FT : Mango founder’s son detained over father’s mountain death

Mango founder’s son detained over father’s mountain death
Billionaire Isak Andic died while hiking with son Jonathan in 2024

The son of Mango founder Isak Andic has been detained by police in Spain over an investigation into his billionaire father’s death during a mountain hike in 2024.

Jonathan Andic, who was the Spanish fashion retailer’s chief executive during an unsuccessful stint in the mid-2010s, was taken into custody on Tuesday, police in Catalonia confirmed.

He had already been placed under investigation in connection with the possible murder of his father, who plunged to his death in December 2024 when the two were hiking alone in the Catalan mountains.

Isak Andic, who was born in Turkey, was Mango’s non-executive chair and, according to Forbes, was one of Spain’s wealthiest people with a fortune of €4.5bn when he died at the age of 71.

Jonathan Andic and his two sisters own 95 per cent of Mango, with the remaining 5 per cent in the hands of Toni Ruiz, its chief executive. Jonathan has a seat on the company’s board but no executive role.

The entrepreneur founded the business that became Mango as a blouse importer in Catalonia in the 1970s. He turned it into a global empire with annual sales of €3.8bn in 2025, second in size in the Spanish fashion business only to Zara-owner Inditex.

The Andic family has consistently maintained that the 100 metre fall that led to Isak Andic’s death was accidental.

In a statement on Tuesday, the Andic family said: “Jonathan Andic has been requested to provide a statement relating to the accident of 14 December 2024. He continues to co-operate fully with judicial proceedings. This process remains under judicial secrecy, we have nothing further to say at this time.”

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • AGYS +16.6%, EVTC +11.2%, STC +10.0%, ANDG +7.2%, ENLT +5.3%, VPG +5.2%, WVE +4.8%, WPP +3.1%, TLX +2.7%, AS +2.6%, NOMD +1.6%, XE +1.5%, TOYO +1.4%, LMB +1.2%, HD +1.2%
  • Gapping down:
    • PKX -7.3%, XP -5.0%, BRUN -4.8%, LI -4.8%, AKAM -4.2%, NBIS -3.9%, PAGP -3.1%, TS -2.9%, STX -2.0%, VRT -1.6%, BEKE -1.6%, CTRE -1.3%

TEchCrunch : SandboxAQ brings its drug discovery models to Claude — no PhD in co

SandboxAQ brings its drug discovery models to Claude — no PhD in computing required

Drug discovery is one of the most expensive pursuits in modern industry. Finding a single viable molecule can take a decade and cost billions, and most candidates still don’t make it. A generation of AI startups has promised to fix that — most have made the problem less painful for researchers, who are already technically sophisticated enough to use the tools.

But SandboxAQ thinks the bottleneck isn’t the models. It’s the interface.

The company has teamed up with Anthropic to integrate its scientific AI models directly into Claude — putting powerful drug discovery and materials science tools behind a conversational interface that requires no specialized computing infrastructure to use.

Founded roughly five years ago as an Alphabet spinout, SandboxAQ counts Eric Schmidt, Google’s former CEO, as its chairman. The company, which has raised more than $950 million from investors, has built out a number of different business lines, including a cybersecurity business.

One of the more unique things SandboxAQ does, however, is produce large quantitative models, or LQMs. These proprietary models are “physics-grounded,” meaning they’re built on the rules of the physical world rather than patterns in text. They can run quantum chemistry calculations and simulate both molecular dynamics and microkinetics, the study of how chemical reactions unfold at the molecular level. That matters because it tells researchers how candidate molecules are likely to behave before anyone sets foot in a lab.

“Trained on real-world lab data and scientific equations, LQMs are AI models engineered for the quantitative economy, a $50+ trillion sector spanning biopharma, financial services, energy, and advanced materials,” the company said in a news release that strongly suggests Sandbox AQ isn’t building another chatbot or code assistant — it’s chasing the economy that AI is supposed to transform.

Chai Discovery and Isomorphic Labs — both well-funded bets on better models — have focused on the science. SandboxAQ is focused on who can actually use it.

“For the first time, we have a frontier [quantitative] model on a frontier LLM that someone can access in natural language,” Nadia Harhen, SandboxAQ’s general manager of AI simulation, told TechCrunch. Previously, users of SandboxAQ’s LQMs would have had to provide their own digital infrastructure to run the models.

SandboxAQ’s customers tend to be computational scientists, research scientists, or experimentalists. Generally, these people work at large pharmaceutical or industrial companies and are searching for new materials that can become marketable products.

“Our customers come to us because they’ve tried all the other software out there, and the complexity of their problem is such that it didn’t work or didn’t yield positive results for them when that translation went to take place in the real world,” said Harhen.

>>> Europe : Brokers Upgrades & Downgrades - 19th of May 2026 V2(+)

>>> Up
* AMS-Osram Raised to Overweight at JPMorgan
* BE Semiconductor PT Raised to 300 euros at Morgan Stanley
* DSV Price Target Raised to DKK 2,250 from DKK 2,240 by Bank of America
* First Quantum Minerals Raised to Overweight at Morgan Stanley
* FLSmidth Raised to Buy at UBS; PT 550 kroner
* Intrum Raised to Buy at UBS; PT 28 kronor
* Jungheinrich PT Raised to 48 euros from 46 euros at Bernstein
* Kion Raised to Buy at DZ Bank; PT 59 euros (+)
* Knorr-Bremse Raised to Buy at Citi; PT 123 euros
* Sainsbury Raised to Equal-Weight at Morgan Stanley; PT 345 pence
* Siltronic PT Raised to 110 euros at Bankhaus Metzler (+)
* Soitec PT Raised to 200 euros from 70 euros at Morgan Stanley
* Springvest Raised to Accumulate at Inderes; PT 9.20 euros

>>> Down
* Adecco Cut to Sell at UBS; PT 13 Swiss francs
* Barratt Redrow Cut to Equal-Weight at Barclays; PT 260 pence
* Bellway Cut to Equal-Weight at Barclays; PT 2,020 pence
* Cadeler Cut to Neutral at SB1 Markets; PT 70 kroner
* Gerresheimer Cut to Hold at Jefferies; PT 26.80 euros
* GRK Infra Cut to Accumulate at Inderes; PT 16 euros

>>> Initiation
* Auroora Group Rated New Buy at Nordea; PT 7.20 euros
* BEWI Rated New Buy at Arctic Securities; PT 24 kroner
* Coffee Stain Group Rated New Buy at Pareto Securities (+)
* Jet2 Rated New Underperform at BofA (+)
* Medicover Rated New Buy at SB1 Markets; PT 270 kronor
* Volvo Car Rated New Neutral at SB1 Markets; PT 25 kronor

>>> Call
* 3i Group Target Cut at Deutsche Bank, Sees it Trading as Retail (+)
* Goldman’s Oppenheimer Sees ‘Speed Bump Risk’ for Equity Markets
* AMS-Osram Upgraded at JPMorgan on Upside From AI Photonics
* Gerresheimer Cut at Jefferies on Continued Market Overhangs
* Knorr-Bremse Raised to Buy at Citi After Slipping From Highs
* Societe Generale Strategists Double Down on Euro Area Small Caps (+)
* Tesco is UK Grocery Winner, Sainsbury Caught in Middle, MS Says

>>> What to look at today - 19th of Mayl 2026

Stocks headed for a third day of declines as little progress on de-escalating the situation in Iran kept inflation concerns front and center, with oil prices and bond yields remaining elevated. MSCI’s All Country World Index dropped 0.1%, with Asian shares falling 0.7% as concerns around Iran lingered even after President Donald Trump said he was holding off on fresh strikes on the Islamic Republic. Technology shares were weak, with South Korean stocks tumbling 3.6% after a gauge of chipmakers dropped during the US session. Contracts for the Nasdaq 100 Index also retreated. While Brent crude fell 2% to about $110 a barrel Tuesday after Trump’s comments, the commodity is still up 80% this year with the vital Strait of Hormuz still effectively shut. Higher oil prices and concerns about inflation are weighing on bonds, sending yields of government debt from Japan to the US to multi-year highs. The yield on the US 30-year bond edged up one basis point to 5.13%, having climbed to the highest since 2023 in the prior session. On Monday, yield on Japan’s 30-year government debt surged to its highest since the maturity was first sold in 1999. Tuesday’s moves followed weeks of volatility sparked by the US-Iran conflict and the closure of the Strait of Hormuz, with investors brushing aside geopolitical risks as the AI-driven rally pushed equities higher. Markets now face a key test as bond yields from Japan to the US climb and crude oil prices remain elevated, increasing the likelihood the Federal Reserve will keep interest rates higher for longer. Rising US bond yields pose a threat to Asia’s stock rally, as growing inflation fears offset ongoing optimism over benefits from the artificial intelligence boom. Over the past five years, the MSCI Asia Pacific Index has fallen in 16 of the 19 weeks when the US 10-year Treasury yield rose by 20 basis points or more, losing 1.6% on average, according to data compiled by Bloomberg. Earlier Monday, both the US and Iran said they’d rejected fresh offers as insufficient to secure a deal. The White House said a proposal delivered by Tehran through mediators Sunday lacked meaningful improvement, Axios reported. Iran, meanwhile, indicated US demands are unacceptable. Trump has repeatedly threatened renewed military action against Iran without following through. There was no immediate confirmation from Tehran of renewed talks. Trump said the US was prepared to attack if an acceptable deal wasn’t reached but didn’t set a deadline. Elsewhere, the US on Monday issued a new waiver allowing the sale of Russian crude oil and petroleum products that are already loaded on tankers, days after the previous one lapsed. Treasury Secretary Scott Bessent said in a post on X that the new general license “will help stabilize the physical crude market.” US After Hours AGYS +14.2% sharply higher on earnings; NOMD +1.1% on insider purchases; XP -4.3% lower on earnings.

Nikkei -0.76% Hang Seng +0.39% CSI -0.52% Shanghai +0.02% Shenzen -0.49%

Eur$ 1.1654 CNH 6.8041 CNY 6.8015 JPY 158.98 GBP 1.3411 CHF 0.7858 RUB 72.6796 TRY 45.5810 WTI$ 107.44 Gold 4,540 -0.21% BTC 76,822 -0.04% ETH 2,132 +0.77%

S&P -0.31% Nasdaq -0.53% EuroStoxx +0.12% FTSE +0.14% Dax +0.06% SMI +0.17%

Macro :
- BlackRock Strategists Lift DM Stocks on AI Earnings Optimism
- Goldman’s Oppenheimer Sees ‘Speed Bump Risk’ for Equity Markets
- Nokia, Engie Well Placed for Euro Stoxx 50 Entry, JP Morgan Says
- Druckenmiller, Soros Family Offices Bet on Energy as War Erupted
- UK Prepares to Inject £6b for Jet Project With Japan, Italy: FT
- Citadel Securities’ Rubner Sees Risk of Flow Unwind in US Stocks
- US Approves Possible Military Sales to South Korea Worth $4.2b
- China's auto dealer inventory level reported by CADA Rises to 1.89 Months

Keep an eye on :
- ACLN SW : Accelleron Launches CHF100 Million Share Buyback Program
- ACS SM : ACS Starts Combined Equity Offering of About 16.6m Shares: Terms, Spain’s ACS Offers €2.2 Billion Stake to Fund Data Center Plans ADP April Passenger Traffic -4.9%
- ADP FP : ADP April Passenger Traffic -4.9%
- AEVS SW : Aevis Victoria Posts Growth in Q1 Net Profit, Revenue
- AIXA GY : AIXTRON receives multiple orders for G10-AsP MOCVD Systems from Lumentum to support expansion of High-Speed Optical Solutions fo
- AKAK US : Akamai to Offer $2.6b of Convertible Senior Notes
- MT NA : ArcelorMittal Offers €623 Million Stake in Steel Tube Producer
- AML LN : Aston Martin Names Andrea Baldi as Chief Commercial Officer
- T US : AT&T Remains on Track for 2026, Multiyear Guidance
- BAKKA NO : Bakkafrost Sees FY Harvest About 117,000 Metric Tons
- BYG LN : Big Yellow Group FY Adjusted Pretax Profit Meets Estimates
- BIOMAR DC : Publication of Offering Circular and indicative price range for the Initial Public
- BA US : US Approves Possible Military Sales to South Korea Worth $4.2b
- BOSN SW : Bossard Says Stephan Zehnder Will Step Down as CFO at End-March
- CAVA US : Cava Sales Accelerating, Helped by New Menu Items: Preview
- CMTB BB : Euronav Q1 EPS $1.27 Beats $1.16 Estimate, Sales $519.630M Beat $410.212M Estimate
- DHER GY : Delivery Hero Says Uber Now Owns 19.5% of Issued Capital
- DHER GY : Uber leaves door open to Delivery Hero takeover by increasing stake - FT
- DOCS LN : Dr Martens FY Revenue Meets Estimates
- EIX US : Edison International, PG&E Drop as California Wild Fire Spreads
- ENEL IM : Enel buys seven US solar power plants for USD140 million
- EQNR NO : Equinor Issued With Order by Norway’s Ocean Industry Authority
- ESLT IT : TKMS, Elbit Sign Cooperation Pact Eyeing European Defense Market
- ENGI FP : Nokia, Engie Well Placed for Euro Stoxx 50 Entry, JP Morgan Says
- EQT SS : EU Confirms EQT to Lead €5b Scaleup Europe Fund
- EGLA IM : Eurogroup Laminations 1Q Revenue EU203.5M Vs. EU221.1M Y/y
- GOOGL US : Blackstone to Invest $5B in Google AI Cloud Joint Venture
- GSF NO : Grieg Seafood Cuts FY Harvest Forecast
- GUBRA DC : Gubra Appoints Adam Lange as Head of Investor Relations
- HNSA SS : Hansa Biopharma enters into EUR115 million licensing agreement with SERB Pharmaceuticals for IDEFIRIX in Eur
- HNSA SS : SERB Buys Idefirix Rights for Europe, MENA From Hansa Biopharma
- MBH3 GY : Hermle 1Q Sales EU110.9M Vs. EU97.2M Y/y
- HIMS US : Hims & Hers Prices Upsized $350m Convertible Sr Notes Due 2032
- HBH GY : Hornbach Holding FY Adjusted Ebit EU264.7M
- KER FP : Saint Laurent’s chief says luxury must work harder to retain customers - FT
- LAGRB SS : Lagercrantz 4Q Net Revenue Meets Estimates
- LLOY LN : Lloyds Plans Expansion into US Infrastructure Lending: FT
- MC FP : Dior boss Delphine Arnault says brand will be ‘cautious’ on pricing - FT
- MATAS DC : Matas Reports 4Q Revenue of DKK 1.98 Billion, Compared With FactSet Estimates of DKK 1.97 Billion
- NANOFH FH : Nanoform Q1 2026 report - Record first quarter revenue, income and gross margin, first exclusivity deal signed
- NOKIA FH : Nokia, Engie Well Placed for Euro Stoxx 50 Entry, JP Morgan Says
- NDX1 GY : Nordex Group receives new orders totaling 82 MW from Westfälisch-Niedersächsische Energie WNE in Germany
- OHB GY : Satellite Firm’s 600% Rally Opens Funding Options: ECM Watch
- ROS AV : Fast-Moving California Fire Expands, Spurs Evacuations
- GLE FP : French ACPR Watchdog Fines SocGen EU20M Over Insurance Contracts
- SCHO DC : Aktieselskabet Schouw & Co.: Publication of Offering Circular and indicative price range for the Initial Public Offering of the
- SDR LN : Soderberg Joins Suitors for Schroders’ Benchmark Unit: Sky
- SpaceX IPO : SpaceX Contractor Dies at Rocket Company’s Texas Headquarters
- SQN SW : Swissquote to Implement 1:10 Share Split From May 26
- TSLA US : Musk Says ‘Activist Judge’ Ruling Creates ‘Terrible Precedent’
- TKMS GY : TKMS, Elbit Sign Cooperation Pact Eyeing European Defense Market
- UCB BB : UCB Says Bimzelx Shows Better Outcomes Over Skyrizi in PSA Trial
- VK FP : ArcelorMittal Offers €623 Million Stake in Steel Tube Producer
- VAR NO : Vår Energi ASA's share saving plan allocates shares
- ZAL NO :

>>> Europe : Brokers Upgrades & Downgrades - 19th of May 2026

>>> Up
* AMS-Osram Raised to Overweight at JPMorgan
* BE Semiconductor PT Raised to 300 euros at Morgan Stanley
* DSV Price Target Raised to DKK 2,250 from DKK 2,240 by Bank of America
* First Quantum Minerals Raised to Overweight at Morgan Stanley
* FLSmidth Raised to Buy at UBS; PT 550 kroner
* Intrum Raised to Buy at UBS; PT 28 kronor
* Jungheinrich PT Raised to 48 euros from 46 euros at Bernstein
* Knorr-Bremse Raised to Buy at Citi; PT 123 euros
* Sainsbury Raised to Equal-Weight at Morgan Stanley; PT 345 pence
* Soitec PT Raised to 200 euros from 70 euros at Morgan Stanley
* Springvest Raised to Accumulate at Inderes; PT 9.20 euros

>>> Down
* Adecco Cut to Sell at UBS; PT 13 Swiss francs
* Barratt Redrow Cut to Equal-Weight at Barclays; PT 260 pence
* Bellway Cut to Equal-Weight at Barclays; PT 2,020 pence
* Cadeler Cut to Neutral at SB1 Markets; PT 70 kroner
* Gerresheimer Cut to Hold at Jefferies; PT 26.80 euros
* GRK Infra Cut to Accumulate at Inderes; PT 16 euros

>>> Initiation
* Auroora Group Rated New Buy at Nordea; PT 7.20 euros
* BEWI Rated New Buy at Arctic Securities; PT 24 kroner
* Medicover Rated New Buy at SB1 Markets; PT 270 kronor
* Volvo Car Rated New Neutral at SB1 Markets; PT 25 kronor

>>> Call
* Goldman’s Oppenheimer Sees ‘Speed Bump Risk’ for Equity Markets
* AMS-Osram Upgraded at JPMorgan on Upside From AI Photonics
* Gerresheimer Cut at Jefferies on Continued Market Overhangs
* Knorr-Bremse Raised to Buy at Citi After Slipping From Highs
* Tesco is UK Grocery Winner, Sainsbury Caught in Middle, MS Says

>>> Stoxx 600 Pre-Market Indications

  • Evolution (E3G1 TH) +3.7%
  • Aixtron (AIXA TH) +3.3%
  • Knorr-Bremse (KBX TH) +3.3%
  • Tomra (TMRA TH) +1.7%
  • Kion (KGX TH) +1.3%
  • Thales (CSF TH) -1.1%
  • Aurubis (NDA TH) -1.2%
  • Novo (NOV TH) -1.2%
  • TotalEnergies (TOTB TH) -1.2%
  • Yara (IU2 TH) -1.3%
  • HSBC (HBC1 TH) -1.4%
  • Rolls-Royce (RRU TH) -1.4%
  • ACS (OCI1 TH) -5%

>>> Grizzly Researcxh is Short Ottobock : How Hans Georg Näder’s Margin Loan an

How Hans Georg Näder’s Margin Loan and Russia Business Endanger Public Shareholders

https://grizzlyreports.com/ottobock/

  • Ottobock SE & Co. KGaA (“Ottobock”) is a German-based, international market leader in orthopedic and prosthetic/orthotic technology that went public in Frankfurt in October 2025 at a total €3.8 billion equity valuation and about €808 million in IPO shares sold.
  • Ottobock’s majority owner Hans Georg Näder (“Näder”) inherited the company from his family and reportedly attempted to IPO Ottobock since 2015. He has been leading the company since the 1990s and currently owns approximately 81% of Ottobock’s shares. Näder has an excessively lavish lifestyle and cash-consuming site projects, which caused him to extract more money from the company annually than it earned since at least 2011.
  • Näder fully drained the remaining equity in his holding vehicle by end of 2024. After valuation gains from Ottobock’s IPO in October 2025, Näder faces full depletion again by the end of 2030, making him desperately dependent on valuation gains from Ottobock.
  • Hans Georg Näder has pledged all of his Ottobock shares in a margin loan with creditors, while establishing a holding structure that guarantees him control over Ottobock. This PIK loan’s nominal is currently standing at approximately €1.5 billion and, according to our calculations, accumulating interest at roughly 15% p.a. so Naeder will have to repay roughly €2.36 billion in 2030 when the loan matures with Ottobock being the only discernible profitable asset to service the mounting obligations.
  • We think majority shareholder Hans Georg Näder is drowning in debt, and minority shareholders will have to suffer for it, because it creates an enormous overhang in an illiquid, currently overpriced stock. We see a Damocles sword hanging over the heads of minority shareholders.
  • Ottobock’s revenue grew from €1.0 billion in 2019 to €1.7 billion in 2025. The company uses what we view as misleadingreporting metrics, namely the “Underlying Core EBITDA,” that only seems to mask the real underlying business performance.
  • Ottobock applies aggressive accounting metrics regarding the capitalization of research and development costs, as well as the consolidation of its Russia business. We believe Ottobock artificially inflates its reported earnings with these accounting shenanigans. German accounting and audit experts we consulted with called the accounting practices impermissible.
  • Ottobock’s currently trades at about 42x trailing earnings, while its business is mature and oligopolistic, rather than the growth industry it is priced for. This valuation seems excessive and does not adjust for Ottobock’s aggressive accounting treatments. We estimate the fair value of Ottobock’s stock to be around €30.
  • Today, Ottobock makes, we estimate, 35.1% of its total net income from sales to Russia. Export databases of customs agencies reveal that the majority of Ottobock’s exports have been end up in low-GDP countries and larger proportions might actually be routed to Russia, as well. We believe Ottobock actively supports the Russian war propaganda effort by acting lenient regarding regulatorily required checks for military use of its products. Russian media has publicly featured soldiers that received Ottobock prosthetics.
  • The industry margins in Western markets are under pressure, due to technical product maturity and competition. We think Ottobock trades higher Russian margins for brand degradation and risk of facing legal, financial, and regulatory penalties for effectively servicing the Russian military.