Operator

Good day, and welcome to the Abaxx Technologies Fourth Quarter and Year-End 2025 Earnings and Business Update Call. [Operator Instructions]

Please note that live questions will not be addressed until the Q&A portion of the call begins following prepared remarks. For those on the webcast, you may submit questions throughout the event by typing in the submit a question box on your screen. Questions will be addressed after the formal presentation has ended. Please note, this event is being recorded. I would now like to turn the conference over to Tara Hayes, Director of Communications. Please go ahead.

Tara Hayes

Thanks, Nick. Good morning, good afternoon and good evening to those joining us from Singapore. Thank you for joining us today for the Abaxx Q4 ’25 Earnings and Business Update Call. My name is Tara Hayes, Director of Communications at Abaxx, and I’ll be directing today’s presentation.

With us on the line are Founder and CEO, Josh Crumb; Abaxx Chief Strategy Officer, David Greely; Abaxx Exchange Chief Commercial Officer, Joe Raia; and Abaxx Digital Title Lead, Leah Wald; Abaxx CFO, Steve Fray; and Chief Legal Officer, Jeff Lipton, are also on the line and will be joining us for the Q&A period following today’s prepared remarks.

Everyone should have access to our 2025 year-end reports and annual information form, which will be the

HOUSTON — Rapper Ben 10, a well-known affiliate of superstar NBA YoungBoy, was shot Wednesday night inside a Houston restaurant but is reported to be alert and in stable condition, according to multiple sources close to the situation and initial law enforcement updates.

The incident occurred at Confessions, a popular Houston eatery, during what some social media posts described as a gathering tied to spring break activities or a birthday celebration. Details remain limited as Houston police continue their investigation, but witnesses and associates indicated that Ben 10 and at least one other person were shot following an apparent altercation.

Houston Police Department officials have not yet released an official statement naming the victims, but social media accounts affiliated with the NBA YoungBoy camp and local news aggregators quickly circulated reports of the shooting. Multiple Instagram and X posts from Wednesday evening claimed Ben 10 was shot but remained conscious and responsive when emergency services arrived. Sources familiar with the situation told outlets that he was transported to a local hospital in stable condition and is expected to survive.

Lt. Wilkins, speaking to media shortly after the incident, confirmed that two individuals were shot inside the restaurant. Police recovered multiple shell casings at the scene, though the exact number and circumstances leading to the gunfire have not been fully disclosed. No arrests have been announced as of early Thursday morning, and authorities are reviewing surveillance footage and interviewing witnesses.

Ben 10, whose real name has not been widely publicized in mainstream reports, hails from Baton Rouge, Louisiana — the same city as NBA YoungBoy. He has built a following as part of the broader NBA YoungBoy collective, often appearing in videos and social media content associated with the rapper’s circle. Known for his street-oriented style and close ties to YoungBoy, Ben 10 had been active in Houston during spring break, with some posts showing him charging fees for personal appearances.

The shooting comes amid a pattern of violence that has occasionally touched the extended NBA YoungBoy orbit. While NBA YoungBoy himself has faced legal troubles and rivalries in the rap world, Ben 10’s incident appears isolated rather than directly linked to larger feuds, according to preliminary social media analysis and reports from hip-hop news sites like Hot97.

Details of the Incident

Eyewitness accounts shared on social platforms described a sudden escalation inside the restaurant. Some users claimed an argument broke out before gunfire erupted, though police have not confirmed motives. The location, Confessions, is known for its late-night dining and has hosted events in the past, making it a plausible spot for out-of-town visitors during Houston’s busy spring break period.

Emergency responders arrived quickly, and both victims were transported to area hospitals. Initial conflicting reports on social media ranged from “critical condition” to “alert and good,” but more consistent updates from people close to Ben 10 emphasized that he was conscious, talking and stable after the shooting. One associate posted that Ben 10 was “alert at the moment” and receiving treatment.

Houston police urged anyone with information to contact authorities, emphasizing that the investigation remains active. No suspects have been publicly identified, and it is unclear whether the shooting was targeted or stemmed from a spontaneous dispute.

Background on Ben 10

Ben 10 has maintained a lower profile than NBA YoungBoy but has gained visibility through association with the prolific Baton Rouge artist. He has released music and appeared in videos alongside members of the NBA YoungBoy crew, cultivating a fan base in Louisiana and Texas. In recent weeks, Ben 10 had been promoting paid meet-and-greets in Houston, advertising rates as high as $5,000 for personal hangouts during spring break — a sign of his growing local notoriety.

His connection to NBA YoungBoy, one of the most streamed rappers in the world despite frequent legal issues, has placed him in a high-risk environment where street credibility and industry rivalries sometimes intersect with real-world violence. The hip-hop community has seen similar incidents involving affiliates of major artists, raising questions about safety and security for those in the orbit of high-profile rappers.

Community and Industry Reactions

News of the shooting spread rapidly on platforms like Instagram, X and Threads, with fans and fellow artists posting prayers and well-wishes. Some comments expressed concern about ongoing violence in the rap scene, while others speculated about possible motives tied to regional beefs or personal disputes. Houston’s vibrant music scene, which has produced stars across genres, has also grappled with gun violence in nightlife and entertainment venues.

Representatives for NBA YoungBoy have not issued a public statement as of Thursday morning. The artist, currently dealing with his own legal matters, has maintained a relatively low public profile in recent months.

Hip-hop journalists noted that while such incidents are tragic, they often highlight broader issues of conflict resolution and personal security in certain corners of the industry. Past shootings involving rappers and their entourages have sometimes led to temporary pauses in activities or increased private security measures.

Houston Police Investigation

The Houston Police Department is treating the case as an aggravated assault or attempted capital murder investigation. Detectives are canvassing the area around the restaurant for additional witnesses and reviewing any available camera footage from inside and outside the establishment. Spring break crowds in Houston can complicate such probes, as many visitors may have already left the city.

Officials reminded the public that releasing unconfirmed details can hinder investigations and asked for patience as facts emerge. No charges have been filed, and the second victim’s identity and condition have not been officially released.

Broader Context of Violence in Houston

Houston has seen its share of high-profile shootings in recent years, including incidents at entertainment venues and public spaces. While the city’s overall crime rate has fluctuated, gun violence remains a concern in certain nightlife districts. Local leaders and police have increased patrols during peak periods like spring break, when the population swells with visitors.

This incident also draws attention to the risks faced by emerging and affiliated artists who navigate the blurred lines between music promotion, street life and public appearances. Fans and industry insiders have called for greater emphasis on de-escalation and professional security for events involving rap figures.

As Ben 10 recovers, supporters have expressed relief at early reports of his stable condition. Many hope the incident serves as a wake-up call rather than another chapter in a cycle of violence.

Houston police continue to seek information from the public and expect to provide additional updates as the investigation progresses. For now, the focus remains on the victims’ recovery and bringing those responsible to justice.

The hip-hop community watches closely, with many sending messages of support to Ben 10 and calling for peace amid the latest high-profile shooting tied to the scene.

The German supermarket says it wants to ‘positively impact’ British communities

Lidl is planning to open more than 50 new stores in the next 12 months as part of a £600m investment plan. The UK’s sixth-largest supermarket chain said the move is set to create close to 2,000 jobs across the country.

New store openings will include sites such as Abbots Langley near Watford, Warrington in Cheshire, and Thornbury in Gloucestershire which are all set to open this summer, the company said.

Lidl said it will host more than 150 property partners and agents later this month to share its future growth plans as it targets new freehold, leasehold or long leasehold properties across Great Britain.

The firm has more than 1,000 stores in the uK, employing more than 35,000 workers.

Ryan McDonnell, chief executive of Lidl GB, said: “As we grow, we want to positively impact our British communities. We’re not just opening doors, we’re unlocking regional growth.

“Our expansion translates directly into high-quality jobs and gives British suppliers the certainty they need to invest in the future.

“Above all, it advances our social purpose of making affordable, healthy food accessible to everyone.”

Employment minister Kate Dearden said: “This kind of investment is exactly what we want to see from big employers – creating thousands of good jobs that pay fair wages and boost the standard of living in communities across the country.”

It comes after Lidl reported a 10 per cent surge in sales over a “record-breaking” Christmas, which saw nearly 51 million customers shop with the discounter in the festive run-up.

The Thai Securities and Exchange Commission (SEC) has unveiled five sweeping measures to combat illicit “grey capital,” dismantle mule account networks, and curb sophisticated investment scams targeting retail investors.

Key Details:

• Tightened KYC and customer due diligence for securities firms, including income/occupation verification and behavioral monitoring.
• Mandatory reporting of suspicious transactions to the Anti-Money Laundering Office and enhanced name-matching for deposits/withdrawals.
• Expanded oversight of beneficial owners and shareholders, including scrutiny of funding sources and stricter disqualifications for money laundering or terrorism-related offenses.
• Enhanced digital asset surveillance using blockchain forensics, alignment of transfer standards with cash-equivalent risks, and implementation of the Travel Rule.
• Cross-agency collaboration via the “Connect the Dots” task force to integrate identity, behavior, and financial data for tracking illicit networks.

These measures aim to restore investor confidence and safeguard Thailand’s capital market integrity amid rising digital fraud and economic risks.

What is the SEC’s ‘Connect the Dots’ task force targeting?

The Securities and Exchange Commission (SEC) of Thailand has launched a joint task force called “Connect the Dots” to target illicit financial networks through integrated data analysis. This initiative is part of a broader strategy to dismantle “grey capital” operations, mule account networks, and increasingly sophisticated investment scams.

The task force aims to integrate data across identity, behavior, and financial flows to track illegal activities more effectively. According to Pornanong Budsaratragoon, secretary-general of the SEC, this inter-agency collaboration involving the Digital Economy and Society Ministry and the Anti-Money Laundering Office is designed to trace transactions to their ultimate endpoints and facilitate asset seizure.

Beyond the task force, the regulator is implementing stricter know-your-customer (KYC) requirements and enhancing surveillance of digital assets. These measures include using blockchain forensic tools to monitor cross-border flows and tightening oversight of stablecoin transactions to protect retail investors from widespread financial losses.

How many crypto accounts were frozen under ‘Speed Bump’?

Thailand’s digital asset industry, under the newly implemented “Speed Bump” measure, has frozen over 10,000 suspicious cryptocurrency accounts. Led by the Thai Digital Asset Operators Trade Association (TDO), this initiative targets the misuse of mule accounts by criminal networks to facilitate illicit fund transfers.

The Speed Bump measure enforces a 24-hour transaction lock on transfers of 50,000 baht or more. During this period, users must complete additional know-your-customer (KYC) procedures, such as video verification, to confirm the wallet’s beneficial owner. While this approach has effectively curbed illicit transactions, it has also resulted in increased compliance costs for operators and extended processing times for legitimate digital asset users.

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Patrick Crehan buys fuel on behalf of a 3,500 member consortium, who are mainly agricultural farmers. Before the conflict, he was paying around 70p a litre. Just before the ceasefire, he was paying around 130p a litre, though that has fallen back a little since Wednesday.

Proposals for merger would add hundreds of shops plus three crematoria to retail giant’s chain, subject to member approval

The Co-op Group is planning to absorb Southern Co-op in a merger that would bring hundreds of food and funeral outlets into the Manchester retail giant’s portfolio.

The two societies have announced proposals that would require member approval before proceeding.

The deal involves integrating Southern Co-op’s 300,000 members into the seven million-strong Co-op Group, along with its approximately 300 food, funeral and Starbucks coffee branches.

Co-op Group would also gain its three crematoria under the arrangement, allowing it to re-enter the burgeoning market alongside its existing funeral services.

The organisations declined to reveal the value of the potential transaction.

Southern Co-op is headquartered in Portsmouth and operates predominantly across the south and south west of England, including London, Bristol and Exeter, trading under the Co-op Food and Welcome brands. It was established in Portsmouth as a co-operative in 1873.

Co-operatives are businesses owned and controlled by their members, who have a direct say in how the organisation is run.

Southern Co-op members will be given a vote on the proposals, which, if backed by members and regulators, are anticipated to be completed in the final quarter of 2026.

The merger would be facilitated through a process known as “transfer of engagements”, which enables two societies to combine.

Ben Stimson, Southern Co-op’s chief executive, said the deal would safeguard the future of the business, which has recently struggled with declining profits and rising costs. He said: “By coming together, we can secure the co-operative future of Southern Co-op as part of a stronger combined Co-op Group, while creating an even stronger voice nationally and internationally to advance the co-operative cause.”

Kate Allum, Co-op Group’s interim chief executive, said: “Joining forces across Co-op Group and Southern Co-op will create new opportunities for members to have access to a greater range of benefits across a wider society, with more trading opportunities, and in turn more benefits for them and their communities.”

Speaking to ET Now, Rahul Bajoria from BofA Global Research explained that while the forecast predates recent RBI measures, the core concern remains intact.

“So, I would say the numbers were done before the RBI came out with the measures… the main underlying issue remains with the balance of payments… we will run with a small BOP deficit… which can very well take us back towards 94 levels… we should kind of stabilise around 93 levels… but there is significant uncertainty about any spot projections.”

A Growing External Imbalance
India’s external position is becoming increasingly stretched as higher energy prices push up the current account deficit.

“No, absolutely… the most fundamental challenge… is how the external balances are set up… with the widening in the current account deficit… there is still going to be a challenge as to how do we attract capital… measures to increase capital inflows… should be the core focus… to stabilise the currency.”

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RBI’s Balancing Act
The Reserve Bank of India, Bajoria noted, is less concerned about defending specific levels and more focused on preventing disorderly moves.
“RBI… do not really track any particular levels… they are more worried about the pace and intensity… if there is a current account widening, the RBI would let the rupee adjust… 94-95… they would probably be okay… what matters more is attracting capital inflows going ahead.”Capital Flows: The Swing Factor
Recent outflows, he said, reflect a broader global trend rather than India-specific weakness.

“A lot of the capital outflows… are just funds lightening risk… we have seen outflows across emerging markets… we are not being singled out… in the half of the year we are looking for capital flows to make a return… but the real question mark is… is that going to be enough.”

Rate Hikes: Not a Given
On monetary policy, Bajoria emphasised that rate hikes depend on whether the shock is inflationary or growth-related.

“So, I would not say it is a given… it depends on whether this manifests into a growth shock or an inflation shock… if it is an inflation shock… there is a case for some monetary adjustment… but if growth slips below 6.5%… I am not entirely sure the RBI would be comfortable hiking rates.”

Inflation Risks: Limited Downside
While food prices have softened recently, risks may still tilt upward due to fuel and global factors.

“So, the downside risk is coming from high-frequency prices… vegetable and cereal prices… have been moving lower… but a potential fuel price hike… and global El Nino conditions… make me think downside risks are limited… there is going to be some upside risk.”

The Bottom Line
The rupee’s path will depend on how oil prices, capital flows, and policy responses evolve. Near-term pressure may persist, but stability could return if global conditions improve and inflows pick up. For now, uncertainty continues to dominate the outlook.

The group says it has navigated supply challenges in the first half and is on track to meet its full-year expectations

A Somerset components manufacturer has reported a rise in revenues for the first half of the year on the back of growing demand in the aerospace and defence market.

Revenue at Ilminster-based Gooch & Housego (G&H), which makes detectors, lasers and fibre optic equipment, stood at £81.9m for the six months to the end of March – up 9.1 per cent on an organic, constant currency basis.

The London-listed firm said revenue from the industrial laser and semiconductor markets had improved over the period and there were “encouraging signs” of recovery in the semiconductor industry.

The company’s order book was also up, increasing £25m to £167.3m from September.

Charlie Peppiatt, chief executive of G&H, said: “I am pleased with the positive progress that G&H has made in the first half of the financial year.

“The strong order book growth in the period demonstrates the increased confidence our customers have in G&H to provide them with their most complex photonics and optical systems requirements.”

G&H told investors that its acquisition last year of two businesses – Global Photonics and Phoenix Optical – had been “critical” in helping secure new orders from defence customers in the US, UK and Europe.

The group said it had also “proactively managed” the re-sourcing of key raw materials used across several of its production processes where availability had been restricted by retaliatory measures from certain nations in response to US tariffs.

“Despite the situation remaining fluid, with supply lumpy and intermittent, the group has navigated these challenges in H1 2026 and remains vigilant around supply chain, operations and inventory planning going forwards,” the company said in a statement on Thursday, April 9.

“Whilst there are significant macroeconomic uncertainties, the recovery in our industrial and semiconductor markets along with the strong growth in demand from our aerospace and defence markets should allow the group to make further positive progress on our journey to mid-teens returns over the medium term,” added Mr Peppiatt.

Trading for the full year is currently set to be in line with expectations. The group will announce its interim results for the six months ended March 31, 2026, on June 2.

The news comes as former Meggitt divisional CFO James Corte starts his role as G&H’s new chief financial officer and executive director.