Julian Phillips is on the move again. The Minnesota Timberwolves have acquired the 22-year-old forward from the Chicago Bulls as part of a blockbuster trade that also sends guard Ayo Dosunmu to Minnesota while Chicago receives rookie guard Rob Dillingham, forward Leonard Miller and four second-round draft picks.
Phillips, who has been sidelined with a wrist injury, spent the past three seasons in Chicago without ever establishing a consistent NBA role. Across 154 career regular-season appearances, he averaged just 11.6 minutes per game, often shuttling between the Bulls’ rotation and the G League.
Timberwolves Acquire Julian Phillips in Multi-Player Deal With Bulls
Bulls continue aggressive roster teardown
The trade marks another significant step in Chicago’s ongoing rebuild, as the front office has aggressively flipped veterans for youth and draft capital ahead of the February deadline. Including this deal, reports indicate the Bulls have accumulated nine second-round picks and nine new players through recent transactions.
Dosunmu, 26, was enjoying a breakout fifth NBA season in his hometown, averaging career highs of 15 points, 3.6 assists and 3 rebounds while shooting over 51 percent from the field and 45 percent from three. Selected by Chicago in the 2021 second round after starring at Illinois, he earned All-Rookie honors but now heads to Minnesota as a key piece for their Western Conference push.
For the Bulls, parting with Dosunmu’s production in exchange for high-upside prospects like Dillingham—who Minnesota selected with an unprotected 2031 first-round pick—and Miller represents a clear bet on the future. Dillingham showed rookie flashes but struggled for consistent minutes behind Minnesota’s established backcourt, while Miller offers size and athleticism as Chicago’s tallest rotation option.
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Phillips’ journeyman path to Minnesota
Phillips enters the league as the 35th overall pick in the 2023 NBA Draft after a promising one-and-done freshman season at Tennessee, where he averaged 8.3 points and 4.7 rebounds while earning Battle 4 Atlantis All-Tournament honors. A consensus five-star recruit originally committed to LSU, Phillips decommitted after a coaching change and chose the Volunteers over South Carolina and Auburn.
In Chicago, the 6-foot-8 forward was viewed as a defensive prospect with high upside but never translated that potential into steady NBA minutes. Limited by injuries—including his current wrist issue—and a crowded wing rotation, Phillips bounced between the Bulls and their G League affiliate, appearing in just 154 games over three seasons. Fantasy analysts consistently described him as a “depth piece” with bleak production outlook due to minute restrictions.
Now in Minnesota, Phillips faces similar challenges on a deep, contending roster. He is listed as questionable for a potential debut Friday against the Pelicans, pending wrist recovery and coach Chris Finch’s rotation decisions. With established wings like Jaden McDaniels, Kyle Anderson and others ahead of him, consistent minutes appear unlikely in the short term.
Timberwolves reinforce depth for playoff run
Minnesota’s motivation in the deal centers on Dosunmu, who fills a critical need at backup point guard following the recent trade of Mike Conley. The Timberwolves have lacked reliable lead ball-handling off the bench this season, and Dosunmu’s scoring efficiency, defensive versatility and Chicago breakout make him an immediate fit alongside Bones Hyland and Jaylen Clark.
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Including Phillips provides additional frontcourt depth, though his role will likely remain situational. The cost—Dillingham, Miller and four second-rounders—is significant but preserves Minnesota’s first-round picks while adding a low-risk, high-ceiling wing prospect. Reports emphasize that Phillips “won’t benefit much from a change of scenery” given the Wolves’ crowded depth chart, positioning him as organizational depth rather than rotation staple.
Fantasy impact muted across the board
Fantasy basketball analysts have downplayed the deal’s immediate relevance. Phillips’ outlook “remains bleak” due to Minnesota’s minutes crunch, while Dillingham joins a loaded Chicago guard room without a clear path. Miller could see rotation opportunities as the Bulls’ tallest player but lacks standard-league appeal. Dosunmu stands to gain the most, potentially as Minnesota’s primary bench lead guard.
Broader implications for both franchises
For Chicago, the transaction accelerates a rebuild that has already seen departures of Nikola Vučević, Coby White and others. With nine second-round picks and a youth movement underway, the Bulls are prioritizing flexibility over Eastern Conference mediocrity. Dillingham’s upside and Miller’s physical tools headline the return, potentially forming cornerstones if they develop behind Chicago’s crowded backcourt.
Minnesota, twice a Western Conference Finals participant, doubles down on win-now depth. Dosunmu addresses backcourt turnover concerns, while Phillips offers injury insurance without long-term salary commitment. The price tag reflects confidence in the current core’s championship ceiling, even as it mortgages some future assets.
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Phillips’ NBA journey continues in a familiar depth role, but the fresh scenery in Minnesota—combined with his youth and defensive tools—keeps developmental intrigue alive. Whether he carves a niche on a contender or emerges as a trade chip remains the key storyline.
Rail Vikas Nigam Ltd (RVNL) reported a steady performance in the December quarter, with profit rising modestly, even as higher expenses limited margin expansion. The state-owned rail infrastructure company posted a net profit of Rs 324 crore in Q3FY26, up about 4% from Rs 312 crore in the same quarter last year. The improvement in profitability came despite marginal growth in topline and continued cost pressures.
Revenue from operations increased 3% YoY to Rs 4,684 crore, compared with Rs 4,567 crore in Q3FY25. Including other income of Rs 252 crore, total income for the quarter stood at Rs 4,936 crore, higher than Rs 4,836 crore a year ago.
Expenses, however, rose at a faster pace than revenue. Total expenses climbed to Rs 4,577 crore during the quarter, from Rs 4,480 crore in the year-ago period. Operating expenses increased to Rs 4,354 crore from Rs 4,219 crore, reflecting higher project execution costs.
As a result, profit before tax came in at Rs 415 crore, broadly flat compared with Rs 413 crore in the corresponding quarter last year.
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On a nine-month basis, RVNL reported net profit of Rs 689 crore, lower than Rs 822 crore in the same period last year, while revenue from operations rose to Rs 13,716 crore from Rs 13,496 crore.
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Alongside the results, the board announced an interim dividend of Rs 1 per share, representing 10% of the paid-up equity share capital, for the financial year 2025–26. The company has fixed February 11 as the record date to determine shareholder eligibility, and the dividend will be paid on or before March 6.
Various cans of alcoholic ready-to-drink beverages including Captain Morgan Rum and Coke, Bacardi MoJito, Archers and Lemonade, Malibu and Pineapple, Pina Colada Cocktail and Gordon’s Gin and Tonic are displayed for sale in a supermarket on January 10, 2024.
John Keeble | Getty Images
The U.S. alcohol industry had another sobering year in 2025.
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Spirits supplier revenue fell 2.2% to $36.4 billion for the year, according to new data by industry trade group the Distilled Spirits Council of the United States (DISCUS). The decline came as economic pressure and weaker consumer confidence weighed on discretionary spending.
“While total U.S. spirits sales edged down 2.2% in 2025, the spirits industry remains resilient,” said Chris Swonger, DISCUS CEO and president, in a statement.
Overall volumes for the year rose 1.9% to 318.1 million 9-liter cases, indicating growing demand. But the revenue decline suggests that while Americans are still drinking, they are also trading down — opting for lower-priced spirits and pulling back on premium purchases.
Nearly every major spirits category posted revenue declines. Vodka sales fell 3% to $7 billion. Sales of tequila and mezcal — the industry’s fastest growing segment for several years now — slipped 4.1% to $6.4 billion. American whiskey and cordials revenue dipped 0.9% and 3.2%, respectively.
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The exception was in convenience and value.
Last call for optimism
Sales of premixed cocktails, including spirits–based ready-to-drink beverages, surged over 16% compared to the year prior, reaching $3.8 billion. The category, known as RTD, has more than doubled its market share since 2021 as consumers gravitate toward a lower price point.
Within tequila, the shift has also been toward more affordable bottles, as macro headwinds make consumers rethink splurges on premium brands. Volume in the lowest tequila/mezcal price point the trade group tracks grew 6.5% in 2025, along with a 2.8% climb in the next tier higher. Volume for whiskey, vodka, rum and gin all fell at those price points.
As consumers move toward more affordable spirits,companies like Diageo and Brown-Forman may be best positioned, as they have the most exposure to lower-priced tequila and the fast-growing RTD category. Diageo owns Casamigos tequila and has built out a sizable portfolio of spirit-based RTDs, while Brown-Forman controls key mixed price tequila brands like El Jimador.
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On the other hand, beer-heavy players like AB InBev and Molson Coors have minimal tequila exposure, although they have been expanding their RTD portfolios. Modelo and Corona owner Constellation Brands in a unique position with both beer and tequila exposure, but a smaller RTD footprint.
Overall, the beverage alcohol market has softened after years of pandemic-fueled growth, and DISCUS’ new data reinforces that normalization is now turning into contraction.
“The companies that have started to report are posting weak numbers but no worse than expected,” said Trevor Stirling, Bernstein European and American beverages analyst. “The rate of decline is not getting worse, might be slowing and one can dream of a return to volume growth.”
Lingering trade tensions
Distillers have also been navigating headwinds abroad. American spirits exports fell 9% year over year in the second quarter of 2025, amid lingering trade tensions and the removal of U.S. products from many Canadian retail shelves following President Donald Trump‘s tariff hikes on the U.S. neighbor last year.
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Industry leaders say tariff uncertainty is making it difficult to plan long-term.
“The unpredictability surrounding global trade issues continues to weigh heavily on the U.S. spirits sector,” said Swonger. “Reinstating zero-for-zero tariffs on distilled spirits must be a priority to get our American distillers back on a path to growth and prosperity.”
Despite the revenue pullback, spirits actually maintained its market share lead of the total beverage alcohol market at 42.4%, compared to beer and wine at 41.8% and 15.7%, respectively.
Still, the message from 2025 is clear: Consumers are drinking less, but those who are still drinking are being more selective. In a tougher economic environment, cheaper tequila and canned cocktails are winning out over premium bottles behind the bar.
It will be two storeys bigger than Castle Park View – currently the highest building in the city
St. James Square, Bristol(Image: Olympian Homes)
Work to construct Bristol’s tallest building is set to begin imminently. Developer Olympian Homes was granted planning permission from Bristol City Council in March 2024 to demolish and redevelop the former Haymarket Premier Inn and NCP car park on Rupert Street.
Olympian is now preparing to build a 150-bed, 18-storey co-living tower and a 442-bed, 28-storey purpose built student accommodation block, which will become the highest building in the city.
The Premier Inn, next to the Bearpit, was torn down in May last year. Before the building’s demolition, World War II ordnance experts were brought in to oversee the process after council planners warned there was an “elevated medium risk” of encountering unexploded German bombs, according to our sister site Bristol Live.
The scheme has now received approval from the government’s Building Safety Regulator, which means construction is able to start. It is understood the development is expected to be completed by mid-2028.
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“This outcome has been achieved through a highly collaborative approach, underpinned by the expertise of the project’s design team,” a spokesperson for Olympian said.
Once finished, the student block – named St James House – will be two storeys higher than the current tallest building in Bristol – Castle Park View.
The co-living tower will have amenity space inside and outside totalling more than 1,000 sq metres, while the student block will have nearly 850 sq metres of internal and external amenity space. Both buildings will include communal roof terraces, lounges, gyms, cinema rooms and co-working areas.
Improvements will also be made to the surrounding area, according to Olympian, with the addition of 2,150 sq metres of public realm space. This will include a kiosk, a public café, a new park and plaza connecting through to St James’ Park and offers a direct access route to Bristol bus station.
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The scheme is being delivered in partnership with Cain, with contractor RG Group responsible for the construction of the buildings.
“Having run this application through the newly formed innovation unit, BSR performance was greatly improved and the whole process was achieved in 14 weeks. This is testament to the working relationship of the whole team,” said Richard Goodwin, construction director of Olympian.
“Olympian Homes continues to advance it’s growth strategy despite a challenging market, remaining focused on the acquisition and redevelopment of high quality urban sites that deliver long term value and support meaningful regeneration,” added chair Mark Slatter.
Bosses at the train manufacturer told in latest accounts how it is ‘investing so it can adapt to a changing market’
The Hitachi rail factory at Newton Aycliffe(Image: Hitachi)
Train manufacturer Hitachi Rail saw revenues rise but profits fall in a year in which it said it was continuing investment to “adapt to a changing market”. Hitachi, which has a massive 474,000 sq ft plant in Newton Aycliffe, County Durham, has posted accounts for the year ended March 2025 in which revenues rose from £725.1m to £748.4m on the back of higher revenues in operations, service and maintenance.
But the previous year’s operating profit of £5.2m was converted to a loss of £61.9m, a result of the impact of a significant impairment charge made in relation to one particular product. The company makes and supplies rolling stock, railway maintenance and traffic management systems to a host of clients, including ‘British bullet trains’ for HS2 Ltd, battery hybrid trains for Arriva’s Grand Central service, Transpennine Express and East Midlands Railway.
And during the year it said it had “made changing assumptions” over its AT300 SXR Platform development – a specific variant of Hitachi Rail’s AT300 series of trains, which it developed for East Midlands Railway, resulting in the business recognising an impairment charge of £88.5m.
While orders for the particular product could be made in the future, directors said in the accounts: “In the year ending 31 March 2025 a change in assumptions for new market opportunities and new contracts awarded to the company based on a new AT300 platform resulted in a requirement to complete an impairment assessment of the AT300 SXR Platform development. This assessment compared the value in use with the carrying value.”
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A breakdown of revenue showed £115.9m came from long term construction contracts and £632.5m from rendering of services. Employee numbers, meanwhile, rose to 2,636, up from 2,610, and an interim dividend of £56.3m was paid.
The Hitachi manufacturing site at Newton Aycliffe(Image: Hitachi)
The accounts also show it made a capital injection in Hitachi ZeroCarbon Limited of £5m, increasing the book value of the investment to £24.99m. Within the report, directors said: “The company continues to explore opportunities for growth and development through bidding for new projects and potential acquisitions.
“The company is investing so it can adapt to a changing market. This includes a greater strategic focus on growth opportunities in digital and green mobility, supported by successfully trialling digital infrastructure monitoring solutions on the UK rail network and developing pioneering battery train technology.
“On 31 May 2024, the company acquired the entire share capital of Centelec UK Limited from Thales SAcfor the acquisition of the Thales’ Ground Transportation Systems (GTS) business. In January 2025, the company agreed to acquire the digital rail monitoring business Omnicom from Balfour Beatty. These acquisitions strengthen the strategic focus on digitalisation and sustainability transformation.”
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The company added that it had access to “an uncommitted £415,000,000 Hitachi Group Treasury loan facility and total cash available to the company including the loan facility is in excess of forecast cash requirements for the year. The company’s ultimate parent Hitachi Ltd has also provided a letter of support to 30 June 2026.”
Perth-based junior Manhattan Gold Corporation has announced a series of management changes, as it places additional focus on its Hook Lake gold exploration project in Canada.
| Revenue of $24.19B (22.56% Y/Y) misses by $7.44B
MetLife, Inc. (MET) Q4 2025 Earnings Call February 5, 2026 9:00 AM EST
Company Participants
John Hall – Senior VP, Head of Investor Relations & Executive VP and Treasurer Michel Khalaf – CEO, President & Director John McCallion – Executive VP, CFO & Head of Investment Management Ramy Tadros – Regional President of U.S. Business & Head of MetLife Holdings Lyndon Oliver – Regional President of Asia
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Conference Call Participants
Jamminder Bhullar – JPMorgan Chase & Co, Research Division Thomas Gallagher – Evercore ISI Institutional Equities, Research Division Joel Hurwitz – Dowling & Partners Securities, LLC Suneet Kamath – Jefferies LLC, Research Division Wesley Carmichael – Wells Fargo Securities, LLC, Research Division Taylor Scott – Barclays Bank PLC, Research Division
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Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the MetLife Fourth Quarter and Full Year 2025 Earnings and Outlook Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday’s earnings release and to risk factors discussed in MetLife’s SEC filings.
With that, I will turn the call over to John Hall, Global Head of Investor Relations. Please go ahead.
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John Hall Senior VP, Head of Investor Relations & Executive VP and Treasurer
Thank you, operator, and good morning, everyone. We appreciate you joining us for MetLife fourth quarter 2025 earnings and near-term outlook call. Before we begin, I’d point you to the information on non-GAAP measures on the Investor Relations portion of metlife.com, in our earnings release and in our quarterly financial supplements, which you should review.
On the call this morning are Michel Khalaf, President and Chief Executive Officer; and John McCallion, Chief Financial Officer and Head of MetLife Investment Management. Also available to participate in the discussion are other members of senior management. Last night, we released an earnings
Fanatics Betting & Gaming CEO Matt King discusses Superbowl bets, a commercial collaboration with Kendall Jenner and more on ‘The Claman Countdown.’
Football fans were left furious after a major sports apparel brand came under fire for multiple Super Bowl merchandising issues ahead of the big game this weekend.
Fanatics released a statement on Tuesday responding to recent backlash on social media over low stock and complaints about the quality of its Super Bowl LX jerseys for the New England Patriots and Seattle Seahawks.
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“NFL fans, we’ve seen your jersey feedback, and we take it very seriously,” the company’s official X statement read. “We’ve let Patriots and Seahawks fans down with product availability, we own that, and we are sorry.”
Fanatics logo embroidered on an NHL Buffalo Sabres jersey. (Fanatics)
“This Super Bowl matchup has created unprecedented challenges for us because of the massive surge in demand we saw from Patriots and Seahawks fans,” the message continued. “Both teams went from missing the playoffs last season to being in the Super Bowl, an incredibly rare occurrence that led to these two fanbases buying nearly 400% more jerseys since Thanksgiving vs. last year.”
“Even though we ordered substantially more jerseys for these teams than ever before, we’ve struggled to meet the overwhelming demand to keep team color jerseys in stock, which we know is your expectation. As sports fans, we understand your frustration, and we will work tirelessly to be better.”
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People online also criticized the quality of alternate team jersey options being offered by the company, with some using colorful language to voice their displeasure.
“The Fanatics merch slop monopoly must be annihilated,” one X user posted. Another said, “It cannot be overstated enough just how much Fanatics has destroyed sports merchandise…”
One user argued that NFL jerseys were better before Fanatics’ domination of the sports merchandising market. The user wrote, “Insane that the only Patriots Super Bowl uniform you can get at the team store is a design the team doesn’t wear on the field and sells for $160. You used to be able to buy Reebok uniforms with painted numbers for $30 at Marshall’s… what happens when Fanatics has a monopoly.”
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Fanatics Fine Art jersey made for New England Patriots quarterback Drake Maye. (Fanatics)
Fanatics also responded to criticism of jersey quality in the press release, defending its products and noting that it is ordering more team-color jerseys and alternate options for consumers as complaints are addressed.
“We’ve heard questions about the quality of these alternate jerseys and can assure you that, despite some unflattering photos, these jerseys are identical to the standard Nike replica ‘Game’ jersey,” the statement said.
The sportswear giant advised buyers that any product that does not meet their expectations can be returned “free of charge” using the Fanatics app.
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Fanatics CEO Michael Rubin, left, Tom Brady and Travis Scott onstage at Fanatics Fest at Javits Center on June 20, 2025, in New York City. (Slaven Vlasic/Getty Images)
Fanatics is in the midst of a 10-year partnership with the NFL that began in 2020. It became the exclusive distributor of Nike’s adult-sized jerseys and other apparel, boosting its prominence as a dominant player in the online sportswear industry.
The brand has also made recent forays into hosting conventions and the content creation business. The annual Fanatics Fest, featuring some of the biggest names in sports and entertainment, takes place at the Javits Center in New York City, and CEO Michael Rubin recently announced the launch of Fanatics Studios, a new production company that is a joint venture between the brand and OBB Media.
In total, the Bank reckons two out of five residential borrowers, close to four million, will face a similar situation in the next few years, with an average 8% rise in repayment costs. (Although it also points out one in three are likely to see lower repayments during this time).
