Aamir Mahmood
President & CEO

Good morning, and welcome to the Q1 2026 earnings call from Acarix. I appreciate everybody joining this morning. And before we kick off, it’s important for us to all kind of understand and realize that the world is in a very dynamic shift as we speak. The geopolitical tension, most prominently in the Middle East markets right now are ongoing, and we don’t see an end in sight. However, what I want to rest assure is all operations from Acarix standpoint are fully functional. While we do have a lot of entry and focus within the MENA region, nothing has come to a stop. So things are moving along slower than expected. However, given the rhetoric and the challenges we face across the board globally, I think that everybody recognizes it, but it’s important to make sure we address those situations as we continually press forward. Second, I’ll apologize in advance, I have a mild cough due to my allergies, but nothing to be concerned about. So let’s go ahead and move into the deck.

For all our new investors, thank you for joining. Just a quick update on who we are. This is — we’re Acarix. We have a CADScor System, and we’re really trying to revolutionize early onset diagnostics in the cardiovascular range. We have a point-of-care device that is fairly quick, within 10 minutes, and can calculate a CAD-score for patients feeling low to moderate chest pain or shortness of breath. We can quickly and very easily identify those things using high-fidelity acoustics, listening into the arterial flow. And our negative predictive value is 96.2% in the United States and 97.2% in the European markets. We have over 15 years of R&D, over 45 patents, and we

Brian Holliday has worked at Siemens for more than 32 years

Industrial and technology giant Siemens has named Brian Holliday as its CEO of its £4.6bn UK and Ireland business to “build on the strong foundations already in place”.

Manchester-based Mr Holliday has worked for Siemens for more than 32 years across a number of leadership and tech roles. He has been a member of the UK and Ireland senior leadership team for 10 years and will continue as managing director of Siemens Digital Industries.

Mr Holliday is a Fellow of the Royal Academy of Engineering and visiting Professor at the University of Sheffield, holding degrees from Cardiff University and the University of Manchester as well as an honorary doctorate from Middlesex University.

He is co-chair of the Made Smarter Commission, which works with SMEs to improve manufacturing productivity, and was recently appointed to the board of Skills England to advocate for SMEs and social mobility. He started his career as an apprentice with Texas Instruments and continues to focus on applied learning and vocational training.

Siemens’ UK & Ireland business employs 12,000 people and generated £4.6bn in revenue in 2025.

Matthias Rebellius, managing board member of Siemens AG, responsible for UK and Ireland, said: “Brian brings a deep understanding of our strategic priorities and our customers, as well as strong insight into the challenges facing industry as it digitalises. His external experience with the Catapults and Made Smarter will also be a real asset.

“Brian will build on the strong foundations already in place, continuing to drive focus on the areas where we can make the greatest difference and create more value for customers. This will be even more important as we take forward our ONE Tech Company programme and ensure we serve our customers in a seamless, straightforward way.”

Mr Holliday said: “I’m honoured to take up this position at a time of significant change, where technology and talent can make a real difference. I’ve always been proud of our people and struck by the commitment and sense of purpose evident across our UK and Ireland organisation – thus I’m genuinely excited to lead this strong team. With global leadership in industrial technology and AI, as well as the partnerships we’ve developed, Siemens is well set to help our customers with their competitiveness, resilience and sustainability.”

The chief executive of US fintech Bolt has mounted a robust defence of his decision to sack the company’s entire human resources department, telling a Fortune audience that the team “created problems that didn’t exist” and that those issues “disappeared” the moment he showed them the door.

Ryan Breslow, the 32-year-old co-founder who returned to the helm last year after a three-year absence, insisted the move was central to his attempt to drag the one-time darling of Silicon Valley back into “start-up mode”. The online checkout software business shed roughly 30 per cent of its workforce in April, its fourth round of redundancies in as many years.

“We had an HR team, and that HR team was creating problems that didn’t exist,” Breslow told delegates. “Those problems disappeared when I let them go.”

He argued that traditional HR professionals were better suited to the “peacetime” rhythms of larger, more mature businesses than to the bare-knuckle conditions of a turnaround. In their place, Bolt has installed a leaner “people operations” function, charged with employee training and day-to-day support rather than policy-making.

“We need a group of people who are very oriented around getting things done,” Breslow said. “There is just a culture of not getting things done and complaining a lot.”

The remarks land at a delicate moment for the company. Bolt’s valuation has plunged from $11 billion at the peak of the 2022 fintech boom to just $300 million, according to The Information, a humbling reset for a business once held up as the future of one-click commerce.

Breslow, who stepped away from the chief executive’s office in 2022 before returning in 2025, has made little secret of his view that the workforce he inherited had grown soft on venture capital largesse.

“There’s a sense of entitlement that had festered across the company,” he said. “People who felt empowered, felt entitled — but weren’t actually working hard. And this is the number one thing that I had to battle. Ultimately, most of those people just had to be let go.”

Bolt has confirmed that fewer than 40 staff were affected by the latest cull, which it said was driven in part by the rapid adoption of artificial intelligence. In a company-wide Slack message in April, Breslow reportedly told employees: “Developing products and operating in 2026 is very different than it was in prior years, and we need to adapt as an organisation to be leaner and more AI-centric than ever to keep up with competition.”

The comments echo a broader trend across the technology sector, with employers from Meta to Microsoft using AI investment as cover for sweeping headcount reductions. Recent CIPD research suggests one in six UK employers now expect AI to eliminate jobs within the next 12 months, with white-collar roles bearing the brunt.

For founders of smaller British businesses watching from afar, the Breslow doctrine will provoke equal measures of admiration and unease. Few would deny that bloated middle layers can hobble a growth-stage company, and the temptation to strip back in tougher times is real. But UK employment law offers far less latitude than the at-will culture of the United States, and dispensing with HR expertise carries reputational as well as legal risks.

Employment lawyers have long warned that getting redundancy wrong can prove ruinously expensive, particularly for SMEs without the budgets to absorb tribunal claims. The Advisory, Conciliation and Arbitration Service (Acas) continues to urge employers to follow a structured, transparent process, including meaningful consultation and fair selection criteria — protections that, in practice, are typically marshalled and monitored by an HR function.

Breslow’s broader argument, that growth-stage businesses must run leaner and faster in an AI-driven economy, is one that increasingly few in the City would dispute. The challenge for British founders is to translate that ambition into a culture that delivers results without falling foul of either employment law or staff morale. As the wave of AI-related layoffs sweeping global tech has shown, the line between bold restructuring and reckless cost-cutting is easily crossed.

Whether Bolt’s stripped-back, founder-led model can return the business to its former $11 billion valuation — or simply hasten its slide — will be one of the defining fintech stories of the year. As reported by Fortune, Breslow has slimmed the headcount from a peak of around 800 to roughly 100. For a man who once championed the worker-friendly four-day week, it is a striking volte-face — and one his remaining staff, and his investors, will be watching closely.

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The Overseas Workers Welfare Administration (OWWA) and the Department of Trade and Industry – Small Business Corporation (DTI-SB Corp) have officially strengthened their partnership to expand livelihood and business opportunities for Overseas Filipino Workers (OFWs) through the improved implementation of the OFW Negosyo Fund.

The Memorandum of Agreement (MOA), formally signed on May 18 at the DTI Filinvest Building in Makati City, marks another important step toward helping OFWs gain easier access to financial assistance, entrepreneurship support, and business development programs as they transition toward long-term financial stability in the Philippines.

The agreement aims to simplify and improve the loan facilitation process for OFWs who wish to start, sustain, or expand their own businesses. Through better coordination among government offices and regional centers, more overseas Filipino workers are expected to benefit from livelihood programs designed specifically for returning migrants and their families.

Expanded Access to OFW Negosyo Fund

One of the main goals of the partnership is to widen access to the OFW Negosyo Fund, a government-backed financing program that supports OFWs who want to build businesses and establish sustainable sources of income in the country.

Under the strengthened agreement, OWWA and DTI-SB Corp will improve referral procedures among Regional Offices, Negosyo Centers, Provincial Help Desks, and Reintegration Centers nationwide. This coordinated approach is expected to reduce delays, improve communication between agencies, and provide faster assistance to OFWs seeking business loans and livelihood support.

For many overseas Filipino workers, access to startup capital remains one of the biggest challenges in pursuing entrepreneurship. Traditional bank loans often require strict collateral and financial requirements that many returning OFWs may find difficult to meet.

Programs such as the OFW Negosyo Fund aim to bridge that gap by providing accessible financing options and government support systems tailored to the needs of migrant workers.

Helping OFWs Build Sustainable Businesses

The Philippine government continues to encourage financial literacy and entrepreneurship among OFWs as part of its long-term reintegration strategy. Rather than relying solely on overseas employment, many OFWs are now exploring opportunities to invest their savings into small businesses, franchising opportunities, online selling ventures, food businesses, retail stores, agribusiness projects, and other income-generating activities.

The strengthened collaboration between OWWA and DTI-SB Corp is expected to help aspiring entrepreneurs navigate the process more efficiently.

Aside from loan facilitation, the partnership also focuses on improving the capabilities of regional offices to ensure more effective delivery of services. This includes strengthening frontline support, improving coordination among agencies, and providing better guidance to OFWs who may need assistance in business planning, loan applications, and entrepreneurship training.

Government agencies recognize that financial assistance alone is not enough to guarantee business success. Many small enterprises fail because of lack of business knowledge, poor financial management, or insufficient market preparation.

Because of this, livelihood programs now increasingly include mentorship, financial education, and entrepreneurship seminars to improve the chances of long-term success for OFW-owned businesses.

Officials Express Support for the Partnership

The signing ceremony was led by OWWA Administrator Patricia Yvonne “PY” Caunan, who delivered the opening remarks during the event.

Support for the strengthened partnership was also expressed by Department of Migrant Workers (DMW) Secretary Hans Leo J. Cacdac and Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque.

The collaboration reflects the government’s continuing effort to create more economic opportunities for OFWs and returning migrant workers who want to establish stable livelihoods in the Philippines.

Officials highlighted the importance of empowering overseas Filipino workers not only through employment opportunities abroad but also through sustainable reintegration programs that can help them achieve long-term financial independence.

Importance of Reintegration Programs for OFWs

Millions of Filipinos continue to work overseas to support their families, contribute to household income, and provide better educational opportunities for their children. However, many OFWs also face financial uncertainty after returning home, especially if they lack stable investments or alternative sources of income.

This is why reintegration programs have become increasingly important in recent years.

Livelihood assistance and entrepreneurship financing programs allow OFWs to transform their hard-earned savings into productive investments that can generate long-term income even after overseas employment ends.

Government agencies have repeatedly emphasized that entrepreneurship can help OFWs reduce dependency on overseas work while creating jobs and stimulating local economic growth.

Small businesses established by returning OFWs can also contribute to community development by generating employment opportunities for other Filipinos.

Growing Interest in Small Business Opportunities

The demand for small business financing in the Philippines continues to rise as more Filipinos explore entrepreneurship opportunities. Digital platforms, online marketplaces, and social media marketing have made it easier for small entrepreneurs to reach customers nationwide.

Many OFWs are now investing in businesses such as:

With proper guidance, financing support, and business education, these ventures can become sustainable sources of income for OFWs and their families.

Improved Coordination Among Government Offices

The new agreement between OWWA and DTI-SB Corp also aims to improve coordination among local and regional offices nationwide.

Under the enhanced referral system, OFWs can receive assistance through various government touchpoints including OWWA Regional Welfare Offices (RWOs), DTI Negosyo Centers, Provincial Help Desks, and Reintegration Centers.

This integrated approach is expected to make government services more accessible and responsive to the needs of OFWs in different parts of the country.

By strengthening coordination and streamlining procedures, agencies hope to reduce confusion among applicants while ensuring faster processing and more efficient delivery of support services.

How OFWs Can Learn More About the Program

According to OWWA, interested OFWs may learn more about the OFW Negosyo Fund and related livelihood programs through several channels.

Applicants may visit the nearest OWWA Regional Welfare Office (RWO) or DTI-SB Corp Regional Office for inquiries regarding eligibility requirements, loan procedures, and available entrepreneurship assistance.

OWWA also encouraged OFWs to watch the “Kabuhayan Wednesday” livestream hosted by OWWA RWO NCR, where various livelihood opportunities and government programs for OFWs are discussed.

The agency continues to promote awareness campaigns to ensure more overseas Filipino workers can access available financial and reintegration assistance programs.

Strengthening Financial Security for OFWs

The partnership between OWWA and DTI-SB Corp reflects the government’s broader strategy of helping OFWs achieve greater financial security through entrepreneurship and livelihood development.

For many overseas Filipino workers, establishing a successful business represents an opportunity to eventually return home permanently while maintaining stable income for their families.

As the Philippine government continues to expand reintegration initiatives, programs like the OFW Negosyo Fund are expected to play an increasingly important role in supporting returning OFWs who aspire to become entrepreneurs.

With improved coordination, expanded access to financing, and enhanced support systems, more OFWs may soon have the opportunity to transform their overseas earnings into sustainable businesses and long-term financial stability.

Mumbai: Gold loan provider Muthoot Finance is expected to raise up to ₹2,000 crore next week in floating-rate bonds (FRB) maturing in three years, two people aware of the matter told ET, tapping into a growing market for these instruments linked to a more stable, shorter-duration external benchmark.

The paper will be priced 300 basis points above the 91-day treasury bill, said the people cited above.

One basis point is a hundredth of a percentage point. The 91-day T-bill has increased 21 basis points to 5.50% this calendar year. The 10-year benchmark rate, by contrast, has increased 48 basis points to 7.08% as of Wednesday.

The coupon will be reset every quarter, unlike fixed-rate bonds. The bond issue is being arranged by ICICI Securities PD and AK Capital.
Muthoot finance did not respond to mailed queries by press time.

“Fixed-rate corporate bond yields have risen amid expectations of a rate hike, prompting issuers to look for ways to avoid locking in borrowing costs at elevated levels,” said Venkatakrishnan Srinivasan, managing partner at Rockfort Fincap, a debt advisory firm. “Many companies now are turning to FRBs, which are priced very competitively, with borrowing costs in some cases even coming in below comparable bank lending rates.”
FRBs gained traction as interest rates are expected to rise. Its coupon is benchmarked to 91-day T-bill, allowing issuers to avoid locking in elevated long-term yields.

U.S. efforts to crack down on Iran’s growing use of cryptocurrency are intensifying as officials work to cut off financial channels tied to the regime as tensions rise in the Middle East.

BESSENT SAYS US SEIZED NEARLY $500M IN IRANIAN CRYPTO AS OPERATION ECONOMIC FURY SENDS REGIME INTO ‘CRISIS’

FOX Business’ Darren Botelho joined FOX Business’ Stuart Varney on “Varney & Co.” to report on the Trump administration’s efforts to track and freeze cryptocurrency linked to Iran as the regime reportedly increases its use of Bitcoin-based transactions to help move money outside the traditional banking system.

Treasury Secretary Scott Bessent said the Treasury Department has frozen nearly $500 million in cryptocurrency connected to the Iranian regime, including $344 million last month alone. Botelho also cited new estimates from a threat-detection data firm showing Tehran controls roughly $7.7 billion in digital assets.

The report comes as Iran reportedly launched a new digital insurance platform for cargo ships operating through the Strait of Hormuz, with payments reportedly being settled entirely in Bitcoin.

SAUDI ARAMCO CEO WARNS OIL MARKETS MAY NOT RECOVER UNTIL 2027 DUE TO HORMUZ DISRUPTIONS

Industry experts say cryptocurrency can still leave a trail for investigators despite being viewed by some foreign adversaries as a way to evade sanctions.

“We found over and over again that they’re actually a much better asset for U.S. law enforcement and other agencies to track because you leave a lot of breadcrumbs,” 250 Digital Asset Management CEO Chris Perkins said.

GEN JACK KEANE WARNS RETURN TO COMBAT ‘INEVITABLE’ AFTER IRAN CEASEFIRE VIOLATIONS

Botelho also reported that industry insiders believe Washington could increase pressure by threatening to cut off crypto exchanges from the American banking system.

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Surff offers a new way for brands to track decision making, where AI is changing ecommerce

A entrepreneur who has previously co-founded and sold whocanfixmycar.com has launched a new business with hopes to shake up the digital commerce market.

Former investment banker Ian Griffiths has already attracted investment from Mercia Ventures for Surff. He has developed the platform which he says is built on the premise that the most valuable data on the internet isn’t clicks or impressions – it’s decisions.

Current measurement systems can show when a user visited a page, but can’t see what they compared it against, what was shortlisted or why they ultimately chose one option over another. And as AI agents are increasingly carrying out decision-making on behalf of consumers, and with a shift away from third party cookies and tightening privacy rules – Mr Griffiths says existing analytics methods are breaking down.

Surff captures consented browsing behaviour and structures it – using AI – into anonymised, aggregated intelligence that gives sellers a clearer view of how customers actually decide. It covers multiple domains, rather than “walled gardens” – the closed systems that control user data – and last-touch attribution, which assigns 100% of the credit for a conversion to the final interaction a customer has.

The concept is also built so that online shoppers can share in the value of the data they create. Users opt in, and can control what they share, while earning rewards directly from the brands that benefit.

Mr Griffiths, founder and CEO of Surff, said: “For two decades, the digital economy has been built on data that consumers generate but never benefit from. Surff exists to change that. We’re building the infrastructure layer for decision data – the missing signal that brands have lost as cookies disappear and agentic commerce replaces the buying journey.

“Consumers get to own and earn from the data they create. Brands get a clearer picture of how decisions actually happen. I’m especially proud to be building this in the North East, where the talent and ambition are world-class.”

Mr Griffiths co-founded whocanfixmycar.com in 2011, before it was sold in 2023. It works with thousands of garages on a no win, no fee basis where drivers specify a service or repair and receive estimates from providers near to them.

The business attracted investment from Active Private Equity and former RAC chairman Sir Trevor Chinn. With Surff, this is the second time that Mercia has backed Mr Griffiths, who now hopes to build a larger funding round.

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