A generation of young people locked out of homeownership has found another way to build wealth: putting money into the stock market.

The share of people 25 to 39 years old making annual transfers to investment accounts more than tripled between 2013 and 2023 to 14.4%, outpacing increases for those 40 and over, according to data from the JPMorgan Chase Institute. The share of 26-year-olds who transferred funds to investment accounts since turning 22 shot up from 8% in 2015 to 40% as of May 2025. The numbers don’t include people investing in 401(k)s.

“We’ve seen really strong, surprisingly strong growth in retail investing in recent years among people who may otherwise be first-time home buyers,” said George Eckerd, the research director for wealth and markets at the institute.

The age range includes young millennials and there is overlap in the numbers between investors and homeowners, but Eckerd was struck by the rise in young and lower-income investors at the same time that home buying activity has fallen. That, he said, has tilted the balance of wealth accumulation toward financial markets for young people.

Operator

Good morning, and welcome to the Wynnstay Group plc Full Year Results Investor Presentation. [Operator Instructions] Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Alk Brand. Good morning to you, sir.

Alk Brand
CEO & Executive Director

Good morning, everybody. It is a pleasure to talk to all of you. My name is Alk Brand. I’m the CEO of Wynnstay Plc. And today with me is Rob Thomas, my colleague, our CFO, and we’re delighted to talk to you about the results of our previous financial year. We would like to focus on quite a few things in the presentation. So I will focus on some of the highlights of the year, Rob as well, followed by a discussion of our business model, update on some of our changes. Rob will focus on our results and the business review, and then I will come back in on our summary and outlook.

So I’m happy to say that the past financial year was a successful one and was the first year of our Project Genesis. We are now in year 2 of a 3-year project to improve the financial results of the business. And I’m pleased that after year 1, looking back, we can say that it’s been a very successful year.

So with that, I’m going to hand over to my colleague, Rob, and I’m looking forward to discussing this with our investors today. Thank you for joining us.

Rob Thomas
CFO & Executive Director

Thank you, Alk, and good morning, everyone. As Alk mentioned, we are pleased with

FIRST ON FOX – A group of Republican senators is urging Treasury Secretary Scott Bessent to ensure that any sale of Russian energy giant Lukoil’s foreign assets results in permanent divestment from Moscow, warning against what they describe as potential “shell game” proposals that could return control to Russia. 

In a letter Monday, Sens. Tim Sheehy, R-Mont., Steve Daines, R-Mont., and John Barrasso, R-Wyo., voiced support for President Donald Trump’s sanctions strategy targeting Russia’s energy sector, but raised concerns that some proposed deals may undermine the administration’s foreign policy goals.

The senators said certain proposals under consideration could amount to temporary “caretaker or custodial arrangements” designed to revert ownership back to Lukoil if U.S. sanctions are lifted or tensions between Washington and Moscow ease.

They also warned that other potential transactions could involve a “buy-and-flip” approach that might place strategic oil and gas assets into the hands of U.S. adversaries, including China, potentially jeopardizing American national security and global energy stability.

INSIDE THE SEA WAR TO CONTAIN ‘DARK FLEET’ VESSELS — AND WHAT THE US SEIZURE SIGNALS TO RUSSIA

Steve Daines, John Barrasso, and Tim Sheehy are urging Treasury Secretary Scott Bessent to ensure that any sale of Russian energy giant Lukoil’s foreign assets results in permanent divestment from Moscow. (Pete Marovich-Pool/Getty Images; Kevin Dietsch/Getty Images; Michael Ciaglo/Getty Images / Getty Images)

The letter follows the Treasury Department’s October 2025 sanctions on Lukoil and the Office of Foreign Assets Control’s requirement that the company divest its non-Russian holdings to non-blocked entities. 

It also comes amid ongoing divestment talks, including Lukoil’s Jan. 29 announcement of a conditional, non-exclusive agreement to sell its subsidiary Lukoil International GmbH, which holds its international assets, to the Carlyle Group, a U.S. investment firm.

The transaction would not include assets in Kazakhstan, according to the company.

LINDSEY GRAHAM SAYS TRUMP BACKS RUSSIA SANCTIONS BILL

Tanker trucks are seen near the PJSC Lukoil Oil Company tank storage in Neder-Over-Heembeek on Nov. 15, 2025, in Brussels, Belgium. (Thierry Monasse / Getty Images)

Lukoil International GmbH maintains operations and minority interests in oil and gas fields in Iraq, Azerbaijan, Kazakhstan, Uzbekistan, Egypt and the Republic of the Congo, among other countries.

It also has stakes in several pipelines and owns refineries and thousands of retail stations across nearly 20 European countries.

‘THEY WERE SPYING’: SULLIVAN SOUNDS ALARM ON JOINT RUSSIA-CHINA MOVES IN US ARCTIC ZONE

A worker oversees the loading of oil supplies into freight wagons at the Lukoil-Nizhegorodnefteorgsintez oil refinery in Nizhny Novgorod, Russia, on Dec. 4, 2014. (Andrey Rudakov/Bloomberg via Getty Images / Getty Images)

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The senators described the portfolio as strategically significant to global energy markets and warned that any sale must ensure the assets remain permanently outside Russian control.

“We cannot allow U.S. adversaries to regain control over these valuable assets that have funded so much of Russia’s aggression and must prioritize bids from firms that seek to invest in and build these assets to further American national interests,” Sheehy, Daines and Barrasso wrote.

The Cabinet approved visa measures to boost tourism and Thailand’s economy, including special exemptions, a Destination Thailand Visa, and plans for e-Visas, with emphasis on security and eligibility revisions.

Key Points

• Cabinet Acknowledgment and Short-Term Measures:
  • The Cabinet endorsed visa measures from the Ministry of Foreign Affairs to boost tourism and the economy as of May 28, 2024.
  • Short-term actions include a visa exemption for 93 countries, allowing 60-day stays, and an initial Visa on Arrival (VOA) list of 31 nations.
• Medium and Long-Term Strategies:
  • Medium-term plans involve reducing non-immigrant visa categories from 17 to 7 by August 31, 2025, and expanding the e-Visa system to all Thai embassies by January 1, 2025.
  • Long-term initiatives include a digital pre-travel authorization system with the Thailand Digital Arrival Card (TDAC) introduced from May 1, 2025.
• Ongoing Assessments and Security Considerations:
  • Ongoing measures also involve expanding VOA eligibility to eight more countries and updating retirement visa criteria.
  • The Ministry raised concerns regarding national security related to misuse of visa exemptions, and a re-appointed visa policy committee will review these measures promptly.

The Cabinet has acknowledged visa measures and guidelines proposed by the Ministry of Foreign Affairs to promote tourism and stimulate Thailand’s economy, in line with the Cabinet resolution of May 28, 2024.

The measures are organized into short-, medium-, and long-term frameworks. The Department of Consular Affairs has summarized progress as follows.

​Implemented short-term measures include designating 93 countries and territories eligible for a special visa exemption, allowing stays of up to 60 days for tourism, short-term work, or business. Thailand has also approved an initial list of 31 countries and territories eligible for Visa on Arrival (VOA).

Thailand has also introduced the Destination Thailand Visa (DTV) to attract high-quality visitors, digital nomads, and participants in cultural activities such as Muay Thai, traditional Thai massage, Thai cooking, and other soft-power initiatives.

The Cabinet approved the ED Plus non-immigrant visa for foreigners entering Thailand for study or for study combined with work.

A visa policy committee has been reappointed, and the Ministry of Foreign Affairs will hold additional meetings.

​Medium-term measures include reducing the number of non-immigrant visa codes from 17 to 7, effective August 31, 2025, and expanding the e-Visa system to all 94 Thai embassies and consulates worldwide, effective January 1, 2025.

Long-term measures focus on developing online pre-travel authorization systems. Immigration authorities introduced the Thailand Digital Arrival Card (TDAC), which has been in use since May 1, 2025.

Ongoing measures include a second-phase expansion of VOA eligibility to 8 additional countries and revised long-stay visa criteria for elderly foreigners seeking retirement in Thailand.

The Ministry noted observations regarding potential impacts on national security and Thailand’s image, as some foreign nationals have misused visa exemptions for unauthorized work or illegal activities. The newly appointed visa policy committee will review these measures at the earliest opportunity.

Source : Cabinet Acknowledges Visa Measures to Boost Thailand’s Tourism and Economy

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Operator

Good afternoon. This is the Chorus Call Conference operator. Welcome, and thank you for joining the Banca Generali Full Year 2025 Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Gian Maria Mossa, CEO and General Manager of Banca Generali. Please go ahead, sir.

Gian Mossa
GM, CEO & Executive Director

So good afternoon, and thank you for attending our full year results conference call. Before we get into our results, I want to quickly comment the market reaction to the recent announcement of a U.S. initiative called the Altruist. That is basically a tool, an artificial intelligence tool for the automated tax planning that in Italy is largely relevant just because for any investment related taxation, the tax situation is handled directly by the withholding agents. So basically the banks or the financial intermediary and not by the client.

So the volatility on our stock today comes from this U.S.-centric situation. That simply doesn’t fit with the Italian wealth management context and even less with Banca Generali also because we are not a brokerage platform. So as you know, and we said it several times, Italy has a unique economic and social environment where the wealth is still mostly invested in liquid assets, think of real estate kind of companies, not listed equity. And it remains very much sort of, say, family affair.

So in this context, our clients look for discretion, human guidance and not automatic

Operator

Thank you for standing by, and welcome to ReNew’s Third Quarter FY ’26 Earnings Report. [Operator Instructions]

I would now like to hand the conference over for opening remarks. Please go ahead.

Anunay Shahi
Head of Investor Relations

Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing results for our fiscal 2026 third quarter ended December 31, 2025. A copy of the press release and the earnings presentation are available on the Investor Relations section of our website at www.renew.com.

With me today are Sumant Sinha, our Founder, Chairman and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our Co-Founder and Chairperson, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions.

Please note that our safe harbor statements are contained within our press release, presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release and the presentation on our website for a more complete description.

Also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconcile to the