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New Oriental (09901.HK) FY2027 Q1 net revenue $1.874 bln, +23.1% YoY; net profit $273 mln, +13.5% YoY.

Chancellor John Hiley used his first budget to plug a £5 bln shortfall in the UK defence investment plan by reprioritising capital spending across government departments. He did not commit to raising defence spending to 3% of GDP by 2030. Hiley resigned as defence secretary in June after then-PM Keir Starmer declined to make that 3% pledge; the shortfall was inherited by Hiley and incumbent PM Andy Burnham.