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What should be the economic priorities of the next Welsh Goverment

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Director of CBI Wales Russell Greenslade says stable policy and targeted investment to improve the business environment are essential to keep Welsh firms competitive

Russell Greenslade CBI Wales director.

The race is almost over to find out which party – or parties – will lead Wales in the years ahead. It’s a pivotal moment for our country and for the party that wins, it will mark a moment for real celebration. But victory doesn’t just bring celebration, it also comes with huge responsibility to take Wales, it’s people and economy, forward.

Key among those responsibilities is making Wales one of Europe’s top performing sustainable small economies by 2035. That’s the test set by the Welsh Government, and it’s one business stands ready to help it pass. Part of that story is harnessing Wales’ outstanding geographical advantage to drive forward investment in renewables, and other clean energy projects.

The CBI’s ‘Made in Wales’ manifesto set out a clear path to prosperity for the next Welsh Government to follow, with the goal of creating a more innovative and competitive economy. It urged political leaders to tackle the skills gap by supporting more young people into work, education or employment. Coherent collaboration between Cardiff Bay and Westminster, working in partnership with business, is also needed to drive long-term sustainable growth.

READ MORE: Wales doesn’t need grants but a new approach to IP and innovation that sustains business successREAD MORE: The frustration in Wales is not politicians disagreeing but that we face the same problems of two decades ago

In a fast-changing global economy, capital investments have a critical role to play. With budgets being squeezed in the public sector and parts of the private sector, tough decisions have to be made about where a company or organisation allocates its surplus to maximise return. Surveys have shown that often, firms reduce their spending on capital-projects during periods of low growth/rising costs, despite their role boosting productivity.

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This is where the banks come in. Growth capital finance is offered to enable a firm to invest to expand, to find that new market as well as keep without sacrificing local spend.

Access to growth capital – to invest in that new AI system or that energy efficiency machine in the factory remains a barrier for many Welsh companies, especially SMEs looking to scale up. While finance initiatives exist on the high street, the Development Bank of Wales can play a major role in supporting firms with the AI challenges and opportunities in the years ahead.

Significantly increasing the amount of capital the development bank can lend to firms would support even more firms realise their scale up possibilities. For example, expanding the bank’s funds beyond their £2bn capitalisation would enable more Welsh SMEs to obtain the patient growth capital they need to create, export and expand.

The new government should look to partner with institutional investors such as pension funds and insurance companies to create a Wales-based investment platform that channels large-scale private investment into local projects and firms, strengthening our funding ecosystem for innovation and expansion and allowing firms to scale up at home rather than relocating.

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Another concern is the lack of funding for key infrastructure projects in Wales, with £247 per person spent on infrastructure in Scotland in the past five years, compared to only £120 per person in Wales.

Government and business jointly investing in modern, reliable infrastructure will connect Welsh businesses to markets and talent, as well as significantly boosting productivity. To achieve that goal, we need to make real changes to the planning system to speed up improvements to the A55 in North Wales and deliver the M4 relief road in the south. Every £1 invested by government in building the relief road will deliver £2 (from improvements to transport economic efficiency, safety and lower carbon emissions) back that can be re-invested in the Welsh economy. We know it’s a great investment.

We must also press ahead with rail electrification in North and South Wales, and digital infrastructure so that all areas, especially rural communities, can access full-fibre broadband and 5G coverage.

In this economic climate, stable policy and targeted investment to improve the business environment are essential to keep Welsh firms competitive and deliver the devolution dividend.

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We also need a Welsh industrial strategy to tie everything together and give us a roadmap for boosting Wales’s competitiveness. The strategy should offer practical solutions to expanding sources of patient capital, accelerate shovel-ready infrastructure projects, and ensure regulation and business policies incentivise productivity improvements.

Many of these steps require coordination between different agencies and government. Local authorities and the regional corporate joint committees, such as the Cardiff Capital Region, delivering on the ground and shaping strategy, the Welsh Government focusing on devolved economic levers and removing major blockers, and the UK Government providing funding options and policy support for UK-wide issues. By doing so, Wales can orchestrate an approach that will attract more investment, both domestic and foreign, and help good firms scale up here rather than elsewhere.

Whoever is elected must make collaboration with corporate joint committees and individual councils a key priority. That’s how we take a meaningful step forward with vital regional projects and ensure no corner of Wales is left behind by the AI revolution.

  • Russell Greenslade is director of CBI Wales.
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Rigel Pharmaceuticals, Inc. (RIGL) M&A Call Transcript

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

Q1: 2026-05-05 Earnings Summary

EPS of $0.44 misses by $0.43

 | Revenue of $58.82M (10.28% Y/Y) misses by $3.58M

Rigel Pharmaceuticals, Inc. (RIGL) M&A Call May 12, 2026 8:00 AM EDT

Company Participants

Raymond Furey – Executive VP, Chief Compliance Officer, General Counsel & Corporate Secretary
Raul Rodriguez – President, CEO & Director
Lisa Rojkjaer – Executive VP & Chief Medical Officer
Erika Hamilton
David Santos – Executive VP & Chief Commercial Officer

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Conference Call Participants

Joseph Pantginis – H.C. Wainwright & Co, LLC, Research Division
Kristen Kluska – Cantor Fitzgerald & Co., Research Division
Yigal Nochomovitz – Citigroup Inc., Research Division
Farzin Haque – Jefferies LLC, Research Division
Ashleigh Acker – Piper Sandler & Co., Research Division

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Presentation

Operator

Greetings. Welcome to Rigel Pharmaceutical VEPPANU Licensing Agreement Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce our first speaker, Ray Furey, Rigel’s Executive Vice President, General Counsel and Corporate Secretary. Thank you, Mr. Furey. You may begin.

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Raymond Furey
Executive VP, Chief Compliance Officer, General Counsel & Corporate Secretary

Welcome to our conference call to discuss Rigel’s in-licensing of VEPPANU or Vepdegestrant. The press release announcing the transaction was issued earlier this morning and can be viewed along with the slides for this presentation in the News and Events section of Investor Relations site on rigel.com.

As a reminder, during today’s call, we may make forward-looking statements regarding our plans and timing for the regulatory review of the transaction and development and commercialization of VEPPANU. In addition, as noted in the press release issued this morning and here in the presentation, this transaction is subject to customary closing conditions, including review under the Hart-Scott-Rodino Antitrust Improvements Act. The statements made today are subject to risks and uncertainties that may cause actual results to differ from those forecasted. A description of these risks are identified in the slides and in our most recent annual report on Form 10-K for the year ended December

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Monex Group, Inc. 2026 Q4 – Results – Earnings Call Presentation (OTCMKTS:MNXBF) 2026-05-12

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

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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Tennessee Democrats stripped of House committee seats over redistricting protests

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Tennessee Democrats stripped of House committee seats over redistricting protests


Tennessee Democrats stripped of House committee seats over redistricting protests

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Cal-Maine acquires frozen food business

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Cal-Maine acquires frozen food business

Van’s Foods is a manufacturer of frozen breakfast foods. 

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Air India crisis deepens ahead of final Ahmedabad crash report

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Air India crisis deepens ahead of final Ahmedabad crash report

Air India faces a leadership vacuum and mounting financial losses as it struggles to recover from the crash.

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Vir Biotechnology, Inc. (VIR) Presents at Bank of America Global Healthcare Conference 2026 Transcript

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

Q1: 2026-05-06 Earnings Summary

EPS of -$0.85 misses by $1.33

 | Revenue of -$29.00K (-100.96% Y/Y) misses by $109.31M

Vir Biotechnology, Inc. (VIR) Bank of America Global Healthcare Conference 2026 May 12, 2026 7:20 PM EDT

Company Participants

Marianne De Backer – President, CEO & Director

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Conference Call Participants

Alec Stranahan – BofA Securities, Research Division

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Presentation

Alec Stranahan
BofA Securities, Research Division

Thanks for joining the session with Vir Biotechnology. My name is Alec Stranahan. I cover SMID-cap biotech at Bank of America, and I’m the covering analyst for Vir. And it’s my pleasure to introduce Marianne De Backer, Chief Executive Officer of Vir. Marianne, thanks for being here.

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Marianne De Backer
President, CEO & Director

Yes, my pleasure. Thank you.

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Question-and-Answer Session

Alec Stranahan
BofA Securities, Research Division

Looking forward to the discussion. I guess just jumping right into it, you’ve effectively built a 2-engine value story for Vir. You’ve got the near-term potential from HDV, which we can talk about and the longer-term oncology platform using the PRO-XTEN technology. I guess when you look at how the market is valuing the company today, where do you see the biggest opportunity for re-rating? Is it on HDV approval and launch? Is it on the VIR-5500 progress to registrational studies? Or is it maybe the broader platform as the TCE data matures?

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Marianne De Backer
President, CEO & Director

Sure. Yes. Thank you. And thank you, Alec, for hosting us and Bank of America for hosting Vir Biotechnology. So we are very fortunate that at Vir Biotechnology, we have multiple pathways to value creation, as you point out. Obviously, our most advanced program is our delta program, already in registrational trial, initial data are going to read out starting fourth quarter of this year. So obviously, that’s an important route to value creation near term.

And then as you mentioned, we have a portfolio of 3 clinical assets, 3 clinical

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Surviving When Predictive Models Break

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Surviving When Predictive Models Break

Yesterday’s chaotic nine-goal thriller between Paris Saint-Germain and Bayern Munich completely shattered every conservative forecasting model on the market.

By examining the massive collapse of predictive algorithms during that specific match, business leaders can learn brutal, necessary lessons about surviving sudden operational chaos.

Corporate executives love to boast about making “calculated, data-driven decisions,” totally ignoring the fact that most financial forecasts are incredibly fragile. You can hire the most expensive analysts, build a massive spreadsheet and present a flawless quarterly projection to the board, but the reality of business is inherently volatile. When a massive supply chain failure or a sudden regulatory change hits your sector, the historical data is basically useless. To truly understand how quickly a supposedly perfect model can disintegrate, corporate leaders need to look outside the boardroom and study the aggressive, heavily scrutinized world of sports analytics. Yesterday’s Champions League clash is the absolute perfect case study.

No sane predictive model anticipated a 5-4 result between two European heavyweights. Examining the pre-match analytics on platforms like ThePuntersPage provides a brilliant corporate baseline, showing exactly what the smartest algorithms in the world expected to happen. They expected a tight, heavily defensive chess match. Instead, they got absolute pandemonium. Watching how the market reacted to that unexpected chaos offers a masterclass in modern risk management for any scaling enterprise.

The Illusion of the Safe Corporate Bet

Before the referee even blew the whistle in Paris, the financial narrative was already fully settled. Every major syndicate and data analyst backed the under on total goals. The logic was completely sound: semi-finals are notoriously tense, both squads possess world-class defensive structures and the stakes were simply too high for either manager to risk playing an open, attacking style. It was the textbook definition of a “safe bet.”

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This exact same mentality traps small and medium-sized enterprises every single day. Founders look at historical revenue charts and assume that because a specific product line or vendor relationship has been stable for three years, it will automatically remain stable for the fourth. They confuse historical consistency with future security. But relying entirely on past performance creates a massive operational blind spot. When you assume a market is safe, you stop aggressively monitoring the perimeter for threats. Just like the oddsmakers who totally failed to account for a sudden, aggressive tactical change in the first ten minutes of the match, companies that cling to their comfortable, safe bets are usually the first ones to get wiped out when the industry suddenly pivots.

Navigating the Black Swan Event

In financial terminology, a Black Swan is an unpredictable, incredibly rare event that carries severe consequences. Five goals being scored before the halftime whistle in a Champions League semi-final is the sporting equivalent of a Black Swan. It completely destroys the mathematical framework. When an event like this occurs, staring at your outdated dashboard and wondering why the numbers look wrong is a massive waste of time.

Corporate leaders constantly make the mistake of trusting the data even after the foundational reality has changed. According to a recent January 2026 financial analysison streamlining disconnected risk data, banks and massive corporations consistently fail to react to macroeconomic shocks because their internal reporting systems are too slow to process sudden, violent changes in the market. The algorithm cannot save you if the algorithm was built for a reality that no longer exists. When the match suddenly turns chaotic, or when a major competitor unexpectedly drops their pricing by forty percent, executives need to immediately abandon their rigid pre-planned models. Survival requires aggressive, real-time adaptation, totally disregarding the beautiful quarterly forecast that took three months to build.

Damage Control and the Art of Hedging

Perhaps the most valuable lesson from yesterday’s match is not how the models failed, but how Bayern Munich handled a catastrophic situation. Down 5-2 away from home, the German side was staring at total tournament elimination. An amateur manager would have panicked, thrown every single player forward and likely conceded three more goals on the counter-attack, completely bankrupting their chances for the second leg.

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Instead, they executed perfect damage control. They tightened their structure, absorbed the pressure and managed to claw back two late goals to make it 5-4, entirely saving the aggregate tie. This is exactly how ruthless founders manage a terrible financial quarter. If a new product launch is failing miserably, you do not double down and burn the rest of your venture capital trying to force it to work. You cut your losses, hedge your remaining assets and mitigate the damage so the company lives to fight another day. Reviewing strategies on mastering risk management as a trader directly translates to this executive mindset. It is about understanding that sometimes, the goal is not to win the quarter. No, the goal is simply to stop the bleeding before the damage becomes terminal.

Building an Agile Operational Framework

Business culture heavily romanticizes the maverick CEO who stubbornly sticks to their initial vision regardless of what the market dictates. In 2026, operating with that level of stubborn pride is borderline negligence. The market does not care about your initial vision, and it certainly does not care about your perfectly formatted Excel spreadsheets.

To survive in an increasingly volatile commercial environment, small and medium enterprises must transition away from rigid, multi-year plans and build highly agile frameworks. You train your management team to view corporate metrics with the same ruthless, emotionally detached objectivity found in the live sports forecasting industry. You learn to read the room, identify the exact moment the historical data becomes useless and pivot your resources without hesitation. Stop treating your business forecasts like an absolute guarantee. Treat them like a pre-match probability that can, and inevitably will, get blown to pieces the second the reality of the market kicks in.

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Ultragenyx Pharmaceutical Inc. (RARE) Presents at Bank of America Global Healthcare Conference 2026 Transcript

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

Q1: 2026-05-05 Earnings Summary

EPS of -$1.54 misses by $0.08

 | Revenue of $136.00M (-2.36% Y/Y) misses by $22.41M

Ultragenyx Pharmaceutical Inc. (RARE) Bank of America Global Healthcare Conference 2026 May 12, 2026 5:20 PM EDT

Company Participants

Howard Horn – Executive VP of Corporate Strategy & CFO
Joshua Higa – Director of Investor Relations & Corporate Communications

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Presentation

Unknown Analyst

I’m one of the biotech analysts here at BofA. Our next presenting company is Ultragenyx. And here with me are Howard Horn, Chief Financial Officer; and Josh Higa, Head of IR. Thank you for joining us, guys.

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Question-and-Answer Session

Unknown Analyst

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So I think there’s a lot going on at the company. I think most people are familiar with it, but maybe we can start with a quick overview of the company, kind of your commercial products, and you have a very busy second half of the year. So maybe you can highlight some of the key catalysts coming up.

Howard Horn
Executive VP of Corporate Strategy & CFO

Sure. Glad to, and thank you for having us. So Ultragenyx is a next-generation rare disease company on a pathway to profitability in 2027. We have 4 commercialized products, and we are estimating between $730 million and $760 million in revenue this year. We are hopeful to have 2 approvals and launches of 2 gene therapy programs this year. And the other data event people are waiting for is our Phase III data in Angelman that we talked about coming out in the second half of the year. So yes, it’s a very busy year.

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Unknown Analyst

All right. Great. Maybe we can start with a quick question on the commercial side. So you recently reported earnings. I think there was a slight miss in the quarter, but you reaffirmed your guidance for the year. Maybe you can talk to us a little bit about 1Q dynamics and kind of what gives you

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Preparing for the impact of GLP-1s

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Preparing for the impact of GLP-1s

Webinar speakers touched on how the drugs are affecting product formulation.

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Sebi may relax norms for select agri commodity F&O contracts

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Sebi may relax norms for select agri commodity F&O contracts
Mumbai: The Securities and Exchange Board of India (Sebi) on Tuesday proposed to allow select agricultural commodity derivatives contracts to begin trading as cash settled instruments before transitioning to mandatory physical settlement.

The regulator said exchanges may be allowed on a pilot basis, to launch or revive delivery-based agricultural contracts that initially operate as financially settled products and later shift to compulsory physical settlement once predefined thresholds such as average daily traded volume, open interest levels, or a two-year period are met. “Liquidity formation in several agricultural contracts remains constrained, especially at the launch or relaunch stage. Low volumes and limited open interest can reduce market confidence, creating a feedback loop that further suppresses participation,” Sebi said in a discussion paper.

“Although accredited warehouses and assaying mechanisms have expanded, their utilisation in certain commodities remains limited.”

Sebi suggested that on a pilot basis, a couple of commodities could be considered under the proposed framework such as maize, groundnut and chilli.

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In a separate development, Sebi has also proposed doubling the client-level open position limits across all categories of agri commodities.


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