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The WRU has a business plan for cutting a region but it needs to be shared

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The WRU now has the opportunity, when appearing before the Senedd committee, to finally put the record straight

WRU CEO Abi Tierney(Image: Mark Lewis/Huw Evans Agency)

For months those questioning the Welsh Rugby Union’s decision to reduce the professional game from four teams to three have been told the decision followed extensive consultation, detailed analysis and independent challenge.

When WalesOnline recently raised concerns about the lack of supporting data, the WRU said it would “publish the information soon”, including more detail on the reasoning, evidence, criteria and weightings behind its proposals. Now, at long last, we finally know that decisive evidence exists, but the WRU does not intend to publish it in a form that would allow anyone to test its conclusions.

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In correspondence with me last month, chief executive Abi Tierney confirmed that the board considered a “detailed, fully costed business case comparing three teams against a reformed four-team alternative” before reaching its decision last autumn.

According to Ms Tierney, this incorporated financial analysis, strategic considerations, risks and stakeholder feedback. That confirmation matters, as we now know a business case apparently underpinned one of the most important and effectively irreversible decisions in Welsh rugby history.

Unfortunately, none of us can currently see it because Ms Tierney conveniently said the material is commercially confidential and “will not be published in the form you have requested”. Instead, member clubs will receive what she describes as “the appropriate briefings and evidence through the proper channels” before the WRU’s annual general meeting.

That language is very revealing because it suggests that clubs are not being promised the business case or underlying model, but whatever the WRU decides is “appropriate”. They may receive selected presentations explaining a decision already made without the evidence needed to test its assumptions or develop an alternative.

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Sadly, for a modern organisation that is supposed to hold to the highest standards of governance, that is not meaningful transparency but managed disclosure. Explaining where three professional teams should be located is no substitute for demonstrating why Welsh rugby must be reduced to three teams in the first place.

In other words, the WRU is offering evidence about the consequences of its decision while withholding the evidence that supposedly justified making it.

Following a letter from that Hayley Parsons and I sent to the Senedd’s sport and culture committee about this failure to reveal the data to the clubs once again, Ms Tierney and the WRU are to be invited to appear before the committee for the second time this year.

So what should the WRU reveal when they appear before members of the Senedd?

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Without getting too technical, they should start with details of the formal post-consultation option appraisal the board considered in October 2025 and submit, as evidence, the underlying financial model, including annual projections, funding allocations, revenue assumptions, owner contributions, and transition costs.

Without it, Senedd members and their constituents cannot establish what reducing the number of teams saves, whether the preferred structure survives less favourable assumptions, whether alternatives were assessed fairly, or whether the calculations were independently verified.

The WRU must also explain what it means by a “reformed four-team alternative” and whether that option incorporated the same shared services, central efficiencies, player controls, pathway reforms and commercial improvements assumed for three teams, or was the preferred model compared with a weaker version of four that was never given an equal opportunity to succeed?

The committee should also consider the wider consequences of removing a professional team, especially given that an independent report found the Scarlets generated over £1m in annual gross value added and supported 336 jobs, alongside extensive work with schools, community clubs and disadvantaged groups.

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In Swansea, substantial public and private investment has already been committed to the Ospreys and the redevelopment of the ground at St Helen’s.

It would have been better to have had the answers made public before having to ask a Senedd committee to intervene, but we cannot know what the board considered because the business case remains withheld. Indeed, Ms Tierney told me that correspondence about governance and disclosure should be properly conducted with member clubs rather than “individual columnists or commentators”.

That is a curious position as the WRU seems happy to use the media to assure the public that evidence would be published but appears less comfortable when one of the Western Mail’s longest-serving columnists asks what will be disclosed.

Speaking truth to power has been one of this column’s central purposes for over twenty years, and I will not be discouraged from doing so simply because the organisation being scrutinised would prefer the questions not to be asked publicly.

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Yes, the WRU is entitled to refuse to answer, but it should not pretend that the questions are illegitimate in doing so, and it will be interesting to see if it adopts the same approach with the Senedd and its member clubs as it did when it responded to my request for this information.

The WRU may ultimately be right that three (or even two) teams represent the only sustainable future, and anyone proposing an alternative must explain how it would be financed, but how on earth can any alternative be tested while the WRU withholds its financial data and assumptions?

And it is ironic that Ms Tierney, when speaking at the Welsh Select Committee last January, said that she would not “apologise for being data-driven”, and yet the more they hide this data, the more mistrust they generate in their ability to govern the game.

Therefore, the issue is no longer whether the evidence exists – it does – and given that Ms Tierney said member clubs should pursue these matters, I hope at least one will now formally request the complete business case and supporting evidence before the union’s AGM late this year.

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The WRU now has the opportunity, when appearing before the Senedd committee, to finally put the record straight and, as part of its evidence, to provide all the information required to scrutinise its decision.

But if the WRU again refuses a reasonable request to do so from the democratically elected members of the Senedd whose constituents across Wales are supporters of local, regional and national rugby, then they can no longer claim that the problem was who asked the question, but that the WRU never wanted anyone outside its board to see the answer.

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Beauty, health and wellness are converging into one retail category

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Beauty, health and wellness are converging into one retail category

A customer shops for makeup at a Walmart store in Secaucus, New Jersey, March 5, 2024.

Gabby Jones | Bloomberg | Getty Images

As consumers become more educated about the products they’re buying and look to make more holistic purchases, a new retail category is emerging.

What were once three separate sections — beauty, health and wellness — have converged into one large category as consumers look for products that serve multiple purposes. That change in consumer behavior is creating more competition for companies racing to win over the corresponding share of customers’ wallets, industry experts said.

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According to a new study from consulting firm AlixPartners, nearly 100% of consumers surveyed believe that the category is just one budget item, whereas it was three before.

The survey, conducted jointly between CEW and AlixPartners between May and June, sampled 1,000 consumers age 18 and over and split across gender, age, income brackets and regions. The survey also polled 127 executives in the beauty, health and wellness industries.

“What we found in the data is a consumer is just as likely to trade off a night cream for another night cream as a night cream for a personal trainer,” Lindy Firstenberg, co-lead of the company’s beauty, health and wellness practice, told CNBC. “Anything in beauty, health and wellness is within the consideration set.”

As wellness becomes more mainstream, 40% of consumers in the survey said they want traditional beauty companies to expand their reach in terms of the products they offer. At the same time, the AlixPartners study found that 42% of executives said they wanted their companies to stay in their lane.

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“What that shows is a fundamental disconnect that consumers are asking for more; they’re asking for different, they’re asking for a new playbook, and executives are saying, ‘No, that’s way too scary. That’s not going to happen,’” Firstenberg said.

Firstenberg said she believes companies may be hesitant to take on a big bet that won’t necessarily immediately pay off on a quarterly cycle. It’s a move that would also include lengthy time for research and development and consumer profiling.

“They’re not willing to look outside of themselves in order to see that broader beauty, health and wellness bucket, which is the exact opposite of consumers,” Firstenberg said.

That trend comes as consumers are also becoming more knowledgeable about the products they’re buying and integrating a more science-backed approach to their beauty purchases, a trend AlixPartners calls the “consumer PhD.”

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Firstenberg said people are also looking to other consumers, especially on social media, for which products to buy and which ones will have the best results, instead of relying on the brands.

How retailers are responding

Ulta is expanding its wellness shop to have more health-focused brands and more shelf space for those items.

Melissa Repko | CNBC

Some companies are choosing to team up with existing brands on the other side of the sector to expand their offerings.

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In 2022, luxury brand Gucci partnered with wearable fitness tracker brand Oura on a specially designed ring. Last month, consumer packaged goods company Procter & Gamble agreed to acquire supplements brand Thorne for $3.8 billion in a bid to grow its health business.

Another approach is making sure those products are highlighted together.

Ulta Beauty has launched in-store wellness boutiques, which feature product categories such as supplements and skin and hair serums. Target launched the Target Beauty Studio on Sept. 10 after phasing out its shop-in-shop partnership with Ulta in August. And Sephora now has a dedicated wellness and skincare section on its website.

Walmart has been investing in varied product assortments in its stores over the past few years and leaning into both entry-level price points and premium brands, said Silvia Kawas, who leads the consumables business for Walmart U.S.

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“Our customers today are actually thinking about solving problems across their health and wellness and beauty journeys more holistically than ever, and so you’ll see a lot of blurring of the lines,” Kawas told CNBC.

Kawas said Walmart, which is currently in the process of remodeling many of its stores, is placing beauty products in high-traffic areas to ensure the company stays ahead of trends. It’s also making sure store associates who are knowledgeable in the beauty and wellness industry are available to help customers, in addition to leveraging the expertise of its pharmacists.

“We have this unique advantage of being an omnichannel retailer that allows us to help service customers both from a store perspective through great assortments. … [And] we also are trusted for our everyday low price and consistency,” Kawas said.

She added that Walmart has seen its consumers going through a trial-and-error process, so the company has had success with its mini and single-serve products.

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“We’re very intentional about creating this exploration, discovery and navigation in-store and online that gives [customers] confidence in the solutions that they’re buying from Walmart,” Kawas said.

A new retail landscape

Walmart’s mobile wellness tour, offering flu vaccines, immunizations, boosters and free health and vision screenings.

Michael Siluk | UCG | Universal Images Group | Getty Images

While some larger players in the retail space are leaning into the trend, others may be missing the mark, said Pierre Dupreelle, the global leader for beauty at Boston Consulting Group.

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Dupreelle said the “revolution” of the beauty and wellness industry is leading to a “complete reshape,” especially with the rise of GLP-1 drugs as consumers focus on how health intersects with beauty.

“The brands that consumers are now favoring are extremely efficacious brands that are very focused on science, derm-backed, doctor-backed type of products, so there’s a set of brands that are really benefiting from this explosion of the category,” Dupreelle said. “The more traditional, more sensible skincare brands, even at the top of the price points, are definitely struggling.”

Even as consumers are squeezed by macroeconomic pressures like high gas prices, rising inflation and uncertainty from global politics, Dupreelle said they’re more likely to cut their spending on other categories before they rein in their beauty, health and wellness budget.

According to an August report from market research firm Circana, unit demand in the beauty industry remained positive through the first half of 2026 despite consumer selectivity.

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The report found that skincare sales revenue grew 8% in the first half of the year, benefiting from consumers’ interest in whole body wellness.

For retailers like Walmart, that means leaning into the product assortments and price points that customers are looking for to ensure they keep coming back.

Kawas said the company is already seeing returns on that strategy with customers building bigger baskets on their way to the cash register.

“That’s the advantage, is affordability, access and flexibility to customize and personalize,” Kawas said. “I think that’s the role that we need to be playing. … The more we do that, the more repeat and loyalty we will get out of them because we’re consistent in our offering.”

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GenOffGrid launches capital raise

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GenOffGrid launches capital raise

Privately-owned, Broome-founded microgrid firm GenOffGrid will seek to generate a figure understood to be around $10-15 million through an off-market capital raise.

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Brewdog’s unpaid workers to receive nothing after takeover deal

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Earl Spencer walking, wearing a navy suit and a purple tie.

Parent company BrewDog PLC is still expected to pay its preferential creditor, HMRC, in full for £3.66m tax owed – mainly VAT and excise duty.

Brewdog’s biggest debt was to financial services group HSBC, which was owed more than £61m across various banking arms.

It has recovered tens of millions of pounds, but still faces an estimated shortfall of £16.8m.

The report noted that this could be reduced through asset sales in the United States.

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Private equity backer TSG, which took a 22% stake in the brewer in 2017, is set to lose £27.6m.

Brewdog also owes around £190m to unsecured creditors. They are expected to receive less than a penny in the pound of what they are owed.

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The Hidden Winners Inside SCHD – September 2026

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Wealth disparity concept - Large piggy bank over small piggy banks

This article was written by

I have a masters degree in Analytics from Northwestern University and a bachelors degree in Accounting. I have worked in the investment arena for over 10 years starting as an analyst and working my way up to a management role. Dividend investing is a personal hobby and I look forward to sharing my thoughts with the Seeking Alpha community.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of schd, acn, adp, br, hsy, payx, pep, swks, UNH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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HBF profit slips despite membership record

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HBF profit slips despite membership record

Australia’s second-largest not-for-profit health fund, HBF, has delivered a net profit after tax of $128.2 million for the year, supported by a growing national footprint.

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Savers Value Village stock initiated at Equal Weight by Wells Fargo

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Savers Value Village stock initiated at Equal Weight by Wells Fargo

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Ashland Inc. (ASH) Analyst/Investor Day Transcript

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

Sandy Klugman

Hello, everyone, and welcome to Ashland Innovation Day 2026. My name is Sandy Klugman, and I’m Ashland’s Director of Investor Relations. Today, you will hear from leaders across Ashland, including business executives and technology experts, who will discuss how our innovation pipeline is creating differentiated commercial opportunities that drive long-term growth and value creation.

Please note that we will be referencing slides during today’s webinar, and we encourage you to follow along with the webcast material available at ashland.com, under Investor Relations. As a reminder, I wanted to caution listeners that during this call, the company’s management will be making forward-looking statements.

Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company’s business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in today’s investor presentation and Ashland’s SEC filings, including the quarterly report on Form 10-Q. Please review the safe harbor statements and the disclosure regarding our use of non-GAAP financial measures included in those materials.

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And with that, I’ll turn it over to Guillermo Novo, Ashland Chair and CEO.

Guillermo Novo
Chairman & CEO

Welcome, everyone. It’s a pleasure to be here today. Welcome to our Third Innovation Day update. It’s a pleasure to host you today. As you’ve heard in prior events, Ashland has made innovation a strategic priority to drive differentiation and

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CoreWeave prices $3.7 billion convertible notes offering

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CoreWeave prices $3.7 billion convertible notes offering

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Berkshire Hathaway announces Warren Buffett will step down as chairman

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Berkshire Hathaway announces Warren Buffett will step down as chairman

Legendary investor Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company said on Friday.

“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett, who was named chairman emeritus, said in a letter to shareholders. “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”

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Berkshire Hathaway CEO Warren Buffett during an interview.

Berkshire Hathaway CEO Warren Buffett speaks during an interview on FOX Business Network. (FOX Business Network)

Buffett’s son, Howard Buffett, will become chairman of the board, effective immediately. He has been a Berkshire director since 1993.

“Howard will guard its culture and values – both worth more than anything on our balance sheet,” Buffett said. “Think of Howard as a policy the shareholders own and hope never to claim against.”

Buffett started his career at Berkshire in 1965 and stepped down as CEO earlier this year. He was succeeded by Greg Abel, who was the vice chairman of non-insurance operations.

Warren Buffett on stage with a group of philanthropists.

Warren Buffett started his career at Berkshire in 1965. (Daniel Zuchnik/WireImage)

“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said in a statement. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”

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Known for his long-term strategy and focus on buying high-quality businesses at reasonable prices, Buffett delivered steady gains that outpaced broader markets, making him a trusted steward of capital.

Reuters contributed to this report.

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Otis: The Service Business Is Strong, But Debt Still Matters (NYSE:OTIS)

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Otis: The Service Business Is Strong, But Debt Still Matters (NYSE:OTIS)

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TQP Research is run by a Certified Public Accountant (CPA) with several years of experience in structured finance and banking. TQP Research follows a value-oriented investment approach by identifying businesses that meet the criteria for long-term success taught by Warren Buffett, Charlie Munger, and Walter Schloss, to name a few. Investment topics will primarily include: Market analysis and macroeconomic trends, large-cap blue chip companies, deeply undervalued micro-cap and small-cap stocks that most institutional investors will avoid, and technology and market news. TQP Research enjoys actively engaging with members of the community. Please feel free to reach out with any questions or ideas!

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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