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Ancient Cornwall mine estimated to be worth $1.5bn after more tungsten, tin and silver found

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The site saw extensive historic mining from Roman times to the mid-1940s

Cornwall Resources is looking to restart production at an historic tin and tungsten mine in Cornwall

Cornwall Resources is looking to restart production at an historic tin and tungsten mine in Cornwall(Image: Handout)

An ancient mine in Cornwall is estimated to be worth more than a billion dollars after it was found to contain vast amounts more critical metal than previously thought. London-listed Strategic Minerals announced on Thursday the site between Kelly Bray and Callington contained almost 50 per cent more mineral ore compared to earlier estimates.

The Redmoor tungsten-tin-copper-silver Project, which is operated by Strategic Mineral’s wholly owned subsidiary Cornwall Resources, was already seen as Europe’s highest grade, undeveloped tungsten resource. But the company told the stock market on Thursday its latest surveys had shown what it called a “transformational uplift” in the mine’s production capability – with the potential to increase mine life from 12 to 29 years.

Is is understood the mine contains 31 per cent more Tungsten trioxide, 55 per cent more tin, and 30 per cent more copper than first thought. And, for the first time, silver has also been detected at the site.

Strategic Minerals also issued an ‘Updated Economic Sensitivity Analysis’ to the market, with a base case valuation of the Redmoor project at an estimated US $1.54bn after tax.

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Charles Manners, Strategic Minerals’ executive chair, said: “I cannot speak highly enough about the exemplary project design and delivery by the CRL team.

“It is hard to find any comparable project that has delivered so much, in such a short time, for the amount spent, and with such positive results. We are also deeply grateful to the many people who worked tirelessly to deliver this transformational piece of work.”

The latest report follows a decade of detailed minerals exploration activity in and around the Cornish mine, which saw extensive historic mining from Roman times to the mid-1940s.

Since 2016 Cornish Resources has undertaken wide-ranging minerals exploration activities centred around Redmoor, including a programme of borehole drilling, soil sampling, geophysics and aerial surveys.

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The project has been supported by investment from the Cornwall and Isles of Scilly Good Growth Programme (which is funded by the UK Government’s UK Shared Prosperity Fund and managed locally by Cornwall Council), with the aim of helping to unlock the future of Cornwall’s critical minerals sector, both as a socio-economic driver and as a future source of critical minerals needed for modern technologies and the clean energy transition.

“The company is also enormously grateful to Cornwall Council and the Shared Prosperity Fund for their support with a grant in April 2025,” added Mr Manners. “This unlocked private sector investment and enabled the highly successful work over the last 12 months that has led to this transformational result that positions Redmoor and the UK to become a leading Western World source of tungsten.”

Mark Burnett, Strategic Minerals’ executive director, said the company would now “rapidly progress” to a prefeasibility study to test the new production scenarios and “optimise the model”.

“Redmoor is Europe’s highest grade, undeveloped, tungsten resource compared to other CRIRSCO-compliant projects, and amongst the highest grade globally,” he said. “The company is committed to advancing Redmoor at pace, with today’s results highlighting the contained metal potential of the project.”

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Dennis Rowland, Cornwall Resources managing director, added: “From the outset we established clear aims to confirm previous exploration of the structure and grade of the resource and to incorporate new datasets to establish the potential presence of additional zones of mineralisation.

“We have been successful in these aims and the effects of each of these is reflecting in the robust improvements in the MRE. These results alongside the significant improvements in metallurgical recovery for tungsten, and confirmation of recoverability of silver, have directly contributed to improved project economics.”

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10 Hardest Hit by Staffing Shortages

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A Spirit Airlines Airbuys A320-200 airplane sits at a gate at the O'Hare Airport in Chicago, Illinois October 2, 2014.

Travelers across the United States are enduring some of the longest security wait times in TSA history as a partial government shutdown drives high staff call-out rates at major airports, forcing many hubs to warn passengers to arrive three to four hours early for domestic flights.

A Spirit Airlines Airbuys A320-200 airplane sits at a gate at the O'Hare Airport in Chicago, Illinois October 2, 2014.

Houston’s George Bush Intercontinental Airport has reported the most severe delays, with checkpoints showing waits of up to three to four hours in recent days. Hartsfield-Jackson Atlanta International, the world’s busiest airport, has advised allowing at least four hours for screenings amid fluctuating but often extended lines.

The disruptions stem from elevated TSA officer absences — sometimes exceeding 30-47% at affected airports — linked to the funding lapse. This has compounded spring travel demand, creating unpredictable and occasionally chaotic scenes with lines stretching outside terminals or into parking areas.

Here are 10 U.S. airports currently experiencing among the longest TSA wait times, based on recent reports, airport advisories, call-out rates and traveler accounts as of late March 2026. Wait times can shift rapidly within the day and vary by terminal or checkpoint; these reflect the most frequently cited problem spots.

  1. George Bush Intercontinental Airport (IAH), Houston Waits have repeatedly hit three to four hours at open terminals, with some checkpoints reporting 180 minutes or more during morning peaks. High call-out rates around 36-42% have forced reduced operations, prompting strong advisories and even assistance from ICE agents providing water to those in line.
  2. Hartsfield-Jackson Atlanta International Airport (ATL) The busiest U.S. airport by passenger volume has urged travelers to allow four hours or more for security. Call-out rates have reached 33-37%, with lines sometimes exceeding two hours during rushes. Officials have removed or suspended real-time wait displays due to volatility.
  3. John F. Kennedy International Airport (JFK), New York One of the hardest-hit East Coast hubs, with call-out rates near 33% and reports of multi-hour delays. The airport has suspended routine wait-time reporting, warning that conditions can change quickly based on staffing and volume. Long lines have been visible in multiple terminals.
  4. William P. Hobby Airport (HOU), Houston Often posting even higher call-out percentages than its larger sibling IAH — up to 47% in recent data — Hobby has seen significant delays and reduced checkpoint availability, contributing to the broader Houston-area chaos.
  5. Louis Armstrong New Orleans International Airport (MSY) Travelers have faced waits stretching to three hours or more, with advisories to arrive at least three hours early. Call-out rates around 34% have strained operations, occasionally pushing queues into parking structures.
  6. LaGuardia Airport (LGA), New York Reports of 90-minute-plus waits during morning peaks, with lines extending outside buildings. The airport has seen notable staffing pressures amid the regional New York challenges.
  7. Newark Liberty International Airport (EWR), New Jersey Wait-time reporting has been temporarily suspended due to rapid changes from staffing shortages. Delays have contributed to flight disruptions, with lines frequently extending during busy periods.
  8. Los Angeles International Airport (LAX) Major West Coast hub experiencing longer-than-normal waits amid nationwide issues, with some reports highlighting multi-hour delays during peak spring travel. High passenger volume amplifies the impact of reduced staffing.
  9. Miami International Airport (MIA) South Florida’s primary gateway has seen elevated lines, with waits reported in the 30- to 60-minute range or higher during peaks, exacerbated by international traffic and staffing constraints.
  10. Fort Lauderdale-Hollywood International Airport (FLL) Another busy Florida airport hit by the broader disruptions, with reports of extended security lines during the recent wave of spring and leisure travel.

Other airports frequently mentioned in recent delays include Philadelphia International (PHL), where some checkpoints closed entirely, and occasionally Orlando (MCO) or Austin (AUS) during event-driven surges.

Broader Context and Causes

The ongoing partial government shutdown has dramatically increased TSA call-out rates from a normal level below 2% to double digits or higher at many large hubs. This has occurred while passenger volumes remain robust, particularly with spring break overlapping the disruptions.

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TSA Deputy Administrator Ha Nguyen McNeill told Congress that the agency is facing unprecedented wait times in its 24-year history. Some airports have deployed alternative staff or adjusted operations, but capacity remains constrained.

Airports in Houston and Atlanta have been among the most visibly affected, with real-time data sometimes unavailable as officials prioritize safety and flow over precise estimates. Smaller or mid-sized airports have generally fared better, though isolated spikes occur.

Tips for Travelers Facing Long TSA Lines

Authorities and experts recommend the following strategies:

  • Arrive early: Plan for three to four hours before domestic departures at affected major airports; allow even more for international flights.
  • Check real-time sources: Use airport websites (when available), the MyTSA app for crowd-sourced reports, or third-party trackers. Note that some official displays have been paused.
  • Enroll in expedited programs: TSA PreCheck, CLEAR and Global Entry can significantly reduce times where lanes remain open, though they are not immune to overall staffing issues.
  • Pack smart: Follow the 3-1-1 liquids rule and minimize carry-on complexity to speed screening.
  • Monitor flight status: Delays in security can cascade into gate issues; build in buffers for connections.
  • Consider alternatives: Off-peak flights or smaller regional airports sometimes experience shorter lines.

Many airports have added signage, rope lines and support staff to manage crowds, but patience remains essential.

Outlook and Potential Relief

Negotiations to resolve the funding lapse continue, with some lawmakers expressing urgency over the impact on travel and the federal workforce. Until a resolution, variability is expected to persist, particularly during morning and evening rushes at large hubs.

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Travelers are advised to verify conditions the day of travel, as wait times can drop dramatically later in the day once initial peaks clear. Those with flexible schedules may benefit from shifting to less busy periods or airports.

The situation underscores the critical role of consistent TSA staffing in maintaining efficient air travel. While some checkpoints have seen temporary improvements when call-outs ease, the underlying pressures remain until broader funding and personnel issues are addressed.

For the latest updates, check individual airport websites, the TSA’s resources or reliable news outlets. Conditions evolve quickly, and proactive planning is the best defense against missing a flight.

Data reflects reports and advisories from March 23-26, 2026. TSA wait times fluctuate hourly and by checkpoint; always confirm with official sources before traveling. This article is for informational purposes only.

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M&A Can Be a Big Opportunity. These Stocks Look Like They Could Pop If Deals Close.

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M&A Can Be a Big Opportunity. These Stocks Look Like They Could Pop If Deals Close.

M&A Can Be a Big Opportunity. These Stocks Look Like They Could Pop If Deals Close.

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10 Top Firms for Injury Claims in 2026

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Best Sydney Personal Injury Lawyers: 10 Top Firms for Injury

SYDNEY — With rising road accidents, workplace injuries and public liability claims in New South Wales, Sydney residents seeking compensation increasingly turn to specialist personal injury lawyers who operate on a no win, no fee basis to secure maximum payouts for medical costs, lost income and pain and suffering.

Best Sydney Personal Injury Lawyers: 10 Top Firms for Injury
Best Sydney Personal Injury Lawyers: 10 Top Firms for Injury Claims in 2026

Personal injury law in NSW covers motor vehicle accidents under the CTP scheme, workers compensation through icare, medical negligence, public liability slips and falls, and institutional abuse claims. Lawyers must navigate complex statutory schemes with strict time limits, making experienced representation essential for successful outcomes.

Here are 10 of the strongest personal injury law firms and lawyers in Sydney for 2026, drawn from peer-reviewed directories such as Best Lawyers and Best Law Firms Australia, Doyles Guide rankings voted by defendant solicitors, client choice awards, Google reviews and independent editorial lists. Selections emphasize plaintiff-focused practices with strong track records in compensation claims.

  1. Maurice Blackburn Lawyers One of Australia’s largest plaintiff firms with a robust Sydney team, Maurice Blackburn handles motor accidents, workplace injuries and medical negligence. Known for its scale, resources and no win, no fee model, the firm has earned consistent recognition for protecting injured clients’ rights since 1919.
  2. BPC Lawyers (Beilby Poulden Costello) Ranked Tier 1 in Sydney for personal injury litigation by Best Law Firms 2026 and frequently topping Doyles Guide categories for work injury, motor vehicle and public liability claims. Lawyers such as Mark Nelson and Scott Hall-Johnston receive pre-eminent recognition from insurance-side peers for strong advocacy and results.
  3. Garling and Co Winner of Best Personal Injury Law Firm in the Client Choice Awards for multiple years, including 2025, with Matthew Garling holding accreditation as a specialist in personal injury law. The firm earns high Google ratings for client service and no win, no fee arrangements on compensation matters.
  4. Law Partners Multiple-time Personal Injury Law Firm of the Year recipient in Global Law Experts and Lawyer Monthly awards. Specialists such as Chantille Khoury feature prominently in Doyles Guide for work injury claims. The firm focuses exclusively on personal injury with zero upfront fees.
  5. Slater and Gordon A national leader in personal injury with dedicated Sydney offices offering no win, no fee services for catastrophic injuries, workplace claims and public liability. The firm emphasizes client support and has a long history of landmark compensation outcomes.
  6. Shine Lawyers National firm with a strong Sydney presence specializing in catastrophic injuries, medical negligence and public liability. Shine provides no win, no fee representation and focuses on achieving life-changing results for seriously injured clients.
  7. Turner Freeman Lawyers Long-established plaintiff firm serving Sydney with expertise across compensation claims. Recognized in Doyles Guide and known for thorough case preparation and maximizing client entitlements under NSW schemes.
  8. Stacks Goudkamp Dedicated no win, no fee personal injury lawyers with over 40 years’ experience in NSW. The firm builds a reputation for compassionate service and fighting for injured Australians in motor, work and public liability matters.
  9. Taylor & Scott Lawyers Operating since 1905, this firm highlights its focus on high-quality representation to maximize compensation for serious injuries. It offers free claim checks and no win, no fee options for eligible personal injury cases.
  10. Monaco Solicitors Award-winning firm voted Compensation Law Firm of the Year by Global Law Experts, with high Google ratings. Monaco handles workers compensation, motor accidents and other injury claims on a no win, no fee basis with a 25-year track record.

Other frequently mentioned firms include Gerard Malouf & Partners for claimant-focused advocacy, Firths Compensation Lawyers for strong client testimonials, and Jameson Law, which received APAC recognition as Best Personal Injury Law Firm Australia 2026.

Choosing the Right Lawyer in Sydney

Sydney personal injury cases often involve statutory benefits under the Motor Accidents Injuries Act, Workers Compensation Act or Civil Liability Act. Top lawyers help clients understand entitlements, gather evidence, negotiate with insurers and litigate when necessary in the Personal Injury Commission or courts.

Most leading firms offer free initial consultations and no win, no fee agreements, meaning clients pay legal fees only from a successful settlement or judgment. However, disbursements such as medical reports may still apply in some cases, so clarifying terms upfront remains important.

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Accredited specialists in personal injury law, recognized by the Law Society of NSW, bring additional expertise. Peer rankings like Doyles Guide, which surveys defendant lawyers, and Best Lawyers, based on peer review, provide objective indicators of capability alongside client feedback.

Market Context for Injury Claims

NSW recorded steady volumes of CTP and workers compensation claims in recent years, with common injuries including whiplash, fractures, spinal damage and psychological conditions. Rising medical costs and inflation have increased average settlement values, making skilled negotiation critical.

The 2026 legal landscape features ongoing reforms to compensation schemes, requiring lawyers to stay current with legislative changes affecting thresholds, benefits and dispute resolution processes.

For victims of institutional abuse or medical negligence, specialist teams can access additional support pathways and longer time limits in some cases.

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Risks and Considerations

Not all claims succeed, and outcomes depend on evidence of negligence or fault, injury severity and compliance with time limits — generally three years for many claims, with shorter periods for CTP matters.

Clients should verify a firm’s focus on plaintiff work rather than defendant insurance defense. Reading recent Google reviews, checking awards and confirming no win, no fee terms in writing help avoid surprises.

Those with complex cases involving multiple injuries, long-term disability or disputed liability benefit most from firms with litigation experience and medical expert networks.

Outlook for Injured Sydney Residents

Demand for quality personal injury representation is expected to remain strong in 2026 amid population growth and urban activity in Greater Sydney. Firms investing in client service, technology for case management and specialist accreditation are positioned to deliver better outcomes.

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Injured individuals should act promptly after an accident to preserve evidence and meet deadlines. A free claim assessment from a reputable firm can clarify eligibility without obligation.

While no lawyer can guarantee results, selecting from highly ranked practices with proven plaintiff expertise and strong client satisfaction increases the likelihood of fair compensation.

Sydney residents seeking help should contact multiple firms for comparisons, ask about specific experience with their injury type and review fee agreements carefully. Professional legal advice tailored to individual circumstances remains the most reliable path to protecting rights after an injury.

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Manchester’s Rosmara plans 150 apartments in Liverpool’s Pumpfields regeneration zone

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Officers say ‘redevelopment is expected to act as a catalyst for wider investment’

The Pumpfields site could be repurposed with 150 new apartments

The Pumpfields site could be repurposed with 150 new apartments

More than 150 new apartments could be built in a 10-storey block on the edge of Liverpool city centre. Proposals have been lodged with the city council for a new development in the Pumpfields area on a prominent, long-vacant brownfield site at Vauxhall Road, Paul Street and Oriel Street.

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Originally part of a mixed-use but predominantly light-industrial area, following post-war slum clearance, the remaining and more recent warehouses still commemorate the area’s industrial character, to which sporadic car sales, car parking and student housing have been added. Now, with a masterplan being put together for the area, a design has been lodged with the local authority by Manchester-based Rosmara Development Group.

The application seeks full planning permission for a 10-storey residential-led development comprising 158 apartments, intended for private sale, and a ground floor commercial unit. The proposed development, which would contain no housing considered to be affordable, would front Vauxhall Road, where it would include a colonnade and where the main pedestrian accesses would be located.

The scheme would include a communal rooftop open space as well as a residents’ lounge and gym at ground floor level. Also on the ground floor, internal residential and commercial waste storage and secure cycle storage are proposed with access from Oriel Street and Paul Street through a gated, enclosed courtyard.

A five-space car park is proposed, which includes one accessible parking bay with electric vehicle (EV) charging as well as two other EV charging bays. The proposed dwellings comprise 78 one-bed one-person apartments and 72 two-bed three-person apartments as well as five two-bed three-person townhouses and three three-bed four-person townhouses.

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While the project has been recommended for approval by Liverpool Council planning officials, the scheme could fall short in terms of its financial contributions to the wider community. A report to go before the planning committee when it meets next week sets out how a financial viability appraisal concludes that the scheme, with no affordable housing, can viably support only £115,000 in contributions.

This would firstly pay towards statutory mitigation for recreational disturbance and highway-related obligations, with the remaining portion directed to affordable housing. However, the NHS has advised this would not be enough.

The report said: “There is not sufficient existing primary healthcare capacity locally to address demand generated by the development. Mitigation is therefore required in the form of a financial contribution of £156,251 towards the capital cost of delivering the additional primary care floorspace required to serve residents of the new development.”

The officers’ document added: “The site occupies a prominent gateway location and has remained unused for a substantial period. Its redevelopment is expected to act as a catalyst for wider investment envisaged by the emerging Pumpfields SPD.

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“The proposal will deliver high-quality, accessible new homes, activate the street frontage through commercial use, and support sustainable travel through substantial cycle parking and contributions to active travel improvements.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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How to make the most of your Lifetime Isa

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How to make the most of your Lifetime Isa

Martin Lewis explains that you can use your Lifetime ISA to buy with someone who has already bought.

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Petrofac deal cleared as HMRC drops challenge saving 2,000 North Sea jobs

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Petrofac deal cleared as HMRC drops challenge saving 2,000 North Sea jobs

More than 2,000 North Sea jobs have been safeguarded after HM Revenue & Customs agreed not to pursue further legal action against a restructuring deal involving Petrofac, clearing the way for the sale of its UK business to US engineering firm CB&I.

The decision removes a major obstacle that had threatened to derail the transaction and push Petrofac’s North Sea operations into insolvency, with potentially severe consequences for workers, supply chains and energy infrastructure.

HMRC had been seeking to recover more than £150 million from Petrofac relating to a long-running tax dispute, and had argued that the proposed debt restructuring was unfair because it would leave the tax authority with just £3 million, while other creditors stood to recover a greater proportion of their claims.

However, Scotland’s Court of Session rejected HMRC’s challenge earlier this month, and the tax authority has now confirmed it will not appeal that ruling. The move effectively clears the path for completion of the rescue deal, which is contingent on significant debt write-offs across the group.

Petrofac had warned that without swift resolution, its UK asset solutions division, which employs around 2,250 people and operates approximately 20 North Sea platforms, was at risk of running out of cash and collapsing.

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Such an outcome would likely have triggered emergency contingency measures to maintain offshore operations, potentially leading to a break-up of the business and significant job losses.

The company, once a FTSE 100 constituent, employs around 8,000 people globally and has been under sustained pressure in recent years, grappling with a combination of legal issues, project delays and financial strain.

The asset solutions division had continued trading after Petrofac entered administration in October, and a deal was agreed in December to sell the business to CB&I.

The transaction is seen as a viable route to preserve operations and employment, while providing a stable long-term owner for the business.

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Petrofac said it is now focused on completing the sale “as soon as possible”, describing CB&I as “an excellent fit” that offers a positive outcome for both the company and its workforce.

In his judgment, Lord Sandison criticised HMRC’s handling of the case, highlighting delays in pursuing the tax claim, which dates back to alleged avoidance issues between 1999 and 2014, allegations Petrofac denies.

The judge noted that the liability was not formally assessed until 2020 and was not scheduled for tribunal determination until 2025, describing the pace of enforcement as “very leisurely”.

He concluded that HMRC’s position in 2026 was due “at least as much to its own inaction” as to the restructuring itself, suggesting the dispute could have been resolved much earlier.

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The resolution of the case underscores the delicate balance between creditor rights and the need to preserve viable businesses and jobs in complex restructurings.

For the UK’s energy sector, the outcome is particularly significant. Petrofac’s North Sea operations play a critical role in maintaining offshore infrastructure, and disruption could have had wider implications for production and supply chains.

The case also highlights the challenges facing companies in the oil and gas services industry, which has been navigating a difficult period marked by regulatory scrutiny, shifting energy policies and financial pressures.

With the legal uncertainty now removed, attention will turn to finalising the sale and stabilising operations under new ownership.

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For workers and stakeholders, the decision represents a reprieve after months of uncertainty. For Petrofac, it marks a crucial step in its restructuring process.

And for policymakers and regulators, the case serves as a reminder of the importance of timely intervention, and the potential consequences when disputes drag on in critical sectors of the economy.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Concerns over ‘lucrative’ plan for Wirral homes as campaigners vow to keep up greenbelt fight

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Barratt Homes says scheme will provide jobs for people locally and provide new housing for ‘range of social and demographic groups’

The Heswall site that could be developed by Barratt Homes.

The Heswall site that could be developed by Barratt Homes(Image: Google Maps)

Hundreds of homes could be built next to a Wirral town where properties “aren’t actually affordable to the normal person”. The developer behind the plans has been accused of “testing the waters” over the “lucrative” site.

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Barratt Homes has approached Wirral Council to ask whether a environmental assessment is needed for plans to build up to 300 homes off Chester Road to the south of Heswall. The developer does not see this as necessary for any future planning application and said it has provided information to the local authority to back this up.

Documents put forward by the developer highlight the site’s “mature trees” as well as the site’s grassland and farmland used to grow cereal crops. However it said the application is not next “to an environmentally sensitive area” with low risk of flooding and surveys showed little evidence of wintering or breeding birds.

Barratt Homes said the plans will include cycle and footpaths, open space and play areas, as well as efforts made to protect existing trees and hedges. The plan would be for the homes to be built within six years if approved.

The developer does not consider the plans “to be out of scale” given its close location to Heswall. There are also plans to include affordable housing which would likely be sold at 20% of the market rate.

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Heswall is one of the wealthiest areas in Wirral with an average house price of £488,645. Detached houses in the area sell on average for £632,015.

The early stage plans have already prompted concerns in the Wirral town. Community organisation the Heswall Society already say they are against the plans.

Steve Anderson said their group’s position was “there should be no building on greenbelt land unless it’s necessary”. He said this was not the case in Wirral because of the council’s Local Plan which only includes development on brownfield land.

The Local Plan is a strategic document outlining where the council thinks developments should happen across the borough. Thousands of homes are included with a focus on regeneration in deprived areas such as Birkenhead, Seacombe and Bromborough.

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He said Barratt Homes really needed to answer why it was putting the plans forward, adding: “My guess is they are trying to test whether the council really does have a housing supply.

“As soon as there is any weakness there, the developers will want to develop on the green belt. It’s maybe testing the waters, I do not know.”

Mr Anderson feels work needs to be done to assess the environmental impact of any plans including potentially ancient trees on the site as well as heritage buildings nearby.

He added: “It’s certainly a very lucrative site for a builder. When they talk about building affordable houses, all the houses maybe meet the government definition of affordable but they aren’t actually affordable to the normal person.”

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The Barratt Homes application said the development would provide jobs for people locally and provide new housing for “a range of social and demographic groups” that would support the government’s aim to build 1.5m homes across the country.

The developer said: “The proposed development will help to tackle the ongoing housing crisis at a local level, although it is recognised that this is a national problem that the current government are desperate to resolve.”

It added: “There will be a limited number of people who will be affected by this proposal, mainly by landscape and visual impacts.” The site is also considered “relatively small and self-contained” and would be unlikely “to lead to the loss of a significant amount of additional green belt land beyond its boundaries”.

Barratt Homes was approached for comment.

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To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Volkswagen’s biggest investor increases defence focus after earnings slump

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Volkswagen’s biggest investor increases defence focus after earnings slump


Volkswagen’s biggest investor increases defence focus after earnings slump

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Next profits jump 15% but retailer warns Iran war could push up prices

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The high street giant faces £15m in costs from the Middle East conflict and warns prices may rise if disruption continues, as it announces Yorkshire warehouse expansion

A Next store

Next is developing a new warehouse near Wakefield

High street giant Next has revealed it will absorb a £15m blow from the surging air freight and fuel costs triggered by the Iran conflict, as it scrambles to identify savings elsewhere to counterbalance the expenses.

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The FTSE 100 retailer said it anticipates the conflict will restrict its expansion in the Middle East, which represents six per cent of its turnover, and will affect costs, pricing and consumer demand throughout the entire business.

Next recorded £1.2bn in pre-tax profit for the year to January 2026, an increase of 15 per cent from the previous year, as sales climbed 11 per cent to £7bn.

The retailer stated it has factored in £15m – offset by savings elsewhere – on the assumption that disruption from the Middle East conflict continues for three months. However, it cautioned that prices would need to rise if the hostilities persisted any longer, as reported by City AM.

The firm stated: “At this point, the longer term implications of the conflict are uncertain, and NEXT is not well placed to make predictions. “

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“Much will depend on how long the conflict persists, and how much permanent damage is done to the world’s energy infrastructure.”

The company reports the conflict is already damaging its sales, attributing its shortfall against its 16.5 per cent international sales growth guidance to disruption in the Middle East.

Sales in the Middle East will remain below projections for at least the remainder of the first half of the year, Next indicated.

The retailer experienced £75m in cost increases over the past year, with national insurance and wage rises, higher interest costs and an increased marketing spend contributing to the £15m impact from the Middle East conflict.

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Next said it achieved £57m in savings last year, including £39m from returning employee bonuses to standard levels.

The firm’s profit from its retail stores fell five per cent to £193m despite rising sales (up 2.4 per cent), which the company attributed to increased employment costs.

Retail leaders have warned the rise in national insurance contributions and minimum wage levels is placing pressure on recruitment, as bosses prepare for additional costs when Labour’s workers’ rights reforms take effect this year.

Next said its overall profit growth was partly driven by expansion of its international business, with global sales increasing 35 per cent – significantly faster than the UK’s seven per cent.

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While many retail giants rush to incorporate AI-powered shopping into their systems, Next has said it will not develop a central artificial intelligence function.

The firm said: “The benefits AI can bring to software development, range development, customer service and warehouse operations are so varied, and their challenges so different, that generic advice from a central function would be little more use than a central Spreadsheet Department.”

The retailer stated that its investment in fresh and recently-acquired brands is fuelling growth, and announced it has received planning permission for a 1.2m sq foot warehouse in Elmsall, Wakefield, which it believes could contribute £2.5bn to UK sales.

In January, Next acquired high-street footwear retailer Russell & Bromley, adding to recent purchases including vintage-inspired retailer Cath Kidston and clothing brand Joules.

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Next’s chairman, Michael Roney, revealed his contract has been extended by the board, as he announced the departure of two board members: Jane Shields and Jonathan Bewes.

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Family offices make opportunistic bets on real estate

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Family offices make opportunistic bets on real estate

Colorful epic aerial panorama of San Francisco skyline downtown with business building skyscraper and waterfront at twilight in California, USA.

Prasit Photo | Moment | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

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Private investment firms of the ultra wealthy are snapping up domestic real estate as the market’s recovery continues to stall, family-office investors told Inside Wealth.

While persistently high interest rates and geopolitical conflicts have many investors sitting on the sidelines, family offices can afford to make opportunistic bets as they invest for the long haul.

Travis King, CEO of Realm, said the collective of some 100 families has invested about $100 million in Northern California real estate in the past six months. Realm has seized on bargains, such as buying an office property in San Francisco at about 21% of what it last traded for and what it could cost to build it today.

“We looked at it said, ‘Hey, San Francisco has been beaten up, but we believe that tech is going to continue to be a very robust environment, and we continue to believe that that’s going to be the main driver of the U.S. economy going forward. We don’t think San Francisco is going anywhere,’” he said. “It seems like that call is accurate, based on the fact that we’re now trading paper on either leases or purchase and sale agreements on several of these properties.”

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King said some families are nervous about deploying their money during these turbulent times, but that more are interested in taking advantage of low valuations.

“It’s a difficult time to live through, just as a citizen, but it’s an interesting time as an investor, because that’s the time that makes it the best pricing,” he said.

Matthew Cohen, partner at Declaration Partners, the investment firm anchored by Carlyle billionaire David Rubenstein’s family office, said the firm’s long investment horizon allows it to seize opportunities that traditional asset managers cannot.

Declaration Partners closed its second real estate investing fund in October, raising about $303 million. It has made a flurry of deals in recent months, such as inking a $50.1 million master lease for three storefronts in New York City’s SoHo. While the tenants’ current rents are below market rates, Declaration Partners’ lease spans 25 years, with an option to extend to 2091.

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“A lot of institutional funds look at opportunities like that and say, ‘If I can’t execute a business plan in a year and a half or in two years or three years, that’s not quick enough,’” Cohen said. “It required somebody who had the longer-term perspective to say, ‘I’m willing to hold longer term to wait out the expirations of those leases,’ and the patience and flexibility to work with a private owner to come up with a structure that was mutually beneficial.”

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Family office surveys have indicated ambivalence toward real estate investing, but those in the U.S. have been more optimistic.

A J.P. Morgan Private Bank poll, released in February, found 35% of U.S. family offices planned to increase their exposure to real estate, while only 24% of their international peers said the same. A whopping 40% of respondents also reported no allocation to real estate.

However, family offices that cited inflation as the top risk to their portfolios reported an average 16.3% allocation to real estate, twice that of the general respondent pool.

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“Any time inflation becomes an issue, people start investing in things that they can see and touch,” said Cozen O’Connor real estate lawyer Jennifer Nellany.

Jason Ozur, CEO of wealth manager Lido Advisors, said that even with low acquisition prices, investors have to heed many factors, like leverage costs and rising insurance costs, to beat inflation. Lido Advisors has been able to invest in attractive multifamily properties at 20% to 30% discounts to replacement costs, he said. The firm is focused on major cities like Salt Lake City, Denver and Dallas, he added.

Ozur said cash flow and portfolio diversification are stronger draws for clients to invest in real estate. He also described real estate as a tax-efficient asset, citing strategies such as depreciation deductions and 1031 exchanges, which allow real estate investors to defer capital gains by reinvesting gains in a like-kind property. Clients can also gift real estate to their children at discounted values over time, he said.

As for data centers, the hottest asset class in commercial real estate, Nellany said family offices find it hard to invest at attractive price points. She also said that some family offices, especially those with a philanthropic bent, are concerned about the environmental impact of data centers.

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Real estate investor Chaz Lazarian is doubling down on office real estate, often considered the least attractive area of commercial real estate, through his firm, Elle Family Office.

Lazarian said he snaps up distressed assets at severe discounts. He said he acquired the former Home Depot headquarters building in Atlanta and its debt for about $21 million, paying about 18 cents on the dollar when he acquired it in October compared with what its private equity owner paid in 2019.

While that property has been kept as an office building, he has razed others to build multifamily housing. Unlike many family office principals, Lazarian does not invest for the long term, aiming to flip properties in two to three years.

“I think generational wealth can be created by taking some risks,” he said. “This opportunity didn’t exist in 2007, 2008, and we just want to rinse and repeat as many times as we can until the market dries up.”

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