A disclaimer in Jeffrey Epstein’s email signature was a provocation as much as a warning: The contents of this message “may constitute inside information.” 

For Epstein, the line between social networking and securities law wasn’t just blurred, it was part of the way he conducted business. The Epstein files show how easily the sex offender collected confidential information from his well-connected associates.

Epstein received board minutes from Ehud Barak about a tech startup where the Israeli politician was chairman. JPMorgan Chase executive Jes Staley emailed details about an M&A deal that his bank was secretly working on. A key adviser to Bill Gates passed along information about biotech startups his billionaire boss was investing in. 

Epstein sometimes used the tips cultivated from his network to invest for himself, whether his associates or the companies knew it or not, according to a Wall Street Journal review of the files. Other times there is no public record that Epstein acted on the information he amassed, some of which came his way as a wealthy individual with connections to billionaires, hedge funds and other investment firms.  

Operator

Good day, and thank you for standing by. Welcome to the Alvotech Q4 2025 and Full Year 2025 Earnings 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, Mikaela Vilchez. Please go ahead.

Mikaela Vilchez

Thank you, and welcome to our listeners. Yesterday evening, the company issued a press release announcing our financial results for the full year and fourth quarter of 2025. Material accompanying today’s earnings call was also published on our investor portal, investors.alvotech.com in the earnings calendar section.

Our press release, presentation and statements that we make on the call today may include forward-looking statements. These statements do not ensure future performance and are subject to risks and uncertainties that are outlined in the company filings with the Securities and Exchange Commission. Any risks and uncertainties could cause actual results to differ materially from forward-looking statements that are made.

Presenting on today’s call are Robert Wessman, Founder and Executive Chairman; Lisa Graver, Chief Executive Officer Designate; Joseph McClellan, Chief Operating Officer; Linda Jonsdottir, Chief Financial Officer. Also with us on the call is Balaji Prasad, Chief Strategy Officer.

Robert will begin today’s presentation with a summary of business highlights. Lisa will then present a commercial update. Joseph will discuss the status of our pending biologics license applications with the FDA and our R&D pipeline. Linda

The Peter Jones Foundation (PJF) has teamed up once again with advisory firm FRP to launch the 2026 National Entrepreneur of the Year competition, aiming to uncover and support the next generation of UK business talent.

The initiative, which returns following a successful 2025 programme, is designed to champion young entrepreneurs aged between 16 and 21, with a particular emphasis on those from under-served and under-represented communities. Organisers say the competition is not only about identifying promising ideas, but equipping young founders with the practical skills, confidence and networks needed to scale their ventures.

Applicants will be required to submit an application alongside an elevator pitch video outlining their business concept. Successful candidates will progress to one of six regional semi-finals hosted by FRP across the UK, where they will present their ideas to a panel of judges drawn from the business community.

In addition to the competitive element, participants will gain access to enterprise bootcamps delivered by PJF, providing hands-on support in refining business models, improving pitching techniques and developing commercial awareness, a key differentiator from more traditional pitch competitions.

Each semi-final winner will receive a £1,000 grant and secure a place in the national final, where finalists will pitch to a high-profile judging panel chaired by Peter Jones CBE alongside Geoff Rowley, chief executive of FRP. The overall winner will receive a £10,000 grant, with the runner-up awarded £5,000, while all finalists will benefit from ongoing mentorship and support.

The programme has built a strong track record of nurturing early-stage entrepreneurial talent. Previous participants include Ross Bailey, founder of Appear Here, which has gone on to raise more than $20 million in venture capital, and David Humpston of ViewPoint Videos, one of the youngest recipients of a Virgin StartUp loan. More recently, Miah Maddock-Hodgins, founder of MCR Education Hub, has used the platform to scale an inclusive education business supporting young people outside mainstream schooling.

Last year’s competition attracted hundreds of entrants from across the UK, with £21,000 in grants awarded. The 2025 title was won by Liam Harte for Rephobia, a virtual reality therapy platform designed to support individuals dealing with phobias, an example organisers say reflects the growing sophistication and social impact of youth-led businesses.

Peter Jones said he was looking forward to seeing the calibre of talent emerging from this year’s intake, noting the competition continues to highlight the ambition and creativity of young entrepreneurs across the country. Geoff Rowley added that the programme plays a critical role in helping young people “take their entrepreneurship up a level”, describing participants as the future innovators and job creators of the UK economy.

The relaunch comes at a time when fostering entrepreneurial talent is increasingly seen as central to long-term economic growth, particularly as younger generations look beyond traditional career paths and towards building their own ventures.

If you are an entrepreneur between the ages of 16 and 21 who is interested in applying for the competition, click HERE and submit your entry by Friday 15th May 2026.

This article was written by

Follow

Analyst’s Disclosure: I/we have a beneficial long position in the shares of PHI either through stock ownership, options, or other derivatives. 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.

A top TSA union leader warned Thursday that airport security risks linked to the ongoing government shutdown are set to “get worse,” pointing to a critical issue he says has largely gone unaddressed.

“TSA has been under a… hiring freeze since last year, so when you look at what we had in the fall, the 50 days that we had off of shutdown, we have people that left, that retired,” TSA union leader George Borek told “Varney & Co.“

“The acting director yesterday said we had 400 some odd agents that so far have signaled that they’re leaving,” he added.

“That number is going to grow exponentially.”

TSA OFFICERS SKIP WORK AS PAYCHECKS STOP DURING SHUTDOWN, AIRPORTS FACE CHAOS NATIONWIDE

Travelers and staff walk through Ronald Reagan Washington National Airport in Arlington, Va., on Mar. 13, 2025. (Annabelle GORDON / AFP via Getty Images / Getty Images)

Borek said the problem will only exacerbate as the agency struggles to replace those who left, noting the length of time it takes to get agents certified for checkpoints.

That struggle could be compounded as the busiest travel season of the year approaches and as an anticipated uptick in international flyers arrive in the U.S. for the FIFA World Cup this summer.

‘EMPTY REFRIGERATORS AND EVICTION NOTICES’: TSA UNION LEADERS DEMAND END TO DHS SHUTDOWN

People wait in long TSA lines as the partial government shutdown continues for several weeks at airports like Chicago O’Hare in Chicago on Mar. 9. (Peter Zay/Anadolu via Getty Images / Getty Images)

“The other part is – what happens once this is settled?” he asked.

“Are we going to continue having the resources that we need in order to do our jobs effectively?”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

TSA agents have gone unpaid since the onset of a partial government shutdown, forcing airports like Hartsfield-Jackson in Atlanta to find ways to mitigate the issues some agents are facing financially.

The dispute stems from a political standoff in Washington over funding for the Department of Homeland Security, which has created concerns of potential security loopholes as the government shutdown drags on with no end in sight.

Our editor went to a celebration of beer and Britain’s most innovative brewing businesses

I went on a mission to learn about the best business in Britain’s independent brewing sector – and it would have been silly not to have a glass or two of beer on the way.

SIBA, the Society of Independent Brewers, took over Liverpool’s waterfront Exhibition Centre this week for its BeerX event billed as “the UK’s biggest beer and brewing event.”

It’s not a beer festival, though there are several busy bars. Instead it’s an exhibition of all the things that make beer happen. Kegs. Robot canning machines. Malt. “Dispense solutions”. Glasses. Brewing software. Logistics. Labels. “Beverage finance”. Lawyers, even. Plus there are awards, both for beers and for businesses.

It may be a tough time for hospitality, but the brewers and trade reps were certainly very upbeat about independent beer. The beer itself may have helped.

That beer was sold from a series of bars in the middle of the hall, with each bar representing a nation or region of the UK. As editor of a regional business news site, that made my task easier. Could I try a pint from all BusinessLive’s coverage areas? Yes I could – a third of a pint at a time.

I’d seen a van advertising historic Liverpool beer brand Higsons on the way to the venue, so when I saw the same logo on a pump clip on the North West stand I knew I had to try it. A rep for its brewer Love Lane called it a “classic English bitter” – that’s about right.

While around the stand I spoke to people from a couple of North West breweries – from Love Lane Brewery, which is a short walk away from the venue, and from Jennings Brewery a lot further north in Cumbria, which Google Maps told me would be a day and 17 hours walk away. Both were very proud of their beers, their taprooms, and the sector as a whole.

After wandering the hall again I went to the Midlands and West stand for a cinder toffee stout from Blue Monkey, just to be different. It was delicious, only lightly sweet with those Crunchie notes flowing through it. A third of a pint was about right.

After another look around, particularly at the canning lines and robot packer from Bolton’s Micro Can Canning Machines, I grabbed a third of Camra Man from Wales’s Weird Dad Brewery to enjoy over the keynote speech. I couldn;t resist the Half Man Half Biscuit theme, and it turned out to be a hoppy, vaguely tropical and pleasingly summery for this sunny day.

The keynote came from Sacha Lord, chair of the Night Time Industries Association. He said he remained disappointed at the Labour government’s attitude towards business, saying: “So many ludicrous decisions have been made – business rates, an absolute kick in the teeth.”

He said he was disappointed at the lack of support for hospitality, adding: “They either don’t understand or don’t care, it’s one of the two.” Asked what the Government could act on quickly, Mr Lord said: “VAT and business rates. With NI (national insurance) not far behind.”

Ahead of the day’s big event – the SIBA Business Awards 2026– I headed to the North East bar, for a third of Midas from Sunderland’s North Pier Brew Co, and a third of Old Freddy Walker from Bristol’s Moor Beer Co.

The Midas was another refreshing, crisp and citrus drink. The Old Freddy Walker was a complete contrast – a rich old ale, not sweet but somehow like dark chocolate in a pint. Plus, at 7.3%, a third was easily enough.

The awards themselves were hosted by writer Pete Brown, author of the excellent Hops and Glory among other books exploring Britain’s food and drink culture.

He joked that the event was bigger than Liverpool v Galatasaray – which was happening later that night – and said brewers shouldn’t fall for the idea that Gen Z doesn’t drink. Had anyone else, he said, seen St Patrick’s Day in Liverpool this week?

“I saw things that can never be undone,” he said. “I saw things that made me want to bleach my brain. And I was just on the 11.37 from Manchester Piccadilly.”

That all led to a pleasingly brisk awards do. Winners included Bristol Beer Factory in the Community Engagement category, with judges calling it a “huge asset to Bristol and the surrounding area”. I’d met a Jennings team member earlier and was pleased to see the team celebrating their win in the Concept Design category.

The Best Collaboration category was won by Newcastle’s Full Circle Brewing for its collaboration with fellow Tyneside icon Greggs, while Teesside’s Three Brothers Brewing won the Business Innovation category. Cumbria’s Fell Brewery won the Sustainable Business title.

The top award – Brewery Business of the Year 2026 – was won by Fyne Ales Farm Brewery in the Scottish highlands. Fyne Ales had earlier won the Best Independent Brewery Taproom title. Pete Brown said “With some of the best beers currently being produced in the UK, in a broad range of styles, a destination taproom and a business which continues to go from strength to strength this years winner was a unanimous choice with the judging panel.”

Now by this point on a weeknight I needed a break from strong ales, so I headed back to the South West for a Green Light from Devon’s Powederkeg Brewery. This was like a lemon biscuit in beer form, and vastly more flavourful than its 1% strength might suggest.

No and low-alcohol beers are a big growth area for many breweries, and there are so many good options now. Try a Green Light if you get the chance.

I left, pondering on Pete Brown’s words from earlier.

“Beer is hope”, he said. “When everything seems awful, as long as you can have beer with your mates, there is still hope.”

All the winners from the SIBA Business Awards 2026

UK’s Best Independent Beer Retailer

Pivovar (Winner)

UK’s Best Beer Bar or Pub – City

The Green Goddess, Blackheath (Winner)

Old Grey Mare Inn (Highly Commended)

UK’s Best Beer Bar or Pub – City

Brewers 1841, Ossett (Winner)

UK’s Best Independent Brewery Webshop

Hackney Church Brew Co. (Winner)

Marketing Implementation

Indie Rabble (Winner)

Charnwood (Highly Commended)

Community Engagement

Bristol Beer Factory (Winner)

Individual Design

Moonwake – Dolcita IPA (Winner)

Concept Design

Jennings (Winner)

Business Innovation

Three Brothers Brewing (Winner)

Commercial Achievement

Tap Social (Winner)

Employer of the Year

Sheep in Wolf’s Clothing (Winner)

Diversity Champion of the Year

Queer Brewing (Winner)

Best Collaboration

Full Circle x Greggs (Winner)

Fyne Ales x Co-Op (Highly Commended)

UK’s Best Independent Brewery Taproom

Fyne Ales (Winner)

Sustainable Business

Fell Brewery (Winner)

Muntons (Highly Commended)

UK’s Best New Independent Brewery

Howe Beer Project (Winner)

Independent Beer Champion of the Year

Jourdan Gabbini, Waitrose

Lifetime Achievement Award

Adrian Wood (Decd)

Supplier Associate of the Year

BREWW

Brewers’ Brewer of the Year

Fiona MacEachern

Brewery Business of the Year 2026

Fyne Ales