Finance, Banking & Insurance

New York – October 29, 2026 -- Sava, a New York-based trust company, emerged from stealth with $10 million in seed funding led by Gradient Ventures. It is targeting the $6.5+ trillion U.S. trust and estate industry with AI agents orchestrated by human trust officers.

Y Combinator, SV Angel and Instacart's Max Mullen join Gradient in Sava's round

Other participants include Orange Collective and SurgePoint Capital. Strategic operators Tomer London, co-founder of Gusto, and Eleonora Sharef, former Head of Private Wealth at McKinsey, also joined the round.

Sava was founded by Nimit Maru, who founded Fullstack Academy (acquired in 2019) and Bloomspot (acquired in 2012 by JPMorgan Chase Bank), and by Rush Sadiwala, a repeat founder of VC-backed startups. Maru serves as CEO.

WINDSOR, Conn. – October 29, 2026 -- One in eight U.S. workers whose health insurance premiums rose this year responded by cutting retirement contributions, according to new LIMRA research released as open enrollment begins.

77% of insured workers faced higher premiums in 2026

LIMRA's 2026 Benefits and Employee Attitude Tracker (BEAT) Study found that 77% of employees with workplace medical coverage saw premiums increase this year. For 17%, the increase exceeded 10%. About half of those affected changed their spending or benefits choices:

Mainz – October 29, 2026 -- Credit insurer Coface downgraded the country risk ratings of Saudi Arabia, the United Arab Emirates and Qatar, and expects the Middle East conflict alone to cut global growth by a combined 0.5 percentage points in 2026 and 2027. The rating changes, covering seven economies in total, come as escalating geopolitical tensions push up energy, commodity and financing costs.

Oil up more than 50%, gas prices nearly double

Renewed fighting between Iran and the United States and further escalation between Russia and Ukraine have strained global supply chains. Energy prices have climbed sharply despite a clear recovery in oil exports through the Strait of Hormuz and the rerouting of trade flows. Coface economist Markus Kuger said oil has risen by more than 50 percent, natural gas prices have almost doubled and industrial metals remain expensive.

London – October 29, 2026 -- Private equity firm Covalent Equity Partners has made a growth investment in AML Analytics (AMLA), a financial crime defense testing provider used by more than 50 supervisory authorities and over 1,450 financial institutions in nearly 60 countries. The announcement did not disclose the financial terms of the deal.

Capital targets engineering roadmap and global footprint

Covalent's capital and operational partnership will fund AMLA's engineering roadmap, introduce next-generation testing engines and expand the company's global footprint. Founder and Group CEO Justin Holder will continue to lead the business alongside the existing leadership team.

DALLAS – October 29, 2026 -- Kimberly-Clark Corporation extended the expiration of its exchange offers for any and all outstanding Kenvue Inc. notes, which cover up to $7 billion of new Kimberly-Clark notes, from 5:00 p.m. New York City time on October 29, 2026 to 5:00 p.m. on November 2, 2026.

All other terms of the exchange offers remain unchanged. Kimberly-Clark may extend the deadline further.

Exchange offers depend on the Kenvue acquisition closing

The offers are conditioned on completion of Kimberly-Clark's pending acquisition of Kenvue. Kimberly-Clark cannot waive that condition, though it may waive certain other conditions. Settlement is expected promptly after the expiration date.

MEXICO CITY – October 29, 2026 -- Grupo Elektra lifted third-quarter 2026 EBITDA to Ps.7,813 million from Ps.6,922 million a year earlier, even as consolidated revenue slipped to Ps.53,297 million from Ps.53,864 million.

Lower costs offset flat revenue at Grupo Elektra

Consolidated costs fell to Ps.24,225 million from Ps.25,637 million in the prior-year quarter. Sales, administrative and promotional expenses were nearly unchanged at Ps.21,260 million, against Ps.21,305 million in the third quarter of 2025.

Net income came in at Ps.2,230 million, slightly below the Ps.2,274 million reported a year ago.

SHANGHAI – October 29, 2026 -- Lufax Holding Ltd (NYSE: LU, HKEX: 6623) reported a third-quarter 2026 net loss of RMB1,494 million (US$223 million), up from RMB380 million a year earlier, as credit impairment losses rose 10.3% and income tax expenses jumped 946.5%.

Total income falls 4.6% as fee-based revenue shrinks

Total income fell to RMB6,180 million (US$922 million) from RMB6,479 million in the third quarter of 2025. Technology platform-based income dropped 24.1% to RMB1,055 million, reflecting lower retail credit enablement service fees from reduced new loan sales and a smaller off-balance sheet loan balance. Guarantee income declined 24.6% to RMB1,020 million on a lower average off-balance sheet balance and lower average fee rates.

NEW YORK – October 29, 2026 -- AvePoint Inc. (NASD: AVPT) will replace LXP Industrial Trust (NYSE: LXP) in the S&P SmallCap 600, effective prior to the opening of trading on Monday, November 2, S&P Dow Jones Indices announced.

Brookfield and CPP Investment Board acquisition of LXP drives the index change

The swap follows the planned takeover of LXP Industrial Trust by Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board. The deal is expected to close soon, pending final closing conditions.

AvePoint takes the SmallCap 600 slot vacated by LXP

AvePoint, which trades on the Nasdaq under the ticker AVPT, enters the index at the open on the effective date. LXP, listed on the NYSE under LXP, leaves the benchmark on the same day.

S&P Dow Jones Indices, a division of S&P Global (NYSE: SPGI), published the change on October 27. The announcement did not include deal terms or a purchase price for LXP.

SALINAS, Calif. – October 29, 2026 -- Pacific Valley Bancorp (OTC Markets: PVBK) reported third-quarter 2026 net income of $1.4 million, or $0.24 per share, up 45.2% from the year-earlier quarter, as higher interest income outweighed rising interest and non-interest expense. EPS compares with $0.19 a year earlier.

Loan growth driven by non-owner occupied CRE and multifamily

Gross loans reached $589 million at September 30, up 13.5%, or $70 million, from a year earlier. Non-owner occupied commercial real estate and multifamily loans accounted for most of the increase. Loans rose $41 million, or 7.6%, from June 30. CEO Anker Fanoe said 82% of the loan book is secured by collateral.

Washington – October 29, 2026 -- Martis Capital, a private equity firm focused exclusively on middle-market healthcare, has been named to Inc.'s 2026 Founder-Friendly Investors list for the sixth consecutive year.

Martis is one of 14 healthcare-exclusive firms among 294 honorees

Inc. recognized 294 private equity firms, venture capital firms and lenders this year. Martis was one of only 14 healthcare-exclusive private equity firms on the list.

Inc. built the list from founder questionnaires

Inc. surveyed entrepreneurs who have sold to private equity and venture capital firms. Founders completed questionnaires on their experience partnering with private equity, venture capital and debt firms. They also shared data on how their companies performed during those partnerships.