Ladies and gentlemen, esteemed investors and analysts, thank you very much for taking time out of your busy schedules to join today’s earnings conference call for MS&AD Insurance Group Holdings, Inc. My name is Hayashi from the Investor Relations Department, and I will be serving as the moderator for this session. I appreciate your kind attention and look forward to your participation.
Today, in addition to myself, Hayashi, we are joined by Mr. Nakayama, General Manager of Accounting as well as members from the Investor Relations and Accounting Department. The presentation materials are available on our company’s website under the Investors section, specifically in the IR Events area listed alongside the earnings release and the other related disclosures for the fiscal 2025 full year results. Please have these materials at hand as we proceed.
Please note that the results for fiscal year 2025 are presented in accordance with Japanese accounting standards, while the forecast for the fiscal year 2026 are based on IFRS. As with our previous conference calls, we have included a summary of today’s presentation in the materials. Therefore, at the outset, I will focus only on the key points, and we will dedicate most of the session to the Q&A. We aim to conclude the entire meeting in approximately 45 minutes, and we appreciate your understanding.
As the 2026 NBA Finals return to Madison Square Garden for Game 4 on Wednesday night, all eyes will be on San Antonio Spurs phenom Victor Wembanyama. The 7-foot-4 superstar delivered a masterful performance in Game 3 to secure a 115-111 win and keep the Spurs alive in the series, trailing the New York Knicks 2-1. With the Knicks favored at home, Wembanyama faces the challenge of elevating his game once more to force a Game 5 back in Texas.
Victor Wembanyama
Analysts and former players have outlined several critical areas where the 22-year-old must excel if the Spurs are to even the series. Here are five key things Wembanyama should focus on to deliver a victory in Game 4.
1. Dominate the Paint and Control the Glass
Wembanyama’s physical dominance inside remains his greatest weapon. In Game 3, he recorded eight rebounds while altering countless shots around the rim. Against the Knicks’ physical frontcourt led by Karl-Anthony Towns, Wembanyama must prioritize securing defensive rebounds and creating second-chance opportunities.
By owning the paint, he forces New York to adjust defensively, opening driving lanes for teammates like Stephon Castle and Keldon Johnson. Experts note that his ability to finish through contact while drawing fouls will be essential in a hostile environment where officiating can sway momentum.
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2. Anchor the Defense and Protect the Rim
Wembanyama’s rim protection is elite. His length and timing disrupt drives and contest shots without fouling. In Game 3, he blocked multiple attempts and altered many more, frustrating the Knicks’ attack.
To win on the road, he must maintain this presence for all 48 minutes. Coordinating with help defenders to trap Jalen Brunson while rotating seamlessly will prevent easy baskets. Defensive intensity from Wembanyama sets the tone for the entire Spurs roster and can neutralize New York’s home-court energy.
3. Stretch the Floor with Improved Outside Shooting
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While Wembanyama’s interior game is unstoppable, his perimeter shooting adds another dimension that forces defenses to respect him beyond the arc. Expanding his range and confidence from three-point territory will prevent the Knicks from packing the paint.
In previous games, selective but effective three-point attempts created spacing. Continuing this trend, combined with his passing vision, can exploit defensive overcommitments and create open looks for San Antonio’s shooters.
4. Manage Minutes and Energy Efficiently
Playing extended minutes in a physical series takes its toll. Wembanyama logged heavy usage in Game 3. For Game 4, smart pacing and leveraging bench contributions during key stretches will be vital to maintaining effectiveness in the fourth quarter.
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Coach Gregg Popovich’s rotation management will help, but Wembanyama must recognize when to exert full effort and when to conserve for crucial moments. This balance could prove decisive in a potential Game 7 scenario.
5. Provide Leadership and Force Turnovers
Beyond statistics, Wembanyama’s growing leadership has been evident. Vocal communication on defense and encouraging teammates during runs can elevate the Spurs’ collective play. His ability to force turnovers with his length disrupts opponent rhythm and creates transition opportunities.
In a hostile Madison Square Garden crowd, calm leadership and poise under pressure will be as important as his individual production. By setting the tone early, he can help San Antonio withstand inevitable Knicks runs.
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Series Context and Stakes
The Spurs stole Game 3 in New York thanks largely to Wembanyama’s all-around brilliance. A victory in Game 4 would shift momentum dramatically and send the series back to San Antonio tied at 2-2. The Knicks, led by Brunson’s clutch scoring, will look to close out strong at home and move within one win of the title.
Wembanyama’s unique skill set makes him uniquely equipped to impact both ends of the floor. His development into a two-way force has been remarkable in just his third season, drawing comparisons to legendary big men while carving his own path.
Tactical Adjustments Expected
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Knicks coach Tom Thibodeau is likely to deploy varied defensive schemes, including switching and double-teaming Wembanyama. San Antonio must counter with smart ball movement and off-ball screening to keep their star effective.
Popovich’s tactical acumen and emphasis on fundamentals have been hallmarks of Spurs success. Executing the game plan while adapting to in-game adjustments will test the young roster’s maturity.
Broader Implications
A strong showing by Wembanyama could solidify his status as the face of the league’s next generation. His performances in these Finals have captivated fans and elevated the Spurs’ profile as legitimate contenders.
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For the Knicks, containing Wembanyama without sacrificing offensive flow remains the primary challenge. The series has showcased elite basketball, with both teams displaying resilience and star power.
Fan and Media Anticipation
Madison Square Garden is expected to be electric, providing the Knicks with a significant home advantage. However, Wembanyama has thrived in big moments, showing poise beyond his years.
Analysts predict a closely contested Game 4, with Wembanyama’s ability to execute the five key areas likely determining the outcome. Success in these facets would not only even the series but also boost the Spurs’ confidence heading into potential elimination games.
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As the NBA Finals reach their midpoint, Victor Wembanyama stands at the center of the narrative. His focus on dominating the paint, anchoring defense, stretching the floor, managing energy and leading his team could propel the Spurs to victory in Game 4 and keep their championship hopes alive. The basketball world will be watching to see if the generational talent can deliver once again on the road against a determined Knicks squad.
The stakes are high, but Wembanyama has repeatedly shown he is ready for the moment. Wednesday night’s contest promises another chapter in what has become a compelling and hard-fought NBA Finals series.
They want the area near the train station to be made ‘people-friendly’
Alex Seabrook, Local Democracy Reporter
16:29, 10 Jun 2026
How Oxford Street could look (Image: Local Democracy Reporting Service / The Urbanists)
Hundreds of people have signed a petition calling for the pedestrianisation of a street near Bristol Temple Meads station. The railway arches along Oxford Street in the Dings are home to two microbreweries, a bakery and a pasty shop, making it a well-loved spot for an after-work drink.
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However, the pavement running alongside the arches is narrow and frequently obstructed by parked cars and vans, while the road itself is wide but sees relatively little traffic.
A growing movement is now pushing for a transformation of that stretch of Oxford Street, with campaigners keen to see it become a “vibrant, people-friendly high street”.
To date, more than 800 people have put their name to a petition demanding the changes. The street sits at the heart of the Temple Quarter regeneration zone, which extends from west of the train station eastwards along St Philip’s Marsh — an area set to see thousands of new homes built in the coming years.
The petition is seeking formal recognition of Oxford Street as a local high street, improved street design offering greater space for outdoor seating and trading, as well as the renovation of additional railway arches.
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The campaign has received the backing of Bristol’s Business Improvement District.
Oxford Street(Image: Local Democracy Reporting Service / Alex Seabrook)
The BID’s website says: “With a strong mix of independent food, drink and hospitality venues, there’s a real opportunity to build on what’s already happening here. These changes would help transform Oxford Street into a vibrant, people-friendly high street at the heart of Temple Quarter, a space where people want to spend time, not just pass through.”
Oxford Street would become one-way for vehicles, designed to cut traffic levels while maintaining access for local workers and residents. Independent traders occupying the arches include Little Martha Brewing, Forest Bakery, the Pasty Emporium and Unwin’s Brewery.
The proposals mirror recent transformations elsewhere across Bristol, such as Princess Victoria Street in Clifton Village and Cotham Hill. Both streets have seen bollards installed and sections of the road reallocated as pedestrian zones with outdoor café seating.
Jennifer Aniston turned hairstylist for music producer Benny Blanco in a lighthearted promotional video for her LolaVie hair care line, with Selena Gomez joining the fun by raiding Aniston’s closet in a skit posted on Instagram on Tuesday.
The clip, which quickly drew widespread attention, shows Blanco arriving at Aniston’s home and asking for help with his voluminous curls. Aniston, 57, enthusiastically agrees and uses her bestselling LolaVie products, including a heat-protecting detangler and leave-in conditioner, to define and soften his hair.
“Such a head of hair,” Aniston remarks in the video while working on Blanco’s curls. After the treatment, Blanco comments on the results, saying his hair “feels the softest it’s ever felt.”
Gomez, 33, who is engaged to Blanco, appears in the skit after the couple “breaks into” Aniston’s home. She arrives bearing gifts from her own beauty brand, Rare Beauty, and makes herself comfortable in Aniston’s expansive walk-in closet. Gomez tries on blazers and asks about giveaway items, while Blanco playfully attempts to take a pair of Jimmy Choo sandals.
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“We’ll just trade you Rare,” Gomez quips as they offer Aniston a small collection of products in exchange.
The humorous video highlights the friendly relationship between the celebrities and serves as an effective promotion for LolaVie, Aniston’s hair care brand known for clean, effective formulas. It marks another collaborative moment between Aniston and Gomez, who have crossed paths in Hollywood circles and share a warm public rapport.
Aniston’s LolaVie Brand and Celebrity Appeal
LolaVie, launched by Aniston in 2021, has grown into a notable player in the premium hair care market. The line emphasizes science-backed ingredients and sustainable practices, resonating with consumers seeking effective yet gentle products. Aniston has frequently used her platform to showcase the brand through relatable and entertaining content, often featuring friends and fellow celebrities.
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Her collaboration with Blanco and Gomez brings fresh attention to LolaVie while showcasing Aniston’s continued relevance in pop culture more than two decades after “Friends” ended. The actress maintains a strong presence in both film and television, recently appearing in projects that highlight her comedic timing and enduring star power.
Gomez and Blanco’s Rising Profile
Selena Gomez, a multifaceted entertainer with successful careers in music, acting and beauty, continues to expand her influence. Her Rare Beauty brand has achieved significant success, focusing on mental health awareness and inclusive makeup. The playful interaction in Aniston’s closet underscores Gomez’s approachable public persona and her relationship with Blanco, a Grammy-winning producer known for work with artists including Justin Bieber and Ed Sheeran.
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The couple’s joint appearance adds a personal touch to the promotion, reflecting their real-life partnership and shared comfort in celebrity social circles. Gomez’s willingness to participate highlights the cross-promotional opportunities between their respective brands.
Cultural Impact and Celebrity Marketing
The video exemplifies modern celebrity marketing, where authenticity and humor drive engagement. By blending product placement with genuine-seeming friendship moments, Aniston creates content that feels less like traditional advertising and more like an entertaining glimpse into Hollywood relationships.
Such collaborations have become increasingly common as stars leverage social media to connect directly with fans. Aniston’s approach with LolaVie has helped the brand stand out in a crowded market, building loyalty through personality-driven storytelling rather than solely relying on celebrity endorsement.
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The lighthearted skit also reinforces positive messages about friendship, creativity and self-care. Aniston’s willingness to playfully style Blanco’s hair and allow Gomez to explore her wardrobe humanizes the stars, making them more relatable to audiences despite their fame.
Broader Entertainment Context
Aniston remains one of Hollywood’s most beloved figures, transitioning successfully from her “Friends” days to a diverse career including dramatic roles and production work. Her beauty and wellness ventures reflect a strategic expansion beyond acting while maintaining her core appeal.
Gomez has similarly built an empire spanning entertainment and business, with her acting roles, music releases and Rare Beauty demonstrating versatility and entrepreneurial spirit. Blanco’s involvement adds a music industry dimension, illustrating the interconnected nature of contemporary celebrity culture.
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The video arrives at a time when celebrity-driven content continues to dominate social media engagement. Fans responded positively, praising the natural chemistry between the trio and expressing interest in the featured products.
Industry Significance
For beauty brands, partnerships with high-profile celebrities like Aniston and Gomez provide powerful visibility. LolaVie benefits from Aniston’s trusted image as someone who values quality and authenticity, while Rare Beauty gains exposure through Gomez’s authentic connection with younger demographics.
The collaboration also highlights how personal relationships in Hollywood can translate into effective marketing. Aniston’s history of featuring friends in LolaVie campaigns, including “Friends” co-star Courteney Cox, creates a consistent brand narrative centered on real connections.
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Fan and Media Response
Social media reactions were overwhelmingly positive, with users sharing clips and commenting on the stars’ chemistry. Many praised Aniston’s hairstyling skills and expressed interest in trying LolaVie products after seeing the results on Blanco’s curls.
Media coverage amplified the video’s reach, framing it as a fun crossover between music, acting and beauty industries. The light tone provided welcome entertainment amid heavier news cycles, further boosting engagement.
Looking Forward
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Aniston is expected to continue promoting LolaVie through similar creative content, potentially expanding collaborations with other celebrities. Gomez and Blanco’s busy schedules in music, acting and business suggest they will maintain high visibility while balancing personal and professional commitments.
The success of this video may encourage more cross-brand partnerships in the beauty space, where authenticity and entertainment value increasingly drive consumer interest. For now, the playful interaction between Aniston, Gomez and Blanco offers fans a charming glimpse into Hollywood friendships while effectively showcasing the products at the center of the skit.
As celebrity influence continues evolving across platforms, moments like this demonstrate the power of humor and relatability in connecting with audiences. Aniston’s latest LolaVie promotion, featuring two popular stars, reinforces her status as a savvy businesswoman and enduring cultural figure. The video’s warm reception suggests strong potential for continued brand growth and memorable collaborations ahead.
The Dow is back to session lows. So much for that comeback.
The blue-chip index fell 600 points, or 1.2%, after briefly making a run at breakeven. The S&P 500 was down 1.1%. The Nasdaq tumbled 1.5%.
The major indexes have shown signs of moving based on traders who employ technical analysis and other quantitative strategies. The May CPI was mostly in line with expectations, meaning there wasn’t a major catalyst to break up the frenzied push and pull that markets have been trapped in during the past week.
Navitas Semiconductor Corp. shares declined sharply in midday trading Wednesday, falling 5.78% to $21.53 as investors rotated out of some smaller semiconductor names following recent gains and amid broader caution in the technology sector.
The drop came on elevated volume with no single company-specific announcement immediately driving the move. Navitas, a developer of gallium nitride (GaN) and silicon carbide (SiC) power semiconductors used in fast-charging adapters, data centers and electric vehicles, has experienced significant volatility since going public via SPAC in 2021. The stock had rallied strongly in prior sessions on optimism around AI infrastructure and renewable energy applications but encountered profit-taking Wednesday.
Company Background and Technology Focus
Navitas specializes in next-generation power electronics that offer higher efficiency, smaller size and faster charging compared to traditional silicon-based solutions. Its GaN Fast chips are widely used in consumer electronics chargers, while SiC devices target electric vehicles, solar inverters and industrial applications. The company has positioned itself as a key enabler of the transition to more energy-efficient power systems.
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Founded in 2014, Navitas has grown rapidly as demand for high-performance power semiconductors accelerates with the proliferation of electric vehicles, data centers and 5G infrastructure. The company’s technology is featured in products from major brands, including chargers for laptops, smartphones and other consumer devices.
Recent Performance and Market Context
Year-to-date, Navitas shares have shown substantial gains driven by enthusiasm for AI-related power efficiency and clean energy themes. However, the sector as a whole has seen rotation, with investors shifting between high-growth names and more established players. Wednesday’s decline aligns with modest weakness in several smaller semiconductor stocks, even as leaders like Nvidia remained relatively stable.
Broader market sentiment remained cautious following the latest inflation data showing U.S. consumer prices rising 4.2% year-over-year in May. Persistent energy costs and uncertainty around Federal Reserve policy have kept pressure on growth-oriented technology investments.
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Industry Tailwinds and Challenges
The power semiconductor market is experiencing strong structural growth. GaN and SiC technologies are critical for reducing energy losses in data centers supporting artificial intelligence workloads. Navitas has highlighted design wins with hyperscalers and EV manufacturers, though converting those into sustained revenue growth remains key.
Competition in the space is intensifying, with established players like Infineon, ON Semiconductor and Wolfspeed also expanding in GaN and SiC. Navitas differentiates itself through integration and speed-to-market, but scaling manufacturing and maintaining technological leadership require significant capital investment.
Analysts generally maintain positive longer-term views on the company, citing its addressable market expansion. However, near-term execution risks, valuation multiples and potential supply chain issues are frequently cited as watchpoints.
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Financial Position and Outlook
Navitas has reported improving financial metrics in recent quarters, with revenue growth and progress toward profitability. The company continues to invest heavily in research and development and capacity expansion to meet rising demand.
Management has emphasized a strategy focused on design wins, customer diversification and operational efficiency. Upcoming earnings reports will be closely watched for updates on revenue trajectory, gross margins and guidance for the remainder of 2026.
The stock’s valuation reflects high growth expectations, making it sensitive to any perceived slowdown in momentum. Wednesday’s move illustrates this dynamic, with profit-taking emerging after a period of strength.
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Broader Semiconductor Sector Dynamics
The semiconductor industry remains one of the strongest performing areas of the market in 2026, powered primarily by artificial intelligence infrastructure buildouts. While large-cap names have captured much of the attention, smaller innovators like Navitas offer exposure to specialized segments with potentially higher upside.
However, the sector is not immune to macroeconomic pressures. Higher interest rates increase the cost of capital for growth companies, while geopolitical risks and supply chain complexities add uncertainty. Investors are increasingly selective, favoring companies with clear competitive advantages and visible revenue pipelines.
Investor Sentiment and Trading Activity
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Retail and institutional interest in Navitas remains active, with the stock frequently discussed in trading communities focused on technology and clean energy themes. Short interest has fluctuated but generally stays at moderate levels compared to more controversial names.
Options activity on Wednesday suggested continued trader engagement, with positioning for potential volatility around future catalysts. The stock’s beta indicates it moves more dramatically than the broader market, consistent with its growth profile.
Strategic Positioning and Future Catalysts
Navitas continues to expand its portfolio with new product introductions targeting higher-power applications. Partnerships with major semiconductor foundries and direct engagement with end customers are central to its growth strategy.
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The electric vehicle transition and data center expansion provide multi-year tailwinds. Success in securing additional design wins and ramping production efficiently could drive further upside. Conversely, any delays in technology adoption or competitive setbacks could pressure the stock.
Conclusion and Market Perspective
Wednesday’s 5.78% decline to $21.53 represents normal volatility for a high-growth semiconductor name rather than a fundamental shift. The company’s underlying story of enabling energy-efficient power solutions remains intact amid strong secular trends in AI, EVs and renewables.
Investors will continue monitoring Navitas for execution on its strategic plan and upcoming financial results. In a market rewarding both innovation and profitability, the company’s progress in balancing growth with financial discipline will be key to sustaining investor confidence.
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As the trading session progressed, focus remained on broader semiconductor sector rotation and macroeconomic data. Navitas shares, while down on the day, continue to reflect optimism around its technology platform and market opportunities. Market participants will watch closely for any follow-through movement or new developments that could influence the stock’s near-term trajectory.
The semiconductor industry’s evolution continues to create opportunities for specialized players like Navitas. Its performance Wednesday serves as a reminder of the volatility inherent in growth stocks while underscoring the long-term potential in next-generation power electronics.
Leading footwear and sportswear retailer Footasylum has opened a new store Merthyr as part of its expansion plans. The retailer, whose key demographic are youngsters aged 16-24, has leased a 4,000 sq ft unit at Cyfarthfa Shopping Park.
The shop, which has created 25 jobs, is the Rochdale headquartered retailer’s fourth in Wales, alongside existing outlets in Wrexham, Newport and Cardiff.
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The opening forms part of Footasylum’s ongoing expansion strategy, which focuses on prominent, high-footfall retail destinations. The Merthyr store is the latest in a series of recent openings, including Manchester’s Arndale Shopping Centre, Glasgow’s Silverburn Shopping Centre and Darlington’s Cornmill Centre.
Its store rollout programme is being supported with a new funding deal with HSBC, which will also increase its warehousing capacity. It has also entered into a strategic partnership with Trapstar, the British streetwear brand.
Hannah Mercer was recently appointed the retailer’s chief executive as it also focuses on international expansion in Central Europe and the Gulf states.
Shannon Osman, retail director at Footasylum said: “We’re incredibly excited to bring Footasylum to Merthyr Tydfil for the first time, expanding our reach and creating 25 local jobs. Cyfarthfa Shopping Park provides a great platform for us to connect with both new and existing customers while showcasing the mix of exclusive and third-party brands we are known for. We look forward to becoming part of the local retail community and welcoming customers through the doors of this fantastic new store.”
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The retailer sells a mix of footwear, apparel and accessories through stores, websites, and a wholesale channel. Footasylum , which employs around 2,500 staff across the UK, was acquired by private equity firm Aurelius in 2022.
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