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At least 10% of wealthy non-doms have already left the UK after PM Keir Starmer’s government scrapped the special tax regime and extended the 40% inheritance tax to overseas assets, per a new report by former Treasury economist Chris Walker.
The Centre for Economics and Business Research says the reforms could cost the Treasury if more than 25% of non-doms depart. The OBR currently assumes a 12% exit rate — but calls its forecasts “very uncertain.”
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At least 10% of wealthy non-doms have already left the UK after PM Keir Starmer’s government scrapped the special tax regime and extended the 40% inheritance tax to overseas assets, per a new report by former Treasury economist Chris Walker.
The Centre for Economics and Business Research says the reforms could cost the Treasury if more than 25% of non-doms depart. The OBR currently assumes a 12% exit rate — but calls its forecasts “very uncertain.”
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Jefferies Upgrades $ROL to Buy from Hold, Raises PT to $65 from $55
Analyst comments: "We view Rollins as a high-quality earnings compounder driven by consistent HSD% organic growth, steady margin expansion, and potential for tuck-in M&A. Based on our analysis of sales professional hiring activity, stepped-up advertising spend, and a strong pricing track record, we have increased confidence that the pace of organic growth can continue for the foreseeable future. Specifically, ROL job listings for sales professionals were ~49% and 40%, above historical averages for 2024 and 1Q25, respectively. All in, we’re raising our 2025 and 2026 organic growth estimates to 7.8% and 7.5%, respectively (from 7.5% and 6.6%). Beyond the best-in-class top-line growth story, ROL can also further cement itself as having best-in-class margins as we see EBITDA margin expansion of 60bps in 2026 to 24% as the strong organic growth enables operating leverage, paired with ongoing SG&A reduction. Our $65 PT assumes 32x our 2026 EV/EBITDA est, a premium we believe is warranted given its HSD% organic growth, ~12% EBITDA growth, and 14% FCF growth profile."
Analyst: Stephanie Moore
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Jefferies Upgrades $ROL to Buy from Hold, Raises PT to $65 from $55
Analyst comments: "We view Rollins as a high-quality earnings compounder driven by consistent HSD% organic growth, steady margin expansion, and potential for tuck-in M&A. Based on our analysis of sales professional hiring activity, stepped-up advertising spend, and a strong pricing track record, we have increased confidence that the pace of organic growth can continue for the foreseeable future. Specifically, ROL job listings for sales professionals were ~49% and 40%, above historical averages for 2024 and 1Q25, respectively. All in, we’re raising our 2025 and 2026 organic growth estimates to 7.8% and 7.5%, respectively (from 7.5% and 6.6%). Beyond the best-in-class top-line growth story, ROL can also further cement itself as having best-in-class margins as we see EBITDA margin expansion of 60bps in 2026 to 24% as the strong organic growth enables operating leverage, paired with ongoing SG&A reduction. Our $65 PT assumes 32x our 2026 EV/EBITDA est, a premium we believe is warranted given its HSD% organic growth, ~12% EBITDA growth, and 14% FCF growth profile."
Analyst: Stephanie Moore
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INDIA FINALIZES EV POLICY; $TSLA NOT INTERESTED IN LOCAL MFG
India’s new EV policy offers a 15% import duty on EVs priced at $35,000 for 5 years—but only if companies invest $486M in local manufacturing and start production within 3 years. Firms can import up to 8,000 EVs per year under the scheme, but must hit 25% local content in 3 years, 50% in 5.
India’s Industry Minister says Tesla isn’t interested in manufacturing vehicles in India anytime soon, but Mercedes-Benz, VW, Hyundai, Kia, and Skoda have already shown intent to invest.
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INDIA FINALIZES EV POLICY; $TSLA NOT INTERESTED IN LOCAL MFG
India’s new EV policy offers a 15% import duty on EVs priced at $35,000 for 5 years—but only if companies invest $486M in local manufacturing and start production within 3 years. Firms can import up to 8,000 EVs per year under the scheme, but must hit 25% local content in 3 years, 50% in 5.
India’s Industry Minister says Tesla isn’t interested in manufacturing vehicles in India anytime soon, but Mercedes-Benz, VW, Hyundai, Kia, and Skoda have already shown intent to invest.
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Taiwan reported a sharp rise in Chinese military presence near its waters last month, with an average of 50–70 PLA vessels operating daily across the first island chain — including over 70 ships on May 27 alone. https://t.co/vKjMlIDHEC
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Taiwan reported a sharp rise in Chinese military presence near its waters last month, with an average of 50–70 PLA vessels operating daily across the first island chain — including over 70 ships on May 27 alone. https://t.co/vKjMlIDHEC
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Nintendo’s giving Japanese retailers a 5% margin on Switch 2 sales—well above the usual 2%—to help boost in-store visibility and support brick-and-mortar shops. The console launches June 5 at $450 globally, ¥49,980 in Japan. Nintendo aims to sell 15M units by March 2026, but Bloomberg reports sales could top 20M if assembly stays on track.
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Nintendo’s giving Japanese retailers a 5% margin on Switch 2 sales—well above the usual 2%—to help boost in-store visibility and support brick-and-mortar shops. The console launches June 5 at $450 globally, ¥49,980 in Japan. Nintendo aims to sell 15M units by March 2026, but Bloomberg reports sales could top 20M if assembly stays on track.
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100% mortgages are making a comeback in the UK 🇬🇧 as lenders like April and Gable roll out no-deposit deals. Rates are steep—around 6%—and while demand is high, experts warn about affordability checks and the risks of negative equity if house prices fall. https://t.co/zNVKalzytZ
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100% mortgages are making a comeback in the UK 🇬🇧 as lenders like April and Gable roll out no-deposit deals. Rates are steep—around 6%—and while demand is high, experts warn about affordability checks and the risks of negative equity if house prices fall. https://t.co/zNVKalzytZ
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Moderna $MRNA got U.S. approval for its next-gen COVID vaccine—but with tighter rules. It’s now only cleared for adults 65+ & those 12+ with at least 1 risk factor. The broader eligibility from earlier versions is gone, as regulators under Kennedy Jr. continue to narrow vaccine access
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Moderna $MRNA got U.S. approval for its next-gen COVID vaccine—but with tighter rules. It’s now only cleared for adults 65+ & those 12+ with at least 1 risk factor. The broader eligibility from earlier versions is gone, as regulators under Kennedy Jr. continue to narrow vaccine access
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South Korea’s 🇰🇷 chip exports hit a record $13.8B in May, up 21.2% YoY, driven by demand for high-end memory like HBM and DDR5. But overall exports slipped 1.3% to $57.27B, with U.S.-bound shipments down 8.1% due to Trump’s auto tariffs. Auto exports fell 4.4% to $6.2B despite gains in EVs and used cars.
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South Korea’s 🇰🇷 chip exports hit a record $13.8B in May, up 21.2% YoY, driven by demand for high-end memory like HBM and DDR5. But overall exports slipped 1.3% to $57.27B, with U.S.-bound shipments down 8.1% due to Trump’s auto tariffs. Auto exports fell 4.4% to $6.2B despite gains in EVs and used cars.
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TSMC's 2nm chips will cost $30,000 per wafer, with Angstrom nodes expected to hit $45,000. Total development cost will be $725 million. Only top clients like Apple, AMD, Qualcomm, and Google can afford the jump. Monthly 2nm capacity could hit 30K wafers by year-end as competition in AI and mobile heats up fast.
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TSMC's 2nm chips will cost $30,000 per wafer, with Angstrom nodes expected to hit $45,000. Total development cost will be $725 million. Only top clients like Apple, AMD, Qualcomm, and Google can afford the jump. Monthly 2nm capacity could hit 30K wafers by year-end as competition in AI and mobile heats up fast.
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TSMC’s Arizona plant is busy with chip orders from Apple, AMD, Qualcomm, Broadcom, and soon Nvidia. Apple is still the top customer. Even with higher prices, demand remains solid as 2nm production ramps. TSMC expects 30% of sub-2nm output to come from Arizona as U.S. firms push for domestic production.
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TSMC’s Arizona plant is busy with chip orders from Apple, AMD, Qualcomm, Broadcom, and soon Nvidia. Apple is still the top customer. Even with higher prices, demand remains solid as 2nm production ramps. TSMC expects 30% of sub-2nm output to come from Arizona as U.S. firms push for domestic production.
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KeyBanc Initiates Coverage on $SHAK with Sector Weight Rating
Analyst comments: "We view Shake Shack as one of the premier better burger concepts in the restaurant industry. While its penetration is still relatively nascent, we believe the brand’s reach stretches far beyond its current footprint. This affords it the ability to enter new markets efficiently and should make its 1,500 unit target achievable over time. We also believe the Company is focused on the right opportunities to drive share and improve store-level profitability. While traffic growth remains elusive, which is at least partially a function of its low-teens unit growth, we see a path to improvement as the Company transitions into a more mature organization. However, with the stock up ~45% in the last month (vs. S&P 500 +5%), now trading at >22x 2026E EBITDA, we see shares as close to fair value and prefer to wait for a pullback before we would look to recommend an OW position."
Analyst: Christopher Carril
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KeyBanc Initiates Coverage on $SHAK with Sector Weight Rating
Analyst comments: "We view Shake Shack as one of the premier better burger concepts in the restaurant industry. While its penetration is still relatively nascent, we believe the brand’s reach stretches far beyond its current footprint. This affords it the ability to enter new markets efficiently and should make its 1,500 unit target achievable over time. We also believe the Company is focused on the right opportunities to drive share and improve store-level profitability. While traffic growth remains elusive, which is at least partially a function of its low-teens unit growth, we see a path to improvement as the Company transitions into a more mature organization. However, with the stock up ~45% in the last month (vs. S&P 500 +5%), now trading at >22x 2026E EBITDA, we see shares as close to fair value and prefer to wait for a pullback before we would look to recommend an OW position."
Analyst: Christopher Carril
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