• Ex-Netflix executive details how a ‘visionary’ project slowly unraveled into an alleged $11 million fraud

    Peter Friedlander
    Former Netflix executive Peter Friedlander testified in the criminal trial of Carl Rinsch, who is accused of defrauding the streamer of $11 million.

    • A former Netflix executive testified in the $11 million criminal fraud trial of Carl Rinsch.
    • The executive said Rinsch presented him with a coffee table book with pictures from the production.
    • It was the culmination of multiple points of failure for the ambitious sci-fi project.

    He didn't get a visionary Netflix series. But at least he got a coffee table book.

    Former Netflix executive Peter Friedlander testified Tuesday about director-producer Carl Rinsch's failure to deliver "White Horse," which was supposed to be a futuristic sci-fi show that turned into a Hollywood debacle.

    At Rinsch's criminal trial, in a downtown Manhattan federal courtroom, Friedlander told the jury about being "blown away" by early footage of Rinsch's series before finding himself chasing the director for updates. Freidlander, who oversaw the development of shows like "House of Cards" and "Orange is the New Black," described "unproductive" efforts to obtain status updates with Rinsch leaving some meetings before they concluded.

    Rinsch didn't complete a single episode of the show. Prosecutors have accused him of fraud and money laundering, saying he defrauded Netflix of $11 million by using production funds for things like Rolls-Royces, cryptocurrency bets, divorce legal fees, and luxurious mattresses.

    Rinsch's attorneys have cast the situation as a "contract dispute" — not a fraud. In an opening statement Tuesday morning, Rinsch's attorney Michael Arthus said Rinsch was a "creative genius" who was overwhelmed by his triple-hyphenate role as a director, writer, and producer on the project and floundered without sufficient support from Netflix on the project.

    According to Friedlander, in a bizarre May 2020 meeting at the Beverly Hills Four Seasons hotel, Rinsch provided him and another Netflix executive with one thing he did create: A coffee table book.

    The book included "high-gloss" behind-the-scenes photos from the months of filming that had taken place for "White Horse" in 2019, which never continued, Friedlander said.

    "In his head, it would impress us," said Friedlander told the jury.

    'Budgets have exploded'

    Freidlander, who left Netflix for a role at Amazon MGM Studios in September, said he decided to acquire "White Horse" for Netflix in 2018 after seeing footage that Rinsch had produced on his own.

    Jurors saw a preliminary trailer for "White Horse" that depicted a futuristic world where artificial human-like beings create their own society after a schism with humankind. Friedlander said he was "truly blown away" by the "visionary" footage.

    "The visuals were something that I had never seen before," he said.

    Filming began in 2019. Rinsch had huge ambitions for the shoot, planning to film scenes in Budapest, Prague, Berlin, Brazil, Kenya, Mexico, and Uruguay.

    Friedlander said he was concerned early on that Rinsch had not appeared to hire a line producer — usually a crucial role to handle the complicated logistics of filming scenes in so many different countries.

    "It was troubling, because I knew how difficult it was to organize these international shoots," Friedlander said.

    In September of that year, while "White Horse" was filming in Budapest, Rinsch emailed Friedlander telling him that the "budgets have exploded."

    Rinsch suggested that either he deliver only half the number of episodes he promised, or that Netflix provide more money to continue filming at the same rate.

    Friedlander found the email alarming, he testified. He said he needed to "go under the hood" to understand why the project's costs were ballooning far beyond what Netflix expected.

    As Friedlander walked the jury through his version of events, the lanky-haired Rinsch, dressed in a blue suit, fidgeted with his tie and shirt buttons and scribbled in his yellow notepad. At times, he leaned forward in his seat, appearing to pay close attention to Friedlander's telling of the development of "White Horse." When US District Judge Jed Rakoff cracked a joke, he laughed loudly.

    Friedlander and another executive flew to Budapest and met with Rinsch on October 11, 2019. Friedlander said he visited the set and watched footage that Rinsch had shot earlier in Brazil and Uruguay.

    But Friedlander said he didn't get the information he needed from Rinsch about the cost overruns, and that Rinsch walked out.

    "He left when the meeting was not over," Friedlander said.

    Friedlander said a meeting with Rinsch the following morning was similarly "unproductive," and that the director walked out yet again.

    Shooting in Budapest wrapped up in November of 2019, but "there was no plan" to continue filming "White Horse" in other countries, Friedlander said.

    Over the next few months, Rinsch and Netflix executives hashed out a plan to keep the project alive, according to emails introduced as trial evidence.

    They struck an agreement in late February of 2020, where Netflix would send $11 million to Rinsch's production company, and Rinsch would deliver the rest of "White Horse," using the money for filming, overhead, storyboarding, and other production costs.

    Every week, Rinsch would provide Netflix with a working "assembly" — an unpolished draft of the show with raw footage — according to an email exchange between Netflix executives and Rinsch and his attorney that was entered into trial evidence.

    Soon afterward, the coronavirus pandemic shut down any chances of filming resuming. But Rinsch emailed Friedlander, telling him he continued working on the project.

    After seeing the coffee-table book, in May, Friedlander said he hadn't seen any signs of progress. Netflix wrote down the costs of the production in the fourth quarter of 2020, he said.

    Read the original article on Business Insider
  • Former Treasury Secretary Larry Summers was handed a lifetime ban from the American Economic Association

    Larry Summers speaks during the World Economic Summit in 2024.
    Business Insider previously reported that Summers would be stepping back from public life after his ties to Epstein became public.

    • Former Treasury Secretary Larry Summers has been barred from the American Economic Association.
    • The lifetime ban was handed down several weeks after Summers' ties to Jeffrey Epstein became public.
    • Recently released emails show Summers asked Epstein's advice on romantically pursuing a subordinate.

    Larry Summers has been handed a lifetime ban from the American Economic Association.

    The AEA did not specifically cite convicted sex offender Jeffrey Epstein, but referenced Summers' "conduct, as reflected in publicly reported communications," as inconsistent with the prestigious association's integrity standards. The move from the association came weeks after the emails became public.

    Summers, a former Harvard president and US Treasury Secretary under Bill Clinton, has faced sharp scrutiny in recent weeks after a trove of recently released emails detailed his years of correspondence with Epstein that continued until July 5, 2019 — the day before the disgraced financier was arrested on federal sex-trafficking charges.

    Business Insider reported that Summers would be stepping back from public life after the emails revealed he had sought Epstein's advice on how to pursue a romantic relationship with a woman he referred to as his mentee.

    "I am deeply ashamed of my actions and recognize the pain they have caused," he said in a statement to Business Insider at the time. "I take full responsibility for my misguided decision to continue communicating with Mr. Epstein."

    Summers stepped down from his teaching position at Harvard University on November 21.

    The ban from the AEA prohibits Summers from attending, speaking at, or otherwise participating in events or activities sponsored by the nonprofit academic association, which has over 17,000 members.

    "The AEA condemns Mr. Summers' conduct, as reflected in publicly reported communications, as fundamentally inconsistent with its standards of professional integrity and with the trust placed in mentors within the economics profession," reads a statement released Tuesday by the AEA, which did not specifically mention Summers' ties to Epstein. "Consistent with longstanding AEA practices and to protect the integrity and confidentiality of AEA processes, the AEA will not comment further on individual matters or the specific considerations underlying this determination."

    Summers did not immediately respond to a request for comment from Business Insider regarding the AEA's decision.

    Read the original article on Business Insider
  • The 4 most shocking moments in Netflix’s Diddy docuseries, broken down by director Alexandra Stapleton

    Sean Combs sitting on a hotel bed
    "Sean Combs: The Reckoning."

    • "Sean Combs: The Reckoning" features interviews and footage of Diddy days before he was arrested.
    • Director Alexandra Stapleton spoke to BI about the docuseries' most shocking moments.
    • They include a sex worker's recollection and a chilling revelation from singer Aubrey O'Day.

    "Sean Combs: The Reckoning" shows a side of Diddy we've never seen before.

    Netflix's four-part docuseries chronicles the rise and fall of Combs, also known as Diddy, as he goes from hip-hop mogul and billionaire business owner to the subject of a federal prosecution and over 60 civil lawsuits accusing him of sexual abuse.

    Combs, who pleaded not guilty, was ultimately convicted on two counts of transportation to engage in prostitution and is serving a 50-month prison sentence. He was acquitted of the most serious charges, including RICO conspiracy and sex trafficking by force or fraud, and is set to be released in May 2028. Combs has denied all wrongdoing in the civil cases.

    Not only does the series feature interviews with many who have been inside Diddy's inner circle, including Bad Boy Records cofounder Kirk Burrowes, actor Mark Curry, singer Aubrey O'Day, and one of the sex workers who engaged in Diddy's now-infamous freak offs, but it also includes never-before-seen footage of Combs in the days leading up to his arrest.

    The inclusion of the latter has already made waves in the press and infuriated Combs and his team. They've also broadly disputed the allegations presented in the documentary.

    "Netflix's so-called 'documentary' is a shameful hit piece," Combs' spokesperson Juda Engelmayer told Business Insider. "Netflix relied on stolen footage that was never authorized for release. If Netflix cared about truth or about Mr. Combs's legal rights, it would not be ripping private footage out of context — including conversations with his lawyers that were never intended for public viewing."

    Netflix declined to comment.

    "Sean Combs: The Reckoning" director Alexandra Stapleton told Business Insider that she obtained the footage legally, although she wouldn't disclose the details of how it was acquired when asked.

    The director — whose previous documentary titles include 2023's "Reggie," on baseball legend Reggie Jackson and 2024's "How Music Got Free" on tech changing the music industry — had been developing the project ever since Combs' former girlfriend Cassandra Ventura, a singer under the name Cassie, accused him of rape and a "cycle of abuse" in a November 2023 lawsuit.

    Though the case was quickly settled for $20 million, it opened the floodgates for a wave of misconduct suits against Combs and Ventura; Ventura would later testify against Combs in his federal trial.

    Stapleton quickly found an ally in another hip-hop heavyweight, Curtis "50 Cent" Jackson, whom she featured in "How Music Got Free." The rapper and business mogul, who has feuded with Combs for years, is an executive producer.

    Combs' team has said his involvement is due to his feud.

    "I definitely knew that there were things that 50 could bring to the table that would be immensely useful to me for access," Stapleton told Business Insider.

    The doc offers plenty of revelations via footage and interviews. Below, Stapleton offers insight into the most shocking moments.

    Never-before-seen footage shows Diddy's final days before being arrested

    Sean Combs leaning against a hotel room window
    "Sean Combs: The Reckoning."

    Throughout the doc's four episodes, footage from a videographer hired by Combs shows him in the days leading up to his arrest.

    Stapleton, who told Business Insider that the footage was acquired "completely legally," said that she had hoped to obtain an interview with Combs.

    "I made that very clear behind the scenes that that was a really big goal to get him to sit down and talk, but it never materialized," she said.

    In the doc, Combs is in New York City to cooperate with authorities. The footage shows him plotting out the best way to spin the negative press. "We're losing," he says on a call with his team while sitting in his hotel room.

    Later in the docuseries, Combs spends an evening in Harlem, where he takes pictures with fans and even accepts a jacket given to him by a supporter. Afterward, while in his SUV, he asks for hand sanitizer and says he needs to take a bath.

    "The amount of people that actually I'm coming in contact with, that's what I have to do," he said. "It's time to cleanse, I gotta go under the water, water gotta be boiling hot, put some peroxide in that."

    The Bad Boy Records cofounder said Diddy figured out a way for Biggie Smalls to pay for his own funeral

    Biggie Smalls and Puffy Daddy sitting next to each other
    (L-R) The Notorious B.I.G. and Sean Combs.

    The docuseries doesn't focus exclusively on the last few years of Combs' life. It also delves into his past, specifically the East Coast/West Coast rap rivalry in the mid-1990s that resulted in the murders of Tupac Shakur and Combs' friend, The Notorious B.I.G., also known as Biggie Smalls.

    Bad Boy Records cofounder Kirk Burrowes recalls in the docuseries Combs' proclamation that he was going to throw the "biggest funeral for Biggie New York has ever seen." However, Burrowes said, when Combs crunched the numbers, he realized he didn't want to foot the bill himself — so he made the funeral a recoupable charge to Biggie Smalls, so the rapper's estate would bear the financial burden.

    Stapleton said it was important to feature people from Combs' past, such as Burrowes, to illustrate how Combs has operated.

    "What's interesting about Kirk Burrowes is that his allegations go way back in time," she said. "A lot of what he talked about goes all the way back to the early 2000s, so we really thought it was important to include that part."

    Combs, Burrowes, and Biggie Smalls' estate did not respond to a request for comment.

    A sex worker describes what his freak offs with Diddy and Cassie entailed

    Sean 'Diddy' Combs and dancer Cassie attend the 2016 MTV Video Music Awards at Madison Square Garden in New York City.
    Sean 'Diddy' Combs and dancer Cassie attend the 2016 MTV Video Music Awards at Madison Square Garden in New York City.

    One of the most shocking elements of the indictment was the detailed sex performances Combs allegedly arranged between female victims and male sex workers, which Combs called "Freak Offs."

    In the docuseries, one of those sex workers, Clayton Howard, steps forward to talk about his yearslong encounters with Diddy and Combs' then-girlfriend Ventura. The two dated for over a decade, breaking up in 2018.

    Howard said he was first hired by Ventura and Combs in 2009.

    "She tells me that I'm there to please her for her husband, they're married, they like to spice things up," Howard says in the docuseries of his first encounter with Ventura.

    Howard gives detailed recollections of his sexual encounters with Ventura that included baby oil and instances where Ventura collected Howard's semen, all of which were "heavily regulated" by Combs. Howard said that on the anniversary of the murder of The Notorious B.I.G., the couple would fly him in to party and have sex with Ventura over multiple days. Howard said his sexual encounters with Ventura went on for eight years.

    "I think Clayton was pretty comfortable coming forward with his story because he wanted to own his narrative. He was kind of brought out of the woodwork as a result of Cassie's lawsuit," Stapleton said. "I think once it became very public, Clayton's position was, 'I'm a human being, I lived through this a number of years, and I want to share my story.'"

    Clayton told Business Insider he has no regrets about participating in the docuseries.

    "I'm glad I told the truth, regardless if the world chooses to accept it. The trial exposed enough that those who paid attention know I spoke the truth," Clayton said. "Mr. Combs was guilty, but so was Cassie, and domestic violence does not erase conscious decisions made by her to please her lover."

    Ventura did not respond to a request for comment.

    Previously, Business Insider reported that Ventura felt pressured into participating. "I was just in love and wanted to make him happy," Ventura testified at Combs' May trial.

    "I felt pretty horrible about myself. I felt disgusting. I was humiliated. I didn't have the words at the time to tell him how I felt," Ventura added on the stand. "And I couldn't talk to anyone about it."

    Aubrey O'Day says she has no recollection of a possible sexual assault by Diddy

    Aubrey O'Day looking off camera
    Aubrey O'Day.

    One of the most chilling moments in the docuseries is when singer Aubrey O'Day reads an affidavit from a woman who said she witnessed Combs and another man sexually assaulting O'Day, though O'Day said she has no recollection of this.

    Earlier in the docuseries, O'Day, a former member of the girl group Danity Kane, which was formed by Combs for the 2005 MTV series "Making the Band," reads an email Combs sent to her in 2008, the year she was fired from the group.

    In it, he says, "I don't wanna just fuck you. I want to turn you out." He ends the email by saying he's going to finish masturbating while watching porn and thinking of her.

    Later in the docuseries, O'Day reads an affidavit from one of the civil lawsuits of an alleged Combs victim. It states that this woman witnessed O'Day in 2005 being sexually assaulted by Combs and another man.

    While opening doors looking for the restroom, the woman said she opened one door to find Combs and the other man in sexual acts with O'Day, who was "sprawled out on a leather couch, looking very inebriated." The woman wrote in the affidavit that she is "100% certain" that the person was O'Day.

    "Does this mean I was raped?" O'Day says in the docuseries. "I don't even know if I was raped, and I don't want to know."

    "Aubrey's contribution and her stories are really very, very complicated and a symbol of the gray area of a lot of this," Stapleton said. "It was very raw for her. It was really deep for her, and it took a lot of conversations for her to feel like, 'I want to be public about this.'"

    "It was never about not sharing it; it was more potentially, 'How do I present to the world that this isn't a binary feeling that I have? That I'm not going to sit here and say yes, this is absolutely true when I don't know if it's true, and also be like this is total BS when part of me feels what if it is true?'" Stapleton said. "Aubrey, in real time, was trying to figure out."

    O'Day did not respond to a request for comment.

    "Sean Combs: The Reckoning" is streaming now on Netflix.

    Read the original article on Business Insider
  • Bitcoin price volatility is back. Should ASX investors pay attention?

    Scared looking people on a rollercoaster ride representing volatility.

    After a relatively calm stretch, the trademark price turbulence of Bitcoin (CRYPTO: BTC) has returned — and it has been hard to miss. 

    In recent months, the digital asset surged to an all-time high near US$126,000 before sliding more than 30% from peak to trough. This week alone, the price swung from around US$92,000 to below US$85,000 and then jumped more than 8% overnight.

    For long-term observers, this isn’t unusual behaviour. Volatility has always been part of Bitcoin’s story, and historically, these periods of sharp movement tend to arrive with various neat headlines to blame. 

    So what is actually going on, and is any of this relevant for ASX investors?

    Why Bitcoin is moving so sharply

    Market observers suggest the latest pullback has far more to do with liquidity dynamics than a fundamental shift in sentiment. Analysts tracking flows point to tightening liquidity conditions, with shorter-term traders adjusting their positioning as central bank reserves stabilise again. This often creates pressure across risk assets — Bitcoin included.

    At the same time, some of the selling pressure from long-term holders appears to have eased. On-chain data shows renewed accumulation from larger cohorts, which is typically a constructive sign for medium-term price trends.

    And importantly, mainstream interest continues to grow. Bank of America recently suggested that a 4% portfolio allocation may make sense for certain investors. Meanwhile, Vanguard has softened its long-standing stance by opening access to Bitcoin exposure across its platform. Whether or not investors agree with those endorsements, they reflect a noticeable shift in institutional acceptance.

    Why volatility sometimes has nothing to do with fundamentals

    One of the biggest drivers of short-term swings is far more mechanical: leverage.

    Both long and short leveraged positions can be wiped out when Bitcoin moves quickly. When that happens, forced liquidations trigger further buying or selling, which can amplify each price move. It’s part of the reason why prices can plunge one hour and rally aggressively the next without any change in broader conditions.

    In other words, the volatility is often a function of market structure rather than real economic news.

    What this means for ASX investors

    Even if you don’t hold Bitcoin directly, its movements increasingly touch the Australian market:

    Digital infrastructure companies: ASX names like Block (ASX: XYZ) tend to react to shifts in digital asset sentiment because their revenue models and investor bases overlap with the broader ecosystem.

    ASX-listed Bitcoin ETFs: Funds such as the VanEck Bitcoin ETF (ASX: VBTC) and Betashares Bitcoin ETF (ASX: QBTC) move broadly in line with the underlying asset. Swings in Bitcoin flow into these products immediately.

    None of this means ASX portfolios must have exposure. But it does underline why more market participants are keeping an eye on Bitcoin’s behaviour, even if they never intend to own a single satoshi.

    Foolish takeaway

    Bitcoin’s volatility can be unsettling, but it isn’t new. For some investors, the asymmetric nature of the asset — the idea that the long-term upside could outweigh the downside — is enough reason to consider a small, well-defined allocation. For others, the swings alone are reason to steer clear.

    The sensible middle ground is simple: invest in assets you understand, in a way that aligns with your goals and risk tolerance.

    Bitcoin’s price movements will continue to make headlines, but your long-term strategy should remain anchored in discipline, diversification, and patience, whether you hold digital assets or not.

    The post Bitcoin price volatility is back. Should ASX investors pay attention? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Big Tom Coin right now?

    Before you buy Big Tom Coin shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Big Tom Coin wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

    .custom-cta-button p {
    margin-bottom: 0 !important;
    }

    More reading

    Motley Fool contributor Leigh Gant owns Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Morgans gives its verdict on A2 Milk and these ASX shares

    A female broker in a red jacket whispers in the ear of a man who has a surprised look on his face as she explains which two ASX 200 shares should do well in today's volatile climate

    The team at Morgans has been busy running the rule over a number of popular ASX shares in recent days.

    Let’s see what the broker is saying about them and whether it thinks they are in the buy zone right now:

    A2 Milk Company Ltd (ASX: A2M)

    Morgans was pleased with this infant formula company’s strong start to FY 2026 and has upgraded its estimates to reflect this.

    However, while it is a fan of the company, it feels that its shares are fair value at current levels and has retained its hold rating with a $9.40 price target. It said:

    A2M has had a stronger than expected start to FY26 and consequently, it has upgraded its sales and NPAT guidance. We have upgraded our forecasts and forecast strong growth from FY27 onwards. While we rate the company and its management team highly, we believe that the stock is trading on fair multiples (FY27 PE of 31.5x and PEG of 1.8x). We maintain a Hold rating with a new price target of A$9.40.

    Mach7 Technologies Ltd (ASX: M7T)

    Morgans has responded positively to the release of this enterprise image management systems provider’s strategic transformation plans. It believes it positions the company for sustainable growth in the coming years.

    As a result, the broker has retained its buy rating with a trimmed price target of 76 cents. This is almost 70% higher than where its shares trade today. It said:

    M7T released its strategic transformation plans at its AGM, introducing a customer-focused operating model and the upcoming Flamingo AI platform to drive long-term growth, efficiency, and new revenue through modernised imaging solutions. Despite potential near-term revenue softness, the transformation is well-aligned with industry trends and positions M7T for sustainable growth and signals genuine innovation and a commitment to delivering what radiology customers want.

    VEEM Ltd (ASX: VEE)

    A third ASX share that Morgans has been looking at is marine, defence, and mining products manufacturer.

    While its recent trading update was softer than expected, the broker remains positive and sees plenty of upside for investors. In light of this, it has upgraded its shares to a speculative buy rating with a $1.10 price target. This implies potential upside of 30% for investors from current levels. It commented:

    VEE’s AGM update was softer than expected, primarily due to delays in receiving ASC orders and a hold-up in obtaining security clearance for the Hunter-class propeller project. Additionally, anticipation around the launch of the Mark III gyro led to purchase hesitancy among potential customers in 1H26. These delays have shifted some work to 2H26, which management expects to be stronger, driven by significant contributions from defence (particularly ASC).

    While the trading update was disappointing, we believe VEE’s outlook remains positive with multiple growth opportunities across defence (eg, HII, Northrop Grumman, Hunter Class Frigate Program), propulsion (VEEM Extreme, Sharrow), and gyros (Mark III). Timing of order flow remains uncertain, which is likely to cause earnings volatility in the near term. However, the long-term earnings potential of these opportunities remains significant.

    The post Morgans gives its verdict on A2 Milk and these ASX shares appeared first on The Motley Fool Australia.

    Should you invest $1,000 in The a2 Milk Company Limited right now?

    Before you buy The a2 Milk Company Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and The a2 Milk Company Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

    .custom-cta-button p {
    margin-bottom: 0 !important;
    }

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Mach7 Technologies. The Motley Fool Australia has recommended Veem. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Bell Potter just initiated coverage with a buy rating on this consumer discretionary stock

    A young man looks like he his thinking holding his hand to his chin and gazing off to the side amid a backdrop of hand drawn lightbulbs that are lit up on a chalkboard.

    Consumer discretionary shares haven’t had the best year in general as a sector. 

    While sectors like materials and industrials have brought strong returns (up 10% to 20%), consumer discretionary has lagged behind. 

    For context, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) has risen just 4% since January. 

    However, the team at Bell Potter have just initiated coverage on Beacon Lighting Group Ltd (ASX: BLX) with a buy recommendation. 

    Despite the share price being down roughly 3.5% since the start of the year, and almost 20% since August, Bell Potter has an optimistic price target on this consumer discretionary stock. 

    Beacon Lighting Group  

    Beacon Lighting Group is a specialist retailer of lighting, fans, globes, and electrical accessories, servicing retail, trade, and wholesale customers. 

    The company retails over 3,500 products, with more than 85% of those designed in-house, which is key to its vertically integrated business model and thus provides high, defensive gross margins. 

    These products are primarily sold through a network of 131 retail stores across Australia, as well as through a significant online presence. 

    Future growth in store

    Bell Potter said in yesterday’s report that, as the largest specialist retailer in a fragmented market made up of single-store operators or large multi-category retailers, it has a unique market positioning, as designer, manufacturer, and retailer of lighting products.

    The key growth category for BLX is its trade business, currently making up ~40% of group revenue as of FY25, targeting 50% by FY28, which we estimate will grow at a 3- yr CAGR of 10% from FY25-28e. Comparatively, the more mature retail business is expected to grow ~4%, driven by a stable 4-store rollout per annum.

    The broker also said the trade segment has benefited from a housing boom versus the retail business stabilising due to cost-of-living pressures and less discretionary income available. 

    Overall, it expects the total group to grow at a rate of ~7% per annum as it continues to take market share from single-owner operators and expands further into trade and commercial avenues.

    Buy recommendation from Bell Potter

    The broker has initiated coverage on this consumer discretionary stock with a price target of $3.35. 

    Yesterday, Beacon Lighting Group shares closed at $2.96. 

    This means Bell Potter’s price target indicates an upside of approximately 13.18%. 

    The broker said it views the company’s leading market position in a fragmented market (~12% market share) and vertically integrated business model (FY25 GM ~69%) as attractive and unique characteristics for a specialty goods retailer.

    We believe the business is well positioned to take advantage of a recovering retail environment, supported by a strong housing market and construction outlook.

    The post Bell Potter just initiated coverage with a buy rating on this consumer discretionary stock appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Beacon Lighting Group Limited right now?

    Before you buy Beacon Lighting Group Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Beacon Lighting Group Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

    .custom-cta-button p {
    margin-bottom: 0 !important;
    }

    More reading

    Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Transurban announces 34c interim distribution and reaffirms FY26 guidance

    Close up of woman using calculator and laptop for calculating dividends.

    The Transurban Group (ASX: TCL) share price is in focus today after the company declared an interim distribution of 34.0 cents per stapled security for the six months ending 31 December 2025 and reaffirmed its full-year FY26 distribution guidance.

    What did Transurban report?

    • Interim distribution of 34.0 cents per stapled security for the half ending 31 December 2025
    • Distribution to be paid on 24 February 2026
    • No interim dividend from Transurban Holdings Limited or Transurban International Limited
    • Distribution Reinvestment Plan (DRP) in operation, with no discount applied
    • FY26 distribution guidance reaffirmed at 69.0 cps

    What else do investors need to know?

    The interim distribution will be paid entirely from Transurban Holding Trust and its controlled entities, with further details about tax components to be confirmed with the final distribution in August 2026. The DRP allows shareholders to reinvest their distributions at market price, with the pricing period spanning ten trading days from 7 January 2026.

    Important dates include 30 December 2025 as the ex-distribution date, 31 December 2025 for record date, and 2 January 2026 as the final day to make DRP elections. The final payment and DRP allotment is scheduled for 24 February 2026.

    What’s next for Transurban?

    Transurban reaffirmed its commitment to a FY26 distribution of 69.0 cents per stapled security, subject to performance and economic factors. The company plans to provide more details on taxation with the final distribution statement.

    Investors should keep in mind that future distributions will ultimately be determined by the Transurban Board and may be influenced by traffic trends and broader economic conditions.

    Transurban share price snapshot

    Over the past 12 months, Transurban shares have risen 15%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 1% over the same period.

    View Original Announcement

    The post Transurban announces 34c interim distribution and reaffirms FY26 guidance appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Transurban Group right now?

    Before you buy Transurban Group shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Transurban Group wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

    .custom-cta-button p {
    margin-bottom: 0 !important;
    }

    More reading

    Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Transurban Group. The Motley Fool Australia has positions in and has recommended Transurban Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

  • Why this underdog ASX gold stock is one to watch

    Miner with thumbs up at mine

    Not long ago, Ramelius Resources Ltd (ASX: RMS) wasn’t the first name investors mentioned when discussing a promising ASX gold stock. But the Perth-based miner has flipped the script.

    Ramelius’ share price has soared this year, up 74% to $3.61 at the time of writing. The underperforming small speculative miner is now a $7 billion company.

    Rebranded mid-tier miner

    The gold mining and production business, like many of its competitors, surged on the back of record gold prices. Gold reached record highs in 2025 as lower interest rates in most major economies boosted its performance. With no yield, gold typically does well when rates fall.

    However, Ramelius Resources has also quietly rebranded itself and is evolving into one of Australia’s more intriguing mid-tier gold producers. At its core, the company mines, processes, and sells gold from a range of Western Australian operations.

    The main hubs are at Mt Magnet and Edna May. The ASX gold stock has grown its mineral resources every year since 2016 and continues to spend strongly on exploration, with a budget of $80 to $100 million earmarked for exploration this financial year.

    Bold Spartan acquisition

    But what’s really transformed the ‘ugly duckling’ story is the bold move mid-2024: the acquisition of Spartan Resources. This has given Ramelius control of the high-grade Dalgaranga gold project, including the promising Never Never and Pepper deposits.

    The acquisition of Dalgaranga means access to high-grade ore, helping maintain strong profit margins. Ramelius can also integrate Dalgaranga with Mt Magnet’s current operations and facilities, creating opportunities for greater efficiency and cost savings.

    Gold output doubled by 2030

    The board of the ASX miner explained at the end of October that the Never Never gold project will generate $4.6 billion in free cash flow over a mine life of 11 years.

    Management also laid out its roadmap to generating half a million ounces of gold per year by 2030. This would be more than double the guidance for the current financial year of roughly 200,000 ounces of gold.  

    What do brokers think?

    Analysts are increasingly warming up to the ASX gold stock. If Ramelius can deliver on its integration plan, its results and cash flow stay healthy, and the gold price remains supportive, brokers believe that the share price can surpass the record-high of $4.18 in October.

    The majority of brokers are constructive with a buy recommendation. The average 12-month price target is $4.33, which suggests a 20% upside.

    Morgans is feeling positive about the miner’s outlook, thanks partly to the $2.4 billion takeover of Spartan Resources. Analysts of the broker have put a buy rating and $4.50 price target on its shares, a potential plus of nearly 25%.

    The post Why this underdog ASX gold stock is one to watch appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Ramelius Resources Limited right now?

    Before you buy Ramelius Resources Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Ramelius Resources Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

    .custom-cta-button p {
    margin-bottom: 0 !important;
    }

    More reading

    Motley Fool contributor Marc Van Dinther has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Brokers name 3 ASX dividend shares to buy in December

    Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices.

    There are a lot of ASX dividend shares to choose from on the local share market.

    But which ones could be buys in December? Let’s take a look at three that brokers rate as buys:

    Jumbo Interactive Ltd (ASX: JIN)

    Analysts at Morgan Stanley thinks that Jumbo Interactive could be an ASX dividend share to buy this month.

    It is an online lottery ticket seller and lottery platform provider. It is best known for the Oz Lotteries app and the Powered by Jumbo platform.

    Morgan Stanley has been pleased with its positive start to the financial year and believes it is positioned to reward shareholders with fully franked dividends of 57.7 cents per share in FY 2026 and then 68.4 cents per share in FY 2027. Based on its current share price of $10.76, this would mean dividend yields of 5.4% and 6.4%, respectively.

    The broker currently has an overweight rating and $16.80 price target on its shares.

    Telstra Group Ltd (ASX: TLS)

    Telstra is another ASX dividend share that analysts are tipping as a buy. As Australia’s largest telecommunications provider, it benefits from nationwide mobile demand, essential network usage, and growing data consumption.

    Telstra’s fully franked dividend has been growing at a solid rate in recent years thanks to its successful T22 and T25 strategies. Looking ahead, this trend is likely to continue thanks to its new Connected Future 30 strategy which aims to double down on connectivity and radically innovate the core of its business.

    Macquarie expects this to underpin fully franked dividends of 20 cents per share in FY 2026 and then 21 cents per share in FY 2027. Based on its current share price of $4.90, this would mean dividend yields of 4.1% and 4.3%, respectively.

    The broker has an outperform rating and $5.04 price target on Telstra’s shares.

    Woolworths Group Ltd (ASX: WOW)

    Defensive earnings, stable cash flow, and a dominant market position make Woolworths a favourite among income-focused investors.

    Supermarkets tend to hold up in all economic conditions because people still need groceries regardless of interest rates, inflation, or consumer sentiment. This makes Woolworths’ dividends highly dependable.

    And while its performance has been disappointing this year, there are signs that it is now over the worst and ready to return to solid and sustainable growth.

    Bell Potter expects the company to pay fully franked dividends of 91 cents per share in FY 2026 and then 100 cents per share in FY 2027. Based on its current share price of $29.39, this would mean dividend yields of 3.1% and 3.4%, respectively.

    The broker has a buy rating and $33.00 price target on Woolworths’ shares.

    The post Brokers name 3 ASX dividend shares to buy in December appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Jumbo Interactive Limited right now?

    Before you buy Jumbo Interactive Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Jumbo Interactive Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

    .custom-cta-button p {
    margin-bottom: 0 !important;
    }

    More reading

    Motley Fool contributor James Mickleboro has positions in Woolworths Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jumbo Interactive and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group, Telstra Group, and Woolworths Group. The Motley Fool Australia has recommended Jumbo Interactive. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • What happened with BHP, Rio Tinto and Fortescue shares in November?

    Two smiling men in high visibility vests and yellow hardhats stand side by side with a large mound of earth and mining equipment behind them smiling as the Carnaby Resources share price rises today

    The S&P/ASX 200 Index (ASX: XJO) fell 3% in November, but how did BHP Group Ltd (ASX: BHP), Rio Tinto Ltd (ASX: RIO), and Fortescue Ltd (ASX: FMG) shares stack up?

    Well, while two of the ASX mining giants outperformed the benchmark’s losses, only one finished the month in the green.

    That middling performance came after all three miners enjoyed a strong run into the end of October. This looks to have limited their gains in November, despite a resilient iron ore price and ongoing gains in the copper price.

    Iron ore ended November at just over US$106 per tonne, while copper was trading for US$11,189 per tonne. The red metal has now gained more than 28% year to date.

    As for the ASX 200 mining stocks…

    Fortescue shares lead the charge

    Fortescue shares were the only ones among the big three Aussie miners to gain in the month just past.

    Fortescue closed out October trading for $21.29 a share and ended November at $21.41 a share. That saw the stock up 0.6% for the month, handily beating the 3% one-month loss posted by the ASX 200.

    There were no new price-sensitive announcements released by the company in November.

    BHP shares underperformed Fortescue shares, Rio Tinto shares, and the ASX 200 in November.

    Shares in Australia’s biggest miner (and second biggest stock on the ASX) closed on 31 October trading for $43.45 apiece. When the closing bell rang on 28 November, shares were changing hands for $41.67. This saw the BHP share price down 4.1% over the month just past.

    Perhaps the biggest headwind impacting BHP shares has been China’s ongoing attempt to assert more control over iron ore pricing in its deals with BHP.

    In November, ASX investors learned that China’s government had told domestic steel mills and commodity traders to no longer buy ‘Jingbao fines’ (low-grade iron ore). However, analysts were quick to note that Jinbao fines only make up a small percentage of BHP’s iron ore exports to the Middle Kingdom.

    November also saw BHP announce that it was abandoning recently resumed acquisition discussions with global miner Anglo American (LSE: AAL).

    BHP stated:

    Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy.

    Which brings us to Rio Tinto shares, which outperformed the ASX 200 and BHP but underperformed Fortescue shares in November.

    Rio Tinto shares closed out October at $132.87 and finished November trading for $132.28 apiece, down 0.4% for the month.

    There were no new price-sensitive releases out from the miner in November.

    The post What happened with BHP, Rio Tinto and Fortescue shares in November? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in BHP Group right now?

    Before you buy BHP Group shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BHP Group wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

    .custom-cta-button p {
    margin-bottom: 0 !important;
    }

    More reading

    Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.