America was founded 250 years ago. State Street’s history dates back almost as far, to 1792. The Boston-based asset manager and custodian, however, is squarely looking to the future. Its investment management division, formerly known as State Street Global Advisors, rebranded itself last year as State Street Investment Management. That business, established in 1978, has more than $5 trillion in assets under management today.

The United Arab Emirates said it would leave OPEC, dealing a heavy blow to the oil cartel as the war in Iran scrambles alliances and investment priorities among the world’s top oil producers.

LOS ANGELES — Luka Doncic has begun a structured recovery protocol for his right calf strain, raising hopes he could return for a potential Western Conference semifinals run, but the Los Angeles Lakers must now answer a critical question: Can LeBron James lead them past the surging Houston Rockets without their newly acquired superstar in the immediate term?

The Lakers confirmed Wednesday that the 27-year-old Slovenian sensation is progressing well through daily rehabilitation, strength training and on-court work under the supervision of the team’s medical staff. While no firm timeline has been set, sources indicate Doncic is targeting a potential return in the second round if the Lakers advance.

Doncic suffered the injury in late March during the regular season. He has missed key games, forcing the Lakers to rely heavily on LeBron James, Anthony Davis and a revamped roster built around the two future Hall of Famers. Despite his absence, Los Angeles has shown resilience but now faces a serious test after Houston forced a Game 6 in their first-round series.

Head coach JJ Redick provided the most detailed update yet. “Luka is doing everything right,” Redick said. “He’s locked in on his rehab and working extremely hard every day. We’re being smart with this. We want him back when he’s truly ready, not a day sooner. But he’s trending positively and pushing hard.”

The injury has been a major storyline. Acquiring Doncic in the blockbuster off-season trade was seen as the final piece for a championship-contending Lakers roster alongside LeBron and Davis. His unique playmaking, scoring and basketball IQ transformed the team’s offense. Without him, the Lakers have adapted, with James shouldering a heavier load and Davis dominating the paint, but the drop-off in half-court creation and overall gravity has been noticeable.

LeBron James, at 41, continues to defy age with elite performances. In recent games he has delivered vintage scoring and playmaking, but the physical toll of carrying the team through the postseason without Doncic is evident. Analysts are openly questioning whether even LeBron’s legendary durability can sustain the Lakers through a deep playoff run if Doncic remains sidelined for an extended period.

The Rockets have proven dangerous. Playing with confidence and physicality, Houston has capitalized on Doncic’s absence, forcing Game 6 after a strong showing in Game 5. The young Rockets core has shown impressive fight, creating a must-win situation for Los Angeles in the upcoming game.

Basketball experts are split on the Lakers’ chances without Doncic. Some believe the combination of LeBron’s experience and Davis’s two-way dominance can carry them through the first round. Others argue the absence of Doncic’s elite facilitation makes the offense too predictable against a physical, switching Rockets defense.

Doncic’s recovery is being handled with extreme caution. Calf strains are notoriously tricky, with high re-injury risk if players return prematurely. The Lakers have a strong track record of protecting star players, and medical staff are prioritizing long-term health over short-term availability.

For Lakers fans, the possibility of a healthy Doncic joining LeBron and Davis in the later rounds creates tremendous excitement. The franchise has not won a title since 2020. A deep run this year, especially with all three stars available, could mark the beginning of a new contending era in Los Angeles.

The coming days will be pivotal. If the Lakers can hold serve without Doncic in Game 6, their outlook improves significantly once he returns. However, falling behind in the series without their star playmaker would be a major disappointment for a team built around high expectations.

As the first-round series continues, all eyes remain on Doncic’s daily progress. The Lakers are expected to provide regular updates while balancing transparency with competitive needs and the player’s long-term health.

The broader NBA community is watching closely. Rival executives acknowledge that a fully healthy Lakers team with LeBron, Davis and Doncic would be a formidable threat in the Western Conference. The injury has added drama to what was already one of the most anticipated postseasons in recent years.

Doncic’s work ethic during rehabilitation has impressed coaches and teammates. Reports indicate extra sessions focused on mobility, strength and basketball-specific movements, showing his commitment to returning as soon as safely possible.

Whether the Lakers can advance without him in the short term remains uncertain. What is undeniable is that Los Angeles becomes a dramatically more dynamic and dangerous team when Doncic is on the floor. His ability to elevate teammates and control the tempo of games makes him nearly irreplaceable in high-stakes situations.

LeBron James has a long history of carrying teams through adversity. His leadership and experience will be crucial in the coming games. However, even the all-time great has limitations, and the Lakers’ championship aspirations may ultimately hinge on Doncic’s timely return.

The injury saga adds another compelling chapter to an already dramatic Lakers season. As the team prepares for the critical next phase of the playoffs, the basketball world waits to see if LeBron and company can keep the ship afloat until their Slovenian superstar is back at full strength.

For now, the focus remains on smart, measured rehabilitation with the ultimate goal of having Luka Doncic available when it matters most in the 2026 NBA playoffs.

SYDNEY — Australian shoppers are in uproar after Bunnings Warehouse introduced major changes to its iconic sausage sizzle, including higher prices and a revised recipe that many say has ruined the beloved weekend tradition at the hardware giant’s stores nationwide.

The backlash erupted this week after Bunnings confirmed it would increase the price of its classic “snag” from $2.50 to $3.50 and switch to a new supplier using leaner beef with different seasonings. Customers across social media and in-store have described the new version as “bland,” “dry” and “not worth the extra dollar,” turning what was once a simple fundraising staple into a national talking point.

Bunnings, which operates more than 280 stores across Australia and New Zealand, has long used the sausage sizzle as a community engagement tool, with local groups running the barbecues to raise money for schools, sports clubs and charities. The $2.50 snag with bread and onions has become a cultural institution, often called the “Bunnings snag” and frequently ranked among the nation’s most cherished cheap eats.

The company said the changes were necessary due to rising beef prices, supply chain costs and customer feedback requesting “healthier options.” A spokesperson told media the new snag uses 100% Australian beef with reduced fat content and a “subtler seasoning profile” to appeal to modern tastes. However, the announcement triggered an immediate and intense backlash.

Social media platforms were flooded with angry posts, memes and videos of disappointed customers biting into the new sausages. Hashtags including #BunningsSnag, #SnagGate and #SaveTheBunningsSnag trended nationally, with many comparing the new product unfavourably to the old “juicy, fatty classic.”

One viral video from a Melbourne store showed a customer dramatically spitting out a bite while declaring, “This is not a Bunnings snag!” The clip has been viewed millions of times. Another customer in Perth started a Change.org petition titled “Bring Back the Real Bunnings Snag” that has already gathered more than 85,000 signatures in less than 48 hours.

Long-time Bunnings shopper Mark Thompson from Brisbane said the change feels like a betrayal. “For years we’ve lined up for that perfect sausage on bread after grabbing some tools or paint. Now it tastes like a diet version nobody asked for,” he said. “It’s the principle of the thing. Leave our snags alone.”

Bunnings has attempted to respond to the outrage. The company posted on social media acknowledging the feedback and promising to “review the feedback and explore options.” However, many viewed the response as too little, too late, with critics accusing the retailer of being out of touch with its core customer base.

The controversy has even drawn comment from politicians. Opposition figures have used the issue to criticise cost-of-living pressures, while some government members defended the move as a necessary adaptation to economic realities. One federal MP jokingly called for a “Snag Inquiry” in parliament.

Retail analysts say the intensity of the reaction highlights how deeply embedded Bunnings has become in Australian culture. The sausage sizzle is more than just food — it represents community, convenience and the simple pleasures of weekend hardware shopping. Changing such a beloved tradition was always going to be risky.

Bunnings CEO Mike Schneider addressed the issue in a brief statement. “We value our customers’ feedback and take it seriously. The sausage sizzle is an important part of the Bunnings experience, and we’re listening to what people are saying,” he said. The company has not ruled out reverting to the old recipe or offering both options at different prices.

Food commentators have weighed in on the new snag’s merits. Some praise the leaner version as a healthier alternative, while others argue that part of the appeal was the indulgent, no-frills classic. Celebrity chef Pete Evans called the change “another step towards sanitising Australian food culture,” while MasterChef alumni have offered mixed reviews.

The sausage saga has also impacted Bunnings’ bottom line in the short term. Several stores reported slower foot traffic over the weekend as some shoppers boycotted in protest. Local community groups that rely on snag sales for fundraising have expressed concern about potential revenue drops.

As the debate continues, Bunnings faces a delicate balancing act. The company must address rising operational costs while preserving the goodwill that has made it one of Australia’s most trusted and visited retailers. Customer loyalty programs and in-store surveys are reportedly being ramped up to gauge ongoing sentiment.

For many Australians, the Bunnings snag represents more than just lunch — it’s a symbol of practicality, community spirit and uncomplicated enjoyment. The strong reaction shows how even small changes to everyday rituals can strike a nerve in the national psyche.

Whether Bunnings will fully restore the original snag or find a compromise remains to be seen. In the meantime, the great Australian snag debate of 2026 continues to simmer, with shoppers across the country hoping their favourite weekend treat makes a triumphant return.

The company has promised further updates in the coming days as it reviews customer feedback. For now, many loyal Bunnings customers say they will keep buying tools and timber but may skip the snag until things improve.

The saga serves as a reminder that in Australia, you don’t mess with the Bunnings snag lightly. As one viral post put it: “You can raise the price of timber, but leave our sausages alone.”

Responding to concerns about a potential shift in policy after Jerome Powell, Harris dismissed the likelihood of any major change. “Well, no, I do not think things will change very much. Kevin Warsh is only one vote among many and will likely follow the Trump line.” He also underlined Powell’s firm stance on central bank independence, adding, “Powell has shown a lot of backbone… making it clear the Fed will not be influenced by politics.” According to Harris, the Federal Reserve’s institutional structure is strong enough to prevent abrupt policy reversals despite rising political pressure.

On the earnings momentum of Big Tech and the so-called AI boom, Harris pointed out that much of the recent profitability is not directly driven by artificial intelligence. “Most of the new profitability has not come from AI, but from increased use of the cloud,” he said, highlighting how companies with strong cloud businesses continue to outperform. He also noted that while Google currently leads the AI race, the competitive landscape remains fluid. “Google has its nose ahead… but after that it is a race as to who builds the best product.” Drawing parallels with the dotcom bubble, Harris added, “Like the dotcom era, many players will emerge, but only a few will survive,” suggesting that the industry may be entering an early phase of consolidation.

Looking ahead to monetary policy over the next 12 months, Harris cautioned that expectations of rate cuts may be too optimistic. “As we approach the midterms, it becomes harder for the Fed to act without being seen as political,” he said, noting that political sensitivity could limit policy moves. He further warned that inflation remains a key risk, stating, “Inflation is likely to stay elevated and may even rise.” Given this backdrop, he believes the Federal Reserve may remain cautious in the near term. “It will be tough for the Fed to move from around August unless there are major changes,” he added, indicating that any policy action will likely remain data-dependent.

Overall, Harris’ outlook suggests a steady but cautious Federal Reserve, limited scope for near-term rate cuts, and a gradual shift in the AI narrative from hype to fundamentals. For investors, this could mean focusing more on earnings quality and long-term sustainability rather than short-term optimism.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp First Quarter 2026 Earnings Call. [Operator Instructions] This conference is being recorded today, Wednesday, April 29, 2026.

Before we begin, note that the matters the company management will be discussing today that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s expectations, strategies, prospects, backlog or targets.

These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected. Important factors that could cause actual results to differ materially from the company’s expectations are disclosed under the Risk Factors in the company’s Form 10-K and other SEC filings.

Forward-looking statements are made only as of the date hereof, except as otherwise required by law. We assume no obligation to update any forward-looking statements. In addition to the press release issued today, the company also filed with the SEC the earnings release on Form 8-K and its Form 10-Q for the quarter ended March 31, 2026.

Speaking today will be Phil Hawkins, Chief Executive Officer; and Keith Pratt, Chief Financial Officer.

I will now turn the call over to Mr. Hawkins. Go ahead, sir.

Philip Hawkins
President, CEO & Director

Thank you, Stephanie. Good