The Bristol-headquartered business is looking to expand its range of products amid a decline in cigarette smoking
13:52, 27 May 2026Updated 14:02, 27 May 2026
Imperial Brands’ global HQ is in Bristol(Image: BAM Construction)
Cigarette maker Imperial Brands has acquired a US-based tobacco alternative business in a deal it said would boost its growth strategy. The Bristol-headquartered producer of Golden Virginia paid an initial consideration of $150m for Black Buffalo, it said on Wednesday, with an extra deferred sum based on performance over three years to be made at a later date.
Black Buffalo was established in 2015 and makes oral products such as pouches that aim to replicate the taste and ritual of traditional tobacco without using the leaf or stem.
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The Chicago-headquartered company uses a farm-to-can process and manufactures its products in North Carolina from US-grown barn-cured leafy greens, with nicotine and flavourings added.
Imperial said the US firm offered “a differentiated experience and appeals to different consumers” compared to Zone – its own US range of flavoured nicotine pouches.
Lukas Paravicini, chief executive of Imperial Brands, said: “This acquisition reflects our disciplined and focused approach to building a stronger next generation product portfolio in markets where we see attractive long-term growth opportunities. Black Buffalo is a strong, challenger brand with a highly differentiated proposition and complements our broader growth strategy.”
The Black Buffalo team join the Imperial Brands team as part of the transaction.
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Mark Hanson, co-founder and president of Black Buffalo, added: “Black Buffalo was built on innovation, deep consumer insights and a commitment to differentiated alternatives for adult consumers. We are excited about the opportunity with our new colleagues to combine our brand and product expertise with their scale, resources and commercial capabilities.”
Imperial Brands was advised on this transaction by Morgan Stanley, KPMG and White & Case. Black Buffalo was advised by Goldman Sachs and Paul, Weiss, Rifkind, Wharton & Garrison.
The announcement comes as Imperial looks to focus on tobacco-free and alternative products as smoking rates continue to decline. The company confirmed on Wednesday it remained “committed” to an ongoing multi-year share buyback programme.
Earlier in May, Imperial warned a protracted conflict in the Middle East could impact input costs and consumer demand, including duty free, but reiterated its guidance for the financial year.
The boss of Oxford University’s flagship spin-out fund has delivered a stinging verdict on the City’s biggest savers, accusing UK pension funds of being “way off the pace” when it comes to writing cheques for the country’s most promising technology businesses, despite successive governments promising to fix the problem.
Ed Bussey, chief executive of Oxford Science Enterprises (OSE), said reform efforts such as the Mansion House accord, under which seventeen of Britain’s largest workplace providers voluntarily pledged to put more of their members’ savings into private and high-growth companies, are simply not moving quickly enough to keep up with the pace at which Oxford-rooted businesses are scaling.
“Everyone’s diagnosed the problem, but the movement towards the solution is just way off the pace in terms of the speed at which we and others are building companies,” Bussey told Business Matters. “We’ve got companies with technology that should be thinking about $100 billion in terms of the scale of opportunity, and that’s reflected in the international capital — and particularly US capital — that is being attracted into these sorts of companies.”
A british problem with American fingerprints
The numbers tell their own story. Bussey said the vast majority of the £300 million in external capital raised by OSE’s portfolio companies last year came from American investors rather than domestic backers. Across the wider market, UK scale-ups now source as much as 80 per cent of their funding from overseas, according to figures from UK Private Capital, the trade body for the British private equity and venture industry.
“There’s nothing wrong with US money per se,” Bussey said. “But the share of UK money, particularly UK pension money, just needs to be dialled up about ten times. I think there’s a lack of understanding [within pension funds] of this space, of the opportunity, of the potential returns.”
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His frustration was sharpened by a recent conversation with a Gulf-based backer. “One of my Gulf investors said: ‘You are sitting on our equivalent of Gulf oil.’ But UK pension funds are largely missing in action from this opportunity. The rest of the world scratches its heads when they look at this.”
It is a complaint that will sound familiar to anyone who has tracked the growing chorus calling on Britain’s pension giants to back homegrown scale-ups before the upside is shipped offshore. For all the political enthusiasm around turning the UK into the “next Silicon Valley”, the capital that ultimately reaps the rewards of British science still tends to be raised in Boston, San Francisco or Abu Dhabi — not in Edinburgh or the Square Mile.
The Mansion House promise, and its critics
Both the previous Conservative administration and Sir Keir Starmer’s Labour government have made unlocking domestic pension capital a flagship policy. The 2023 Mansion House compact set a target of 5 per cent of default fund assets in private markets. Last summer, that ambition was doubled when seventeen workplace pension providers signed up to the Mansion House accord, formally announced by the Treasury, agreeing to allocate at least 10 per cent of their default funds to private assets by 2030, with at least half of that ringfenced for the UK, releasing an estimated £25 billion into the domestic economy.
Lord Vallance of Balham, the science minister, conceded the pace had been a source of impatience but insisted momentum was building. “Is it as fast as everyone wants? No. But it’s starting and I really believe that’s going to change quite rapidly,” he said.
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Critics, however, argue that without firmer incentives — or, more controversially, mandates, Britain’s defined contribution savers will continue to underwrite foreign infrastructure and foreign pensioners’ retirements rather than the domestic innovation economy. As Business Matters publisher Richard Alvin has previously argued, the UK’s real scale-up crisis is one of conviction as much as capital: a structural inability to back our own.
From lab bench to billion-pound business
Bussey’s broadside arrived alongside OSE’s latest annual report, which painted a far brighter picture of operational performance. Net asset value rose 17 per cent year-on-year to £1.26 billion, lifted by two landmark exits.
In September, IonQ’s $1.08 billion acquisition of quantum computing pioneer Oxford Ionics handed OSE its first unicorn exit. Before the year was out, the fund also completed the sale of cancer-drug discovery business Dark Blue Therapeutics to US biotech giant Amgen in a deal worth up to $840 million. Between them, the two transactions returned more than £283 million to OSE.
Bussey said further realisations were now firmly in view. “Within the next two to four years we’re going to hit a phase of regular realisations. We’ve proven that we can take science out of a lab and create a billion-pound company. What’s more exciting is now we’ve got line of sight to that happening on a consistent basis.”
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For Britain’s SME ecosystem, and the universities, investors and founders trying to turn world-class research into world-class companies, the question is whether the country’s own pension savers will own a meaningful slice of that upside, or whether, once again, the wealth created in British labs will end up funding retirements on the other side of the Atlantic.
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.
Jamie Dimon, CEO of JPMorgan Chase, speaks at the American Business Forum at the Kaseya Center in Miami on Nov. 6, 2025.
Chandan Khanna | AFP | Getty Images
JPMorgan Chase CEO Jamie Dimon said Wednesday that his bank could spend up to $20 billion on an acquisition in the coming years.
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A deal that size would be the largest of Dimon’s 20-year tenure atop JPMorgan and test regulators’ appetite for consolidation among the biggest U.S. banks.
“I do think there might be opportunities, and so we are on the lookout,” Dimon told analysts at a New York financial conference.
“There might be, in the next couple years, a chance to put $10 [billion] or $20 billion to work buying something,” Dimon said.
The comments came with caveats. Dimon framed acquisitions almost as a tool of last resort, not a growth strategy, and warned that bankers who lean too hard on dealmaking are often compensating for poor organic growth.
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“You sit around a lot of management meetings, the first thing they do when they’re not doing well in organic growth is they start to bulls–t about [mergers and acquisitions],” Dimon said. “I don’t want to hear about M&A … What are you doing to grow your business — sales, branches, tech, profits, products, services?”
Any takeover target, he said, would need to integrate cleanly into JPMorgan’s existing operations, fit the bank’s culture, and enhance core businesses rather than sit as a separate standalone unit.
“It can’t be just a pie-in-the-sky type of thing,” Dimon said.
JPMorgan has mostly grown organically in recent years, with the notable exception of its FDIC-assisted acquisition of First Republic Bank in 2023. It made a $10.6 billion payment to the regulator as part of that transaction.
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Under Dimon, the bank’s largest and most consequential M&A deals were mostly crisis-era acquisitions of regulated banks, including First Republic, Bear Stearns and the retail operations of Washington Mutual.
The Agency founder and CEO Mauricio Umansky discusses California’s proposed wealth tax and criticizes policies for failing the state on ‘The Bottom Line.’
Americans remain optimistic about the country’s ability to harness innovation and think it should be easier to build things in America, while they’re also skeptical about the government’s role in solving the issues confronting the nation, a new survey finds.
The findings of the Ronald Reagan Institute’s Reagan National Economic Survey, reviewed exclusively by FOX Business, showed that 65% of registered voters were optimistic about American-led innovation in areas like medicine, energy and artificial intelligence (AI) – including 81% of Republicans, 59% of Democrats and 57% of Independents.
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“Americans are really optimistic about our future, which isn’t something that you would get just by looking at the media and kind of day-to-day portrayals of where Americans are,” Dan Rothschild, director of the Center for Civics, Education, and Opportunity at the Reagan Institute, told FOX Business.
“Members of Gen Z in particular have a 50-point net positive rating on the ability of American science and technology to build a better future. For a generation that’s widely described as being pessimistic, I thought that was a really stark finding,” he added.
The Reagan National Economic Survey found that Americans think it’s generally too hard to build housing in their communities. (Joshua Lott/Bloomberg via Getty Images)
The survey asked Americans if they think it’s too hard, too easy or about right in terms of the difficulty of building housing, roads and highways, and factories in their communities – with respondents saying it’s generally either too hard or about right.
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In terms of housing, the survey found that 54% think it’s too hard to build homes versus 36% who said it’s about right, with 9% saying it’s too easy.
The share of voters saying the difficulty is about right for building new roads and highways (48%) narrowly outpaced those saying it’s too hard (44%), and was well above the 8% who said it’s too easy. A similar pattern played out for factories, with 45% saying the ease of building was about right, while 43% said it’s too hard and 11% said it’s too easy.
“I was positively impressed by how much Americans want to build,” Rothschild said. “The vast majority of Americans believe that it is either too hard to build one or more of those types of facilities or that it’s just about right. Nobody believes, effectively, that we’re building too much.”
The survey also asked Americans about their views of former President Ronald Reagan’s economic policies. (Diana Walker/Getty Images)
The survey also asked Americans about their views regarding former President Ronald Reagan’s economic policies as commander-in-chief, finding a strong plurality believes his policies were generally positive for the country. It found that 47% of respondents said Reagan’s policies were good for America, versus 31% who said they weren’t.
There was a notable partisan split on the question, with Republicans favoring Reagan’s policies good for the country by a 78% to 4% margin. Independents generally agreed, albeit by a smaller margin of 42% to 32%.
A majority of Democrats took the opposite view, with 52% saying his policies were bad for America and 24% saying they were good for the country.
“You’ve got a loud group, mostly online, saying that President Reagan’s economic projects were bad for America, that we need to reject so-called ‘zombie Reaganism.’ We find basically no data that there’s a group of Republicans and Republican-leaning voters that believe this,” Rothschild said.
Americans largely agree that Reagan’s statement that government is the problem, rather than a solution, is true today. (Getty Images)
Voters were also asked whether they agree with Reagan’s statement from his first inaugural address that, “In our present crisis, government is not the solution to our problem; government is the problem.”
The question found broad agreement among Americans, with 81% of registered voters saying they think that statement is true today. That figure includes 93% of Republicans, 82% of Independents and 69% of Democrats.
“It probably means different things to different respondents and different voters. But I take away from it that it’s a vote of confidence in the American people, in American business, in American civic society – and not a vote of confidence in politicians to fix what’s wrong with America,” Rothschild said.
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Indian stock market closed in the red, with benchmark indices Sensex and Nifty falling up to 0.2% as Iran-US tensions simmered and rupee declined. Broader markets however showed resilience, ending the session in the green.
Sensex declined 142 points to close at 75,868 while Nifty 50 fell 7 points to end the session at 23,907. This came even as India VIX, which measures volatility in markets fell 6% to 15.24.
HDFC Bank shares were the top losers on Sensex, falling nearly 3% after a report on an internal probe over Rs 45 crore interest payments spooked investors, although the bank rejected wrongdoing claims. ICICI Bank, ITC, Infosys, Hindustan Unilever and Tech Mahindra shares followed, closing with marginal losses. On the other hand, Power Grid shares gained nearly 3%. Zomato-parent Eternal, NTPC, Tata Steel, IndiGo and Maruti Suzuki shares followed, gaining up to 3%.
Nifty Midcap 100 index gained 0.5% while Nifty Smallcap 100 index rose 0.2%. Sectorally, Nifty Media and Nifty Metal gained around 3% and 2% respectively. Nifty Financial Services, Nifty Bank and few other indices meanwhile closed up to 1% lower. Around 1,535 stocks declined on NSE, while 1,772 advanced and 115 remained unchanged.
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US and Iran appear to be closing in on the much-awaited deal to end the war in the Middle East and open up the Strait of Hormuz, but tensions simmer after the US conducted strikes on Iran. Tehran on Tuesday said that the US had violated a ceasefire by striking targets near the contested Strait of Hormuz, potentially complicating efforts to bring the war to a close.
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Iran’s foreign ministry said US strikes in Iran’s southern Hormozgan province, where Iranian media reported sounds of explosions early on Tuesday, represented a “gross violation” of the ceasefire in place for nearly seven weeks. The US said its attacks were defensive in nature, targeting missile sites and boats attempting to lay mines. Israel meanwhile pounded Lebanon with more than 120 air strikes on Tuesday in one of the heaviest days of bombing in weeks, Lebanese security sources said. Iran has sought an end to Israeli attacks in Lebanon as part of any peace deal.Oil prices remained below the crucial $100 per barrel mark. Brent crude futures declined nearly 3% to trade at $97 per barrel, while WTI Crude futures also fell around 4% to trade at $90 per barrel.
Rupee ends unchanged Rupee ended the session almost unchanged, up 1 paise at 95.69 against US dollar. Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, highlighted that the sharp rise in oil prices seen yesterday after US’ strikes on Iran again increased pressure on the rupee due to concerns over India’s import bill and inflation outlook.
FII selling resumes Foreign investors remained net sellers of Indian equities on Tuesday, net selling shares worth Rs 2,408 crore on Dalal Street, according to provisional data on NSE. This came after FIIs net bought Indian shares worth more than Rs 2,115 crore on Monday, snapping a four-day long net selling streak.
Foreign investors have overall remained bearish on Indian markets so far in May, remaining net sellers of Indian equities for 12 out of 17 sessions.
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Global markets Asian markets remained mixed on Wednesday morning. South Korea’s Kospi jumped more than 2%, while Japan’s Nikkei gained over 0.5%. Hong Kong’s Hang Seng and China’s Shanghai Composite however fell more than 1% each.
Wall Street ended the previous session in the deep green, with the tech-heavy Nasdaq gaining more than 1%. Dow Jones futures are currently in the green with marginal gains, indicating a positive start for the American stock market later today.
European markets had delivered mixed performance yesterday, with France’s CAC and Germany’s DAX declining around 1% each, while UK’s FTSE closed slightly higher in the green. The markets are however in the deep green today. (With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times)
LONDON — Selena Gomez drew attention during a relaxed stroll through London, sharing a stylish Instagram carousel on May 26 that captured her off-duty moments while filming the sixth season of the hit Hulu series “Only Murders in the Building.” The actress showcased a daring ivory sleeveless backless top featuring a prominent oval cutout and delicate tie detail, paired with loose light-wash baggy jeans.
The post, which quickly gained traction among her global fanbase, highlighted Gomez’s easygoing summer style amid her busy filming schedule in the British capital alongside co-stars Steve Martin and Martin Short. Her caption playfully referenced spending significant time with Martin, adding a lighthearted touch to the series of personal snapshots.
In the images, Gomez appeared radiant with her hair pulled back casually. One standout photo featured the striking cutout top that accentuated the ensemble’s modern edge, while another showed her in a white scoop-neck minidress posing with friends in front of the iconic Big Ben landmark. A separate shot captured her wearing a white tank top with gold earrings, highlighting a sun-soaked selfie with vibrant pink blush and matching lip color.
Fashion Choices Spark Conversation
The backless cutout top emerged as the focal point of the post, blending relaxed comfort with bold design elements. Fashion observers noted how the airy silhouette and tie-back detail created a sophisticated yet approachable look suitable for a casual city outing. Gomez completed the ensemble with a mustard-yellow top-handle bag, striking a balance between trendy and effortless.
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Her choice of baggy light-wash jeans aligned with current summer trends favoring loose, comfortable silhouettes. The look reflected Gomez’s evolving personal style, which often mixes high-fashion statements with everyday wearability. Fans quickly praised the ensemble, with one commenting, “London looks SO good on you!!” Another wrote, “just radiant?.” A third added, “This feels so whimsical ?.”
Filming and Professional Commitments
Gomez’s London visit centers on production for Season 6 of “Only Murders in the Building,” the popular comedy-mystery series that has earned critical acclaim and strong viewership since its 2021 debut. The show follows three strangers who bond over their shared interest in solving murders in their upscale New York apartment building.
Martin and Short, who portray Gomez’s co-stars, have developed a close on-screen and off-screen dynamic with the actress. Her humorous caption about spending excessive time with Martin underscored the camaraderie among the cast during international filming locations. Production details for the new season remain closely guarded, but the London setting suggests fresh storylines that may take the characters beyond their familiar Manhattan surroundings.
The series has provided Gomez with a major acting platform beyond her music and producing work. She has received multiple award nominations for her performance, contributing to the show’s status as one of Hulu’s flagship comedies.
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Broader Career Context
At 33, Gomez continues to balance multiple creative pursuits. In addition to acting, she maintains a successful music career, beauty brand Rare Beauty, and various producing projects. Her authentic approach to sharing personal moments on social media has helped cultivate a loyal following exceeding 400 million on Instagram.
The London photos arrive shortly after other public appearances, including a recent Los Angeles outing where she wore a white tank top. Her willingness to share glimpses of her life resonates with fans who appreciate her relatability despite her celebrity status.
Gomez has been open about her journey with mental health, lupus and personal growth. These candid moments, combined with professional achievements, have positioned her as a multifaceted figure in entertainment. Her fashion choices often spark trends, influencing young audiences who follow her style evolution from Disney Channel roots to red carpet sophistication.
Fan and Media Reaction
Social media responses highlighted both admiration for her fashion and excitement about the new season. The carousel post generated significant engagement, with followers praising her glow and sense of whimsy during the London trip. Media outlets quickly picked up the images, noting how Gomez continues to set casual style benchmarks.
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The appearance of her ribcage tattoo, first debuted in 2014 with Arabic script, was visible in some shots, prompting nostalgic comments from longtime fans. This blending of personal history with current moments adds depth to her public persona.
Industry Trends and Cultural Impact
Gomez’s fashion moment reflects wider conversations around celebrity style in the social media era. Her preference for comfortable yet statement-making pieces mirrors a shift toward authenticity over rigid glamour. The cutout trend has gained popularity among various celebrities, but Gomez’s execution stood out for its elegant restraint.
Industry analysts note that such cross-continental shoots help elevate projects while providing cast members with varied experiences. For Gomez, the opportunity to work in historic cities like London complements her global influence as a singer, actress and entrepreneur.
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Looking Ahead
As filming continues, anticipation builds for Season 6’s release. Details about plot developments, guest stars and creative direction remain limited, but the involvement of the core trio suggests continuity with the show’s beloved tone. Gomez’s social media activity often serves as subtle promotion, keeping fans engaged during production periods.
Her London visit also highlights the increasing internationalization of American streaming productions. With growing audiences worldwide, shooting on location has become a strategic choice for authenticity and broader appeal.
Gomez’s ability to navigate high-profile projects while maintaining a grounded public presence continues to distinguish her career. Whether through fashion statements, music releases or acting roles, she consistently connects with diverse demographics. The latest Instagram post reinforces her status as both a style influencer and dedicated professional.
As summer progresses, observers expect more glimpses into her London experience and insights into the upcoming season. For now, the images of Gomez enjoying the city while working on a beloved project capture a moment of balance between personal enjoyment and professional dedication in one of entertainment’s most dynamic careers.
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