In partnership with
Today’s briefing:
Revolut CEO Relocates to UAE
Gold Hits $4000
Mkhwanazi’s Allegations
📍 Revolut CEO Relocates to UAE
Why it matters: Nik Storonsky, the billionaire co-founder and CEO of Revolut, has officially moved his residency from the UK to the United Arab Emirates.
The move comes at a critical time for the fintech giant, which is awaiting a full UK banking license and considering where it might publicly list.
The big picture: The shift is part of a larger trend of wealthy individuals leaving the UK for more tax-friendly locations following the abolition of the non-dom regime.
Go deeper:
The Filing ✍️: The change was formally recorded in a Companies House filing on Tuesday. Storonsky's residence was listed as England until October 16, 2024.
Background: Storonsky, who was born in Russia, renounced his Russian citizenship after the full-scale invasion of Ukraine. He co-founded Revolut in London in 2015 and remains its largest shareholder.
UK Headwinds 🇬🇧: Revolut remains in a mobilisation phase for its UK banking license, which limits its deposit holdings to £50,000.
A meeting brokered by Chancellor Rachel Reeves to break the regulatory impasse was thwarted by Bank of England governor Andrew Bailey.
UAE Expansion 🇦🇪: Meanwhile, Revolut is deepening its presence in the Gulf.
It recently secured a new license from the UAE's central bank and plans to increase hiring and potentially buy a local bank to accelerate growth.
The bottom line: Storonsky's relocation highlights a dual strategy for Revolut: navigating regulatory hurdles in the UK while aggressively pursuing growth in more favorable markets like the UAE.
🥇 Gold Smashes $4,000 Barrier
Gold has surged past $4,000 a troy ounce for the first time, a historic milestone capping a dizzying rally.
Prices have doubled in less than two years.
Why it matters: The rally signals deep investor anxiety over inflation and soaring debt levels.
Gold's previous major landmarks—$1,000, $2,000, and $3,000—were also hit during times of chaos like the financial crisis and the Covid-19 pandemic.
By the numbers:
📈 New Peak: Gold hit $4,036 early on Wednesday.
🚀 This year: Prices are up more than 50%.
🎯 New Target: Goldman Sachs raised its price target to $4,900 per troy ounce, up from $4,300.
The surge is being powered by two key forces:
Central banks are stockpiling bullion to diversify their holdings away from the US dollar.
Investors are piling into gold as a hedge against global uncertainty.
The ongoing US government shutdown, now in its second week, has further fueled the appetite for haven assets.
What's next: With central banks continuing their buying spree and investors expressing concerns about government debt through gold, the rally may have more room to run.
Reddit’s Top Stocks Beat the S&P by 40%
Buffett-era investing was all about company performance. The new era is about investor behavior.
Sure, you can still make good returns investing in solid businesses over 10-20 years.
But in the meantime, you might miss out on 224.29% gainers like Robinhood (the #6 most-mentioned stock on Reddit over the past 6 months).
Reddit's top 15 stocks gained 60% in six months. The S&P 500? 18.7%.
AltIndex's AI processes 100,000s of Reddit comments and factors them into its stock ratings.
We've teamed up with AltIndex to get our readers free access to their app for a limited time.
The market constantly signals which stocks might pop off next. Will you look in the right places this time?
Past performance does not guarantee future results. Investing involves risk including possible loss of principal.
🚨 SAPS Bombshell
KwaZulu-Natal police commissioner Lt-Gen Nhlanhla Mkhwanazi delivered sworn testimony to a parliamentary committee, alleging widespread criminal infiltration and political interference within the SA Police Service (SAPS).
Why it matters: The allegations suggest SAPS crime intelligence possesses capabilities that pose a direct security concern for parliament and that covert funds may have been used for private projects.
"Crime intelligence has gadgets till this day that are used to listen to all of you here."
Digging Deeper 🕵️ Mkhwanazi's amended statement, which expanded on previous testimony, made several explosive claims that the committee must now verify:
Active Surveillance: He stated that crime intelligence has the technology to listen in on all MPs.
Misused Funds: Covert intelligence money was allegedly used for private purposes, such as building a boundary wall at the homestead of the late ambassador Nathi Mthethwa.
"We see the homestead of the late ambassador Nathi Mthethwa on TV now, and there's a boundary wall - that wall was built using intelligence money."
Dismantled Units: He alleged the political killings task team (PKTT) was disbanded by a ministerial directive.
Subsequently, 121 case dockets were removed and taken to head office, where no investigative progress was made.
He has since lodged an inquiry into a possible defeat of the ends of justice regarding those files.
"Rogue Structure": Mkhwanazi claimed the Investigating Directorate Against Corruption (Idac) contains a "rogue structure".
He characterized the arrest of crime intelligence head Maj-Gen Dumisani Khumalo as "a project" designed to frustrate investigations.
Leaked Intelligence: He accused public figures of improperly handling intelligence, specifically naming DA MP Dianne Kohler Barnard for publicly disclosing sensitive information that he believes should have been handled by the joint standing committee on intelligence.
"We should all be subjected to lifestyle audits."
What's Next ⚖️ The committee will now move to verify the claims.
Evidence Gathering: It plans to seek financial ledgers, procurement records, and title deeds to test the assertions. Mkhwanazi urged the committee to subpoena Ipid files and transfer memos for the dockets he described.
Proposed Reforms: Mkhwanazi recommended institutional remedies, including systematised lifestyle audits for senior police officials and a complete overhaul of vetting processes within SAPS.