest e-commerce company in the world, it still has plenty of room to grow in this market. As CEO Andy Jassy pointed out last year, Amazon's market share of the total global retail market is only around 1%.

Advertising is a key growth driver for Amazon these days. Revenue from advertising services jumped 24% year-over-year in Q3, a faster growth rate than AWS delivered.

Speaking of AWS, the cloud unit continues to have tremendous opportunities. Jassy spoke extensively about the promise of agentic AI during Amazon's latest quarterly earnings call. He noted, "AWS is heavily investing in this area and well-positioned to be a leader." I agree with him that agentic AI should serve as a significant tailwind for AWS.

Don't overlook Amazon's expansion into new markets, though. The company will begin offering satellite internet services in early 2026. Its Zoox robotaxis are now operating in Las Vegas, with Washington, D.C. on the way.

Griffin may or may not like Amazon as much now as he did earlier in the year. However, I think this stock remains a magnificent pick for long-term investors.

Keith Speights has positions in Alphabet, Amazon, Apple, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

Press Release

December 4, 2025

Shell plc Announces Final Results of Exchange Offers

Shell plc (“Shell”) (LSE: SHEL) (NYSE: SHEL) (AEX: SHELL) today announces the final results of its previously announced offers to exchange (the “Exchange Offers” and each, an “Exchange Offer”) any and all validly tendered (and not validly withdrawn) and accepted notes of five series issued by Shell International Finance B.V. (“Shell International Finance” and such notes, the “Shell International Finance Notes”) and one series of notes issued by BG Energy Capital plc (“BGEC”) (such notes, the “BGEC Notes” and such BGEC Notes, together with the Shell International Finance Notes, the “Old Notes”) for a combination of cash and a corresponding series of new notes to be issued on a private placement basis by Shell Finance US Inc. (“Shell Finance US”) and fully and unconditionally guaranteed by Shell (the “New Notes”), as described in the Offering Memorandum dated November 3, 2025 (the “Offering Memorandum”).

As announced on November 3, 2025, Shell conducted the Exchange Offers to migrate the existing Old Notes from Shell International Finance and BGEC to Shell Finance US in order to optimize Shell Group’s (as defined below) capital structure and align indebtedness with its U.S. business.

The total aggregate principal amount of Old Notes that were validly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offers was $6,347,729,000, as set forth in the table below under the heading “Aggregate Principal Amount Tendered and Accepted.” All Old Notes validly tendered (and not validly withdrawn) as of 5:00 p.m., New York City time, on December 3, 2025 satisfied the applicable Minimum Size Condition (as described in the Offering Memorandum) and were accepted for exchange.

The following table, based on information provided by D.F. King & Co., Inc., the exchange agent and information agent for the Exchange Offers, indicates, among other things, the aggregate principal amount of each series of Old Notes validly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offers.

IssuerSeries of Old Notes Offered for ExchangeOld CUSIP/ISIN
No.Aggregate Principal Amount Outstanding ($MM)Aggregate Principal Amount Tendered and AcceptedCorresponding New Notes to be Issued in ExchangeNew CUSIP/ISIN No.Shell International Finance3.875% Guaranteed Notes due 2028822582CB6/
US822582CB65$        1,500$920,732,000U.S.$ 920,732,000 3.875% Guaranteed Notes due 2028Regulation S: U8209LAA0/ USU8209LAA09Rule 144A: 822905AR6/ US822905AR69

Shell International Finance6.375% Guaranteed Notes due 2038822582AD4/
US822582AD40$        2,750$2,063,148,000U.S.$ 2,063,148,000 6.375% Guaranteed Notes due 2038Regulation S: U8209LAB8/ USU8209LAB81Rule 144A: 822905AT2/ US822905AT26

Shell International Finance5.500% Guaranteed Notes due 2040822582AN2/
US822582AN22$        1,000$802,108,000 U.S.$ 802,108,000 5.500% Guaranteed Notes due 2040Regulation S: U8209LAC6/ USU8209LAC64 Rule 144A: 822905AV7/ US822905AV71

BGEC5.125% Guaranteed Notes due 204105541VAF3/
US05541VAF31 G1163HBA3/ USG1163HBA35$        900$691,199,000U.S.$ 691,199,000 5.125% Guaranteed Notes due 2041Regulation S: U8209LAD4/ USU8209LAD48Rule 144A: 822905AX3/ US822905AX38

Shell International Finance3.125% Guaranteed Notes due 2049822582CE0/
US822582CE05$        1,250$993,714,000U.S.$ 993,714,000 3.125% Guaranteed Notes due 2049Regulation S: U8209LAE2/ USU8209LAE21Rule 144A: 822905AZ8/ US822905AZ85

Shell International Finance3.000% Guaranteed Notes due 2051822582CL4/
US822582CL48$        1,000$876,828,000U.S.$ 876,828,000 3.000% Guaranteed Notes due 2051Regulation S: U8209LAF9/ USU8209LAF95Rule 144A: 822905BB0/ US822905BB09

Settlement and issuance of the New Notes to be issued in exchange for Old Notes validly tendered (and not validly withdrawn) and accepted for exchange is expected to occur on December 8, 2025 (the “Settlement Date”).

The dealer managers for the Exchange Offers were:

BofA Securities, Inc. 620 S Tryon Street, 20th Floor

Charlotte, North Carolina 28255

Attention: Liability Management Group

Telephone: (U.S. Toll-Free): +1 (888) 292-0070

Telephone (U.S. Collect): +1 (980) 387-3907

Telephone (London): +44 207 996 5420

Email: [email protected]

Deutsche Bank Securities Inc. 1 Columbus Circle

New York, New York 10019

Attention: Liability Management Group

Telephone: (U.S. Toll-Free): +1 (866) 627-0391

Telephone (U.S. Collect): +1 (212) 250-2955

Telephone (London): +44 207 545 8011

TD Securities (USA) LLC One Vanderbilt Avenue, 11th Floor

New York, NY 10017

Attention: Liability Management Group

Telephone (U.S. Toll-Free): +1 (866) 584-2096

Telephone (U.S. Collect): +1 (212) 827-2842

Telephone (London): +44 207 997 1993

Email: [email protected]

The exchange agent and information agent for the Exchange Offers was:

D.F. King & Co., Inc.28 Liberty Street, Floor 53

New York, NY 10005

 Banks and Brokers call: (212) 269-5550

Toll-free (U.S. only): (800) 814-2879

Email: [email protected]
Website: www.dfking.com/shell

By Facsimile (for eligible institutions only): (212) 709-3328

Confirmation: (212) 269-5552

Attention: Michael Horthman

The Exchange Offers were only made, and the New Notes were only offered and were issued, and copies of the Offering Memorandum were only made available, to holders of Old Notes (1) either (a) in the United States, that are “qualified institutional buyers,” or “QIBs,” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act or (b) outside the United States, that are persons other than “U.S. persons,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act, or a dealer or other professional fiduciary organized, incorporated or (if an individual) residing in the United States holding a discretionary account or similar account (other than an estate or a trust) for the benefit or account of a non-“U.S. person,” and (2) (a) if located or resident in any Member State of the European Economic Area, who are persons other than “retail investors” (for these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in Regulation (EU) 2017/1129), and consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the European Economic Area has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the European Economic Area may be unlawful under the PRIIPs Regulation; or (b) if located or resident in the United Kingdom, who are persons other than “retail investors” (for these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; (iii) a retail client, as defined in the Conduct of Business Sourcebook (“COBS”) of the UK Financial Conduct Authority (FCA) Handbook) or (iv) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA), and consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIlPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation. The Exchange Offers were not made to holders of Old Notes who are located in Canada.

This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers were made solely pursuant to the terms and conditions of the Offering Memorandum, and the other related materials.

The issuance of the New Notes has not been registered under the Securities Act or any state securities laws. Unless a subsequent resale is registered under the Securities Act, the New Notes may only be offered or sold in the United States in a transaction that is exempt from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. On the Settlement Date, Shell Finance US, Shell and the dealer managers expect to enter into a registration rights agreement with respect to the New Notes (the “Registration Rights Agreement”), pursuant to which Shell Finance US and Shell will be obligated to use commercially reasonable efforts to file with the Securities and Exchange Commission (the “SEC”) and cause to become effective a registration statement with respect to an offer to exchange each series of New Notes for new notes fully and unconditionally guaranteed by Shell containing terms substantially identical to those of the New Notes within 365 days from the Settlement Date. In addition, pursuant to the Registration Rights Agreement, Shell Finance US and Shell will agree to use commercially reasonable efforts to file a shelf registration statement to register resales of the New Notes under the Securities Act in the event that a registered exchange offer is not available or may not be completed as soon as practicable after the last date for acceptance of the New Notes for exchange in the registered exchange offer under certain circumstances or if the registered exchange offer is not for any other reason completed prior to the later of 365 days from the Settlement Date and the date on which, under certain circumstances, any dealer manager so requests.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Non-U.S. Distribution Restrictions

European Economic Area

The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the “Prospectus Directive”). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. The Offering Memorandum has been prepared on the basis that any offer of New Notes in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of New Notes. The Offering Memorandum is not a prospectus for the purposes of the Prospectus Directive.

MiFID II product governance / Professional investors and ECPs only target market—In the EEA and solely for the purposes of the product approval process conducted by any dealer manager who is a manufacturer with respect to the New Notes for the purposes of the MiFID II product governance rule under EU Delegated Directive 2017/593 (each, a “manufacturer”), the manufacturers’ target market assessment in respect of the New Notes has led to the conclusion that: (i) the target market for the New Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the New Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the New Notes (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the New Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

Belgium

Neither the Offering Memorandum nor any other documents or materials relating to the Exchange Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (“Autorité des services et marchés financiers”/”Autoriteit voor Financiële Diensten en Markten”). The Exchange Offers are not being, and may not be, made in Belgium by way of a public offering, as defined in Articles 3, §1, 1° and 6, §1 of the Belgian Law of April 1, 2007 on public takeover bids (“loi relative aux offres publiques d’acquisition”/”wet op de openbare overnamebiedingen”) (the “Belgian Takeover Law”) or as defined in Article 3, §1 of the Belgian Law of June 16, 2006 on the public offer of investment instruments and the admission to trading of investment instruments on a regulated market (“loi relative aux offres publiques d’instruments de placement et aux admissions d’instruments de placement à la négociation sur des marchés réglementés”/”wet op de openbare aanbieding van beleggingsinstrumenten en de toelating van beleggingsinstrumenten tot de verhandeling op een gereglementeerde markt”) (the “Belgian Prospectus Law”), both as amended or replaced from time to time. Accordingly, the Exchange Offers may not be, and are not being, advertised and the Exchange Offers will not be extended, and neither the Offering Memorandum nor any other documents or materials relating to the Exchange Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than (i) to persons which are “qualified investors” (“investisseurs qualifiés”/”gekwalificeerde beleggers”) as defined in Article 10, §1 of the Belgian Prospectus Law, acting on their own account, as referred to in Article 6, §3 of the Belgian Takeover Law or (ii) in any other circumstances set out in Article 6, §4 of the Belgian Takeover Law and Article 3, §4 of the Belgian Prospectus Law. The Offering Memorandum has been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Exchange Offers. Accordingly, the information contained in the Offering Memorandum or in any other documents or materials relating to the Exchange Offers may not be used for any other purpose or disclosed or distributed to any other person in Belgium.

France

The Exchange Offers are not being made, directly or indirectly, to the public in the Republic of France. Neither the Offering Memorandum nor any other documents or materials relating to the Exchange Offers have been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés) other than individuals, in each case acting on their own account and all as defined in, and in accordance with, Articles L.411-1, L.411-2, D.321-1 and D.411-1 of the French Code Monétaire et Financier, are eligible to participate in the Exchange Offers. The Offering Memorandum and any other document or material relating to the Exchange Offers have not been and will not be submitted for clearance to nor approved by the Autorité des marchés financiers.

Italy

None of the Exchange Offers, the Offering Memorandum or any other documents or materials relating to the Exchange Offers or the New Notes have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (“CONSOB”). The Exchange Offers are being carried out in the Republic of Italy as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act”) and article 35-bis, paragraph 3, of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the “Issuers’ Regulation”) and, therefore, are intended for, and directed only at, qualified investors (investitori qualificati) (the “Italian Qualified Investors”), as defined pursuant to Article 100, paragraph 1, letter (a) of the Financial Services Act and Article 34-ter, paragraph 1, letter (b) of the Issuers’ Regulation. Accordingly, the Exchange Offers cannot be promoted, nor may copies of any document related thereto or to the New Notes be distributed, mailed or otherwise forwarded, or sent, to the public in Italy, whether by mail or by any means or other instrument (including, without limitation, telephonically or electronically) or any facility of a national securities exchange available in Italy, other than to Italian Qualified Investors. Persons receiving the Offering Memorandum must not forward, distribute or send it in or into or from Italy. Noteholders or beneficial owners of the Old Notes that are resident or located in Italy can offer to exchange the notes pursuant to the Exchange Offers through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Old Notes, the New Notes, the Exchange Offers or the Offering Memorandum.

United Kingdom

Each dealer manager has further represented and agreed that it has complied and will comply with all the applicable provisions of the Financial Services and Markets Act 2000 (“FSMA”) with respect to anything done by it in relation to the New Notes in, from or otherwise involving the United Kingdom (“U.K.”); and it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any New Notes in circumstances in which Section 21(1) of the FSMA does not apply to Shell Finance US or Shell.

The Offering Memorandum is only being distributed to and is only directed at (i) persons who are outside the U.K. or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The New Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the New Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Hong Kong

The New Notes may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), or (ii) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the New Notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to New Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

Japan

The New Notes have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the Financial Instruments and Exchange Law) and each dealer manager has agreed that it will not offer or sell any New Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.

Singapore

The Offering Memorandum has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, and if the Issuer has not notified the dealer(s) on the classification of the New Notes under and pursuant to Section 309(B)(1) of the Securities and Futures Act, Chapter 289 Singapore (the “SFA”), the Offering Memorandum and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the New Notes may not be circulated or distributed, nor may the New Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of Chapter 289 of the SFA, (ii) to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the New Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest in that trust shall not be transferable for six months after that corporation or that trust has acquired the New Notes under Section 275 except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is given for the transfer; or (3) by operation of law.

Singapore Securities and Futures Act Product Classification—Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the New Notes are “prescribed capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Contacts:

Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

Cautionary Statement

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release, “Shell” refers to Shell plc; “Shell Group” refers to Shell and its subsidiaries; “Shell Finance US” or “Issuer” refers to Shell Finance US Inc.; “Shell International Finance” refers to Shell International Finance B.V.; BGEC refers to BG Energy Capital plc; the terms “we,” “us,” and “our” refer to Shell or the Shell Group, as the context may require.

This press release contains certain forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation):

price fluctuations in crude oil and natural gas;changes in demand for the Shell Group’s products;currency fluctuations;drilling and production results;reserves estimates;loss of market share and industry competition;environmental and physical risks, including climate change;risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions;the risk of doing business in developing countries and countries subject to international sanctions;legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change;economic and financial market conditions in various countries and regions;political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs;risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war, and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; the pace of the energy transition; andchanges in trading conditions. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell’s Form 20-F for the year ended December 31, 2024, as amended, and in Exhibit 99.2 to our Report on Form 6-K filed with the SEC on July 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov).

These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, December 4, 2025. Neither Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

The contents of websites referred to in this press release do not form part of this content.

Readers are urged to consider closely the disclosure in our Form 20-F, as amended, File No. 001-32575, available on the SEC website www.sec.gov.

Aristocrat Leisure Limited (OTCPK:ARLUF) Discusses 2025 Sustainability Strategy and Progress Across Key Governance and Social Pillars December 2, 2025 6:30 PM EST

Company Participants

Harry Ashton
James Coghill - General Manager of Investor Relations

Presentation

Operator

Good day and thank you for standing by. Welcome to Aristocrat's 2025 Sustainability Disclosure Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Harry Ashton, Group General Manager of Sustainability. Please go ahead.

Harry Ashton

Everyone, and thank you for joining today's call. My name is Harry Ashton, and I'm the Group General Manager of Sustainability at Aristocrat. Joining me today are Vanessa Shepherd, our Director of Group Sustainability; James Coghill, our General Manager of Investor Relations; and Prashani Veerasamy, our Manager of Investor Relations.

Earlier this week, we published Aristocrat's FY '25 sustainability report on our website. We also published an accompanying sustainability data book, which brings together all of our sustainability metrics in a stand-alone transparent resource. I encourage everyone to explore both documents. These disclosures reflect a further step forward in our maturity of our sustainability journey.

FY '25 marked the first year of executing our refreshed sustainability strategy, underpinned by a comprehensive double materiality assessment completed in FY '24. That process helped us identify the 13 most material sustainability matters to our global business, which we're now managing under 4 strategic pillars: Good Governance and Responsible Business, Empowering Safer Play, which is our most material sustainability matter; Operational Sustainability & Climate; and People & Community. Let me take a few minutes to walk through progress under each of those pillars.

Striving to uphold high governance standards and strong compliance with gaming and other regulations is fundamental to Aristocrat. Under the first pillar, good governance

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Sanofi completes acquisition of Vicebio

Paris, December 4, 2025. Sanofi announces the completion of its acquisition of Vicebio Ltd (“Vicebio”).

This acquisition brings an early-stage combination vaccine candidate for respiratory syncytial virus (RSV) and human metapneumovirus (HMPV), both respiratory viruses, and expands the capabilities in vaccine design and development with Vicebio’s ‘Molecular Clamp’ technology.

The acquired vaccine candidate complements Sanofi’s position in respiratory vaccines. It enables Sanofi to offer increased physician and patient choice in RSV and HMPV by adding a non-mRNA vaccine to its pipeline.

About Sanofi
Sanofi is an R&D driven, AI-powered biopharma company committed to improving people’s lives and delivering compelling growth. We apply our deep understanding of the immune system to invent medicines and vaccines that treat and protect millions of people around the world, with an innovative pipeline that could benefit millions more. Our team is guided by one purpose: we chase the miracles of science to improve people’s lives; this inspires us to drive progress and deliver positive impact for our people and the communities we serve, by addressing the most urgent healthcare, environmental, and societal challenges of our time.
Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY

Media Relations
Sandrine Guendoul | +33 6 25 09 14 25 | [email protected]
Evan Berland | +1 215 432 0234 | [email protected]  
Léo Le Bourhis | +33 6 75 06 43 81 | [email protected]  
Victor Rouault | +33 6 70 93 71 40 | [email protected]
Timothy Gilbert | +1 516 521 2929 | [email protected]
Léa Ubaldi | +33 6 30 19 66 46 | [email protected]

Investor Relations
Thomas Kudsk Larsen | +44 7545 513 693 | [email protected]  
Alizé Kaisserian | +33 6 47 04 12 11 | [email protected]
Felix Lauscher | +1 908 612 7239 | [email protected]  
Keita Browne | +1 781 249 1766 | [email protected]
Nathalie Pham | +33 7 85 93 30 17 | [email protected]
Tarik Elgoutni | +1 617 710 3587 | [email protected]  
Thibaud Châtelet | +33 6 80 80 89 90 | [email protected]
Yun Li | +33 6 84 00 90 72 | [email protected]

Sanofi Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions, and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although Sanofi’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, Sanofi’s ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment initiatives and subsequent changes thereto, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in Sanofi’s annual report on Form 20-F for the year ended December 31, 2024. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

Press_Release

December 04, 2025 05:00 ET

 | Source:

Aben Gold Corp.

Vancouver, BC , Dec. 04, 2025 (GLOBE NEWSWIRE) -- Aben Gold Corp. (TSX-V: ABM) (OTCID: ABNAF) (Frankfurt: ML1) (“Aben” or “the Company”) is pleased to announce that it has entered into an option agreement (the “Agreement”) with Kingfisher Metals Corp. (“Kingfisher” or the “Optionee”) which provides Kingfisher a three-year option to acquire a 100% interest in the Forrest Kerr Project located in the Golden Triangle of British Columbia, Canada (the “Property”). The Property contains fifty (50) mineral claims, comprising approximately 20,197 hectares.

The Agreement provides Kingfisher an opportunity to earn 100% interest in the claims over a three year period by fulfilling combined cash and share issuance commitments of CAD $2.7 million.

The Option Agreement:

Date Cash Payments Value of Shares Issued On the Closing Date $150,000 $500,000(1) On or before the date that is 6 months from the Closing Date $150,000 $500,000(1) On or before the date that is 12 months from the Closing Date $200,000 $500,000(1) On or before the date that is 36 months from the Closing Date $700,000 N/A TOTAL $1,200,000 $1,500,000 (1)Deemed price shall be the higher of a) 5-day VWAP and b) the last closing price of the Optionee Shares, as quoted on the TSXV less the maximum allowable discount under TSXV policy of 25% at the time the Agreement is announced.

All Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. No finders’ fees or commissions are owing by Aben in connection with entering into the Agreement. Completion of the transactions contemplated by the Agreement, and the issuance of the Shares, remains subject to the approval of the TSX Venture Exchange.

Kingfisher will be the operator of the project during the option period.

President and CEO Riley Trimble states, “This transaction delivers Aben $2.7 million in cash and shares with no further expenditure on Forrest Kerr, sharpens our focus as a pure Yukon gold explorer, and places the project with an excellent team that’s actively consolidating the Golden Triangle. We can now put 100% of our effort and capital behind our flagship Justin Gold Project in Yukon.”

About Kingfisher:

Kingfisher Metals Corp. (https://kingfishermetals.com/) is a Canadian based exploration company focused on copper-gold exploration in the Golden Triangle, British Columbia.  Through outright purchases and option earn in agreements (Orogen Royalties, Golden Ridge Resources and Aben Gold) the Company has quickly consolidated one of the largest land positions in the Golden Triangle region at with the 933 km2 HWY 37 Project and 202 km2 Forrest Kerr Project. Kingfisher also owns (100%) two district-scale orogenic gold projects in British Columbia that total 641 km2.

Qualified Person:

Cornell McDowell, P.Geo., V.P. of Exploration for Aben Gold, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.

About Aben Gold:

Aben Gold Corp. is a Canadian gold exploration company with exploration projects in the Yukon Territory and British Columbia. The Company’s flagship, the 7,400-hectare, 100% owned Justin Gold Project is located in the southeast Yukon in the Tintina Gold Belt adjacent to Seabridge Gold’s 3 Aces Project.

The Company’s goal is to increase shareholder value through new discoveries and developing exploration projects in geopolitically favourable jurisdictions.

The Company has 23.2 million shares outstanding.

Twitter
LinkedIn

For further information on Aben Gold Corp. (TSX-V: ABM), visit our Company’s website at www.abengold.com.

ABEN GOLD CORP.

“Riley Trimble”
______________________
Riley Trimble
President & CEO

For further information contact:
Aben Gold Corp.
Riley Trimble, President & CEO
Telephone: 604-639-3852
Facsimile: 604-687-3119
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements including obtaining TSX Venture Exchange approval of the Agreement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

U.S. stock futures rose on Thursday after advancing on Wednesday. Futures of major benchmark indices were slightly higher.

Meanwhile, as Wall Street chatter about a December rate cut and a new Federal Reserve Chair took center stage, President Donald Trump was reportedly contemplating appointing U.S. Treasury Secretary Scott Bessent as his chief economic adviser if incumbent Kevin Hassett is chosen as the next Chairman of the Federal Reserve.

The ADP report on Wednesday indicated that U.S. private employers shed 32,000 jobs in November, missing the forecast for a 5,000 gain and reversing October’s 42,000 additions; this reinforced views of a cooling labor market.

The 10-year Treasury bond yielded 4.09% and the two-year bond was at 3.51%. The CME Group's FedWatch tool‘s projections show markets pricing an 87% likelihood of the Federal Reserve cutting the current interest rates during its December meeting.

FuturesChange (+/-)Dow Jones0.13%S&P 5000.11%Nasdaq 1000.13%Russell 20000.01%The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Thursday. The SPY was up 0.095% at $684.54, while the QQQ advanced 0.12% to $624.26, according to Benzinga Pro data.

Stocks In Focus
UiPath Inc. (NYSE:PATH) jumped 9.02% in premarket on Thursday after reporting upbeat third-quarter financial results and issuing fourth-quarter sales guidance with its midpoint above estimates.

Benzinga’s Edge Stock Rankings indicate that MRVL maintains a stronger price trend over the short, medium, and long terms, with a moderate growth ranking. Additional performance details are available here.

Salesforce
Salesforce Inc. (NYSE:CRM) rose 2.02% after reporting better-than-expected third-quarter earnings and raising its FY26 guidance.

It maintains a weaker price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.

Snowflake
Snowflake Inc. (NYSE:SNOW) tumbled 8.87% despite reporting better-than-expected third-quarter results, as its operating margin guidance appears to be weighing on shares. It said that it expects an adjusted operating margin of 7% in the fourth quarter, down from 11% in the third quarter

Benzinga’s Edge Stock Rankings shows that SNOW maintains a stronger price trend over the medium and long terms but a weak trend in the short term, with a poor growth score. Additional information is available here.

Lululemon Athletica
Lululemon Athletica Inc. (NASDAQ:LULU) was up 0.0055% as analysts expect it to post quarterly earnings at $2.21 per share on revenue of $2.48 billion after the closing bell.

It maintains a stronger price trend over the short term but a weak trend in the medium and long terms, with a moderate value ranking. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.

Nauticus Robotics
Nauticus Robotics Inc. (NASDAQ:KITT) soared 31.41% after reports that Commerce Secretary Howard Lutnick has been meeting with robotics industry CEOs and supports efforts to accelerate growth in the sector.

KITT maintained a weaker price trend over the short, medium, and long terms. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.

Cues From Last SessionFinancial, energy, and industrial stocks recorded the biggest gains on Wednesday, though utilities and information technology issues bucked the trend to close lower.

Broadly, U.S. stocks settled higher, with the Dow Jones index rising more than 400 points as weak private employment data cemented expectations for a rate cut next week.

IndexPerformance (+/-)ValueNasdaq Composite0.17%23,454.09S&P 5000.30%6,849.72Dow Jones0.86%47,882.90Russell 20001.19%2,512.14Insights From AnalystsProfessor Jeremy Siegel has identified a critical turning point for the U.S. economy as the 10-year Treasury yield falls. Siegel argues this market movement is a leading indicator, “telling us far more about the next phase of Fed policy than most of the stale backward-looking data.”

Consequently, he believes the Federal Reserve has ample room to maneuver, predicting that “a 25-basis-point cut is very much in play” for the upcoming meeting.

Siegel describes the current labor market as a “no-fire, no-hire” environment—neither overheating nor collapsing—which supports continued consumer spending despite gloomy sentiment surveys.

Turning to the technology sector, Siegel highlights the intensifying race between major AI platforms like Gemini and OpenAI.

While he cautions investors to be realistic about the fierce competition and depreciation costs of AI hardware, his long-term outlook remains positive.

He concludes that “over the long run, AI will significantly boost productivity and earnings, and that supports equities.”

See Also: How to Trade Futures

Upcoming Economic DataHere's what investors will be keeping an eye on Thursday;

Initial jobless claims data for the week ending Nov. 29 will be released by 8:30 a.m. ET.
Fed Vice Chair for Supervision Michelle Bowman will speak at 12:00 p.m. ET.
Commodities, Gold, Crypto, And Global Equity MarketsCrude oil futures were trading higher in the early New York session by 0.54% to hover around $59.27 per barrel.

Gold Spot US Dollar fell 0.21% to hover around $4,194.40 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.02% lower at the 98.8300 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.54% higher at $93,446.51 per coin.

Asian markets closed higher on Thursday, except South Korea's Kospi index. India’s NIFTY 50, Hong Kong's Hang Seng, China’s CSI 300, Japan's Nikkei 225, and Australia's ASX 200 indices rose. European markets were mostly higher in early trade.

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© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Amazon is preparing to expand its nationwide delivery network and give up its long-standing partnership with the U.S. Postal Service, the Washington Post reported on Thursday, citing three people with knowledge of the matter.

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SummarySantacruz Silver Mining Ltd (SCZMF) is upgraded to Buy, driven by momentum, Nasdaq listing plans, and a strong silver price environment.SCZMF experienced a temporary operational setback at Bolivar, but maintained revenue, improved margins, and eliminated a major acquisition liability, thus strengthening its financial position.Valuation remains attractive with a 43% discount to sector median on EV/EBITDA; Atrium Research sets a C$3.10 price target, implying 29% upside.Risks include short mine lives and limited production visibility; this is a high-beta, catalyst-driven trade requiring disciplined risk management. MariuszSzczygiel/iStock via Getty Images

Since I last covered Santacruz Silver Mining Ltd (OTCPK:SCZMF) with a Hold rating, shares are up 13.25% versus 5.17% for the S&P 500.

I am upgrading my rating to a Buy, but make no mistake—this is a catalyst and momentum driven

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in SCZMF over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Meta has been hit with an EU antitrust investigation over its use of AI features in WhatsApp, as the European bloc continues to ramp up challenges to US big tech giants.

The probe will examine whether Meta's new policy on allowing AI providers' access to WhatsApp may breach EU competition rules, Brussels said in a statement Thursday morning.

"The claims are baseless," a WhatsApp spokesperson told CNBC in a statement, adding that the app's application programming interface (API) was not designed to support AI chatbots and "puts a strain on our systems."

"The AI space is highly competitive and people have access to the services of their choice in any number of ways, including app stores, search engines, email services, partnership integrations and operating systems," the company added.

This is a breaking news story. Please refresh for updates.

The spouses and children of billionaires inherited more wealth in 2025 than in any previous year since reporting began in 2015, according to UBS's Billionaire Ambitions Report published on Thursday.

By contrast, the ISM Services PMI edged up to 52.6, modestly outperforming expectations and signaling continued expansion in the country’s largest economic sector.

Rate-Cut Expectations Rise but Caution Prevails
Markets now assign an 89% probability of a 25-basis-point rate cut at next week’s Federal Open Market Committee (FOMC) meeting, according to the CME FedWatch Tool, up sharply from 71% just one week earlier. Lower interest rates typically support precious metals by reducing the opportunity cost of holding non-yielding assets, but sentiment remains fragile as investors await additional data.

“Traders are positioning for a dovish pivot, but the Fed has left itself room to react to inflation surprises,” said one London-based metals strategist.

The September PCE inflation report, delayed due to government data disruption and expected Friday, is now viewed as the critical release guiding near-term policy expectations.

Jobless Claims and Volatility Risks in Focus
Weekly Initial Jobless Claims, due later today, could add further clarity on whether labor-market conditions are weakening enough to justify easier monetary policy. Economists expect only a modest uptick, but any deviation could spark short-lived volatility across precious metals.

Silver, which has outperformed gold in recent sessions due to solid industrial demand and tightening supply dynamics, is also sensitive to macro shifts. Analysts note that continued economic slowdown in the United States or Europe could temper physical demand, even as monetary easing offers support.

PDF Solutions, Inc. (PDFS) Analyst/Investor Day December 3, 2025 6:15 PM EST

Company Participants

John Kibarian - Co-Founder, President, CEO & Director
Adnan Raza - Executive VP of Finance & CFO
Kimon Michaels - Co-Founder, Executive VP of Products & Solutions and Director

Conference Call Participants

Clark Wright - D.A. Davidson & Co., Research Division

Presentation

Unknown Executive

So for those on the broadcast, just letting you guys know we are now live in session.

John Kibarian
Co-Founder, President, CEO & Director

Okay. So we're live. So I want to thank everyone for either attending on the webcast or coming in person. We do really appreciate that. And also for those of you that flew in from out of town or from -- drove down from the city or whatever, we do really appreciate any level of commute that you made. It's not easy to get around these days. And I think some of you came from the East Coast and maybe you -- [indiscernible], so that's a positive side of that.

We're going to go through our Analyst Day briefing. We do this every 2 years. So the last one was 2023. And I will start it off. Adnan will pick it up, probably go over the parts of the slides that you really want to see anyway. And then we'll get back into Q&A, and Kimon, Adnan and I will answer.

So basically, themes for today. Hopefully, you thought if you're attending here this morning, and I think it's relevant to both our investors and our customers. The semiconductor industry is evolving into this 3D era, I call it. I mean -- and we are looking to be a $1.1 trillion industry by 2030, if you look at the semi numbers or handheld numbers of IDMs. And we think when you look at that, that means the industry does need a

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Meta's aggressive AI infrastructure plans could reshape its earnings profile in ways investors might not like.

Meta Platforms (META 1.16%) dropped sharply after its late-October earnings report, even though the social media and digital advertising giant posted another quarter of strong growth. Investors instead zeroed in on management's latest comments about capital spending, which paint a much heavier investment cycle than the market had been expecting.

Meta's third-quarter revenue growth was impressive, powered by higher ad impressions and ad prices across its social media properties. Operating income also grew at a double-digit rate, and the core business continues to generate substantial cash. Yet alongside those healthy results, management raised its 2025 capital expenditures outlook again and outlined a 2026 spending plan that looks borderline egregious.

Massive capital expenditures don't change Meta's dominance in social media, but they do change how investors should think about its earnings power over the next several years. The scale of this build-out is large enough that it has become increasingly challenging to treat Meta as the asset-light compounder it once was.

Image source: Getty Images.

Soaring capital expenditures
Meta finished 2024 with $39.2 billion in capital expenditures, including principal payments on finance leases. This measures up to total 2024 revenue of $164.5 billion, which was up 22% year over year. With capital expenditures coming in at 7% of revenue, this was already a sizable investment program. But when the company reported those 2024 results in January, management guided 2025 capital expenditures to a range of $60 billion to $65 billion, largely to support AI (artificial intelligence) and data center investments.

Moving forward to the second quarter of 2025, management nudged its capex forecast for the year up to $66 billion to $72 billion, and the company noted that the midpoint implied roughly $30 billion of year-over-year capex growth. And then the third-quarter 2025 release went further, lifting the range again to $70 billion to $72 billion. At the midpoint, Meta is now planning to spend around $71 billion on capital expenditures this year -- close to an 80% increase compared with 2024.

In the third quarter alone, Meta's capital expenditures reached $19.4 billion, while free cash flow fell to $10.6 billion from $15.5 billion a year earlier, even as revenue grew 26% year over year. Meta is still generating plenty of cash, but increasingly more of its cash is now being recycled into servers, data centers, and related infrastructure. This is real capital that could be used for incremental share repurchases and dividends.

It gets worse
What really changes the story, though, is management's language about what comes next.

"[O]ur current expectation is that capital expenditures dollar growth will be notably larger in 2026 than 2025," said Meta CFO Susan Li's during the company's third-quarter earnings call. "We also anticipate total expenses will grow at a significantly faster percentage rate in 2026 than 2025, with growth driven primarily by infrastructure costs, including incremental cloud expenses and depreciation."

It's clear, therefore, that management expects a steep step up in capex once again.

What level of capital expenditures in 2026 does Li's commentary imply? Using 2024's $39.2 billion in capital expenditures as a starting point and the midpoint of the 2025 guidance range at about $71 billion, dollar growth in 2025 is roughly $32 billion. If 2026 capex dollar growth is "notably larger" than that figure and lands somewhere in the upper $30 billions or low $40 billions, total capital expenditures in 2026 could reasonably reach the neighborhood of $110 billion. That would be close to triple the 2024 level in just two years.

Today's Change

(

-1.16

%) $

-7.50

Current Price

$

639.60

The investment thesis isn't as certain
The resulting change in the company's operating model is already occurring. Depreciation and amortization in the third quarter of 2025 already ran higher as a percentage of revenue than the year-ago period, and the company is telling investors that infrastructure costs and depreciation will be major drivers of expense growth in 2026. This combination suggests earnings growth could slow materially once the full cost of today's capex surge flows through the income statement.

Meta's investment case historically rested on a very different profile. The company transformed a set of social platforms with enormous user bases into a highly profitable ad business, achieving an operating margin of 42% for the full year 2024, up from 35% in 2023. That margin expansion came as the company was cutting costs and refocusing on what CEO Mark Zuckerberg called the "year of efficiency."

Today's capital plan, on the other hand, resembles the profile of a capital-intensive infrastructure provider. Meta is building data centers and buying specialized chips to ensure enough compute capacity for its AI ambitions.

None of this means Meta is suddenly a weak business. The ad platform is performing well, with third-quarter advertising revenue up 26% year over year. The company also continues to generate substantial free cash flow even after heavy investment -- and AI advancements and integrations could unlock more ad revenue over time.

But with the stock trading around 29 times earnings, the current valuation assumes that Meta can sustain robust profit growth despite much heavier depreciation. When capital expenditures are marching toward an estimated $110 billion in 2026, and a meaningful share of that spending may go into infrastructure that looks more commodity-like than Meta's core ad products, it becomes harder to view the stock as an obvious buy at this price.

About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

Warren Buffett's Berkshire Hathaway has been a net seller of stocks for 12 consecutive quarters despite having a tremendous amount of investable cash.

Berkshire Hathaway (BRK.A 0.35%) (BRK.B 0.60%) shares have increased over 5,500,000% since Warren Buffett assumed control in 1965, compounding at 20% annually. His patient, value-oriented approach to investing has been indispensable in achieving that success. The company has a stock portfolio worth more than $300 billion.

Ominously, Buffett and his fellow investment managers have consistently been net sellers of stocks since the S&P 500 (^GSPC +0.30%) entered a bull market in Q4 2022. In other words, Berkshire has sold more stock than it has purchased in 12 straight quarters. Its net sales totaled $184 billion during that period.

Berkshire's large cash position makes that an especially grim warning. The company held a record $381 billion in cash and short-term investments in Q3 2025, meaning Buffett sold more stock than he bought depsite having a tremendous amount of investable capital.

Investors need to ask themselves why. One explanation is Berkshire is already so big that very few stocks could move the financial needle for the company, and perhaps the ones that could are either too expensive or outside Buffett's circle of competence. Alternatively, Buffett may simply be concerned about the valuation of the entire stock market.

Image source: Getty Images.

The S&P 500 trades at a historically expensive valuation that portends a steep decline in the coming years
In November, the S&P 500 had an average cyclically adjusted price-to-earnings (CAPE) ratio of 40, one of the most expensive valuations in history. Whereas traditional price-to-earnings (P/E) ratios are calculated with earnings from the past year, CAPE ratios are based on the average inflation-adjusted earnings from the past decade.

Economist Robert Shiller developed the CAPE ratio as a more accurate way to value stock market indexes like the S&P 500. By averaging inflation-adjusted earnings from a 10-year period, the CAPE ratio provides a better perspective than the traditional P/E ratio because it smooths volatility that occurs naturally throughout the business cycle.

As mentioned, the S&P 500 had an average CAPE ratio of 40 in November. The index has only recorded a monthly CAPE ratio of at least 40 on 22 occasions since it was created in 1957. In other words, the U.S. stock market has been this expensive less than 3% in the last seven decades.

Unfortunately, the S&P 500 has usually yielded dismal forward returns when starting from such an expensive valuation. Shown in the chart below are the S&P 500's best, worst, and average returns over different time periods following a monthly CAPE reading of 40 or higher.

Time Period

S&P 500's Best Return

S&P 500's Worst Return

S&P 500's Average Return

1 year

16%

(28%)

(3%)

2 years

8%

(43%)

(19%)

3 years

(10%)

(43%)

(30%)

Data source: Robert Shiller.

The chart above contains two particularly important facts. First, after recording a monthly CAPE ratio of at least 40, the S&P 500 has never produced a positive return over the next three years. Instead, the index has declined anywhere from 10% to 43%.

Second, after recording a monthly CAPE ratio of at least 40, the S&P 500's average return has been negative over the next one, two, and three years. Indeed, the three-year average implies the index will decline 30% by December 2028.

Why the S&P 500's elevated CAPE ratio may be less concerning than it first appears
The CAPE ratio has an important limitation: It is calculated based on backward-looking data, but what actually matters to the market is how quickly earnings grow in the future.

The S&P 500's net profit margin expanded 4.4 percentage points in the last decade due to lower corporate tax rates and technological innovation. That trend is likely to persist in the years ahead as more companies adopt artificial intelligence tools.

For that reason, investors may have a greater tolerance for elevated valuations today than they did in the past. If earnings growth accelerates in the future, the S&P 500's CAPE ratio could moderate without a substantial drawdown in the index.

Having said that, there is no denying the S&P 500 is expensive by historical standards, and that will likely lead to volatile trading conditions even in the best-case scenario. Investors should err on the side of caution. Now is not the time to chase momentum stocks with absurd valuations. Instead, investors should be choosy (like Warren Buffett) about which stocks they add to their portfolios, and they should sell any stocks they feel uncomfortable holding through a drawdown.

, /PRNewswire/ -- Research from Pearson (FTSE: PSON.L), the world's lifelong learning company, reveals growing concern among educators about how well young people across the UK are being prepared for an AI-driven future. 

The data from the Pearson School Report 2025, which brings together more than 14,000 voices from across the UK's education landscape, shows that 44% of secondary teachers and 31% of primary teachers believe students are not adequately equipped for the impact of artificial intelligence.

While educators recognise AI's potential benefits in the classroom, many feel underprepared to guide students in its effective and responsible use. Almost a quarter (23%) of teachers say they are not confident using AI, and only 9% feel confident teaching it. In response, 42% say AI should be included in teacher training; a clear call for ensuring teachers have the training and support they need today.

Demand for more training to prepare for an AI-driven world

As the use of AI accelerates rapidly, many schoolteachers and students are already embracing the technology and recognise the role it will play in the future of education:

57% of teachers believe that AI will play a bigger role in education in the future.
39% of teachers have used AI tools in the last fortnight.
44% of teachers say AI helps save time, particularly in planning lessons and admin.

However, there is demand from both college tutors and schoolteachers for more training on AI:

59% of college tutors believe that teachers/tutors need more AI training.
42% of schoolteachers specify that AI should be included in teacher training.
43% of teachers identify AI training for staff in their schools as essential to improving students' digital skills.

These findings echo the recommendations of the Curriculum and Assessment Review Final Report, which highlights that recent advancements in AI and generative AI have made digital literacy even more critical. Young people must understand how AI works, what it can and cannot do, and how to use it effectively and responsibly.

Freya Thomas Monk, Managing Director of Pearson Qualifications, said: "Teachers will always be at the heart of students' learning, development, and success. AI's power lies in its ability to support and amplify their role. We need to accelerate investment in the tools, training, and resources that help them harness its potential, while ensuring students gain the skills needed for an AI-enabled future. By acting now and working together across the sector, we can ensure AI is used thoughtfully and responsibly to empower teachers and prepare young people to thrive in a rapidly changing economy."

Educator voices calling for change

Educators are echoing this need for enhanced AI training across the sector. Janeen Hayat, Director of Collective Action at The Fair Education Alliance, warns: "School staff also need more support in impactful use of technology, and AI specifically [...] If we don't invest in the skills and infrastructure the education system needs now, we'll leave more and more young people behind."

Teachers on the frontline are experiencing this skills gap firsthand. One primary classroom teacher explained: "I'm fairly confident using IT and AI but I feel many staff are not. This causes a gap in what children experience as they move through their primary years. [As] teachers we have not been equipped or taught well enough to ensure our children are digitally savvy/competent. This needs fixing urgently!"

The path to more training on AI

Pearson has introduced certifications and training to help build AI literacy:

Pearson's Generative AI Foundations Certification has reached thousands of learners since launching in October 2024.
'AI Essentials' is a short course, powered by ActiveHub, designed in partnership with Basingstoke College of Technology that provides a foundational understanding of AI, including the responsible use of AI and how to think critically about digital content.
Extended Project Qualification pathway in Gen AI literacy - 'EPQ:AI' is available to Students in the UK and internationally.
The BTEC Artificial Intelligence Fundamentals course gives learners an understanding of the fundamental functions and operations involved in AI and machine learning.

Recent Pearson News

Blog: "Empowering Teachers for an AI Future"
Pearson response to the Curriculum and Assessment Review 
Pearson's EPQ:AI pathway
GCSE Exam Practice Assistant from Pearson Revise 
Lost in Transition: Gaps in Career Paths Costing the UK Economy £96 Billion Annually
Pearson and Cebr research on investment in technology in schools

About Pearson
At Pearson, our purpose is simple: to help people realize the life they imagine through learning. We believe that every learning opportunity is a chance for a personal breakthrough. That's why our c. 18,000 Pearson employees are committed to creating vibrant and enriching learning experiences designed for real-life impact. We are the world's lifelong learning company, serving customers in nearly 200 countries with digital content, assessments, qualifications, and data. For us, learning isn't just what we do. It's who we are. Visit us at pearsonplc.com.

Media contact
[email protected] 

SOURCE Pearson

December 04, 2025 04:00 ET

 | Source:

Vow ASA

Oslo, 4 December 2025: Vow ASA (ticker OSE: VOW) and its subsidiary Scanship have received a purchase order from a major European shipyard of EUR 29.6 million. Equipment deliveries will start in July 2027 for the first vessel and continue throughout 2028.

This order covers a new platform for a total of two vessels, with the first equipment delivery expected in July 2027 and the first vessel scheduled to enter operation by the end of 2029.

“Through this contract, we continue our long-standing cooperation with the shipyard and the cruise line. The vessels will be fully equipped with Scanship systems, reinforcing our joint commitment to reliable and sustainable solutions,” says Gunnar Pedersen, CEO of Vow ASA.

With Scanship technology onboard, all wastewater on the ships will be purified according to the requirements in the Baltic Sea and Alaskan State waters, which are to date the highest standards at sea. All residue sludge from the wastewater, along with food waste and other biogenic waste from hotel operations, will undergo several processing steps such as dewatering, homogenization, drying, and finally pyrolysis treatment.

The waste management system further enhances the abord circular economy, recovering valuable commodities such as glass and aluminum for landing.

Scanship’s integrated clean ship solutions are designed to ensure compliance with all maritime environmental requirements, reducing greenhouse gas emissions, recovering important resources from waste, and preventing pollution.

For more information, please contact:

Gunnar Pedersen, CEO, Vow ASA

Tel: +47 916 30 304

Email: [email protected]

Cecilie Brænd Hekneby, CFO, Vow ASA

Tel: +47 992 93 826

Email: [email protected]

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice was published by Cecilie Brænd Hekneby, CFO, on the date and time as set out in the release.

About Vow

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company’s world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.

Advanced technologies and solutions from Vow enable industry decarbonisation and material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company’s capability to deliver is well proven.

The company is a cruise market leader in wastewater purification and valorisation of waste. It provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).

LONDON--(BUSINESS WIRE)--The latest credit card data analysis from global analytics software leader FICO, for September 2025, underlines the financial balancing act households have faced this year. Following the Autumn Budget, there are clear signs that cardholders with accumulated debt (three missed payments) are falling into deeper delinquency. This is particularly pronounced for customers who have had their credit card for five years plus. Highlights The most significant year-on-year decline.

Britain's BT launched a sovereign data platform for its public-sector and business customers on Thursday to store and process their data in the country, responding to increasing demand for higher levels of resilience.