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15 Oct 2026
Vietnam company formation

Vietnam Company Formation: ERC-First Route for Foreigners

Categories Business

Vietnam company formation for foreign investors can now start with the company itself instead of the project licence. Under Decree 96/2026/ND-CP, a foreign investor may obtain an Enterprise Registration Certificate (ERC) either before or after an Investment Registration Certificate (IRC), according to law firm DFDL. The new route follows Article 19 of the 2025 Law on Investment. The company must then obtain the IRC within 12 months, and until it does it cannot carry out the project.

In this explainer

The old sequence

Foreign-invested companies traditionally obtained the IRC first, then the ERC, then contributed charter capital and applied for any sub-licences. Apolat Legal describes the traditional method in those steps. The effect was that a foreign founder could not rent premises, open a capital account or hire staff through a Vietnamese entity until the investment licence was issued.

The ERC-first route

Apolat says the new method reverses the order. The ERC is processed within three working days of a complete, valid application, in line with a domestic company. After that the company can open a direct investment capital account, contribute capital, lease premises, and apply for the IRC and sub-licences in parallel. The company must obtain the IRC within 12 months of the ERC, and it can change its registered business lines only after the IRC is granted. The legal basis is Article 72 of Decree 96/2026/ND-CP.

The sources disagree on one date. DFDL says the Law on Investment 2025 took effect on 1 March 2026, while Apolat says 1 April 2026. Decree 96 itself is dated 31 March 2026, according to DFDL. Check the official text before you rely on either date.

Risks and open questions

Apolat warns that investors must meet the market access conditions in force when the establishment dossier is filed. If they do not, they may face IRC refusal, liability for damages or a business ban. DFDL lists several unresolved points: whether charter capital must still be paid within 90 days of ERC issuance under the Law on Enterprises, whether a direct investment capital account can be opened before the IRC, and whether an ERC can be obtained before an investment policy approval where one is required. Decree 96 does not state the consequence of missing the 12-month IRC deadline, and the enterprise registration forms do not yet include the market access undertaking the decree requires.

Who it suits

Apolat suggests the new method suits sectors Vietnam has committed to liberalise, while the traditional route may be safer for conditional or uncommitted sectors. Consider a hypothetical case. Camila is a Brazilian founder planning a software services unit in Ho Chi Minh City. Under the ERC-first route she could lease an office and open an account while the IRC is processed, but she could not start the project until the licence arrives. If her sector had a market access condition, the safer path might still be the old sequence. A local lawyer should confirm which applies.

For comparison with other jurisdictions, read our guides to the UAE companies law amendments and Oman free zone regulations. Our company formation page explains the options we cover.

Vietnam company formation questions

Can a foreign investor now form a Vietnamese company before getting the investment certificate?

Yes. DFDL says the ERC may be obtained before or after the IRC under Article 72 of Decree 96/2026.

How long does the ERC take?

Apolat says within three working days of a complete, valid application under the new method.

What is the deadline for the IRC?

The company must obtain the IRC within 12 months of the ERC, per both firms.

Can the company run its project before the IRC?

No. Apolat says it may only implement the project after the IRC is granted.

Is the new route risk-free?

No. Market access conditions at the time of filing apply, and DFDL lists several unresolved points on capital and approvals.

Do I need a lawyer?

Both sources advise caution, and sector conditions vary, so local legal advice is sensible.

Sources

15 Oct 2026
Bumble Ithaca Holdings acquisition

Bumble Just Sold Itself for Less Than a Tenth of What It Was Worth at IPO

Categories Business, Tech

The Bumble Ithaca Holdings acquisition announced on October 13 takes the dating app private in an all-cash deal worth $1.3 billion. It ends a rocky five-year run as a public company. Under the terms, Ithaca Holdings will pay Bumble shareholders $6.05 per share in cash. That’s a premium of about 138% over the stock’s unaffected closing price on October 9, and roughly 119% over its 30-day volume-weighted average price.

The deal’s structure says as much about where Bumble has been as where it’s going. A premium that large over recent trading prices reflects just how far the stock had fallen before the announcement, not a sign the company is being bought at a peak.

Inside the Bumble Ithaca Holdings Acquisition Deal

Ithaca describes itself as a holding company focused on “enduring, market-leading technology businesses.” It pairs what it calls frontier technology with operating expertise to renew established companies. It’s co-led by Ravi Gupta and John Hegeman, who will become Bumble’s co-CEOs once the deal closes, working alongside founder Whitney Wolfe Herd. In a joint statement, Gupta and Hegeman said the investment is “a bet on the future of humanity,” framing the acquisition around using technology to support human connection rather than replace it. Reporting on the deal has noted that Ithaca has not yet detailed how it plans to use artificial intelligence within Bumble’s product.

The deal has Bumble’s board unanimous backing. An independent Special Committee, advised by outside legal and financial counsel, recommended the transaction. The full board approved it, with Wolfe Herd recusing herself given her dual role as founder and CEO. Board chair Ann Mather said the committee “determined that this transaction with Ithaca represents the best outcome for our shareholders.” Affiliates of Blackstone, Bumble’s largest shareholder, and Wolfe Herd then approved the deal by written consent, satisfying the shareholder approval requirement without a full vote.

Bumble Ithaca Holdings acquisition illustration

A Steep Drop From a $14 Billion IPO

Bumble went public in February 2021 at a valuation of roughly $14 billion. The $1.3 billion sale price, five years later, reflects a company that has struggled with a sustained decline in paying users and revenue. According to Reuters-sourced figures cited in coverage of the deal, Bumble’s paying user base fell 16.4% to 3.2 million in the second quarter of 2026 alone. Revenue has declined for nearly two consecutive years. Wolfe Herd, who returned to the CEO role in March 2025 after stepping back in 2023, has spent the time since cutting costs and revising the app’s core features, including dropping the rule that required women to message first.

What Happens to Bumble’s Public Listing

Once the transaction closes, Bumble will operate as a privately held company. It will keep offices in London, Austin and New York while remaining headquartered in Austin. Shareholders will receive an information statement under SEC rules, and certain deal participants will file a separate disclosure given the company’s move to private ownership. Bumble said it will still file its Q3 2026 quarterly report by November 9, but will not hold an earnings call for that quarter. That’s a sign the company is already operating with one foot out of the public markets. On social media, Bumble described the sale as “a new chapter, but not a new mission.”

What This Means for the Dating App Sector

Bumble’s exit from public markets lands amid a broader reckoning for dating apps. The sector has struggled with user fatigue, falling engagement among younger users, and intensifying competition for attention. Whether Ithaca’s technology-focused approach can reverse those trends, or whether Bumble simply becomes a smaller, private experiment in product turnaround, will likely take several quarters to become clear. The company won’t be holding public earnings calls to report on it. For related coverage of how investors are reassessing technology valuations more broadly this quarter, see Tamara News’ reporting on warnings over AI data center spending and Anthropic’s warning on self-replicating AI devices.

What People Are Asking About the Bumble Deal

How much is Ithaca Holdings paying for Bumble?
$1.3 billion in an all-cash deal, at $6.05 per share.

Does the deal price represent a premium or a discount for shareholders?
A premium relative to recent trading: about 138% above the unaffected closing price on October 9. It is, however, far below Bumble’s 2021 IPO valuation of roughly $14 billion.

Who will run Bumble after the deal closes?
Ithaca co-founders Ravi Gupta and John Hegeman will become co-CEOs, working alongside founder Whitney Wolfe Herd, who is staying involved.

Why was Bumble’s stock down so much before the sale?
Paying users fell 16.4% to 3.2 million in Q2 2026 alone, and revenue had declined for nearly two consecutive years.

Will Bumble still trade on the stock market?
No. Once the deal closes, Bumble becomes a privately held company. It will no longer operate as a publicly traded business or hold quarterly earnings calls.

Sources

15 Oct 2026
Goldman Sachs Q3 2026 earnings

Goldman Sachs Posts a Blowout Quarter While Wells Fargo Stumbles

Categories Business

Goldman Sachs Q3 2026 earnings landed well above what Wall Street expected this week. The bank posted one of its strongest quarters on record, even as rivals had a mixed showing. Goldman reported diluted earnings per share of $17.01 against a consensus estimate of $13.65. Revenue came in at $18.68 billion versus the $17.03 billion analysts had penciled in. The results, released October 13, kicked off a busy stretch of big-bank reporting. They showed just how differently the top US lenders are faring three years into a trading-driven earnings cycle.

CEO David Solomon described the results as reflecting “a complicated operating environment” alongside the firm’s “second highest quarterly net revenues.” That characterization captures both the headline beat and the caveats underneath it.

Where Goldman Sachs Q3 2026 Earnings Growth Actually Came From

The quarter’s strength was concentrated in trading and wealth management, rather than traditional dealmaking. Equities revenue reached $6.44 billion, up 72% year over year, while equities financing revenue rose 96%. Advisory fees hit a record $1.65 billion. Asset and wealth management revenue climbed 14% to $5.05 billion, and assets under supervision reached a record $4.1 trillion. Goldman’s year-to-date efficiency ratio improved to 59.4% from 62.1% a year earlier. The bank is converting revenue into profit more effectively, even after absorbing a roughly $450 million charitable contribution that weighed on the bottom line. Net earnings for the quarter came to $5.29 billion, and Goldman’s official filing puts annualized return on equity at 18.7%.

Not every signal in the report was positive. Goldman’s standardized CET1 capital ratio, a core measure of financial cushioning, fell to 12.4% from 14.3% at the end of 2025. That partly reflects the pace of share buybacks: the bank repurchased 2.9 million shares at an average price of $1,048.73 during the quarter. The investment banking fee backlog also declined from the end of the second quarter, driven mainly by a softer advisory activity pipeline, even as realized advisory fees hit a record.

Goldman Sachs Q3 2026 earnings illustration

Wells Fargo Didn’t Share in the Enthusiasm

Wells Fargo’s own Q3 2026 results, reported the same week, told a less flattering story. Revenue came in at $21.87 billion, a figure that disappointed traders and sent the stock down 3% to $81.08 in early trading. JPMorgan Chase, meanwhile, landed somewhere in the middle: shares were little changed around $334.39, as the market digested results that didn’t move the needle sharply in either direction. The divergence underscores how unevenly this earnings season has rewarded different business mixes. Banks leaning hardest into trading and wealth management outperformed those more dependent on traditional lending and deposit income.

What the Market Did With the News

Goldman shares rose roughly 1% in early trading to $904.09 following the release. That move was part of a broader rally that lifted the Financial Select Sector SPDR Fund (XLF) about 1% to $55.62, even as the S&P 500-tracking SPY dipped slightly. The muted index-level reaction suggests investors treated Goldman’s beat as a company-specific story, rather than a signal for the sector as a whole, especially with Wells Fargo’s weaker print landing in the same news cycle.

What to Watch as Earnings Season Continues

The biggest US banks are now mostly past their Q3 reporting dates. Attention shifts to what the mixed results mean for the rest of the financial sector heading into year-end. Three things stand out: capital ratios under pressure from buybacks, advisory pipelines that look softer than realized fee income suggests, and a trading environment that has rewarded scale and equities exposure over traditional lending. For related coverage of how the broader markets and monetary policy backdrop are shaping this earnings cycle, see Tamara News’ reporting on the Federal Reserve’s October rate decision and the widening gap between stock market highs and consumer sentiment.

Common Questions About This Earnings Season

How much did Goldman Sachs beat earnings estimates by?
Goldman posted diluted EPS of $17.01 against a consensus estimate of $13.65, and revenue of $18.68 billion against an estimate of $17.03 billion.

What drove Goldman’s strong quarter?
Equities trading revenue up 72% year over year, record advisory fees of $1.65 billion, and asset and wealth management revenue up 14%, with assets under supervision hitting a record $4.1 trillion.

Why did Wells Fargo’s stock fall after earnings?
Wells Fargo reported Q3 2026 revenue of $21.87 billion, which disappointed traders and sent shares down 3% to $81.08.

Did JPMorgan Chase have a good or bad quarter?
JPMorgan’s stock was little changed after its report, landing between Goldman’s strong beat and Wells Fargo’s disappointing print.

Is Goldman Sachs in a weaker financial position despite the earnings beat?
Its capital cushion narrowed somewhat. The standardized CET1 ratio fell to 12.4% from 14.3% at the end of 2025, partly due to share buybacks.

Sources

15 Oct 2026
Erasmus Mundus scholarship 2027

Erasmus Mundus Scholarship 2027: Deadlines and How to Apply

Categories EU, Scholarships, Study Abroad

Applications for the Erasmus Mundus scholarship 2027 intake are opening programme by programme this autumn, and several deadlines fall between December and January. There is no central application. According to the European Commission’s Erasmus+ page, students apply directly to the institution running their chosen Joint Master’s, and each programme’s website lists its own steps, requirements and dates. That makes the next few weeks the time to build a shortlist.

In this guide

How Erasmus Mundus Joint Masters work

An Erasmus Mundus Joint Master’s is a degree delivered by a consortium of universities in several countries, so students typically study in at least two of them. The Commission says some programmes offer full scholarships to the best-ranked students worldwide, covering participation costs and contributing to travel, visa and living costs. Not every student on a programme receives one. You can read the Commission’s own announcement of the latest 87 selected projects.

What the scholarship covers

The Commission page does not state amounts. Two guides published this year, which are not official sources, give a rate of EUR 1,400 a month for up to 24 months and say that cost contributions depend on programme conditions. Scholarships Central describes this as a contribution toward eligible costs rather than a guaranteed lump sum. Treat these figures as indicative and confirm the amount on the programme page before you rely on it. Students who have previously held an Erasmus Mundus scholarship cannot receive another, according to the same guide.

Deadlines to expect

The Commission says applications usually open between October and January for courses starting the following academic year. VisaWise Travel reports that most programme deadlines for the 2027-28 intake fall between December 2026 and January 2027, many around mid-January, with a few in February or March, and that some close earlier. A second guide says the newly selected 2027 programmes were expected to open in autumn 2026 for a September 2027 start. Because no central calendar exists, the only reliable date is the one on each programme’s own page.

Who can apply

You need a bachelor’s degree or be in your final year and graduate before the master’s begins. Applicants with equivalent learning can apply if the degree-awarding country recognises it. Each programme adds its own academic, language and mobility requirements, and some ask for work experience or a research proposal. Typical documents include transcripts, a motivation letter, references, a CV and an English test score unless waived.

A practical plan

Consider a hypothetical applicant. Amina is a Pakistani graduate in public health. She lists six programmes, notes each portal’s deadline, and asks her referees for letters in October instead of December. Because the guides do not set a limit on the number of applications, she applies to several but writes a separate motivation letter for each. She also checks visa rules for each study country. If you want to compare other awards, see our reports on the Commonwealth Master’s scholarships and the Gates Cambridge scholarship. Our visa eligibility checker can help with the study-country visa side.

Erasmus Mundus questions

Is there one Erasmus Mundus application?

No. You apply directly to the institution running each Joint Master’s programme, according to the European Commission.

When are the deadlines?

They vary. One guide reports most fall between December 2026 and January 2027, but the only reliable date is on each programme’s website.

How much is the scholarship?

The Commission page gives no figure. Unofficial guides cite EUR 1,400 a month for up to 24 months, so confirm with the programme.

Who can apply?

Applicants with a bachelor’s degree, or in their final year and graduating before the master’s starts, subject to each programme’s own criteria.

Can I apply to more than one programme?

The guides we read set no universal limit, but individual programmes may have their own rules.

Does admission guarantee funding?

No. Scholarships are competitive, and admission to a programme does not guarantee one.

Sources

15 Oct 2026
Gaza ceasefire one year

A Year Into the Gaza Ceasefire, the UN Says the Killing Never Stopped

Categories World

A year after the guns were meant to fall silent, the Gaza ceasefire one year mark has arrived with a grim verdict from humanitarian groups. More than 100 of them, in a joint statement issued October 9, warned that the truce “exists in name only.” Signatories include Amnesty International, the Norwegian Refugee Council, Save the Children, Oxfam and Greenpeace. Their statement lands alongside separate figures from the United Nations Human Rights Office documenting over a thousand deaths since the ceasefire took effect.

The ceasefire itself began on October 10, 2025, under a US-backed framework known as the Gaza Board of Peace. One year on, two sets of casualty figures are circulating this week. They tell a similar story from different angles: a truce that stopped the heaviest fighting without stopping the killing.

What the Gaza Ceasefire One Year Mark Has Actually Verified

The UN Human Rights Office, OHCHR, says it has verified 1,076 Palestinian deaths in Gaza between the ceasefire’s announcement and the end of July 2026. Of those, 268 were children and 126 were women, meaning women and children made up 37% of verified fatalities. Ajith Sunghay, the OHCHR’s head for the Occupied Palestinian Territory, described continued violations during what was supposed to be a ceasefire as appalling. He said Palestinians continue to face attacks in what he called an “ever-shrinking area.”

The Palestinian Ministry of Health has put the toll higher, at more than 1,400 killed since the truce began. The OHCHR has verified 1,076 of those cases and says its own count is likely conservative, since it does not capture every civilian death among adult men. Separately, the 100-plus NGOs behind this week’s joint statement cited more than 1,400 deaths including at least 327 children in the year since the deal. Save the Children said nearly one child has been killed in Gaza every day since the ceasefire was announced.

Gaza ceasefire one year illustration

The “Yellow Line” Keeps Moving

Central to the dispute is the so-called Yellow Line, a buffer zone established under the ceasefire framework that marks how far Israeli forces have withdrawn. Humanitarian groups say Israel has shifted the line further into Gaza than the original agreement intended, crowding Palestinians into smaller areas. The OHCHR recorded 331 deaths near the Yellow Line alone, including 66 children, 27 women and 238 men. Violence has continued in the days immediately around the anniversary. At least eight Palestinians were reportedly killed on October 8, and heavy tank fire was reported in Khan Younis on October 9.

A Health System Still Running on Fumes

None of Gaza’s 36 hospitals is currently operating at full capacity, hampered by shortages of medicine, equipment and fuel, according to the NGO coalition’s statement. More than 18,500 patients are said to need medical evacuation out of Gaza, including at least 4,000 children. More than 1,000 people have died while waiting for one to be arranged. The World Health Organization estimates roughly 24% of the wounded from the broader war have sustained life-changing injuries requiring long-term rehabilitation, a quarter of them children.

Those figures sit on top of a much larger total. The Palestinian Ministry of Health’s running count since October 2023 stands at 74,254 people killed, including at least 21,000 children, or roughly 3% of Gaza’s pre-war population. About 175,000 people have been wounded, the equivalent of 1 in every 13 residents. The ministry’s methodology counts only hospital-recorded or officially registered deaths, so the true toll is likely higher.

Shelter and Food Are Still a Crisis, Not an Afterthought

Nearly 2 million Palestinians need shelter, with about 80% of structures in Gaza damaged, the NGO statement says. Humanitarian groups blame Israeli restrictions on construction materials and equipment for blocking reconstruction and repair work. On food, the coalition projects that 1.4 million people will face crisis-level hunger or worse through the end of 2026. Amnesty International’s Secretary General, Agnes Callamard, framed the stakes bluntly: “Accountability cannot be buried under the rubble.” The signatory groups are calling on Israel to comply with the International Court of Justice’s binding orders related to humanitarian access.

What Comes Next for Gaza’s Reconstruction

None of this week’s reporting points to an imminent resolution. The ceasefire framework remains in place on paper, but the gap between its terms and conditions on the ground is now the subject of UN verification reports and NGO monitoring, rather than active negotiation. Reconstruction funding, movement of materials, and accountability for the Yellow Line’s position are all likely to remain open questions well into next year. For related coverage of how international accountability and sanctions pressure is playing out elsewhere this month, see Tamara News’ reporting on the UK’s sanctions against Iranian nationals and the new torture charges filed against Venezuela’s Maduro and Flores.

Questions Readers Are Asking About the Ceasefire’s First Year

When did the Gaza ceasefire actually start?
It took effect on October 10, 2025, under the US-backed Gaza Board of Peace framework.

How many people has the UN confirmed were killed since the ceasefire began?
The UN Human Rights Office has verified 1,076 deaths between October 2025 and the end of July 2026, while cautioning that its count is likely incomplete.

Why do the casualty numbers from different sources not match?
The Palestinian Ministry of Health’s count (over 1,400) and the UN’s verified figure (1,076) cover different methodologies and time windows. The UN has formally confirmed a subset of the ministry’s reported cases.

What is the Yellow Line and why does it matter?
It’s the buffer zone marking the extent of the Israeli military withdrawal under the ceasefire deal. Humanitarian groups say it has moved further into Gaza than agreed, and nearly a third of verified deaths since the ceasefire have occurred near it.

Is Gaza’s humanitarian situation improving a year on?
Not according to the NGOs and UN agencies cited here. None of Gaza’s hospitals are at full capacity, almost 2 million people need shelter, and 1.4 million are projected to face crisis-level hunger through the end of 2026.

What are humanitarian groups asking Israel to do?
The coalition of over 100 organizations is calling for compliance with the International Court of Justice’s binding orders on humanitarian access and accountability for ceasefire violations.

Sources

Featured image for illustration: war-damaged buildings in Aleppo, Syria (not Gaza), credit: EU Civil Protection and Humanitarian Aid / Flickr (CC BY 2.0). In-content image: Zaatari refugee camp, Jordan, credit: DFID – UK Department for International Development / Flickr (CC BY 2.0).

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