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Jean-Claude Bastos’ Beyond’ Podcast Features a Probing Conversation on Architecture, Intelligence, and the Nature of Design

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What does architecture have to do with the physics of the universe, the efficiency of a 1950s French automobile, and the limits of artificial intelligence?

What does architecture have to do with the physics of the universe, the efficiency of a 1950s French automobile, and the limits of artificial intelligence?

Quite a lot, it turns out, as described by Chris Moller, the New Zealand architect and inventor who sat down with investor and philanthropist Jean-Claude Bastos for the second episode of his new podcast, Beyond: Hosted by Jean-Claude Bastos.

The show, which positions itself at the intersection of science, technology, nature, and human perception, made its presence known with a conversation that resisted easy categorization. Moller, a veteran of both European urbanism and New Zealand experimental design, spent the better part of an hour unspooling a philosophy that draws on Buckminster Fuller, Antoni Gaudí, medieval hilltowns, and quantum mechanics, across a single conversation. The result is an episode that challenges listeners to reconsider what “architecture” actually means, and what gets lost when a discipline becomes captive to regulation, data, and convention.

About the Host: Jean-Claude Bastos and the ‘Beyond’ Concept

Jean-Claude Bastos’ career spans private equity, venture capital, philanthropic investment, and authorship, including his 2015 book The Convergence of Nations: Why Africa’s Time is Now, and his work has consistently operated at the boundary between commerce and social purpose.

His new podcast extends that boundary-crossing impulse into the realm of ideas. Beyond is described as a series that lives “at the frontier where technology, nature, and the unknown converge.” Drawing on his background in high-level finance, experimental agriculture, and direct engagement with indigenous knowledge traditions, Bastos approaches each episode as what the show calls a “field researcher at the edge of knowledge.” The stated goal is not to preach or predict, but to explore the territory between instruments and intuition: the space between measurement and meaning.

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The podcast’s format reflects this ambition. Rather than conducting standard interviews structured around career highlights and promotional talking points, Jean-Claude Bastos tends to open with a philosophical provocation and let the conversation find its own shape. The second episode, featuring Moller, is a strong illustration of what that approach yields.

The Guest: Chris Moller and a Philosophy Built on Less

Chris Moller brings an unconventional biography to the conversation. A New Zealand native with a background spanning industrial design, product design, architecture, and urbanism, Moller spent two decades living and working in Europe. His early years there were devoted to studying medieval Southern European hilltowns, which he describes as models of long-term sustainability, resilience, and organic community design. He drew ten sketches a day as a discipline of perception, using the ritual to force deeper looking rather than passive observation.

Moller later co-founded the European architectural firm 333 and completed projects across the continent before returning to New Zealand following the global financial crisis of the late 2000s, a period he describes as one of prompting a return to first principles. He has also appeared on the New Zealand adaptation of the television series Grand Designs and invented a structural system called “Click Raft,” which embodies the philosophical commitments central to this conversation.

His intellectual influences are formidable and wide-ranging. He cites Buckminster Fuller as a defining inspiration, with particular attention to Fuller’s insistence on doing more with less. He references Louis Kahn’s meditations on silence and form. He draws on the engineering genius of Pier Luigi Nervi and the analog modeling techniques of Antoni Gaudí. These are not casual name-drops; Moller uses each figure to build a coherent, if expansive, argument about what design could be if freed from the constraints of standardization, regulatory mediocrity, and the misapplication of digital tools.

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Architecture as the Nature of Nature

The central provocation of the episode is Moller’s insistence that architecture, properly understood, is not a professional discipline concerned with buildings. It is, in his framing, \”the nature of nature\”: the underlying structural logic of everything from plants to galaxies to the rhythms of the human body. When Bastos asks where architecture begins for him, Moller reaches immediately for the universal rather than the professional.

“I don’t mean human architecture,” Moller says in the episode. “I mean the architecture of nature, the architecture of the universe, the architecture of everything, or the nature of nature.” This isn’t presented as mysticism; Moller grounds the claim in physics, biology, and engineering history. He points to the Pantheon in Rome as an example of what he calls “architectural intelligence”, a structure so precisely calibrated to its site, its acoustic properties, and its solar orientation that it functions as a kind of instrument of place and time.

The conversation moves naturally from this broad definition into the specifics of form and efficiency. Moller’s concept of the “bent universe”, derived from the way mass bends light and energy, argues for the superior structural logic of curvilinear forms over the straight-line geometries that dominate industrial construction. Curves, he contends, allow designers to do more with less material, distributing forces more efficiently and reducing the redundancy that plagues standardized production. His Click Raft system is a direct application of this principle, weaving tension and compression forces through sign-curve geometries to create stable, lightweight structural diaphragms.

The Citroën Argument: Old Genius vs. Modern Innovation Theater

One of the episode’s most entertaining threads is Moller’s sustained admiration for the Citroën 2CV, a car he currently owns, as a case study in genuine design intelligence. The vehicle weighs under 400 kilograms while carrying four adults. Its canvas roof was not a styling choice but a decision about weight and center of gravity. Its door hinges are formed from extensions of the sheet metal itself. Its engine was designed in a week by an Italian racing engineer and can be driven flat-out all day without mechanical complaint.

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Moller uses the 2CV to make a pointed critique of what passes for innovation today. He compares it to a friend’s highly engineered Lotus, which at just under 500 kilograms is heavier than Citroën’s mass-market family car. He finds that gap damning. The Citroën DS, another model he discusses with evident reverence, is described by French philosophers of its era as the architectural equivalent of a medieval cathedral. Moller argues that a Tesla, for all its digital sophistication, does not approach that level of conceptual reinvention.

For Jean-Claude Bastos, this thread clearly resonates with broader themes he has pursued throughout his career, namely that genuine solutions to pressing problems often emerge not from resource accumulation but from fundamental rethinking of assumptions. It is a logic that applies as readily to African innovation ecosystems as to automotive engineering.

A Critical View of AI in Architecture

The episode’s most pointed exchange concerns artificial intelligence and its role in design. When Bastos presses Moller on whether AI can bring architecture to a genuinely new level, Moller’s response is direct: “I think it’s a distraction.”

His critique is not technophobic but structural. AI systems, as currently deployed in architecture and design, optimize for quantity of data rather than quality of insight. They burn enormous resources: water, energy, physical infrastructure to process information that, in Moller’s view, is largely irrelevant to the deep questions of good design. The principles of the curvilinear universe, he argues, are already available. What is missing is not computational power but the will to apply different organizational and creative principles to how buildings are conceived, invested in, and produced.

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Moller draws a compelling contrast with Gaudí’s analog tensile modeling technique. By hanging weighted strings and measuring their catenary curves, Gaudí could instantly determine the compression geometry of vaults and domes like those of the Sagrada Família. The redistribution of forces across the entire structure was instantaneous and precisely measurable, and Moller insists it was faster than any contemporary simulation. The lesson he draws is not that technology is bad, but that analog methods are sometimes faster, more precise, and more closely connected to physical reality than their digital successors.

Jean-Claude Bastos pushes back gently on this position, raising the possibility that AI-mediated perception of previously invisible data, including hyperspectral imaging, ultrasound, and subtle energy fields, might eventually spark new forms of intuition rather than replacing it. Moller acknowledges the possibility but remains skeptical that current trajectories lead there.

Memory, Place, and Architectural Intelligence

Beyond the technical debates, the episode explores more contemplative territory. Both Bastos and Moller discuss the way spaces hold memory, not metaphorically but in the sense that buildings encode information about when and where they were made. Moller describes a church in northern Italy, roughly a thousand years old and built on top of earlier spiritual structures, possibly five thousand years old, whose solar orientation has drifted measurably from its original alignment. The building, in his framing, knows where it is in spacetime. That is what architectural intelligence actually looks like.

This line of inquiry connects to what Moller calls the “genius loci”, a Roman concept meaning the spirit of a place, and it connects to his argument that architects, like preventative medical practitioners, have an ethical responsibility to design with deep respect for the conditions and character of a site. He observes that this responsibility is rarely acknowledged in contemporary practice, which tends toward dissonance with natural systems rather than harmony with them.

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The conversation closes with Moller advocating for a return to embodied, analog, and intuitive modes of understanding. “We need to use our bodies more,” he says, “to pull ourselves back from the digital vortex.” It is a statement that could serve as the episode’s thesis, one that fits squarely within the broader inquiry that Jean-Claude Bastos has set for the Beyond podcast series.

A Podcast Worth Following

The second episode of Beyond: Hosted by Jean-Claude Bastos demonstrates what the show is capable of at its best: a conversation that takes ideas seriously, resists simple conclusions, and trusts the listener to follow a sustained argument across an hour of freewheeling intellectual exchange. Moller is a genuinely original thinker, and Jean-Claude Bastos proves an effective interlocutor, curious, well-prepared, and willing to push without dominating.

For listeners interested in design, sustainability, the philosophy of technology, or simply in the kinds of conversations that rarely make it into mainstream media, this episode merits attention. New episodes of the podcast are available on YouTube, with updates shared on Instagram and Facebook.

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FICO shares drop on Hawley’s probe into mortgage pricing

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FICO shares drop on Hawley’s probe into mortgage pricing

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Rototherm expands with acquisition of Mainstream Measurements

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The acquisition, the value of which has not been disclosed, marks a strategic step in expanding Rototherm’s product range and technical expertise.

Mainstream Measurements.

Port Talbot headquartered manufacturer of measurement and control instrumentation, Rototherm has expanded via acquisition.

It has acquired Yorkshire-based Mainstream Measurements a supplier of specialist measurement solution using ultrasonic sensors to gauge how water flows in places like pipes, rivers, and drainage systems. The acquisition, the value of which has not been disclosed, marks a strategic step in expanding Rototherm’s product range and technical expertise.

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Mainstream Measurements has built a strong reputation providing solutions across a range of industrial measurement applications. By joining the Rototherm group, Mainstream Measurements will benefit from increased manufacturing capability, broader distribution, and long-term investment in product development.

READ MORE: We need a plan to revive and renew struggling universities in WalesREAD MORE: Pettigrew Bakeries in major expansion

Tarkan Conger,director of Rototherm, said:“We are delighted to welcome Mainstream Measurements into the Rototherm group. The company’s technical knowledge, strong customer relationships, and complementary product portfolio make this an excellent strategic fit. This acquisition allows us to broaden our offering while continuing to deliver the high standards our customers expect.

“This is a highly complementary acquisition strengthening our ultrasonic flow division, which last year grew 35%, ultrasonics will now account to around 50% of our revenue. We are also expecting good growth in 2026 in our defence business which is going from strength to strength.”

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Bev Bruce, Director of Mainstream Measurements , added: “This is an exciting step forward for Mainstream Measurements. Rototherm shares our values and our focus on quality and service, which made this a great fit. Our customers can expect the same personal service they’re used to, backed by the additional strength and resources of a larger group.”

Mainstream Measurements will continue to operate under its existing name.

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Leading Tours & Activities APIs for Banks & Loyalty Programs in 2026

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Banks are reducing their appetite to fund small and medium-sized companies, according to brokers handling loan applications.

Banks and loyalty teams are no longer evaluating tours and activities APIs just to “add things to do.” The real goal is usually broader: drive engagement, deepen retention, and keep the customer inside your own app or rewards journey.

That is why this category can feel confusing. Some providers are B2B or B2B2C infrastructure platforms. Others are consumer marketplaces that expose partner APIs. And some offer hybrid models with APIs, widgets, portals, or white-label layers. For banks and loyalty programs, choosing the right provider type usually matters more than choosing the biggest catalog. In this category, operational fit usually matters more than headline inventory size.

What banks and loyalty programs should look for first?

For this buyer type, the first questions are usually operational rather than cosmetic. Who is the merchant of record? Can members earn or redeem points inside the experience flow? Who handles customer service, cancellations, and disputes?

Do you need a full API, or would a widget or white-label path get you live faster?

For example Travel Curious explicitly highlights loyalty-program integration, points redemption, merchant services, dispute management, and fraud controls, while Viator draws a clear line between affiliate and merchant models.

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Provider types: affiliate vs booking vs distributor

Affiliate is the lightest model. It is usually faster to launch, but you get less control over checkout and redemption design. For example Viator’s affiliate API is content-only, redirects traffic to Viator for the transaction, and keeps Viator as merchant of record and customer-service owner.

Booking or merchant models are stronger when you want a native experience inside your own loyalty or banking environment. For example Viator’s Merchant API keeps the transaction on the partner’s site, with the partner controlling the customer journey. While Bridgify centers on partner-owned embedded experiences through API and white-label launch paths for banks, loyalty programs, and digital platforms.

Distributor models sit somewhere in between. They typically expose inventory, pricing, and booking tools through a partner program, but access is often gated. For example Tiqets describes its Distributor API as a fit for distribution partners including OTAs and corporate benefits or gifting platforms, while GetYourGuide requires a partner account to access its marketplace API.

Integration checklist for banks and loyalty teams

Before committing to a partnership, ask yourself these questions:

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  • Can users earn or redeem points, cashback, or other incentives inside the flow?
  • Who is merchant of record?
  • Who handles refunds, disputes, and post-booking support?
  • Is the launch path API-only, or are widget / portal / white-label options available?
  • Are pricing, availability, and vouchers handled in real time?
  • Does the product support multi-currency and localization?
  • Is access instant, qualification-led, or performance-gated?
  • Is the supply broad enough for your use case, or mainly attraction ticketing?

Quick comparison of platforms to consider

Platform Best for Provider type Integration model Why shortlist it Main watch-out
Bridgify Banks, credit cards, digital wallets, fintechs, and loyalty ecosystems B2B2C experiences infrastructure API + white-label + AI-led recommendation layer Built around embedded experiences, with access to 1M+ experiences and launch paths designed for loyalty, financial, and other enterprise partners. Best fit when you want infrastructure and merchandising depth, not just a lightweight affiliate feed
Travel Curious Access / Amplify Curated or premium loyalty programs and branded experience commerce B2B experience commerce platform API + portal + widget + white-label layers 70,000+ products, private-tour strength, loyalty integration, and merchant services More curated footprint than mass-market marketplace stacks
Viator Partner API Loyalty storefronts choosing between affiliate and merchant Marketplace partner program Affiliate API or Merchant API Clear split between redirect-led affiliate and on-site transactional merchant models, with loyalty and redemption called out as a use case Merchant mode means more operational ownership, and access is qualification-led
Tiqets Distributor API Attraction-led rewards catalogs and corporate benefits/gifting Distributor API Content + availability/pricing + booking Strong fit for attractions, museums, and ticketed inventory Booking access is reviewed based on performance, so it is not always a day-one full-booking setup
GetYourGuide API Brands that want marketplace access through a partner API Marketplace partner API Partner API Direct access to the GetYourGuide marketplace Partner account required, and the positioning is less explicitly loyalty-focused

1) Bridgify: Best for embedded loyalty and bank experiences

Bridgify

is one of the clearest B2B2C infrastructure play in this shortlist .It is positioned as an embedded experiences infrastructure platform that gives partners access to 1M+ experiences through flexible launch models, including API, Whitelabel, and an AI agent layer.Bridgify is a great option and is built for loyalty programs, banks, credit cards, digital wallets, travel tech platforms, and other enterprise brands that want embedded content inside their own customer journeys.

That matters because banks usually do not need “just another marketplace feed.” They need a way to launch embedded experiences through API or white-label, attach incentives such as cashback, gift cards, or points redemption, and avoid managing multiple suppliers themselves.

2) Travel Curious Access / Amplify: Best for curated and points-enabled programs

Travel Curious

is one of the more relevant non-OTA options for this audience because its stack maps well to branded experience commerce. Travel Curious Access offers 70,000+ products, instant availability, API / portal / widget launch options, and multi-currency support, while its widget model names Travel Curious as merchant of record.

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Amplify goes a step further for loyalty-style use cases. Travel Curious says rewards or loyalty programs can be integrated into the experience flow so customers can earn and redeem points, and it also highlights merchant services, dispute management, fraud controls, and white-label activation.

The trade-off is that Travel Curious looks more curated than mass-market. That can be a strength for premium programs and private-tour use cases, but it is a different proposition from a pure volume-driven marketplace feed.

3) Viator Partner API: Best for teams deciding between affiliate and merchant

Viator

is still one of the clearest examples of why provider type matters. Its API Solutions page explicitly says it supports airlines, OTAs, e-commerce companies, and loyalty brands, then splits the offer into Affiliate API and Merchant API. The affiliate version is content-only and redirects traffic to Viator, while the merchant version keeps the transaction on the partner’s site and lets the partner own customer support and pricing control.

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For loyalty programs, that makes Viator useful because the choice is straightforward. If you want a lower-lift launch, affiliate is easier. If you want tighter brand control and a more native redemption flow, merchant is the stronger route. The main watch-out is that the two models come with very different operational responsibilities.

4) Tiqets Distributor API: Best for attraction-heavy rewards and benefits

Tiqets is strongest when the catalog leans toward museums, attractions, and other ticketed experiences. Its API program describes a direct connection to its catalog, structured content, real-time pricing and availability, booking and cancellation support, and dedicated technical and commercial support.

Their Distributor API is aimed at distribution partners including OTAs, corporate benefits and gifting platforms, electronic distribution systems, and destination management companies.

There is an access nuance worth noting. Tiqets says new partners usually begin with affiliate portal access plus Content and Availability APIs, and eligibility for the Booking API is reviewed based on performance. So Tiqets can be a strong specialist fit, but it is not always a fully open booking API from day one.

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5) GetYourGuide API: Best for marketplace-led access

GetYourGuide remains relevant because its API gives partners access to the GetYourGuide marketplace for tours and activities. Its API page is also very direct that partners need to contact GetYourGuide to create an account and gain access.

For banks and loyalty programs, the appeal is recognizable marketplace inventory through a partner API. The limitation is that, based on the current partner-facing page, GetYourGuide is less explicitly positioned around loyalty mechanics than providers such as Bridgify, Travel Curious, or Viator’s loyalty-language partner materials.

Which platform type fits which program?

If you need embedded “earn-and-burn experiences” ( a system where users can both collect points and redeem them within the same platform) inside a bank, card, wallet, or loyalty app, the most obvious B2B / B2B2C fits here are Bridgify and Travel Curious. Both are framed around partner owned journeys, and Travel Curious explicitly adds loyalty program integration and points redemption.

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If you want the clearest choice between a lighter affiliate launch and a deeper merchant setup, Viator gives the most obvious solution. If your rewards mix is mainly attractions and museums, Tiqets is the sharper specialist. If your team mainly wants access to a large consumer marketplace through a partner API, then GetYourGuide belongs on your shortlist.

Final take

The best tours and activities API for a bank or loyalty program is usually not the one with the loudest consumer brand. It is the one whose provider type matches your operating model. For embedded, partner-owned experience commerce, Bridgify and Travel Curious stand out as the most B2B-led fits in this list. Viator is the clearest comparison when you want to choose between an affiliate and a merchant. Tiqets is especially strong for attraction-heavy benefits or gifting use cases. GetYourGuide remains relevant when marketplace access is the main goal.

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Sam Altman steps down from Helion Energy board as OpenAI eyes partnership

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Brand Concepts bulk deal: Ashish Kacholia exits microcap as stock price erodes 36% in a year

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Brand Concepts bulk deal: Ashish Kacholia exits microcap as stock price erodes 36% in a year
Ace investor Ashish Kacholia on Monday sold his entire stake in Brand Concepts via a bulk deal valued at Rs 3.9 crore. The shares were purchased by Suryavanshi Commotrade Private Limited, a Kolkata-based unlisted commodity trading and financial services firm.

Brand Concepts is a fashion retail company, specialising in curating travel gear, handbags and lifestyle accessories.

Kacholia offloaded nearly 1.8 lakh shares in the company that represented 1.44% equity. The shares were sold at a price of Rs 217 apiece, which was at a 5% discount over the Friday closing price of Rs 228.90 on the BSE.

The stock today ended at Rs 215.50, falling, by Rs 13.40, down 6% from the previous close.

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Also read: BEW Engineering bulk deal: Ashish Kacholia exits SME company as stock slumps 44% in a year


Kacholia’s stake sale comes following a significant underperformance in the microcap counter. It has plunged 36% over a one-year period amid continued weakness in the overall smallcap segment. It has slipped below its 50-day and 200-day simple moving averages (SMAs) of Rs 271 and Rs 315, respectively, according to Trendlyne data.
Company’s current market capitalization stands at Rs 269 crore.Kacholia, fondly called the ‘Big Whale’ has investments in at least 50 stocks as per the public shareholding data. The net worth of his portfolio is Rs 2,420 crore according to Trendlyne. Some of his portfolio stocks include Shaily Engineering, Xpro, Safari Industries, Balu Forge, Faze Three, Brand Concepts, Stove Kraft and Aeroflex Industries.

Kacholia has made his latest bet on a smallcap dry fruit company Aelea Commodities, buying over 7.73 lakh shares via a bulk deal on Friday. The deal was valued at Rs 9.3 crore. The shares were purchased from Suryavanshi Commotrade Private Limited, which exited by selling its entire stake at a price of Rs 120.50 per share.

Kacholia’s bought these shares following a significant erosion in its price. The microcap counter has plunged 36% over a one-year period. The stock is down 21% in 2026 so far.

Read more: Aelea Commodities bulk deal: Ashish Kacholia bets Rs 9.3 crore on a microcap that is down 36% in a year

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(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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Ecolab Inc. (ECL) M&A Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Ecolab Inc. (ECL) M&A Call March 23, 2026 8:00 AM EDT

Company Participants

Andy Hedberg – Director of Investor Relations
Christophe Beck – CEO & Chairman of the Board
Scott Kirkland – Chief Financial Officer

Conference Call Participants

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Timothy Mulrooney – William Blair & Company L.L.C., Research Division
John Ronan Kennedy – Barclays Bank PLC, Research Division
Ashish Sabadra – RBC Capital Markets, Research Division
John McNulty – BMO Capital Markets Equity Research
Seth Weber – BNP Paribas, Research Division
Andrew J. Wittmann – Robert W. Baird & Co. Incorporated, Research Division
Steven Haynes – Morgan Stanley, Research Division
Patrick Cunningham – Citigroup Inc., Research Division
David Begleiter – Deutsche Bank AG, Research Division
Shlomo Rosenbaum – Stifel, Nicolaus & Company, Incorporated, Research Division
Edlain Rodriguez – Mizuho Securities USA LLC, Research Division
Jason Haas – Wells Fargo Securities, LLC, Research Division

Presentation

Operator

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Greetings. Welcome to Ecolab’s acquisition of CoolIT Systems Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. At this time, it is now my pleasure to introduce your host, Andy Hedberg, Vice President, Investor Relations. Thank you, Andy. You may now begin.

Andy Hedberg
Director of Investor Relations

Thank you. Hello, everyone, and welcome to Ecolab’s conference call to discuss our announced acquisition of CoolIT Systems. With me today is Christophe Beck, Ecolab’s Chairman and CEO; and Scott Kirkland, our CFO.

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Today’s presentation deck is available on our Investor Relations website. You can access it now and follow along throughout the call. Please take a moment to read the cautionary statements in these materials, which state that this teleconference and the associated supplemental materials include estimates of future performance. These are forward-looking statements, and actual results could differ materially from those projected. Factors that could cause actual results to differ are described in the Risk Factors section in our most recent Form 10-K and in our posted materials.

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War and Inflation Are Supposed to Be Gold’s Friends. Not This Time.

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War and Inflation Are Supposed to Be Gold’s Friends. Not This Time.
James Mackintosh

This should be the time for gold to shine. The yellow metal has the perfect opportunity to demonstrate its role as a shield for investors against inflation and geopolitics.

Instead, it has crumbled: At one point Thursday it was down 14% from before the Israeli-U.S. war against Iran began. Investors would have been better off in the tiniest microcap stocks than in the oldest source of safety.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Consumption hit as kitchens feel the heat of LPG shortage

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Consumption hit as kitchens feel the heat of LPG shortage
Pune: India’s food consumption is showing early signs of strain as the Iran-Israel conflict disrupts LPG availability, squeezing both households and businesses that rely on gas for daily cooking.

Consumption across key food commodities has weakened over the past three weeks, led by a sharp pullback from hotels, restaurants and the country’s vast network of street food vendors, a key driver of edible oil, flour and poultry demand, especially in the unbranded segment.

Wheat flour sales have fallen 5-7%, reflecting reduced offtake from bread and biscuit makers, while cooking oil demand is down about 6%.

“The demand for refined wheat flour (maida) from the bakery industry for bread and biscuits has reduced by about 5-7% since last 15-20 days due to the shortage of LPG fuel and is feared to go down further,” said Rohit Khaitan, vice president at the Roller Flour Millers’ Federation of India. “With the new crop already in the market, this may put the prices of wheat further under stress.”

The pressure is most visible in the edible oil market, where the bulk consumers have cut purchases. Hotels, restaurants and catering services along with millions of street-side vendors typically consume about 3.5 lakh tonnes of palm oil and 1.5 lakh tonnes of soybean oil each month.

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That demand has shrunk.
“The consumption of palm oil by hotels, restaurants and canteens has declined by 40%… while soybean oil consumption is down by about 25%,” said Sandeep Bajoria, chief executive officer at Sunvin Group. Overall, demand from institutional and small food businesses has fallen 30-35%, he said.Yet prices haven’t eased.

“Although edible oil consumption has declined due to reduced demand from hotels and restaurants, the increase in freight, forex and fuel prices are keeping cooking oil prices firm in the off season,” said BV Mehta, executive director of the Solvent Extractors’ Association of India.

The disruption indicates the critical role of informal food networks from office canteens to roadside stalls in driving commodity demand. With LPG supplies constrained, many of these operators have cut hours, trimmed menus, or temporarily shut shop, hitting consumption at the margin.

Demand for gram flour, or besan, a staple for India’s fried snacks, has dropped 10-12% as roadside eateries and small food businesses scale back or shut operations due to fuel shortage.

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Snap-on Incorporated (SNA) Presents at The 38th Annual Roth Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Conference Call Participants

Scott Stember – ROTH Capital Partners, LLC, Research Division

Presentation

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Scott Stember
ROTH Capital Partners, LLC, Research Division

Good morning, and thanks for joining us. The next meeting is going to be with Snap-on. With us today is President and CEO, Nick Pinchuk. Aldo Pagliari, CFO, is here as well. I’m your host, Scott Stember. I’m the senior analyst at ROTH. Anybody has any questions after this, they could shoot me an e-mail at sstember@roth.com.

And thank you, everybody, for being here. Thank you, Nick. Thank you, Aldo. Maybe to start off…

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Nicholas Pinchuk
Chairman, CEO & President

First question is did you go to the Chicago party last night? I heard it almost slipped out of control.

Scott Stember
ROTH Capital Partners, LLC, Research Division

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Yes. Yes. I was there. I enjoyed it thoroughly.

Nicholas Pinchuk
Chairman, CEO & President

Did you you keep clothes during the…

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Scott Stember
ROTH Capital Partners, LLC, Research Division

Yes, I kept my clothes on, and I didn’t go up on stage.

So Nick, you are often asked to speak in the media about since all the different touch points that Snap-on has in the economy, asking you about how is Main Street going? And what are you seeing? So maybe you could just — before we get into the questions, maybe you could just start off by talking about what you’re seeing and what you’re hearing on the ground.

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Nicholas Pinchuk
Chairman, CEO & President

Well, look, I mean, I think the thing is that what we found starting some time ago that the grassroots, which is one of our principal customers, we have really 3 customer bases. One is the

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Bank of America touts company’s legacy over 250 years of American independence

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Bank of America touts company's legacy over 250 years of American independence

Bank of America CEO Brian Moynihan on Monday sent a letter to shareholders along with the firm’s annual report that detailed the bank’s history and its role in America’s growth as the nation prepares to celebrate the 250th anniversary of the country’s founding.

Moynihan noted that Bank of America’s oldest legacy institution, The Massachusetts Bank, was formed in 1784, just one year after the Revolutionary War concluded with the Treaty of Paris. The bank’s depositors helped the firm grow by lending money to new and expanding businesses that made up the early U.S. economy.

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“From our country’s earliest days, we supported those communities. We have supported the development of American capitalism. We did what a bank does – help its customers and clients grow,” Moynihan wrote. “Bank of America’s legacy banks formed in communities around the country, and were there every step of the way as those communities filled out our nation.”

Bank of America also traces its roots to franchises in New England that date back to the early days of the country, as well its North Carolina company, which is the surviving company of those legacy banks and was formed over 150 years ago to help finance the development of the region’s industries as the U.S. developed from an agrarian society to an industrial society. 

BANK OF AMERICA CEO SEES STRONGER 2026 ECONOMY, SAYS WALL STREET MAY BE UNDERESTIMATING GROWTH

Bank of America CEO Brian Moynihan speaking

Bank of America CEO Brian Moynihan on Monday sent a letter to shareholders along with the firm’s annual report. (Anna Moneymaker/Getty Images)

“Funds from afar were not sufficient or readily available and local banks formed to help needed factories get built in their communities,” Moynihan wrote in reference to banks established along the Eastern Seaboard in the early years of America’s independence.

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Banks in the nation’s capital grew along with the expansion of the federal government, while the firm’s Texas-based company helped fund the region’s resource boom and those located in the Great Plains spurred the economic growth of the Midwest and West. It also opened a bank in the Pacific Northwest.

Around 1930, A.P. Giannini’s Bank of Italy – which helped support the reconstruction of San Francisco after the great earthquake and fires of 1906 – purchased a small firm called The Bank of America, Los Angeles. After eventually consolidating, Giannini changed the name to Bank of America.

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People outside the New York Stock Exchange.

Bank of America traces its company history back to legacy banks established in the earliest days of American independence. (Michael Nagle/Bloomberg via Getty Images)

“Companies that are now Bank of America provided funding for the Erie Canal, the Golden Gate Bridge, and the American government’s requirements for the War of 1812, World War I and World War II, as well as many other national priorities,” Moynihan wrote.

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“Whether it was private citizens, governments or companies of every size, in communities across our growing country, Bank of America was there to help capitalism flourish. We were there to help foster the interdependent relationship between capitalism and democracy.” 

“For the 250 years of the American idea in action, the activities of countless individuals, families, farmers and other small businesses, large institutions, governments at every level, the opportunities provided by capitalism – a financial return on labor through wages, and on capital and investments, interest on your idle funds, facilitating investments in bonds to build infrastructure, making loans to entrepreneurs to grow their businesses – helped build our country we have today,” he explained.

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San Francisco

The Golden Gate Bridge was constructed in part with funds from Bank of America, Moynihan noted. (iStock)

The letter also discussed how Bank of America grew its presence around the world by helping U.S. firms pursue global ambitions as well as providing financial services at the federal government’s request to facilitate access to new markets or help rebuild in the wake of conflicts.

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Among the examples cited were the bank opening for business in Argentina in 1917 to support American companies engaged in the wool trade, as well as the establishment of operations in Great Britain in 1931 as the U.S. emerged as a creditor nation after World War I.

In the aftermath of World War II, Bank of America became the first bank to open for business in Japan at the request of the U.S. occupation government to provide loans to shipping companies to restart Japan’s postwar economy

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Bank of America CEO Brian Moynihan’s letter explained how the firm and its legacy institutions helped the U.S. economy at home and abroad since the nation’s founding. (John Lamparski/Getty Images)

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Bank of America opened in France in 1953 to support the post-World War II reconstruction of Europe and build on the success of the U.S. government’s post-war Marshall Plan. It also opened a Middle East headquarters in 1972 when it entered the newly formed United Arab Emirates to support U.S. companies developing the region’s resources.

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