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The WRU has a business plan for cutting a region but it needs to be shared

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The WRU now has the opportunity, when appearing before the Senedd committee, to finally put the record straight

WRU CEO Abi Tierney(Image: Mark Lewis/Huw Evans Agency)

For months those questioning the Welsh Rugby Union’s decision to reduce the professional game from four teams to three have been told the decision followed extensive consultation, detailed analysis and independent challenge.

When WalesOnline recently raised concerns about the lack of supporting data, the WRU said it would “publish the information soon”, including more detail on the reasoning, evidence, criteria and weightings behind its proposals. Now, at long last, we finally know that decisive evidence exists, but the WRU does not intend to publish it in a form that would allow anyone to test its conclusions.

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In correspondence with me last month, chief executive Abi Tierney confirmed that the board considered a “detailed, fully costed business case comparing three teams against a reformed four-team alternative” before reaching its decision last autumn.

According to Ms Tierney, this incorporated financial analysis, strategic considerations, risks and stakeholder feedback. That confirmation matters, as we now know a business case apparently underpinned one of the most important and effectively irreversible decisions in Welsh rugby history.

Unfortunately, none of us can currently see it because Ms Tierney conveniently said the material is commercially confidential and “will not be published in the form you have requested”. Instead, member clubs will receive what she describes as “the appropriate briefings and evidence through the proper channels” before the WRU’s annual general meeting.

That language is very revealing because it suggests that clubs are not being promised the business case or underlying model, but whatever the WRU decides is “appropriate”. They may receive selected presentations explaining a decision already made without the evidence needed to test its assumptions or develop an alternative.

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Sadly, for a modern organisation that is supposed to hold to the highest standards of governance, that is not meaningful transparency but managed disclosure. Explaining where three professional teams should be located is no substitute for demonstrating why Welsh rugby must be reduced to three teams in the first place.

In other words, the WRU is offering evidence about the consequences of its decision while withholding the evidence that supposedly justified making it.

Following a letter from that Hayley Parsons and I sent to the Senedd’s sport and culture committee about this failure to reveal the data to the clubs once again, Ms Tierney and the WRU are to be invited to appear before the committee for the second time this year.

So what should the WRU reveal when they appear before members of the Senedd?

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Without getting too technical, they should start with details of the formal post-consultation option appraisal the board considered in October 2025 and submit, as evidence, the underlying financial model, including annual projections, funding allocations, revenue assumptions, owner contributions, and transition costs.

Without it, Senedd members and their constituents cannot establish what reducing the number of teams saves, whether the preferred structure survives less favourable assumptions, whether alternatives were assessed fairly, or whether the calculations were independently verified.

The WRU must also explain what it means by a “reformed four-team alternative” and whether that option incorporated the same shared services, central efficiencies, player controls, pathway reforms and commercial improvements assumed for three teams, or was the preferred model compared with a weaker version of four that was never given an equal opportunity to succeed?

The committee should also consider the wider consequences of removing a professional team, especially given that an independent report found the Scarlets generated over £1m in annual gross value added and supported 336 jobs, alongside extensive work with schools, community clubs and disadvantaged groups.

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In Swansea, substantial public and private investment has already been committed to the Ospreys and the redevelopment of the ground at St Helen’s.

It would have been better to have had the answers made public before having to ask a Senedd committee to intervene, but we cannot know what the board considered because the business case remains withheld. Indeed, Ms Tierney told me that correspondence about governance and disclosure should be properly conducted with member clubs rather than “individual columnists or commentators”.

That is a curious position as the WRU seems happy to use the media to assure the public that evidence would be published but appears less comfortable when one of the Western Mail’s longest-serving columnists asks what will be disclosed.

Speaking truth to power has been one of this column’s central purposes for over twenty years, and I will not be discouraged from doing so simply because the organisation being scrutinised would prefer the questions not to be asked publicly.

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Yes, the WRU is entitled to refuse to answer, but it should not pretend that the questions are illegitimate in doing so, and it will be interesting to see if it adopts the same approach with the Senedd and its member clubs as it did when it responded to my request for this information.

The WRU may ultimately be right that three (or even two) teams represent the only sustainable future, and anyone proposing an alternative must explain how it would be financed, but how on earth can any alternative be tested while the WRU withholds its financial data and assumptions?

And it is ironic that Ms Tierney, when speaking at the Welsh Select Committee last January, said that she would not “apologise for being data-driven”, and yet the more they hide this data, the more mistrust they generate in their ability to govern the game.

Therefore, the issue is no longer whether the evidence exists – it does – and given that Ms Tierney said member clubs should pursue these matters, I hope at least one will now formally request the complete business case and supporting evidence before the union’s AGM late this year.

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The WRU now has the opportunity, when appearing before the Senedd committee, to finally put the record straight and, as part of its evidence, to provide all the information required to scrutinise its decision.

But if the WRU again refuses a reasonable request to do so from the democratically elected members of the Senedd whose constituents across Wales are supporters of local, regional and national rugby, then they can no longer claim that the problem was who asked the question, but that the WRU never wanted anyone outside its board to see the answer.

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CoreWeave prices $3.7 billion convertible notes offering

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Berkshire Hathaway announces Warren Buffett will step down as chairman

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Berkshire Hathaway announces Warren Buffett will step down as chairman

Legendary investor Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company said on Friday.

“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett, who was named chairman emeritus, said in a letter to shareholders. “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”

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Berkshire Hathaway CEO Warren Buffett during an interview.

Berkshire Hathaway CEO Warren Buffett speaks during an interview on FOX Business Network. (FOX Business Network)

Buffett’s son, Howard Buffett, will become chairman of the board, effective immediately. He has been a Berkshire director since 1993.

“Howard will guard its culture and values – both worth more than anything on our balance sheet,” Buffett said. “Think of Howard as a policy the shareholders own and hope never to claim against.”

Buffett started his career at Berkshire in 1965 and stepped down as CEO earlier this year. He was succeeded by Greg Abel, who was the vice chairman of non-insurance operations.

Warren Buffett on stage with a group of philanthropists.

Warren Buffett started his career at Berkshire in 1965. (Daniel Zuchnik/WireImage)

“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said in a statement. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”

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Known for his long-term strategy and focus on buying high-quality businesses at reasonable prices, Buffett delivered steady gains that outpaced broader markets, making him a trusted steward of capital.

Reuters contributed to this report.

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TQP Research is run by a Certified Public Accountant (CPA) with several years of experience in structured finance and banking. TQP Research follows a value-oriented investment approach by identifying businesses that meet the criteria for long-term success taught by Warren Buffett, Charlie Munger, and Walter Schloss, to name a few. Investment topics will primarily include: Market analysis and macroeconomic trends, large-cap blue chip companies, deeply undervalued micro-cap and small-cap stocks that most institutional investors will avoid, and technology and market news. TQP Research enjoys actively engaging with members of the community. Please feel free to reach out with any questions or ideas!

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.

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Apart from my academic training in Biology and Chemistry, I hold a Ph.D. in Environmental Science with a specialization in Bio-Medical Waste Management. My areas of research and analysis include clean technologies, renewable energy, pollution control systems, and environmental compliance solutions. I follow companies operating in these sectors using a research-driven approach that integrates regulatory trends, sustainability metrics, and scientific evaluation to assess long-term growth opportunities, risks, and value potential. By actively tracking and analyzing companies engaged in environmental management, renewable energy, and green technologies, my work aims to blend scientific depth with market analysis to provide practical insights that help investors understand financial outcomes and emerging opportunities. At a personal level, I also provide free stock market consultation to a select group of friends, relatives, and former colleagues. I am associated with Seeking Alpha analyst Eudaemon Research.

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.

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Keeley Knowles ran a Whatsapp group with about 200 people asking her to steal specific designer items.

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Rates mostly higher following the Fed

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Rates mostly higher following the Fed

According to the Zillow lender marketplace, mortgage rates are mostly higher following the first Fed rate increase in three years.

The average 30-year fixed rate today, Friday, September 18, 2026, is 7.05%, up 4 basis points since yesterday. The 15-year fixed loan is currently at 6.43%, 1 basis point lower than yesterday. The 5/1 ARM is 7.16%, up 6 basis points from Thursday.

Read more: Weekly survey of mortgage lenders with the lowest rates: Breaking the 7% barrier

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Here are the current purchase rates, according to the latest Zillow data, for Friday, September 18, 2026:

  • 30-year fixed: 7.05%

  • 20-year fixed: 6.92%

  • 15-year fixed: 6.43%

  • 5/1 ARM: 7.14%

  • 7/1 ARM: 6.66%

  • 30-year VA: 6.46%

  • 15-year VA: 6.00%

  • 5/1 VA: 6.34%

Remember, these are national averages and have been rounded to the nearest hundredth. 

These are the latest refinance rates, according to the latest Zillow data, for Friday, September 18, 2026:

  • 30-year fixed: 7.07%

  • 20-year fixed: 6.96%

  • 15-year fixed: 6.46%

  • 5/1 ARM: 7.13%

  • 7/1 ARM: 6.70%

  • 30-year VA: 6.64%

  • 15-year VA: 6.73%

  • 5/1 VA: 5.86%

Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that’s not always the case.

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Learn more: Dig deeper into the 7 home refinance options

Your mortgage rate plays a large role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate, and term length will impact your monthly payments:

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and the best mortgage lenders.

A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose from two types of rates: fixed or adjustable.

A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you obtain a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30-year term unless you refinance or sell.

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An adjustable-rate mortgage locks in your rate for a predetermined period and then adjusts it periodically. Let’s say you get a 7/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and housing market.

At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage principal and interest stays the same throughout the years. However, less and less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.

Read more: Determine whether an adjustable-rate vs. fixed-rate mortgage is better for you

A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rate will be higher than if you choose a shorter term, and you will pay significantly more in interest over the years.

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You may want to consider a 15-year fixed-rate mortgage if you aim to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you’re cutting your repayment time in half, you’ll save a lot in interest in the long run. But you’ll need to be sure you can comfortably afford the higher monthly payments that come with 15-year terms.

Read more: Learn how to decide between a 15-year and 30-year fixed-rate mortgage

Typically, an adjustable-rate mortgage might be suitable if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, and then your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have been similar to (or even higher than) 30-year fixed rates recently. Before getting an ARM just for a lower rate, compare your rate options from term to term and lender to lender.

Rates are rising for the most part. The average 30-year fixed rate today, Friday, September 18, 2026, is 7.05%, up 4 basis points since yesterday. The 15-year fixed loan is currently at 6.43%, 1 basis point lower than yesterday. The 5/1 ARM is 7.16%, up 6 basis points from Thursday.

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According to Freddie Mac, the average 30-year mortgage rate was 6.95% through Wednesday, up from 6.76% a week earlier. A year ago, the average 30-year mortgage rate was 6.26%.

According to the latest forecasts, the MBA expects the 30-year mortgage rate to average between 6.6% and 6.7% through the rest of 2026. Fannie Mae predicts a 30-year rate between 6.7% and 6.8% through the end of the year.

Mortgage rates are likely to remain little changed in 2027. The MBA forecasts 30-year fixed rates of 6.7% for all of 2027. Fannie Mae is predicting average rates will be between 6.7% and 6.8% throughout 2027. 

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Up to 4.40% APY return available with a 2-year CD

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Up to 4.40% APY return available with a 2-year CD

If you’re looking for a secure place to store your savings, a certificate of deposit (CD) may be a great choice. These accounts often provide higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely. Learn more about CD rates today and where to find high-yield CDs with the best rates available. Here is a look at some of the best CD rates available today from our verified partners:

Today’s CD rates vary quite a bit. In general, however, CD rates have been declining for quite some time due to the Fed’s decision to cut its benchmark rate three times in the latter part of 2024 and three times in 2025. Even so, with the Fed leaving rates unchanged so far in 2026, some banks are still offering competitive CD rates.

For institutions offering competitive rates, top rates reach about 4% APY. This is especially true for shorter terms of one year or less. 

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Today, Friday, September 18, 2026, the highest CD rate is 4.40%, and it’s offered by Happen Bank on its 2-year CD.

Compare these rates to the national average as of August 2026 (the most recent data available from the FDIC):

Compared with today’s top CD rates, national averages are much lower. This highlights the importance of shopping around for the best CD rates before opening an account.

Online banks and neobanks are financial institutions that operate solely via the web. That means they have lower overhead costs than traditional brick-and-mortar banks. As a result, they’re able to pass those savings on to their customers in the form of higher interest rates on deposit accounts (including CDs) and lower fees. If you’re looking for the best CD rates available today, an online bank is a great place to start.

However, online banks aren’t the only financial institutions offering competitive CD rates. It’s also worth checking with credit unions. As not-for-profit financial cooperatives, credit unions return their profits to customers, who are also member-owners. Although many credit unions have strict membership requirements that are limited to those who belong to certain associations or work or live in certain areas, there are also several credit unions that just about anyone can join.

Whether or not you should put your money in a CD depends on your savings goals. CDs are considered a safe and stable savings vehicle — they don’t lose money (in most cases), are backed by federal insurance, and allow you to lock in today’s best rates.

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However, there are some drawbacks to consider. First, you must keep your money on deposit for the full term; otherwise, you’ll be subject to an early withdrawal penalty. If you want flexible access to your funds, a high-yield savings account or money market account might be a better choice.

Additionally, although today’s CD rates are high by historical standards, they don’t match the returns you could achieve by investing your money in the market. If you’re saving for a long-term goal such as retirement, a CD won’t provide the growth you need to reach your savings goal within a reasonable time frame.

Read more: Short- or long-term CD: Which is best for you?

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