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Inflation reflects growth dynamics in India: Christopher Wood
Hello everybody and thank you for asking me. I will be running through some charts which were still first with the situation in the West. Then I will move on to charts on Asia and India. So I get the bad news out of way first. But this seems to be the wrong way around. So I am getting from back to front here. (Watch)
To start with the US situation, this is a big picture chart everybody needs to be aware of in the global economy. This is US total debt as a percentage of GDP. The story is very simple and the total amount of debt in the system in the US has been going down ever since the credit crisis erupted in 2007-2008. This the first time total debt has been falling in America since the Great Depression.
Mr Bernanke of the Federal Reserve has been trying to get the re-leveraging game going so far, they have not succeeded. My operating assumption is to assume that the leveraging will continue that we peaked out in the US super credit cycle in 2007, which has been running since the Second World War and now in a long-term de-leveraging cycle, which means lower trend GDP growth.
May be re-leveraging will kick in coming months in which case I will change my view, but for now I am assuming it’s a de-leveraging cycle until the data proves otherwise. Next chart you see US total net credit market borrowings and you can see the rate of growth of borrowing has been going down in the system despite the big kick up in Federal Government borrowing.
Next chart is a long-term trend in US nominal GDP 10-year compound annual growth. As the Japanese example has shown in the last 20 years, when you get into a deflationary environment, it no longer makes sense to look at real GDP measures because when inflation zero level what gives a more realistic picture of what is going is nominal GDP. And in my view, nominal GDP growth in America will continue to trend down. We have seen a big rally in US government bond prices this year, as telling you the trend nominal GDP growth is lower and that means the trend earnings growth, trend revenue growth in America is also going to be lower.
Then next chart relates to the consumption story in America which in my view is going to remain anaemic. In my view the US consumers, western consumers in general, are going to be increasing savings rate. There is also a demographic kicking in… the baby boom as heading for retirement, but they cannot afford to retire. So topline is US real disposable personal income, the bottom line is real personal income excluding current transfer receipts. Transfer receipts basically mean welfare payments. So you can see without all the stimulus from the government the fundamental income trend is much weaker. What separates the emerging markets from the developed world is an emerging markets like India with healthy income growth and the developed countries, be it the US, Japan, Europe, we do not have healthy income growth.
Next chart highlights a significant rally in US Treasury Bond prices reflected in declining treasury bond yields which has happened this year. At the start of this year the biggest bearish consensus amongst global equity investors was that US Treasury bonds were screaming sells.
Everybody said that the treasury bond market is going to collapse, the Fed printing money inflation is coming back. Clearly that consensus was completely wrong. US Treasury Bond market has been rallying even with the recent pick in the S&P and recent weeks up to 1150 level which I think was a peak of this counter trend rally. Even with the stock market rally the bond market did not sell off. What this bond market is telling you is that nominal GDP growth is slowing in America, it is telling you it is not a normal recovery. The credit multiplier is not working.
Once the inventory cycles happen & the US capex cycle has ran through, there will be nothing left to sustain the economic momentum. So in a deflationary environment, government bond prices are lead indicator of nominal GDP growth. Right now this is a very important point because the US bond market is sending one message and the US stock market is sending another message and basically investors have a decision to make – do they believe the bond market is giving the correct signal or the stock market? My assumption is that it’s the bond market and my experience is that the bond market is no way smarter than the stock market 90% of the time. Meanwhile, this is US headline CPI inflation for the rest of this year we are going to see inflationary pressures falling throughout the world in the West. That’s going to lead to new deflation concerns.
In Asia and countries like China and India, falling inflationary pressures are going to be bullish and everybody is going to realise it does not make sense to worry about inflation in countries like India. The good news is that you have inflation because that reflects the fundamental growth dynamic. But the key point about the US is if the trend over the past 3 months has extrapolated forward, US CPI inflation will turn negative in October. If that happens, it’s not going to be bullish for equities, it’s going to be bullish for government bonds and it’s going to be a signal for Mr. Bernanke, if we have not done that already, to assume quantitative easing.
Next chart, US average duration of unemployment. So basically there are large groups of the structurally unemployed in America. So in this sense, the US is heading for the European systems situation were you have a large group of structurally unemployed living off the welfare state. The problem in America is that the welfare state is much more controversial than in Europe, hence the political divide in America, hence the growing trend under the so-called Tea Party movement.
Meanwhile the classic monetary measures are highlighting the fact that we are not in a re-leveraging cycle, we are still in a deleveraging cycle. This is the US money multiplier representing the velocity of money in circulation. Velocity of money in circulation is declining. So long as that line is declining, it’s deflationary. We don’t have to worry about inflation picking up, and this chart highlights the growing deflationary threat.
Next chart is US broad money supply growth. Again, money supply growth is going down. That’s why the bond market’s rallying, that’s why inflation is not an issue, that’s why Mr. Bernanke is now looking for an excuse to resume quantitative easing.
Next chart is US bank lending. Again, no real sign of any kind of meaningful pick up in bank lending annualise lending loan growth continue to slow another indication of a deleveraging cycle. This is not just about banks restricting credit, it is also about a change in psychology, economic agents be it the companies or consumers have become more risk averse about borrowing.
Next chart is US total securitisation issuance. In the recent credit boom before the bust a large part of the credit cycle was driven by securitization, therefore we are going to get re-leveraging in America. We need to see a healthy pick up in securitisation as well as banking lending, but the only area that has picked up since the crisis is the dark blue line here.
This is agency mortgage bank securities, that’s Fannie Mae and Freddie Mac. These entities are guaranteed by the Federal Government and therefore they do not really count. Any private sector securitisation has barely recovered. Meanwhile the huge role played by Fannie and Freddie should not be ignored in terms of supporting the housing market.
Basically about 96% of the America mortgage market now is government guaranteed. So that’s the US situation. The big picture is still deflationary. However, in terms of macroeconomic shocks that could cause another steep fall in global equities this year for the rest of 2010, I still believe there is going to be another sharp decline in equities like we saw in April and May. It’s more likely to be triggered by the Eurozone where you have systemic risk relating to government debt.
So this chart relates to the ECBs net buying of Euroland government bonds. The key point here is this ECB was forced reluctantly to stop buying junk government bonds in Europe like Greek government bonds in May when the Greek crisis blew up. The interesting point is the ECB is only doing this reluctantly and as equity markets have rallied and the credit spreads have come in, the ECB has progressively bought less and less junk government paper.
Basically last week they hardly bought anything – they’re probably going to go down to zero just as this counter trend rally peaks.
How early we go down depends on whether there is another bout of risk aversion or markets are just focusing on waning growth. This is Greek and PIG government bond yield spreads. I was recommending for several years the investor should bet on wise widening PIG spread. PIG spread, for people who don’t know this, is the average bond yield of Portugal, Ireland, Greece, Spain over the German bond yields-I closed out that just about when the Greek crisis peaked. And I think a better trade is going forward is what I called a Spanish flu trade, betting on rising Spanish CDS.
For now the jury doubts on whether these European countries can make the fiscal adjustments being demanded by the Germans, but people should understand that the Germans have a completely diametrically opposite view to the Americans – they simply do not believe that fiscally stimulating is the way to get yourself out of the economic problem. So right now the weaker part of Euroland has embarked on a fiscal adjustments which is intrinsically deflationary, given the downturn they are facing.
The stress test is being led by Ireland. Last year the Irish economy contracted in nominal terms by more than 10 percentage points. So far the Irish are taking the pain probably because the only boom they have had in the last 1000 years was when they join Euroland community. So in that sense willing to take quite a lot of pain, but in the big stress test it is going to be Spain.
Spain is a big important country. They had a massive private sector debt binge, they got the biggest housing bust in the west, even bigger than the US. So it is going to be interesting to see whether the Spanish political system can make this fiscal adjustment, given the fact they already have nearly 20% unemployed. I have an open mind on this. We just have to see what happens and may be the Europeans can make this fiscal adjustment, in which case it’s going to be a lot of pain, but the Euro as a currency is going to merge with huge credibility.
On the other hand, it may well be that this level of fiscal austerity is simply incompatible with the political systems of these Mediterranean countries. Right now, it is impossible to tell the European who is watching the football and now at the beach we can have a much better ideas they can take this pain by about January-February next year.
But in the meantime if the markets will test or are bound to test the European’s willingness to take this fiscal adjustment in the next few months. Tactically I would be selling the Euro against the dollar here as we had a significant bounce back in the Euro. So those are my thoughts on basically the West. It’s a deflationary environment. But in the US we are going to continue to stimulate in the Europeans because the Europe’s case is going to follow the German President.
Turning to Asia, Asia is a fundamentally healthy story unlike the West. In my view, the peak of the Asia ex-Japan index you saw prior to the credit crisis will be exceeded sooner or later because the Asian economies are growing healthily and have effectively decoupled from the West even though the markets haven’t. This is MSCI Asia ex-Japan relative to MSCI world index. They’ve been in & outperforming trend since the bottom of the Asian crisis in 1998 and that outperforming trend is resuming when the Chinese stock tightening and then formally start easing again which will happen in the next few months. That will reaccelerate Asian outperformance.
Valuation wise, Asia is trading in line with the US on the 12-month forward PE basis. In my view, sooner or later Asia is going to trade at a sustainable premium over the West because the fundamental growth story is so superior. In terms of my relative return asset allocation, I’m going to take a detour here. I am structurally overweight on India and Indonesia as these are the two best long-term stories in Asia. But tactically I have reduced India a bit and raised China because we are going to get a policy inflection points in China in the next few months which will be bullish for Chinese stocks.
But my big underweight in Asia Pac portfolio is Australia which is why I’m weaving more money into China because it has become cheap. What I am underweight on is those stock, sectors, countries which are perceived as beneficiaries of Chinese growth like the commodities sector, because in my view, Chinese growth is going to be slowing for the rest of this year and that’s a negative headwind for the commodities complex.
From an Indian standpoint that was obviously positive. I think oil is going this week to be as high as it’s going to get on its counter trend move. Clearly if you are more bullish on oil, you will be more bearish on India and this is my long only portfolio on Asia or ex-Japan.
I started this portfolio beginning of fourth quarter 2002, sent about 25 to 30 stocks in it, mostly large cap. I cannot have any cash and it’s long only and is basically playing the domestic story in Asia as always. Mostly has the biggest weight being in India because India since always has been my favourite equity story in Asia. It’s still got a big weighting in India. We can argue about the details of what stocks to own etc, but fundamentally this has India. Secondly, China if I did not have a big capital orientation, then I would have less in China, more in smaller Asian markets like Indonesia and Philippines.
That’s the performance of my long-only portfolio compared with the benchmarks. Since I cannot really have cash, as I said, so I cannot really hedge it, but for those who want to hedge I have been recommending since the middle of over 2007 that investors hedge this long Asian exposure by shorting western financial stocks. I have now narrowed that down in recent months into not shorting western financial stocks, but shorting European financial stocks because European financial stocks are much more geared to the systemic risk from junk European government debt and they are also in a much more leverage than American financial stocks.
This is my global portfolio I have also been running since 2002. This has run on a theoretical US dollar denominated pension fund on a 5-year view and this portfolio I have simplified in recent months have got 15% weighting in US 30 year treasury bonds.
That might seem crazy to people given the fact that the US government debt is getting bigger & bigger, but one of my views is that the most likely end game is a sovereign debt crisis in the US and the collapse of the US dollar paper standard. I don’t think that end game happens this year and in my view before this oust in the game is played out the deflationary pressures in the US will take bond yields much lower. So I think it’s quite possible the 10-year Treasury goes 2%, 30 year treasury goes to 3%. For people who think that’s insane, I should point out that the 10-year GDP went below 1% this week and in 2003 got to 0.45 basis points.
So the message is that in deflationary environment bond thing gets very low indeed because the risk aversion causes people like banks, insurance companies, individuals to buy bonds to lock in income because in deflationary environment there is not much income around. So that’s the deflationary hedge, but 45% of my portfolio is geared to the best story in the world, which is Asia.
So I got 15% in Asia or ex-Japan physical property, 30% in my long-only Asia or ex-Japan portfolio. Then I got a longstanding position in gold and gold mining stocks which I have since inception of this portfolio and this position in gold is basically hedging for US dollar denominated pension funds. The big picture risk is that one day simply the world revolt against the ongoing US stimulus and there is a sovereign debt crisis in the US dollar, US government debt, which means the end of the US paper standard and the end of the post 1945 Western paper currency system. And in that environment gold can go parabolic. My longstanding target for gold that can peak in this bull market is $35000 per ounce.
So this is a gold bullion chart in US dollar terms. The key point about this chart is that it’s quite obvious gold is in a bull market and remains in a bull market and this bull market, when it ends, will end in a parabolic spike which we have not seen yet. The next obvious trigger for the next big move in gold will be the next time Mr. Bernanke adopts quantitative easing and the next time he does it he who is going to have to expand the balance sheet more than the last time (because otherwise people are going to worry if it’s going to work), but cannot do it right now because the news flow is not bad enough.
Gold stocks relative to gold bullion price. In my view gold stocks made that relative low to gold bullion price in 2008 when commodities collapsed. So for equity managers who cannot buy pure bullion I would say look at gold mining stocks because if gold goes $35000 per ounce, it is going to be massive operating leverage for those mine. Gold stocks that actually produce gold haven’t hedge the gold and on jurisdictions where governments don’t cease the gold often.
I am turning to some Asian Pacific charts. I will just run through few charts on China that’s a big story for everywhere as I say Chinese market has underperformed this year. The key point to understand about Chinese stocks is that they are policy-driven. Indian stocks are earnings-driven while Chinese stocks are policy-driven. The Chinese government is tightening, that is why the market has been going down. When the Chinese government starts easing, the Chinese stocks will go up and then may be outperforming Indian stocks for a period.
Real GDP growth in China. China growth peaked in my view first quarter. It’s going to be slowing for the rest of this year probably an annualised growth 12% first quarter, may be down to 1% by the fourth quarter. That is going to create a lot of market noise. It will be negative for commodities. It’s not a big deal, but it will create a lot of noise. Chinese bank landing has slowed dramatically this year from the surge last year. China is a command economy banking system. So that looks dramatic, but that has seen the loan growth slowing to 18% which is still respectable, it’s not cold turkey.
China has been tightening on the property market. So what the stock market in China wants to see is more and more developers willing to cut property prices because it’s more than evident that developers are stopping raising prices and starting to cut prices. The greater the hope that the Chinese government stops tightening that process should play out in the next few months. As you can see here average daily residential sales of Chinese properties have fallen pretty dramatically since April when the government got more aggressive on tightening. You’d have read a lot about Chinese property bubbles, especially in America.
The Chinese property markets have a lot of excess supply, but it’s not a bubble because you have very conservative mortgage financing. What you do have there is a lot of high end developments sitting 80% empty. So Chinese people like to have lot of flat value and don’t like to have flats once used because they think a used flat is devalued just like a used car.
What about the currency? When the renminbi starts to rise against the US dollar incrementally, maximum incremental appreciation will be of 5%. So the Chinese are going to let their currency go up slightly, but you are not going to get any aggressive moves.
I got a chart on Hong Kong just to highlight that we have got a big long-term asset inflation story in Asia. The quintessential asset inflation story in Asia is Hong Kong because of the supply constraints. In my view, Hong Kong property would sooner or later exceed 1997 peaks. You can get a mortagage in Hong Kong today for less than 1%. There you see, apart from Mumbai, this is a one property market in Asia with the massive supply constraint. This is a new supplier residential properties. So Hong Kong I think is a classic asset inflation story to monitor.
Turning to India, I would not go too much linked to India because everybody over here would know more about it than me, but we probably had a big inflation scare at the start of this year. In my view, it’s fundamentally silly to worry too much about inflationary pressures in Asia.
We should be celebrating the fact that there is inflation because if there wasn’t inflationary pressures in Asia, it would mean the world is facing a global depression because there is no growth dynamics in the developed world. So I am glad there is inflationary pressure. Having said that inflation is going to be coming off in India for the rest of this year which means that concern should recede. The central bank will continue to tighten incrementally. I think that’s sensible given the external environment, but I think incremental tightening that the RBI is doing is enough to upset stocks here unduly.
Bank credit growth. This I think is a very important chart. The Indian banking sector is a capitalist banking system unlike the Chinese system. So when the economies slow, the banks slow their lending whereas in China they were ordered to lend more. Now the credit cycle is picking up again, that’s a very healthy development. We are looking at about 20% loan growth in India this year. But I think the most important positive points of all is that the credit cycle is being led by infrastructure loans, not personal loans, as you can see from this chart. This raises the key point which in my view is the critical bearable for the Indian macroeconomic story this year and for the next 5 to 10 years is whether we can get an infrastructure cycle playing out.
The fact that infrastructure loans are leading the credit cycle is anecdotal evidence that is happening. If we get infrastructure happening in India, it’s quite possible that India can grow at 9% plus a year for the next 5 years at least, if not 10 years, which means that India in my view is going to be growing more rapidly than China. In my view a more basic trend growth in China is going to be 8% and that’s a growth rate that Chinese Communist party is going to be comfortable with. So the higher growth rate in India than in China, if the infrastructure story happens, is going to raise the profile of the Indian story globally.
Clearly if I am wrong and infrastructure does not happen in India, the whole Indian story becomes much less interesting. It’s not a disaster, but the country only grows just 5%-6%. So this is fixed investment relative to GDP in India. I am expecting this line to pick up again. Car sales, two-wheelers sales are going up. So the consumer story is still perfectly good story in India. It has picked up with the monetary easing, but as I say the key variable for me is infrastructure.
In terms of risks to the Indian markets, probably the biggest risk to the Indian market is simply the huge amount of foreign money. My own guess is that the next time there is a global hiccup, foreigners will sell India less aggressively than in 2008 for the simple reason that India has shown it can decouple from the US economic cycle.
The other point is the fact that foreign investors stay much in India is basically confirmation that India is a good story and those foreign investors who have not yet invested in India are all desperately waiting for a correction. So they can invest, that’s the mindset of them.
One year forward price to book. India is not cheap, but it’s not expensive in the context of Indian stock market history and in my view the Indian stock market will continue to trade at a premium to Asian and mother of emerging markets because the Indian market is like one big growth stock and growth stocks trade at a premium. Clearly, if you want to enter in an equity portfolio for dividends & you don’t buy India, then you should go and look at Singapore.
This chart perceives a useful chart for anybody who is trying to raise Indian funds in the room because it shows a huge outperformance of India – MSCI India relative to MSCI China in recent history. I will just end with the 3 charts on Japan & the reason I am doing this is because of my experience when I lived in Japan in the early 90s and the experience of Japan in the last 20 years is a potential lead indicator of what is going to happen in the West.
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(VIDEO) Chris Brown and Usher Tease Epic “Raymond & Brown” R&B Stadium Tour in Major 2026 Collaboration
LOS ANGELES — R&B superstars Chris Brown and Usher have officially announced their first-ever joint tour, “Raymond & Brown,” sending shockwaves through the music industry and igniting massive excitement among fans Friday morning.

The two icons, whose combined catalogs have defined modern R&B for more than two decades, shared the news simultaneously on Instagram with sleek promotional videos featuring high-energy motorcycle rides through city streets and fans receiving tour alerts on their phones. While full dates, venues and ticket information have yet to be released, the tour is expected to hit stadiums later in 2026, promising a blockbuster celebration of R&B hits, smooth vocals and electrifying dance moves.
“Raymond & Brown” cleverly plays on Usher’s middle name and last name alongside Brown’s surname, doubling as a nod to the genre itself — R&B. Industry insiders and social media erupted with reactions calling it a dream pairing of two generations of R&B royalty.
Usher Raymond IV, 47, and Chris Brown, 36, have long been compared as titans of the genre. Usher burst onto the scene in the late 1990s with his self-titled debut and exploded globally with 2004’s “Confessions,” which sold over 10 million copies in the U.S. alone and spawned No. 1 hits like “Yeah!” featuring Lil Jon and Ludacris, “Burn” and “My Boo.” Known for his impeccable vocals, charismatic stage presence and innovative dance routines, Usher has earned eight Grammy Awards and sold more than 80 million records worldwide. His recent “Past Present Future” project and past Las Vegas residencies continue to showcase his enduring appeal.
Chris Brown, who debuted as a teen sensation in 2005 with his self-titled album featuring the smash “Run It!,” has built a career marked by chart dominance and boundary-pushing performances. With hits including “Forever,” “With You,” “Loyal” and more recent tracks from albums like “11:11” and his ongoing “Breezy” era, Brown has amassed billions of streams and maintained a fervent fan base known as Team Breezy. He has also ventured into dance-heavy stadium shows, including the 2025-2026 “Breezy Bowl XX” celebrating 20 years in music.
The pairing marks a full-circle moment. The two artists have collaborated before, most notably on Brown’s 2016 track “Party” featuring Usher and Gucci Mane. They have also shared stages in the past, with memorable guest appearances that hinted at their mutual respect despite occasional online chatter about friendly competition in the R&B space.
Social media lit up within minutes of the announcement. Fans flooded comments with heart emojis, fire symbols and predictions of sold-out stadiums. “This is the tour of the decade,” one popular post read. “Two kings, one stage — R&B is winning.” Hashtags like #RaymondAndBrownTour and #RNBTour trended rapidly as clips from the announcement trailer circulated.
The tour’s stadium format signals major ambitions. Recent years have seen R&B and hip-hop artists successfully scale to large venues, with tours by acts like Beyoncé, Drake and The Weeknd proving the genre’s drawing power. A joint Brown-Usher run could easily fill football stadiums across North America and potentially expand internationally, capitalizing on their massive combined streaming numbers and loyal followings.
Details remain scarce as of Friday afternoon. Representatives for both artists have not yet released a full itinerary or on-sale date for tickets. Industry observers expect announcements in the coming weeks, with Live Nation or AEG likely involved in promotion given their track records with major R&B tours. Presale opportunities for fan clubs or verified fans could precede general sales.
The announcement arrives at a strong time for both performers. Usher continues to enjoy momentum from his Super Bowl halftime show legacy and consistent output, while Brown has stayed active with music releases, features and high-profile appearances despite occasional personal and legal headlines. Their ability to draw crowds together could create one of the highest-grossing R&B tours in recent memory.
Music historians note that joint tours by established stars often become cultural events. Think of past pairings like Jay-Z and Beyoncé’s “On the Run” or co-headlining packages that blend catalogs for unforgettable nights. “Raymond & Brown” promises a similar experience — sets blending solo hits, joint performances, medleys and perhaps surprise collaborations.
Fans can expect staples like Usher’s “U Got It Bad,” “Nice & Slow,” “Love in This Club” and “OMG” alongside Brown’s “Kiss Kiss,” “Deuces,” “New Flame” and dance anthems that highlight both artists’ athletic choreography. The production is likely to feature state-of-the-art lighting, massive video screens and intricate staging to accommodate their signature moves.
Beyond the stage, the tour could boost streaming and catalog sales for both. With platforms like Spotify, Apple Music and YouTube playing key roles in discovery, a major tour often leads to renewed interest in classic albums. Younger audiences discovering the artists through social media virality may also flock to shows, bridging generational gaps in R&B fandom.
The news also highlights the resurgence of R&B as a live experience. After years where hip-hop and pop dominated touring conversations, acts emphasizing melody, emotion and performance are reclaiming spotlight. Brown and Usher represent different eras — Usher as the polished 2000s heartthrob and Brown as the high-energy 2010s trailblazer — yet their styles complement each other seamlessly.
Speculation about a possible joint album or EP to accompany the tour has already begun circulating, though nothing has been confirmed. Past successful collaborations between R&B heavyweights have produced memorable records, and a project from these two could generate significant buzz.
Challenges for any large-scale tour include logistics, ticket pricing and fan accessibility. Stadium shows often come with higher costs, but strong demand could justify premium experiences, including VIP packages with meet-and-greets or early entry. Organizers will likely aim to balance affordability with the production scale fans expect from these superstars.
Both artists maintain active philanthropic efforts. Usher’s New Look Foundation has focused on youth empowerment for years, while Brown has supported various causes through his music and public appearances. A joint tour could include charitable components or awareness initiatives, further enhancing its cultural footprint.
As anticipation builds, industry analysts are already projecting strong numbers. Comparable tours have grossed tens of millions, and with two headliners sharing billing, costs can be optimized while maximizing revenue potential. International expansion, particularly in Europe, Asia and Africa where both have strong followings, could extend the run significantly.
Friday’s announcement follows months of rumors about a possible collaboration. Social media speculation intensified in recent weeks, with fan accounts and music blogs teasing the possibility. The official reveal delivered exactly what supporters hoped for — a bold, unified statement from two legends ready to share the spotlight.
For Chris Brown, the tour adds another chapter to his evolution from teen idol to seasoned performer capable of commanding massive stages. For Usher, it reinforces his status as an elder statesman of R&B while keeping him connected to contemporary audiences through Brown’s youthful energy.
Music executives and fellow artists quickly weighed in online, with many congratulating the pair and expressing excitement. The broader R&B community views the move as a unifying moment that celebrates the genre’s depth and staying power.
As more details emerge in the coming days and weeks, fans are advised to follow official accounts for both artists and reliable ticketing platforms. Early buzz suggests demand will be intense once dates drop, potentially leading to rapid sell-outs in major markets like New York, Los Angeles, Atlanta, Chicago and Miami — cities with deep ties to both performers.
“Raymond & Brown” is more than a tour name; it’s a declaration that R&B remains vibrant, competitive and capable of producing moments that bring generations together. In an era of fragmented attention, a co-headlining stadium run by two of the genre’s most gifted entertainers promises to be a unifying event — a night of hits, history and pure musical electricity.
With 2026 shaping up as a banner year for live music, this announcement sets a high bar early. Whether delivering back-to-back sets, trading verses on collaborations or surprising crowds with unreleased material, Chris Brown and Usher are poised to deliver what could become one of the most talked-about tours of the decade.
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OpenAI identifies security issue involving third-party tool, says user data was not accessed

OpenAI identifies security issue involving third-party tool, says user data was not accessed
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Zelenskyy Welcomes Russian Easter Ceasefire While Pushing Energy Truce and Security Guarantees
KYIV, Ukraine — Ukrainian President Volodymyr Zelenskyy on Friday welcomed a temporary Easter ceasefire declared by Russian President Vladimir Putin while reiterating his call for a broader halt to strikes on energy infrastructure, as the grinding war entered its fifth year amid shifting global tensions including conflicts in the Middle East.

Zelenskyy confirmed that Ukrainian forces would observe the 32-hour Orthodox Easter truce announced by Moscow, which is set to begin Saturday evening and run through Sunday, aligning with the holiday observed by both nations. At the same time, he expressed skepticism about Russia’s intentions, noting past failed ceasefires and accusing Moscow of choosing escalation over peace gestures.
In his nightly address and recent statements, Zelenskyy stood by a Ukrainian proposal conveyed to Russia through U.S. channels for a mutual ceasefire on attacks targeting energy facilities. “If Russia is ready to stop strikes on our energy infrastructure, we will be ready to respond in kind,” he said earlier this week, emphasizing that the offer remains on the table ahead of Orthodox Easter on April 13.
The latest developments come as both sides continue intense drone and missile exchanges. Overnight attacks have targeted civilian areas, including a strike on the Black Sea port of Odesa that killed three and injured at least 16, according to Ukrainian officials. Zelenskyy has repeatedly warned that Russia is preparing for a prolonged “year of war” in 2026, while highlighting signs of strain within Russian forces, including stalled army growth despite heavy mobilization.
Zelenskyy, a former comedian who rose to the presidency in 2019 and became a global symbol of defiance after Russia’s full-scale invasion in February 2022, has maintained a busy diplomatic schedule. In recent weeks, he traveled to the Gulf region and held talks in Istanbul with Turkish President Recep Tayyip Erdogan on security cooperation. He also spoke by phone with Pope Leo XIV, who expressed hopes for a just and lasting peace.
The Ukrainian leader has drawn connections between the war in Ukraine and escalating tensions in the Middle East, accusing Russia of aiding Iran and mapping U.S. assets to support Tehran. Zelenskyy revealed that Ukrainian forces had engaged in actual combat operations in the Middle East, shooting down Iranian-made Shahed drones during recent U.S.-Israel actions against Iran — not merely training missions but using Ukrainian-made interceptors. He offered Ukraine’s assistance in unblocking the Strait of Hormuz if needed, underscoring Kyiv’s growing role in broader global security discussions.
Relations with the United States under President Donald Trump remain a focal point. Zelenskyy has engaged in multiple calls and meetings with Trump and his envoys, including Steve Witkoff and Jared Kushner, discussing pathways to end the conflict. Trump has pushed for a swift resolution, with Zelenskyy noting that “much can be decided before the New Year” in potential high-level talks. However, Zelenskyy has pushed back against perceived pressure to cede territory, stressing that any peace must include robust security guarantees for Ukraine.
Work continues with U.S. negotiators on formalizing those guarantees, which Zelenskyy describes as essential for any lasting peace. He has urged allies to maintain sanctions pressure on Russia’s economy, particularly targeting shadow fleets that help Moscow sustain oil revenues despite restrictions.
On the battlefield, Ukrainian forces report incremental advances in areas like the Pokrovsk direction, while relying on innovative drone technology and expanded domestic defense production. Zelenskyy has hailed Ukraine’s growing arms industry, projecting significant output in drones and missiles by the end of 2026. At the same time, he has acknowledged the human cost, with earlier estimates placing Ukrainian military deaths in the tens of thousands and total casualties far higher.
Russia’s expansive territorial ambitions — including goals to seize remaining parts of Donbas, create buffer zones along northern borders and potentially push toward southern cities like Odesa — remain unchanged, according to Ukrainian assessments. Yet Zelenskyy has pointed to Russian difficulties in fulfilling planned advances, citing high casualties and internal societal pressures that could force broader mobilization, something the Kremlin has sought to avoid.
The Easter truce announcement by Putin has sparked speculation about Moscow’s shifting priorities, with some analysts wondering if Russia might redirect resources amid the Iran situation. Zelenskyy responded cautiously, saying Ukraine would mirror Russia’s actions and warning of a “symmetrical response” if violations occur. Past humanitarian pauses have often broken down quickly, with accusations flying from both sides.
Energy infrastructure remains a critical vulnerability. Russia has damaged or destroyed much of Ukraine’s power generation capacity through repeated strikes, leaving millions facing blackouts, especially during winter. Zelenskyy’s energy ceasefire proposal aims to provide immediate relief to civilians while building momentum toward broader de-escalation.
Diplomatically, Ukraine has strengthened ties beyond traditional Western allies. Talks with Ireland focused on unblocking EU accession negotiations and support for Ukrainians abroad. Cooperation with Norway addressed security enhancements, and agreements with Syria have emerged in unexpected areas. Zelenskyy has also engaged leaders in the Gulf on regional stability and free trade flows.
Domestically, Zelenskyy continues to project resilience. In addresses marking the war’s milestones, he has declared that Russia has “not broken Ukrainians” nor achieved its initial goals of quick victory and regime change. Ukraine has defended its independence and statehood, he insists, despite the immense challenges of a war now stretching into its fifth calendar year.
The conflict has evolved into a war of attrition dominated by drones, artillery and electronic warfare. Ukrainian adaptations in technology have provided tactical edges, even as Russian forces maintain pressure through sheer volume of attacks. Civilian infrastructure, including hospitals, schools and residential areas, continues to suffer, drawing international condemnation.
Zelenskyy has dismissed Russian claims of inevitable victory, arguing that Moscow’s calculations include prolonging the war to divert global attention and weaken support for Ukraine. He has called on partners to increase pressure, including through sanctions and military aid, while preparing Ukraine’s own defense industry for greater self-reliance.
As Orthodox Easter approaches — a time of reflection for millions in both countries — Zelenskyy’s messages blend hope for de-escalation with firm resolve. He has repeatedly proposed Easter ceasefires, only to see them rebuffed or undermined by continued strikes. The current Russian declaration, while limited, offers a brief window that Kyiv intends to honor, provided Moscow does the same.
Looking ahead, attention turns to potential trilateral or leaders-level talks involving the U.S., Ukraine and Russia. Zelenskyy has signaled openness to direct engagement if it advances concrete security arrangements and territorial integrity. However, he maintains that Ukraine will not accept ultimatums or unilateral concessions.
The broader geopolitical picture has grown more complex with the U.S.-Iran ceasefire and related developments. Zelenskyy has positioned Ukraine as a responsible actor willing to contribute to stability beyond its borders, from drone defense expertise to potential mediation roles in energy chokepoints.
Challenges abound. Ukraine faces manpower strains, economic pressures and the need for sustained international backing. Reconstruction costs run into hundreds of billions, with energy and housing among the most urgent needs. Yet Zelenskyy points to signs of Russian overextension and domestic discontent as potential turning points.
Friday’s developments, including the Easter truce response and drone revelations, underscore Zelenskyy’s dual role as wartime leader and diplomat. From nightly video addresses rallying his nation to high-stakes international calls, he continues to navigate a conflict that has reshaped European security and global alliances.
As spring advances and fighting seasons intensify, the coming weeks could prove decisive. Whether the Easter pause holds, if energy strikes subside, and how U.S.-led diplomacy evolves will shape the trajectory toward any potential negotiated end to Europe’s bloodiest conflict since World War II.
For millions of Ukrainians enduring blackouts, displacement and loss, Zelenskyy’s steadfast message remains one of endurance and hope: peace is possible, but only on terms that safeguard Ukraine’s future as a sovereign, secure nation.
Business
Bridgemarq Real Estate Services Inc. 2025 Q4 – Results – Earnings Call Presentation (TSX:BRE:CA) 2026-04-10
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
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Thailand’s Economic Recovery Hinges on Structural Reforms
Thailand’s newly formed government confronts a challenging economic landscape marked by high household debt, inefficient investments, and restrictive trade policies. Bold reforms are essential to draw in future-focused industries and ensure sustainable growth.
Key Points
- The conservative Bhumjaithai party won a decisive victory in February 2026, campaigning on stability, but inherited an economy still struggling to recover from the pandemic.
- GDP growth is forecast at just 1.6% for 2026 — the lowest in ASEAN — due to constrained public finances, unproductive investment, and a strong baht eroding export competitiveness.
- While exports surged in 2025, especially electronics to the U.S., tariff uncertainty, Section 301 investigations, and inefficient allocation of capital hinder long-term gains.
- Liberalising foreign ownership (e.g., amending the Foreign Business Act), opening key service sectors (legal, logistics), and joining the CPTPP are critical to attract green manufacturing and high-value industries.
- Thailand’s 14 FTAs cover only 18 markets, with low utilisation due to complex rules of origin — unlike Vietnam, which has leveraged CPTPP to expand exports.
Without structural reforms beyond stimulus, Thailand risks missing out on global supply chain shifts and future industrial investment, leaving it economically stagnant despite short-term export gains.
The Commerce Ministry has announced plans to remove 10 service sectors — from software development to petroleum exploration — from the restricted list, which is a step in the right direction.
The sectors that have been opened do not include those critical to manufacturing firms, such as legal, accounting, and logistics services, which remain heavily restricted. According to the OECD, Thailand ranks among the most restrictive countries in terms of barriers to services trade. Without liberalizing these sectors, even the most generous investment incentives will find it challenging to attract future-focused industries.
Access to export markets is another critical area needing improvement. Thailand currently holds 14 free trade agreements (FTAs), granting preferential access to just 18 markets—significantly fewer than Vietnam’s broader market reach. Additionally, FTA utilization remains a challenge, as nearly 20% of eligible exports fail to leverage preferential terms due to the high costs or complexities of complying with rules of origin, particularly for smaller firms.
Thailand relies heavily on imported inputs, which poses a vulnerability as rules of origin become stricter due to geopolitical pressures. Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could mitigate this risk by broadening the network of countries, such as Japan, whose inputs are eligible under origin requirements, while also enhancing market access. Vietnam, which joined the CPTPP in 2019 and depends on foreign inputs even more than Thailand, has experienced a significant surge in exports to new markets since its accession.
Source : Thailand’s economic recovery depends on opening up | East Asia Forum
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Li Auto Stock Rises 3% in Hong Kong as March Deliveries Rebound and New L9 Launch Looms in China EV Recovery
HONG KONG — Li Auto Inc. shares climbed more than 3% Friday on the Hong Kong Stock Exchange, closing at HK$74.20 after adding HK$2.30, as investors cheered a strong March delivery rebound and anticipation for the upcoming launch of the refreshed flagship Li L9 amid a competitive but recovering Chinese new energy vehicle market.

The Beijing-based automaker, listed as HKG:2015, saw its stock rise on elevated trading volume as the company resolved production bottlenecks for its battery electric vehicle lineup and pushed forward with technology upgrades, including advanced autonomous driving systems unveiled at NVIDIA’s GTC 2026 conference. The move extended recent gains following positive March figures that helped lift first-quarter deliveries above internal guidance.
Li Auto delivered 41,053 vehicles in March 2026, marking a 12% increase from the same month a year earlier and a sharp sequential jump after earlier softness. The performance pushed the company’s cumulative deliveries past 1.635 million vehicles since inception. Notably, the Li i6 pure electric SUV surpassed 24,000 monthly units once production constraints eased, signaling improving momentum in Li Auto’s BEV transition.
For the first quarter overall, Li Auto delivered approximately 95,142 vehicles, a modest 2.5% year-over-year gain that exceeded its earlier guidance range of 85,000 to 90,000 units. The rebound came despite ongoing price competition and a challenging 2025, when full-year deliveries fell about 19% to roughly 406,343 vehicles amid margin pressure and slower demand for some extended-range electric vehicle models.
The company has set an ambitious target for 2026, aiming for around 20% growth in vehicle sales, which would translate to roughly 490,000 units. Management has emphasized a “3+2” strategy focusing on overhauling its retail network, successfully launching the next-generation Li L9, and accelerating battery electric vehicle sales. The all-new Li L9, scheduled for official launch in the second quarter, is expected to feature significant upgrades including a larger battery for over 400 km of pure electric range, an enhanced chassis, and cutting-edge computing power.
Analysts and investors view the refreshed L9 as a potential catalyst. The model is projected to incorporate Li Auto’s self-developed M100 chip and advanced smart cockpit features, with some variants boasting up to 2,560 TOPS of computing power — far exceeding many competitors. A higher-priced “Livis” trim has also been previewed, targeting premium family buyers seeking luxury and intelligent driving capabilities. Orders for certain current L-series models were paused in March ahead of the refresh, a common industry tactic to clear inventory and build excitement for new versions.
Li Auto has also been investing heavily in artificial intelligence and autonomous driving technology. The company unveiled its MindVLA autonomous driving foundation model at NVIDIA GTC 2026, pairing hardware advances with in-house software to differentiate its vehicles in a crowded market. These efforts align with broader industry shifts toward AI-native vehicles, where Li Auto aims to blend extended-range reliability with pure electric innovation and intelligent features.
On the financial front, Li Auto reported a challenging 2025, with revenue declining about 22% and net income dropping sharply. Fourth-quarter vehicle margins improved sequentially to 16.8%, though still below prior peaks due to pricing competition. The company returned to modest profitability in the quarter despite lower volumes. For the first quarter of 2026, it had guided revenue between RMB 20.4 billion and RMB 21.6 billion, reflecting the impact of softer early-year deliveries before the March uptick.
To signal confidence, Li Auto announced a US$1.0 billion share repurchase program in March 2026, with initial buybacks executed on both Nasdaq and Hong Kong exchanges. Executives described the move as reflecting strong belief in the company’s long-term value creation. The program comes alongside ongoing efforts to optimize its sales network through a “store partner” profit-sharing model aimed at boosting retail performance.
Li Auto’s portfolio spans extended-range electric vehicles (EREVs) like the popular L6, L7, L8 and L9 families, alongside pure EVs including the Li i6, Li i8 and the flagship Li MEGA MPV. The company has positioned itself as a leader in premium smart EVs tailored for families, emphasizing spacious interiors, advanced safety systems and convenient energy solutions. Its nationwide supercharging network exceeded 4,000 stations by early 2026, supporting over 1.45 million charging sessions during the Spring Festival travel peak alone.
Despite domestic headwinds, Li Auto has begun modest international expansion, introducing select L-series models in markets such as Egypt, Kazakhstan and Azerbaijan. While China remains the core focus, these early steps signal ambitions to diversify beyond the world’s largest EV market.
The Chinese EV sector continues to face intense competition from rivals including BYD, NIO and XPeng, compounded by price wars and fluctuating consumer demand. Li Auto’s hybrid approach — combining range-extended powertrains with growing BEV offerings — has helped it maintain appeal among buyers concerned about charging infrastructure. However, gross margins have faced pressure from higher raw material costs and promotional pricing.
Analysts remain mixed but generally constructive on longer-term prospects. Consensus price targets cluster around levels implying upside from current valuations, with some highlighting the potential for margin recovery as new products ramp up. Morgan Stanley recently trimmed its target but maintained an overweight rating, citing execution risks around the L9 launch while noting expected benefits from AI investments and product cycle improvements. The stock trades at a relatively low multiple compared to some growth peers, though volatility persists amid broader China EV sentiment.
Li Auto also released its 2025 ESG Report and inaugural climate-related disclosures on April 10, underscoring commitments to sustainable manufacturing and supply chain practices as it scales production. The company operates with a vertically integrated model focused on user value, from vehicle design to software updates delivered via over-the-air (OTA) technology. Recent OTA version 8.3 brought enhancements to its VLA driver model, smart cockpit and electric functionality.
Looking ahead, attention will turn to the May earnings report, where management is expected to provide more color on Q2 guidance, L9 production ramps and BEV contribution. The company plans to launch an all-new Li i9 battery electric SUV in the second half of 2026, further broadening its pure EV lineup.
Challenges remain, including sustaining delivery growth in a high-competition environment, managing R&D expenses that have risen with AI and autonomy pushes, and navigating potential regulatory or subsidy shifts in China’s NEV sector. Supply chain stability and raw material costs will also influence margins.
Friday’s trading in Hong Kong showed strong participation as the stock tested recent resistance levels following the March delivery news. Technical observers noted improving momentum, though the shares remain well below 2025 peaks amid last year’s delivery slowdown.
Founded in 2015, Li Auto has grown rapidly by targeting the premium family segment with vehicles that combine the convenience of gasoline range with electric efficiency and smart features. Under CEO Xiang Li, the company has prioritized user experience, with high net promoter scores for models like the Li i8.
As China’s EV market matures and global interest in intelligent vehicles grows, Li Auto’s blend of hardware innovation, software differentiation and family-focused design positions it as a resilient player. Success with the new L9 and continued BEV momentum could help the company reclaim stronger growth trajectory in 2026 and beyond.
Investors will closely monitor execution in the coming quarters, particularly whether the refreshed lineup can drive order backlogs, stabilize pricing and deliver on margin targets. For now, the March rebound and technology roadmap have provided fresh optimism in a sector where product cycles and innovation often dictate market leadership.
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Former Liverpool CEO eviscerates FIFA for World Cup ticket pricing
Peter Moore has called on the governing body to “sort out” their structures ahead of the summer spectacular
Former Liverpool CEO Peter Moore has expressed his disappointment with FIFA’s current ticketing strategy for the 2026 World Cup. Moore is far from the first in the space to voice concerns, as watching football in person becomes increasingly difficult for the average fan.
Moore, who served as Liverpool’s CEO from 2017 to 2020, has called on FIFA to reconsider its ticketing approach, stating that it is “completely detached from the very soul of football.”
Moore has urged FIFA to “sort out” its ticketing strategy before it’s too late. He expressed concern that the current model prioritises revenue over the reality of the average, passionate football supporter. These are the fans who save for years to attend the World Cup, travelling across continents and bringing the spirit, colour, and noise to the games.
Moore, who has attended five World Cups, described them as “life chapters” about culture, connection, and unity through football. He emphasised that the issue of ticket pricing carries significant weight given his extensive experience in the sports and entertainment industries.
During his career, Moore has held senior roles at Reebok, Sega, Microsoft, and Electronic Arts (EA). He recalled standing “shoulder to shoulder” with FIFA during its 2015 controversy when senior officials were charged with bribery, racketeering, and money laundering. Despite many sponsors distancing themselves from FIFA, EA continued to work with them, keeping millions of fans connected to football and the World Cup during a time of low trust in the organisation.
The controversy of dynamic pricing
FIFA’s ticket pricing for the upcoming World Cup has already sparked controversy. The Football Supporters’ Association (FSA) has criticised the ticket pricing policy as excessively expensive and unfair to fans. The introduction of dynamic pricing, a model that the FSA has urged FIFA to abandon, is one of the main reasons behind the increase.
A recent investigation revealed the high costs fans would face, including flights, tickets, and accommodation, to attend the World Cup. Moore echoed the FSA’s sentiments, stating that the current approach feels detached from the essence of football. He argued that football should not be a luxury product reserved for the highest bidder, but rather, it belongs to the people.
The future of FIFA ticket pricing strategy
While public criticism may not be enough to force FIFA to reconsider its pricing model, the results it produces might. FIFA claimed in January to have received half a billion ticket requests for the World Cup.
If a large proportion of tickets are held outside genuine fan demand, there is a risk that stadiums may not be full for many matches. This could pose a significant issue for FIFA, even if revenues reach record levels, especially given its ambition to deliver the biggest and best World Cup in history.
Moore concluded by saying, “The World Cup should unite the world, not divide it by price. Football deserves better. And so do the fans. Come on, FIFA, sort this out… It’s not too late.”
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