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UK’s Allica Bank Reports Profitability And Remains Focused On SME Clients


UK’s Allica Bank, the self-described full-service digital banking platform that is dedicated to established small and medium-sized enterprises, claims it has delivered its strongest financial performance to date. This past year, the bank achieved its third straight year of profitability while significantly expanding its customer base and deepening ties with business clients.

Allica Bank indicated that the results underscore steady momentum for now. Underlying profit before tax climbed 34 per cent to £43.7 million, despite £30 million invested in technology upgrades and market expansion.

Gross profit after accounting for risk rose 32 per cent to £145.3 million, and total revenue grew 27 per cent to £371.3 million.

Lending portfolios expanded 23 per cent to £3.7 billion across every major product line, while customer deposits increased 29 per cent to £5.7 billion.

Customer numbers are said to have surged as well. The count of active users of the bank’s flagship Business Reward Account more than doubled, rising 133 per cent to over 14,000.

This growth pushed Allica’s share of the established SME segment above 6 per cent, positioning the lender firmly on track to capture 10 per cent of the UK market by 2028.

Brand recognition among target businesses also doubled to 16 per cent over the past year.

New lending topped £1.3 billion for the second year running.

Commercial mortgages grew 35 per cent to £2.4 billion, asset finance rose 19 per cent to £507 million, growth finance jumped 127 per cent to £171 million, and bridging finance advanced 85 per cent to £121 million.

The bank also introduced a pioneering “Bridge-to-Term” facility, creating seamless links between short-term and long-term property lending.

Technology lies at the center of these gains. Allica has transformed its proprietary platform into a sophisticated AI-powered system designed to speed up lending decisions, enhance relationship-manager insights, and cut costs.

Engineers are now deploying AI agents built on the bank’s own data architecture—an approach the lender believes will set a new global standard for complex SME credit.

Internal metrics show AI adoption across teams climbing from roughly 50 per cent to more than 80 per cent, with software development releases exceeding 3,700 and engineering capabilities ranked in the top tenth of industry benchmarks.

Strategic moves further strengthened the bank’s position. It acquired Kriya, a specialist in embedded SME credit and payments, aiming to unlock an additional £1 billion in working capital by 2028.

The network of relationship managers nearly tripled to 60, with new offices in Bristol, Cambridgeshire, and Scotland.

Chief Executive Richard Davies highlighted the significance of the results.

He noted that while headline profits rose sharply amid heavy investment, the deeper story involves building a technology foundation that legacy banks cannot easily replicate.

With AI reshaping finance, Allica’s data systems and unified platform give it a lasting edge in serving a sector that accounts for a third of the UK economy but remains poorly served. The performance is said to have helped secure a $155 million Series D funding round in February 2026, fueling UK based growth, AI development, and initial international plans.



The jet-fuel surge is making global flight connections disappear



Airline passengers should brace for more aggravation in the next few months as carriers around the world deepen cancellations and ground planes to cope with stratospheric increases in jet-fuel prices.

Dutch flag carrier KLM is the latest company to cut its schedule, saying Thursday it will scrap 80 return flights at Amsterdam’s Schiphol Airport in the coming month. That puts it in the same league as United Airlines Holdings Inc., Deutsche Lufthansa AG and Cathay Pacific Airways Ltd. which have all pruned itineraries to contain the damage.

Global capacity for May has been reduced by about 3 percentage points, with all but one of the 20 largest airlines slashing flights, according to data compiled by analytics firm Cirium Ltd. It’s revising an initial prediction of 4%-6% growth for the year and says a decline of as much as 3% is possible under certain conditions.

“It appears extremely likely that more reductions are ahead,” wrote Richard Evans, a senior consultant at Cirium, in a report released Thursday.

The disruptions roiling the aviation industry after the war in Iran started were initially limited to Middle Eastern airlines, their airports and airspace. They’ve since become contagious and threaten to upend the lucrative summer travel season globally. And with the US naval blockade of the Strait of Hormuz cutting off Iranian oil shipments, there’s no immediate end in sight.

“Any flying that we’re doing that’s on the margin, maybe not producing the yields we’d like, is likely going to be reconsidered,” Delta Air Lines Inc. Chief Executive Officer Ed Bastian said while announcing an extra $2.5 billion in fuel costs this quarter. “This is going to be a test for the industry.”

Compounding the challenge are concerns about whether there’s even enough jet fuel to go around. The International Energy Agency says Europe has “maybe six weeks” of supplies left, and Ryanair Holdings Plc, Virgin Atlantic Airways and EasyJet Plc only gave forecasts on availability that didn’t stretch beyond mid-May.

The European Union said it may face supply issues for jet fuel “in the near future.” The bloc is preparing a joint action plan in case the situation in the Strait of Hormuz persists, a spokesperson said Friday in Brussels.

For now, the industry may have gained some breathing room when Iran said Friday the strait was “completely open” to commercial traffic. Benchmark Brent crude subsequently fell as much as 11%. But any agreement remains brittle, with both sides seeking to maintain leverage in the conflict.

The recent adjustments in capacity signal that many airlines are entering self-preservation mode with the expectation that the conflict will be detrimental to business for the foreseeable future. Even if all fighting ends soon, damaged infrastructure will likely take months or years to repair.

Lufthansa, Europe’s biggest airline, took drastic measures this past week as a series of strikes exacerbated its fuel crisis. It shut down the CityLine unit, withdrawing 27 planes from service, and trimmed capacity across the rest of its network by grounding older, fuel-guzzling widebody jets.

“The package to accelerate fleet and capacity measures is unavoidable given the sharp rise in jet fuel costs and ongoing geopolitical instability,” Till Streichert, the group’s chief financial officer, said Thursday.

The list goes on. The group’s Edelweiss brand suspended Denver and Seattle flights and reduced frequencies to Las Vegas. 

Air Canada on Friday announced that it has canceled services from Montreal and Toronto to New York’s John F. Kennedy airport, though it will continue to serve Newark and La Guardia. 

Norse Atlantic ASA, a Norwegian budget airline, halted all flights to and from Los Angeles. Virgin Atlantic scrapped its London-to-Riyadh service after just one year in operation, and British Airways dropped its Jeddah route.

Nigerian airlines warned they’re “facing existential threats” and may halt flights in coming days unless measures are taken to lower fuel prices.

Qantas Airways Ltd. is reducing its flights to the US and will also cut domestic flight capacity by about 5% as it estimates an extra A$800 million ($575 million) on its fuel bill in the second half of its fiscal year.

Hong Kong’s Cathay Pacific is cutting 2% of flight frequencies across the Asia-Pacific region from mid-May to the end of June. Its money-losing budget unit, HK Express, is implementing a steeper 6% pullback.

The cuts come after fuel levies of as much as $400 were imposed on long-haul, round-trip services.

“We have pursued every suitable means to keep our flights operating as normal,” Cathay Chief Customer and Commercial Officer Lavinia Lau said in an April 11 release. “However, these measures have not been enough to mitigate the significantly increased fuel costs.”

Many European airlines are well-hedged on fuel at least for the coming months, while most US airlines — the biggest carriers in the world by capacity — don’t hedge and wind up facing the biggest bills.

United Airlines Holdings Inc. was among the earliest to earmark cuts, shaving 5% of capacity this year, with reductions through September. Delta is coping with its higher fuel bill by pushing through price hikes and making capacity reductions reaching about 3.5%.

Read More: Here’s How the Iran War Has Started to Reshape Global Aviation

Mainland China-based airlines, which also lack fuel-hedging protection, are stepping up daily flight cancellations, according to a Bloomberg News analysis of data from Chinese provider DAST. The uptick in cuts comes as Chinese carriers schedule fewer daily domestic flights, according to data compiled by BloombergNEF.

Scores of Chinese travelers have taken to social media to complain about late-notice cancellations just before the five-day “Golden Week” public holiday in May. And as travelers around the world book their summer and fall vacations, they may find that many routes to lesser-flown destinations have been wiped off the global aviation map.

“If the price of jet fuel remains elevated for an extended period there will be more cancellations,” said Dudley Shanley, an analyst at Goodbody. 

Fidelity Adds 100+ ETFs to $100 Service Fee List Starting June 2026


The big picture: Fidelity Investments is expanding its list of ETFs subject to a $100 purchase fee, growing from roughly 27 funds to more than 120. The updated list takes effect June 1, 2026, and targets ETF issuers that do not pay Fidelity a direct, asset-based fee to support platform availability.

Fidelity Service Fee

Why it matters: The fee structure has drawn accusations of a “pay to play” model. If an ETF issuer doesn’t have an agreement with Fidelity, the $100 service charge gets passed directly to the investor on each purchase. That forces smaller fund managers into a choice: pay Fidelity or watch their investors absorb the cost.

By The Numbers

  • $100: Maximum service fee per ETF purchase
  • ~27 ETFs: Original list as of November 3, 2025
  • 120+ ETFs: Expanded list effective June 1, 2026
  • 40+ funds: From Roundhill alone, the single largest issuer on the list
  • 12 funds: From Kurv, including popular yield premium strategy ETFs tied to Apple, Tesla, Google, and others

What they’re saying: The expansion has sparked sharp criticism from prominent voices in the ETF industry. Investor and fund manager Meb Faber called the fee structure “gross.” Others have described it as a “pay to play” model. On social media, critics argue that the arrangement forces fund managers to either pay Fidelity or hurt their own investors with fees.

The other side: The vast majority of ETF trades at Fidelity remain commission-free. The $100 fee applies only to a small subset of funds from issuers that don’t participate in revenue-sharing agreements. Some defenders note that these are mostly niche, low-volume products with higher operational costs, and that Fidelity still provides access to them rather than delisting entirely. Many of these issuers have reportedly been in discussions with Fidelity to resolve the fee for their funds.

What’s on the list: The expanded roster (PDF File) includes funds from Roundhill (WeeklyPay ETFs, Magnificent Seven ETFs, Bitcoin and Ether covered call funds), Kurv (yield premium strategy ETFs, precious metals income funds), Inspire (faith-based ETFs), Hedgeye, Rareview, WEBs (defined volatility sector ETFs), Cyber Hornet (crypto-blend strategy ETFs), and several small specialty issuers.

Notable additions include YBTC (Roundhill Bitcoin Covered Call Strategy ETF), KGLD (Kurv Gold Enhanced Income ETF), MAGS (Roundhill Magnificent Seven ETF), and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF).

Keep in mind: This does not affect the vast majority of ETFs. If you buy funds from major issuers like Vanguard, iShares (BlackRock), SPDR (State Street), Schwab, or Invesco, nothing changes. Fidelity still offers thousands of commission-free ETFs. The fee only hits a narrow slice of smaller, specialty issuers. Before purchasing any ETF on Fidelity, check the order preview screen — it will disclose the service fee before you confirm the trade.

What to watch: Keep an eye on competitors like Schwab or Robinhood to see if they adopt similar fee structures or use this as a marketing advantage. Also, see if more issuers negotiate revenue-sharing deals with Fidelity to get off the list. And finally, watch out whether frustrated customers follow through on threats to move their accounts to other brokers.

How this connects: The College Investor currently ranks Fidelity as the #1 online stock broker for 2026, largely because of its commission-free pricing, $0 account minimums, and broad fund selection. The full Fidelity review notes that Fidelity offers over 3,400 no-transaction-fee mutual funds and is the only broker offering 0% expense ratio index funds. This ETF service fee expansion is worth monitoring, but it doesn’t change Fidelity’s core value proposition for investors who stick to mainstream ETFs and index funds.

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Does It Make Sense to Float with Mortgage Rates Near 3.5-Year Lows?


I got to thinking lately that floating a mortgage rate might not offer much upside at the moment.

Obviously it’s situational and depends on a particular loan scenario, timing, etc., but with mortgage rates back near 3.5 year lows, how much lower can they can go?

With oil prices still hovering near $100 per barrel, it’s pretty clear there’s going to be an uptick in inflation, even if it’s “transitory.”

Bonds don’t like inflation and nor do mortgage rates, which explains why mortgage rates increased a lot in March.

But they’ve also come down a fair bit in April, so further improvement might be hard to come by.

Mortgage Rates Have Had a Great April Despite a Ton of Uncertainty

It’s the million-dollar question in the mortgage industry. Should I lock or float my mortgage rate?

While there is some logic and calculated risk you can apply, such as floating when you’re a long way out from a closing date, it’s still always a gamble.

Simply put, nobody knows what will happen with mortgage rates.

Case in point, rates hit a 3.5-year low at the end of February, then we saw a huge spike in rates in March thanks to an unanticipated strike on Iran.

At the time, I’m sure a lot of people were floating their rates and hoping for even lower ones.

There were probably a good handful of existing homeowners waiting to refinance their mortgage because they expected even better.

Then bam, rates did an about face and surged back toward 7%. Thankfully they reversed course again in April, but they’re still about a half-point above those February lows.

And given oil remains near $100 per barrel, up from about $70 pre-war, it makes sense that interest rates remain elevated.

Let’s not forget the Strait of Hormuz is also effectively closed and blockaded, so the transport of oil and natural gas has been choked off.

Each day this continues, the worse it gets, even if the smart people in the room think it’s going to be resolved fairly quickly.

That means mortgage rates will likely remain elevated as well, or at the least above those really low levels seen in late February.

Had rates been “high” prior to the conflict, one could argue that that they could come down quite a bit more after they moved even higher.

But since they were priced at that best levels since 2022 prior to the strike, it was probably much easier to justify an increase and a lasting one.

Put another way, mortgage rates are pretty low right now if you zoom out, and especially decent given what’s going on at the moment.

What Are Some Arguments for Floating Mortgage Rates Right Now?

As noted, mortgage rates are already pretty attractive having come down quite a bit this month.

A low-6% 30-year fixed rate is unequivocally good relative to what we’ve seen the past few years. Remember the 7-8% rates?

At the same time, they remain about a half-point above those late-February levels, so one could argue there’s still room for improvement.

And if the trend is our friend again, perhaps mortgage rates continue to drift even lower and closer to those levels.

That’s if you believe the situation in the Middle East will be resolved and things will get back on track.

It’s basically what you’re counting on here at the moment because there’s not much else in the way of major economic news being released anytime soon.

Sure, there are some reports like retail sales, pending home sales, and PMI data next week, but nothing too notable.

It’s not until May 8th that we get the next jobs report, which is always the biggest mover of mortgage rates.

Remember, for the Fed and bond traders it’s labor over inflation, so that’s what can really move mortgage rates. And it’s not for another 3+ weeks.

Even then, it might not even prove favorable for mortgage rates…

In the meantime, we could see escalations in the ongoing conflict that lead to higher rates, making floating risky business.

So you kind of wonder how much lower rates could get here. Sure, a stellar peace deal could certainly help, but even then, how much?

Does it get rates down to 6.25% or 6.125%? Another .125% or .25% lower?

You kind of wonder how much room there is for mortgage rates to fall right now. And if it’s worth finding out.

Colin Robertson
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North Korea fires ballistic missile as regional tensions simmer




North Korea fires ballistic missile as regional tensions simmer

InKind Offers $50 Referral Bonus, Plus $25 Off $50 for New Users


Score an Increased $50 inKind Referral Bonus

The popular dining app inKind has just launched a limited-time referral offer, doubling its standard bonus. If you’ve been waiting for the right moment to share the app with friends, the current inKind referral bonus is at an all-time high. If you’re looking to sign up, you can use my link to buy me a beer, or two or three.

What is inKind?

For those who are not familiar with the app, inKind is a dining app that allows you to pay your bill at over 6,200 eligible restaurants and bars. The primary draw? It offers a consistent 20% back every single time you dine, essentially providing a permanent discount on your favorite meals when you use a credit card to pay through the app.

But it gets even better with their frequent promotions, or gift card sales that get up to 35% off your dining bills. You can stack inKind promos on same bill by splitting the bill with others.

The $50 inKind Referral Bonus Details

While the standard inKind referral bonus is typically $25, the rewards have been boosted to $50 per successful referral. This makes it the perfect window to refer a significant other, family member, or friend. There’s no limit to how many referrals you can earn.

Guru’s Wrap-up

inKind has become my go-to app for dining, or even for grabbing drinks. Whether I’m around NYC or traveling, I will usually take a look at the app and see if there are any decent options available on inKind.

Before you head out, make sure to check the “Promotions” tab in the app to claim any additional active offers. With the inKind referral bonus currently doubled, now it’s the best time to (sign up if you have not done so yet) and refer your friends and family members.

Trump speeds review of psychedelics after Joe Rogan texted him about ibogaine. ‘Let’s do it’



President Donald Trump on Saturday directed his administration to speed up reviews of certain psychedelic drugs, including ibogaine, which recently has been embraced by combat veterans and conservative lawmakers despite having serious safety risks.

Ibogaine and other psychedelics remain banned under the federal government’s most restrictive category for illegal, high-risk drugs. But the administration is taking steps to ease restrictions and spur research on using the drugs for medical purposes, including conditions like severe depression.

“Today’s order will ensure that people suffering from debilitating symptoms might finally have a chance to reclaim their lives and lead a happier life,” Trump said as he signed an executive order on the drugs. The Republican president said his directive will help “dramatically accelerate” access to potential treatments. “If these turn out to be as good as people are saying, it’s going to have a tremendous impact,” he said.

Veteran organizations and psychedelic advocates have long contended that ibogaine, which is made from a shrub native to West Africa, has great promise for hard-to-treat conditions such as post-traumatic stress disorder and opioid addiction.

Trump’s announcement follows pledges by Health Secretary Robert F. Kennedy Jr. and other administration officials to ease access to psychedelics for medical use, an issue that has won rare bipartisan support.

Joining Trump in the Oval Office were his top health officials, conservative podcaster Joe Rogan and Marcus Luttrell, the former Navy SEAL whose memoir about a deadly mission in Afghanistan was the basis of the film “Lone Survivor.” Rogan said he texted Trump information on ibogaine and the president responded: “Sounds great. Do you want FDA approval? Let’s do it.”

“You’re going to save a lot of lives through it,” Luttrell told Trump during the ceremony. “It absolutely changed my life for the better.”

The Food and Drug Administration next week will issue national priority vouchers for three psychedelics, which the agency’s commissioner, Marty Makary, said will allow certain drugs to be approved quickly “if they are in line with our national priorities.” The vouchers can cut review times from several months to a period of weeks. It is the first time the FDA has offered that fast-tracking to any psychedelics.

The FDA is also taking steps to clear the way for the first-ever human trials of ibogaine in the U.S.

Trump’s action surprised many longtime advocates and researchers in the psychedelic field, given that ibogaine is known to sometimes trigger potentially fatal heart problems. The National Institutes of Health briefly funded research on the drug in the 1990s, but discontinued the work due to ibogaine’s “cardiovascular toxicity.”

“It’s been incredibly difficult to study ibogaine in the U.S. because of its known cardiotoxicity,” said Frederick Barrett, director of the Johns Hopkins Center for Psychedelic and Consciousness Research. “If the executive order can pave the way for doing objective, scientific research with this compound, it would help us understand whether it is truly a better psychedelic therapy than others.”

No psychedelic has been approved in the United States, but a number of them are being studied in large trials for various mental health conditions, including psilocybin, MDMA and LSD. All those drugs remain illegal, classified as Schedule I substances alongside drugs such as heroin. Two states — Oregon and Colorado — have legalized psychedelic therapy with psilocybin.

Ibogaine was first used by members of the Bwiti religion in African nations like Gabon during their religious ceremonies.

In recent years, U.S. veterans have reported benefiting from the drug after traveling to clinics in Mexico that administer it.

Backing from veterans groups and former Texas Gov. Rick Perry led to a law last year providing $50 million for ibogaine research in that state. Perry, who co-founded a group called Americans for Ibogaine, recently appeared on Rogan’s podcast, making the case for reducing federal limits on the drug. It was his second time talking about ibogaine on the popular podcast in the past two years.

Trump’s order calls on the Department of Health and Human Services to direct at least $50 million to states that have enacted or are developing programs to advance psychedelic drugs for serious mental illness. It’s described as a federal-state partnership to provide funding, technical assistance and data sharing.

Ibogaine is known to cause irregular heart rhythms and has been linked to more than 30 deaths in the medical literature, according to the Multidisciplinary Association for Psychedelic Studies, a nonprofit that conducted some early studies in patients outside the U.S.

The group’s co-executive director, Ismail Lourido Ali, said Trump’s order might encourage other states to follow the Texas model.

“The stigma around Schedule I drugs is significant,” Ali said. “It feels like this would give pretty substantial cover for Republican governors and legislatures to step into the ring in terms of funding research programs at their universities.”

Owners of ibogaine clinics said the impact of the order will not be immediate.

“There will be no insurance coverage, it will still be considered unapproved and non-covered care,” said Tom Feegel of Beond Ibogaine, which operates a clinic in Cancun, Mexico. “But what it does mean is that ibogaine shifts from being fringe and underground to being federally acknowledged.”

Feegel says his clinic treated 2,000 people with ibogaine last year for between $15,000 and $20,000 per person. The company also gave free treatment to about 100 veterans.

Clinics that use the drug typically monitor patients’ heart readings and have emergency medical equipment on hand.

One of the only recent studies conducted by U.S. researchers found that veterans treated with ibogaine showed improvements in symptoms of traumatic brain injury, including PTSD, depression and anxiety. The Stanford University study was small — enrolling 30 veterans who received the drug in Mexico. It did not include a placebo group for comparison, an essential feature of rigorous medical research. Patients in the study received a combination of ibogaine mixed with magnesium intended to reduce heart risks.

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Three Levers That Drive VC Returns



Three Levers That Drive VC Returns

Macklem warns against hiking too early or too late on oil shock




Bank of Canada Governor Tiff Macklem said central banks around the world are positioned differently when it comes to economic slack and inflation, and their responses to the oil price shock are likely to vary.