Bosses are hoping to grow sales in the Middle East

Sealing products specialist Sealprem has secured a seven-figure funding packaging to help it achieve international growth.

The Park Farm Road business, which supplies the construction and DIY markets, hopes the funding from HSBC can accelerate its plans. It will give capital to Sealprem and its private equity owner Red Coast Industries to pursue organic growth as well as merger and acquisition opportunities and joint venture strategies.

At the same time, Sealprem is also developing its e-commerce capabilities. With the backing of Red Coast, the firm has ambitions to grow sales in the Middle East, particularly Saudi Arabia and the UAE, and customers that operate between there and the UK.

New jobs are expected to be created at the firm, which was founded in 1994 and is now a top manufacturer of foam fillers and a supplier of core sealing products. Red Coast was founded by Omar and Yossuf AlBanawi having been spun off in 2022 from family run investment group Banvest.

It focuses on acquiring lower-middle-market businesses in the building materials sector, with a particular focus on industrial roofing and cladding. Red Coast acquired Sealprem in 2023.

Omar AlBanawi, director of Red Coast Industries, said: “ Securing funding with HSBC UK marks an important milestone for Sealprem, as we expand our offering into a broader one-stop-shop solution for the industrial building envelope sector. This new banking partnership provides us with a supportive long-term funding structure, greater operational flexibility, and a relationship that is aligned with our international growth ambitions.”

Andy Gray, relationship manager at HSBC UK, added: “With strengthened financial footing, Sealprem will be able to continue investing in product innovation, stock availability and customer service. The business is well positioned to accelerate growth across its core manufacturing business, expanding its distribution capabilities and further developing its e-commerce channel. As these offerings expand, the business is well set to serve customers more efficiently across the UK.”

Hard-working Americans could soon face another blow at the checkout counter.

Retail giant Walmart issued a warning Thursday after its Q1 earnings report, signaling that rising fuel costs could soon hit consumers at the checkout counter as seasonal tax-refund boosts dry up and inflation outpaces wages for the first time in years.

“I think higher tax returns muted some of the pressure related to higher fuel prices and as we’re in a period of time right now where those tax refunds are largely not coming in, I think consumers are going to feel more of that pressure from higher fuel prices,” Walmart CFO John David Rainey told CNBC.

Rainey said Walmart leadership is closely monitoring the economic headwinds: “It’s something that we’re keeping a close eye on.”

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During Thursday morning’s earnings call, Rainey also highlighted a widening gap between income groups, noting that while wealthier households are “spending with confidence [in] many categories,” lower-income Americans are becoming increasingly “more budget conscious” as they find themselves “navigating financial distress.”

Customers shop at a Walmart store on May 13, 2026, in Chicago. (Getty Images)

High inflation has created financial pressure in recent years for many U.S. households, which are paying more for everyday necessities like food and rent. Price increases are particularly difficult for lower-income Americans because they tend to spend more of their paychecks on necessities and have less flexibility to save.

Energy prices rose 3.8% in April amid disruptions to Middle Eastern oil supplies tied to the Iran conflict, with prices up 17.9% over the past year. Gasoline prices increased 5.4% in April and are up 28.4% from a year ago.

April’s 3.8% inflation rate marked the highest level in three years and the first time since 2023 that prices have outpaced wage growth.

Despite affordability pressures, Walmart reported strong top-line revenue numbers, with total first-quarter revenue climbing 7.3% to $177.8 billion. However, that growth fell below analyst expectations.

Walmart’s position comes amid broader changes in the retail landscape, where major companies are navigating shifting consumer loyalties, corporate transitions and political pushback.

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Amazon has surpassed Walmart as the world’s largest company by revenue, while competitor Target reported net sales growth of more than 6% compared to the previous year.

Walmart declined Fox News Digital’s request for additional comment.

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FOX Business’ Eric Revell contributed to this report.

The parent company of Mamaearth reported its highest-ever quarterly revenue of Rs 682 crore in Q4 FY26, registering a growth of 28% YoY.

The company said EBITDA for the quarter stood at Rs 77 crore, also its highest-ever quarterly operating profit. Profit after tax for the quarter came in at Rs 69 crore, more than doubling compared with the corresponding period last year.

Honasa Consumer said FY26 marked its third consecutive quarter of more than 20% growth. For the full financial year FY26, the company reported annual profit after tax of Rs 200 crore. The board also approved the company’s maiden final dividend of Rs 3 per equity share. According to the company, the dividend payout amounts to 51.2% of FY26 standalone profit after tax, subject to shareholder approval at the annual general meeting.

Chairman and CEO Varun Alagh said the company spent FY26 strengthening execution across core categories and improving offline distribution capabilities. “Over the last few quarters, we stayed sharply focused on improving execution across our focus categories, strengthening product superiority, scaling hero products and rebuilding momentum in offline distribution,” Alagh said. He added that investments in AI-led content systems, research and development, product innovation and distribution infrastructure were beginning to reflect in stronger execution quality across the organisation.

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The company said Mamaearth continued gaining market share across key categories during the quarter, according to NielsenIQ data. Its hero stock keeping units grew more than two times faster than the broader brand portfolio, supported by products including Ubtan Face Wash and Onion Shampoo. The company also highlighted traction in newer launches such as Rice Face Wash and Rosemary Anti-Hair Fall Shampoo.
Honasa Consumer said its offline distribution network expanded significantly during the year. The company billed more than 1.2 lakh outlets directly through distributors during FY26 as it strengthened its offline ecosystem. Its younger brands also maintained strong momentum, growing more than 40% YoY during FY26 across both online and offline channels.Its Derma Co brand continued to report strong growth while maintaining a double-digit EBITDA profile. Honasa said its focus categories grew more than 35% during the year, with growth visible across all key channels. The company also highlighted the performance of recently acquired men’s grooming brand Reginald Men. In its first quarter of consolidation, Reginald Men crossed an annual revenue run-rate of more than Rs 100 crore while doubling its revenue year-on-year.

Honasa Consumer operates a portfolio of digital-first beauty and personal care brands including Mamaearth, The Derma Co., Aqualogica, Dr. Sheth’s, BBlunt and Staze Beauty. The company has increasingly focused on improving profitability and execution after facing investor concerns around slowing growth and rising competitive intensity in the direct-to-consumer beauty segment over the past year.

The law firm is currently operating from temporary office space in the city

Law firm Knights have confirmed its new permanent office location in Cardiff. The expanding firm launched its first office in Wales last summer when it took temporary office space for 20 staff at Brunel House in the city.

It has now agreed a lease to take space at the One Central Square office building which forms part of the wider Central Square mixed-use development scheme around Cardiff Central Station.

The new office has capacity for more than 50 professionals when the firm moves into its new location this summer, with potential to house more.

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James Christacos, regional client services director at Knights, said:“Cardiff has been an exceptional addition to our business. In a short period of time we’ve built real momentum, have brought together an outstanding team and we are seeing strong demand from clients who want high-quality professional advice delivered with a modern, commercial approach.

“One Central Square is a perfect fit for our business and our people. It gives us the space, facilities and visibility to continue building – strengthening our capabilities, continuing to attract ambitious professionals, and delivering an even broader range of services for clients across South Wales and beyond.

“We are focused on being the legal and professional services business clients choose wherever they are in the UK, and this move significantly enhances our presence and ambition in Wales.”

Knights’ Cardiff team includes specialists in dispute resolution, corporate, real estate, banking, private client, family, property litigation and construction, with more professionals joining in the coming months.

The continued expansion in Cardiff is supported by strong performance across the wider business, with a financial update released yesterday showing an expected 28% year-on-year revenue increase to £207m and profits up 18% to £33m.

Kathryn Cripps, head of asset management at Knight Frank, which acted for the owner of One Central Square, Aerium,

“We are delighted to welcome Knights to One Central Square. The building has performed exceptionally well over the past year, underpinned by its prime city centre location, high quality specification and amenity offer, alongside a clear and well executed asset management and leasing strategy.

“Continued demand from high‑calibre occupiers highlights the strength of the building’s positioning within the Cardiff office market.”

CBRE acted for Knights on the letting deal.

Knights, which has its head office in Stoke-on-Trent, has a network of 32 offices. It employs 1,600, of which 1,350 are lawyers.

EXCLUSIVE: Rep. Nick Begich, R-Alaska, is unveiling the American Reserve Modernization Act to establish a U.S. strategic bitcoin reserve in an attempt to diversify America’s reserves balance sheet.

This bill, which is receiving bipartisan support, would establish the reserve within the Treasury Department with a separate digital asset stockpile for federally held digital assets different from bitcoin. Begich told FOX Business that bitcoin draws similarities to gold in the crypto asset class.

“When you look at gold, it is the dominant precious metal reserve,” Begich said. “When you look at bitcoin, it represents about 60% of all market cap for the entire crypto space. So the market has decided, in the case of gold and in the case of bitcoin, that this will be the predominant store of value within that asset class.”

Rep. Nick Begich, R-Alaska, speaks during a news conference with House Republican leadership in the Capitol Visitor Center on Nov. 18, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

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In March 2025, President Donald Trump signed an executive order to establish a strategic bitcoin reserve, but it’s not yet fully operational. The Trump administration has been working on establishing a reserve with the hope that the U.S. will claim global dominance in crypto.

In the past, Trump shared his belief in crypto.

“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself,” Trump said at the signing of the Genius Act in July 2025.

TRUMP CREATES STRATEGIC BITCOIN RESERVE, OTHER CRYPTOCURRENCIES TO BE USED IN STOCKPILE

Over the past month, the Treasury Department launched Operation Economic Fury to obstruct Iran’s revenue streams and pressure its financial systems, as the fragile ceasefire between the U.S. and Iran continues. As of late April, the Treasury Department announced it had seized nearly $500 million in Iranian cryptocurrency assets.

However, Rep. Pat Harrigan, R-N.C., who is one of more than a dozen co-sponsors of the bill, says the U.S. needs to find out how to manage previously seized bitcoin.

“The United States government already holds billions in seized bitcoin with no coherent strategy for managing it, and that needs to change,” Harrigan said.

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This comes as the Senate Banking Committee passed the Clarity Act with bipartisan support in a 15-9 vote to send the bill to the Senate floor. Sen. Cynthia Lummis, R-Wyo., says this could be voted on by the middle of June, but adds that it is “probably pretty optimistic.”

Senator Cynthia Lummis, a Republican from Wyoming, speaks during the Bitcoin 2021 conference in Miami, Florida. (Getty Images)

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Begich hopes the U.S. will hold about 5%, or about 1 million coins, of the world’s bitcoin in the reserve. This would be roughly equivalent to what the U.S. government currently holds in gold.