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Miniso earnings on deck as IP-driven expansion tests margins

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Berkshire Taylor Morrison bet suggests housing market has bottomed

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Berkshire Taylor Morrison bet suggests housing market has bottomed
Taylor Morrison CEO says Berkshire Hathaway deal marks ‘a very exciting time’ for the company

The announcement of a megadeal between Berkshire Hathaway and top 10, publicly traded homebuilder Taylor Morrison Home came as a surprise to most in the industry. The consensus, however, is that it makes perfect sense and may signal optimism in a currently beleaguered housing market.

Berkshire Hathaway agreed Sunday to acquire the nation’s sixth-largest publicly traded builder in a $6.8 billion deal. The offer represents a 24% premium to the homebuilder’s closing price on May 29 and values the company at about $8.5 billion, including debt.

It comes at a time when the U.S. housing market is struggling under higher and volatile mortgage rates as well as higher costs for construction and weaker consumer confidence. The war with Iran has also dealt a blow to the housing market.

Taylor Morrison put out a somewhat aggressive, multiyear growth plan just about 15 months ago.

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“We’ve certainly seen some shifts in the market, so the targets we put out, we stand behind. The timing certainly might have been at risk,” said Sheryl Palmer, CEO of Taylor Morrison, in an interview with CNBC’s “Squawk on the Street” Monday. “I think one of the things we’re so excited about is homebuilding runs in 5-, 7-, 10-year cycles. Berkshire thinks in probably 7-, 10-[year] and longer cycles. That alignment is very rare.”

It’s that longer-term horizon that most analysts say is why the time is right for a deal.

“What it says is that very sophisticated buyers think the valuations have bottomed,” said Margaret Whelan, founder and CEO of Whelan Advisory, which specializes in homebuilder M&A. “I assume sophisticated buyers would wait and buy later or pay less if they thought the market was still going down.”

Stock values anticipate fundamental turns, Whelan explained, “so that means that the housing market itself is probably starting to bottom here soon, which is good, because I don’t think anyone really knew that when we don’t know what’s going on with the rates.”

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John Burns, founder and CEO of John Burns Research and Consulting, noted the outlook for the housing market over the next few years isn’t bright, and stocks have been punished as a result.

“But long-term thinkers like Berkshire Hathaway and the Japanese companies are seeing that as a platform to buy great companies for the long term, and it’s really that simple,” Burns said.

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U.S. homebuilders have recently been the target of Japanese buyers. Sumitomo Forestry just closed on a $4.5 billion deal to purchase Tri Pointe Homes. All told, Japanese companies now own 33 homebuilders that operate in the U.S.  

“Many [homebuilder] stocks are valued at or below book value right now because of the short-term outlook for the industry, which is exactly the time that long-term oriented investors can find great bargains,” Burns said.

Dream Finders Homes recently tried to acquire Beazer Homes for roughly $704 million, but Beazer’s board rejected the bid, saying in a release that it “significantly undervalued” the company.

Berkshire is buying in before the housing market mounts an expected recovery.

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Sales of newly built homes were 11.3% lower in April year over year, according to a government reading. Both single-family housing starts and building permits were also lower annually. Homebuilder sentiment has been stuck in negative territory for the past two years, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

“Maybe that means it’s going to bounce along the bottom for two years. I doubt it. I think we have pent-up demand,” Whelan said, adding that she expects the war with Iran to be over by next spring. “I think we’ll be ready for it in ’27, so buying six months early is not that much of a stretch for a company like that.”

Correction: This article has been updated to correct the name of John Burns Research and Consulting.

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Bristol to boost trade links with China as city marks 25 years of twinning with Guangzhou

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The cities were twinned in 2001 and recently celebrated their economic and business ties

A delegation from Guangzhou visited Bristol as part of celebrations to mark 25 years since the two cities were twinned

A delegation from Guangzhou visited Bristol as part of celebrations to mark 25 years since the two cities were twinned(Image: Bristol & West of England China Bureau)

Bristol is planning to bolster its trading relationship with China’s Guangzhou as the two cities mark 25 years of twinning. A delegation from the Chinese port city, which is based to the north west of Hong Kong on the bank of the Pearl River, visited the West of England to celebrate the economic ties between the two locations.

The five-strong group from Guangzhou’s municipal government spent three days in London before travelling to Bristol to meet members of the city’s business, political and academic community.

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Also present was Peter Insole, principal historic environment officer and urban design team manager at Bristol City Council, who created the Bristol history mapping resource Know Your Place.

The visit – organised by Bristol & West of England China Bureau – involved visits to the Clifton Suspension Bridge; Ashton Court; Wong’s Restaurant, on Denmark Street; and the Guangzhou Garden at the University of Bristol’s Botanic Garden.

During the visit, Wen Yanji, deputy secretary-general of Guangzhou municipal government, proposed increased cooperation with Bristol across economic and trade activity, education and urban governance.

“This year marks the 25th anniversary of the sister-city relationship between Guangzhou and Bristol,” he said.

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“Over the past quarter of a century, our two cities have advanced hand in hand, witnessed each other’s development and forged a deep and enduring friendship.

“From trade and business to people-to-people exchanges, from educational cooperation to urban governance, our collaboration has delivered fruitful results and stands as a fine example of local cooperation between China and the UK.”

Councillor Yassin Mohamud, Lord Mayor of Bristol, said: “As we mark this anniversary year, we do so with pride in what we have achieved together, and with confidence in what the future holds.

“Bristol values its friendship with Guangzhou deeply, and we look forward to continuing this partnership for many years to come.”

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Dianne Francombe, chief executive of Bristol & West of England China Bureau, added: “We look forward to the next 25 years of engagement with Guangzhou and our partners in the Greater Bay area.”

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PepsiCo debuts protein popcorn

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PepsiCo debuts protein popcorn

PopCorners Protein features 9 grams of protein per serving.

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Huge Cheshire countryside housing scheme is narrowly approved

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Project was called ‘recipe for disaster’ by local councillor

Illustrative masterplan of how the Wistaston 660-home scheme could look

An illustrative masterplan of how the Wistaston 660-home scheme could look(Image: Turley, from planning documents)

Controversial plans to build 660 homes and a 60-bed care home in the open countryside at Wistaston have been narrowly approved despite being branded ‘a recipe for disaster’ by a ward councillor.

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The development, which also includes a neighbourhood centre, is earmarked for a 44-hectare site to the east of Middlewich Road and will be accessed by a new three-arm roundabout on Wistaston Green Road.

About 120 residents objected to the proposal and were backed at yesterday’s (Wednesday) strategic planning board meeting (SPB) by ward councillors Margaret Simon (Con) and Alan Coiley (Lab) as visiting members.

Cllr Simon told the meeting: “660 homes accessed from a new roundabout on an already over-used, narrow country land which is prone to flooding is a recipe for disaster.”

She added: “Because of its location this development would not, as stated [by the applicant] enhance the regeneration of Crewe, its new residents would gravitate towards Nantwich for both schools and shopping.”

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Cllr Coiley raised concerns about highways, including the need to reduce the speed limit to 20mph, the impact on wildlife and the need for any money from the developer to be spent in Wistaston.

David Diggle, the planning agent representing The Harworth Group, told the SPB: “Cheshire East currently has a significant shortfall in deliverable housing land, and this creates an urgent need to approve sustainable housing proposals now.”

He said the scheme included 198 affordable homes, significant highways and active travel improvements and more than 20 hectares of green infrastructure.

But his later response to questions about sustainability left Crewe councillor Marilyn Houston ‘flabbergasted’.

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She asked what research had been done to suggest people in the new development on the edge of Wistaston and close to Nantwich would go to Crewe.

“On what planet would anybody think that someone would rent a bike and cycle to Crewe?” she asked.

Cllr Houston (Lab) also raised highways concerns saying: “I think that the access is going to be very, very problematic.

“I’m even minded to defer, if it possibly could be, to look at the build-up of traffic on Wistaston Green Road, and the very obvious need for a widening of that road.”

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Cllr Margaret Simon, Wistaston, Conservative

Wistaston councillor Margaret Simon (Image: Local Democracy Reporting Service)

But the Crewe councillor said because the council doesn’t have a five-year housing land supply ‘it is very difficult for us to look at opposing an application like this’.

“I think previously we would have wanted to, because of the green gap and the loss of agricultural land etc, so I find myself in a very difficult situation,” she said.

Prestbury councillor Thelma Jackson (Con) said the development shouldn’t be built on farmland, ‘which is so important to our lives’.

She added: “There are so many brownfield sites that need doing, but it’s more expensive, so they don’t do it. It’s easier to dig a hole in a green field.”

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The application had been recommended for approval by planning officers, and head of planning David Malcolm said he sensed reluctance from councillors to move approval.

The application site for the 660-home development is fields east of Middlewich Road at Wistaston

The application site for the 660-home development is east of Middlewich Road, Wistaston(Image: Google/CEC planning docs)

“I appreciate the concerns… it’s really difficult for members, and residents particularly, who are having to endure these applications on their doorsteps, but government policy is absolutely clear at the moment, in terms of the drive for housing,” said Mr Malcolm.

Cllr Houston moved the outline application be approved, subject to conditions, and this was seconded by Crewe councillor Ben Wye (Lab).

The vote was tied, with four councillors voting for approval, four against and one abstaining.

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The application was approved on the casting vote of acting SPB chair, Cllr Garnet Marshall.

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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Nvidia Eats Intel's Lunch: Downgrade To Sell

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Nvidia Eats Intel's Lunch: Downgrade To Sell

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Union work stoppage threatens GM truck production

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Union work stoppage threatens GM truck production

Three Rivers, Michigan USA, 29 March 2026, Members of the United Auto Workers rally for better wages as contract negotiations begin with American Axle (aka Dauch Corp.).

Jim West | Universal Images Group | Getty Images

DETROIT – Nearly 1,000 workers at a Michigan supplier plant that makes parts for General Motors pickup trucks went on strike Monday after not reaching a new contract with the company.

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The United Auto Workers union on Monday confirmed workers at an axle and components plant in Three Rivers, Mich. for Dauch Corp. (formerly known as American Axle and Manufacturing) walked out of the factory and onto picket lines at 12:01 a.m. ET Monday.

The union did not release a full list of demands, but said in a press release Sunday night that workers are still trying to regain wages lost during the Great Recession.

“We’ll stay out on strike until this company comes to its senses,” UAW President Shawn Fain said during a Sunday video announcement. “The full force of the UAW international union will be standing with these workers. So, American Axle, time is up. No contract, no axles.”

The union said longtime workers who were making as much as $29 an hour saw their wages slashed to $14.50 in 2008. Current wages top out at $22 an hour after a five-year progression, the union said.

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A spokesman for Dauch in an emailed statement called the strike “disappointing.” He did not immediately respond to a question about bargaining details.

Three Rivers, Michigan USA, 29 March 2026, Members of the United Auto Workers rally for better wages as contract negotiations begin with American Axle (aka Dauch Corp.).

Jim West | Universal Images Group | Getty Images

“The company believes that the best outcomes for everyone – our associates, the union, and the company – are reached at the bargaining table.  We remain committed to negotiating with the union in good faith and hope to promptly reach a fair agreement,” the company statement read.

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A spokesman for GM said the automaker “is closely monitoring the situation” and “assessing any potential impact.” As of Monday, production at GM’s plants was operating as usual.

The impacted plant produces axles for GM’s Chevrolet Colorado and GMC Canyon midsize pickup trucks as well as its heavy-duty Chevrolet Silverado and GMC Sierra pickups. Other production includes smaller components for the Detroit automaker’s light-duty Silverado and Sierra pickups as well as parts of Stellantis’ Chrysler Pacifica minivan, a union spokesman confirmed.

Stellantis did not immediately respond to a request to comment.

Josh Jager, a 24-year American Axle employee and chairman of the bargaining committee for UAW Local 2093, which represents the striking workers, told the Wall Street Journal that GM appears to have about two weeks’ worth of axles in stock.

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Red Lobster to close Times Square flagship after more than 2 decades

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Red Lobster to close Times Square flagship after more than 2 decades

Red Lobster is closing its Times Square restaurant after more than two decades in one of the world’s busiest tourist destinations.

The restaurant, located at 5 Times Square, is scheduled to close June 14, ending a high-profile presence the seafood chain has maintained in the heart of Manhattan since 2003.

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“Times Square has been an important chapter in Red Lobster’s history, and this was a difficult decision,” the company said in a statement.

RED LOBSTER BRINGS BACK FAN-FAVORITE ‘ENDLESS SHRIMP’ DEAL IN LONG-AWAITED RETURN

Red Lobster said extensive and prolonged construction at the building has significantly impacted access, visibility and foot traffic at the restaurant. The company also cited the property’s planned conversion to residential use, saying continued operations at the location were no longer viable.

Red Lobster restaurant in Times Square

The Red Lobster restaurant in Times Square is scheduled to close on June 14. (Craig T Fruchtman/Getty Images)

“We are grateful to the team members and guests who have made this restaurant special over the years,” the company said.

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The closure comes as Red Lobster continues efforts to rebuild the business after emerging from Chapter 11 bankruptcy protection in 2024. The seafood chain filed for bankruptcy in May of that year after closing dozens of restaurants nationwide amid mounting financial pressures.

red lobster takeout nyc

The Red Lobster restaurant has been located in Times Square for more than 20 years. (Alexi Rosenfeld/Getty Images)

A bankruptcy court later approved the company’s reorganization plan, allowing Red Lobster to exit Chapter 11 under new ownership backed by Fortress Investment Group. At the time, the company said it would continue operating as an independent company with 544 locations across 44 states and four Canadian provinces.

RED LOBSTER CLEARED TO EXIT CHAPTER 11 BANKRUPTCY PROTECTION

As part of the restructuring, RL Investor Holdings LLC, an entity backed by Fortress Investment Group, acquired the company. Damola Adamolekun took over as CEO following the reorganization and has led efforts to revive the iconic seafood chain.

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Red Lobster has not indicated that the Times Square closure is part of a broader round of restaurant shutdowns. 

nyc pedestrians near red lobster

People walk through Times Square in New York City. (Craig T Fruchtman/Getty Images)

RED LOBSTER CONSIDERING MORE RESTAURANT CLOSURES, CEO SAYS

The Times Square restaurant has occupied a prominent corner location at 41st Street and Seventh Avenue since 2003, serving tourists and theatergoers visiting the area. 

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Red Lobster said all affected employees will be offered the opportunity to transfer to another company location and will receive additional pay to support them through the transition.

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Snowflake stock hits 52-week high at $280.72

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Snowflake stock hits 52-week high at $280.72

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Cardo Group expands with acquisition of Merthyr electrical and engineering firm EFS Systems

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Legal firm Knights advised Cardo on its latest acquisition

Cardiff-based building and maintenance contractor Cardo Group has further expanded with the acquisition of Merthyr electrical and engineering firm EFS Systems.

Legal firm Knights, through its Cardiff office, acted for Cardo on the deal, the value of which has not been disclosed.

EFS is an established contractor delivering commercial, industrial and renewable energy projects. Its capabilities include electrical design, installation, inspection, testing and maintenance, together with fire and security systems, data and networking, solar panels and electric vehicle charging solutions.

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The acquisition is strategically aligned with Cardo Group’s existing maintenance, compliance, retrofit and decarbonisation offering, while adding further capability in electrical services and energy-efficient technologies.

Liam Bevan CEO of Cardo Group.

Liam Bevan, chief executive of Cardo Group, said: “We’re really pleased to welcome the EFS Systems team into Cardo Group. Their track record of high-quality, people-focused services aligns closely with how we approach our work.

“Rob and the EFS Systems team have been trusted partners of mine for over 10 years, and we’ve worked closely with them on projects for a wide range of clients during that time.

“This acquisition strengthens our ability to deliver integrated services for our clients, while continuing to grow our presence in key regions. Just as importantly, it brings in a team with the right values and expertise to support our long-term ambitions.”

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A specialist team of legal advisors at regional legal and professional services business, Knights, advised Cardo Group on the acquisition. The multi-disciplinary team was led by corporate partner Emma Borrington, supported by Elizabeth Hill and Edmund Anya in corporate, Sarah Luxmoore in employment, Krystal Gibbins in real estate, Steve Webb in construction and Sarah Cardew in corporate tax.

Corporate partner with Knights, Emma Borrington, said:“We were delighted to support Cardo Group on this acquisition. EFS Systems is a well-regarded business with strong technical capability, and the transaction is closely aligned with Cardo’s strategic objectives.

“It has been a pleasure to work alongside Liam, Alex Crewe and the wider Cardo team on another important transaction, and to support the business as it continues to invest in complementary specialist capabilities.

“We wish everyone at Cardo Group and EFS Systems every success as they take this next step together.”

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Devon farming supply business Mole Valley returns to profit

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The company is turning its fortunes around after a ‘difficult’ period

Tractor in a field

Tractor in a field(Image: Leitenberger S/Andia/Universal Images Group via Getty Images)

A Devon-based agricultural supply business founded 66 years ago has returned to profit after two “difficult” years. Mole Valley Farmers was established in 1960 by a group of farmers in South Molton who joined together to form an agricultural buying group.

The company, which now employs more than 1,700 staff and has 9,000 farmer shareholders, sells a range of goods including livestock feed, animal health products and pet supplies direct to farmers and the general public online and in its 48 stores.

In its latest set of results filed on Companies House, Mole Valley Farmers reported turnover of £555.7m for the year ended September 2025 – marginally down from £558.8m a year earlier. But the business returned to a group operating profit of £500,000 – an improvement of some £5.8m on the year before.

“After two consecutive years of substantial losses, it is deeply encouraging to report a return to a modest level of operating profit,” chief executive Jack Cordery said in a statement.

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“This financial recovery, although only one step on a longer journey toward sustainable profitability, illustrates that the strategic adjustments implemented at every level of the organisation are taking effect.”

Mr Cordery said a “rigorous focus” on cost contral and operational efficiency had been central to Mole Valley’s performance over the last year.

“Following a period in which inflationary pressures, labour cost increases and volatile commodity markets created considerable headwinds, we undertook a comprehensive review of expenditure and internal processes.

“Through tighter financial discipline, improved stock management and targeted productivity measures, we have successfully reduced our operating cost base whilst maintaining strong service standards for farmer shareholders and customers.”

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In its financial report, Mole Valley said it had reduced its operating costs by £3.7m in “a climate of increasing inflationary pressures. It added that greater working capital and debt reduction had also allowed the business to mull investment opportunities.

The company said it was looking to make “significant investments” over the financial year at its mills at Huntworth and Dorchester.

“We have seen a considerable turnaround from the previous year, despite plenty of head winds,” said chair Stephen Bones.

“We are clear that there is still much to do to ensure real business stability and resilience.”

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He added: “In the current budget year, we are seeing sales and revenue growth and a continued focus on cost of sales. The business is now more resilient, better able to withstand external pressures and well positioned to invest in areas that support long-term value creation.”

Last year, Mole Valley Farmers agreed a deal with Plymouth port Cattedown Wharves, which saw it take over use of the quay-side storage facilities and collaborate to manage incoming cargoes.

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