Barrier Group and Cullum Detuners have sealed contracts for the NZT Power project

Two North East companies are set to play key roles in one of the UK’s most significant low-carbon infrastructure projects. Wallsend, North Tyneside-based Barrier Group and Stockton’s Cullum Detuners have secured contracts for the NZT Power project, which is on course to become the world’s first commercial-scale gas-fired power station equipped with carbon capture technology.

The NZT Power project is anticipated to generate and sustain more than 3,000 jobs throughout the construction phase, delivering long-term economic advantages for Teesside while bolstering the UK’s low-carbon energy infrastructure. Once operational, NZT Power will have the capacity to produce up to 742 megawatts of low-carbon power, equivalent to the annual electricity needs of more than one million UK homes.

Up to two million tonnes of CO2 annually will be captured from NZT Power before being transported and stored via the Northern Endurance Partnership (NEP) infrastructure – the UK’s first CO2 transportation and storage infrastructure project. The project is being delivered by a consortium led by Technip Energies with GE Vernova, alongside construction partner Balfour Beatty. Under the terms of the contract, Barrier will oversee the design, engineering and supply of heating, ventilation and air conditioning (HVAC) systems for the new power station turbine hall. Barrier Group secured the deal from energy giant Technip Energies in a transaction that highlights the strength of the region’s industrial supply chain, as well as its expanding contribution to the nation’s net zero goals.

Barrier’s work is being carried out from its North East operations, with its HVAC engineering team, based at the Haverton Hill facility in Teesside, spearheading the engineering phase of the project. The contract encompasses the design and engineering of the hall’s HVAC systems, procurement of specialist equipment and materials, and project management of the package throughout the engineering phase.

The turbine hall serves as the centrepiece of the combined cycle gas turbine power station, where electricity will be produced from natural gas. Barrier’s HVAC systems will ensure the correct environmental conditions are maintained within the building, supporting both the safe operation of critical equipment and a safe working environment for personnel.

Barrier is currently undertaking the engineering phase of the project, with roughly 10 personnel working directly on the contract, rising to nearly 20 in the latter stages. The award has already bolstered the firm’s headcount with five new engineering roles, strengthening its presence in the Tees Valley, reports Teesside Live.

Kevin Judson, operations director at Barrier Group, said the project marks a significant milestone in broadening its engineering services into major energy infrastructure and decarbonisation projects.

He said: “Being involved in NZT Power is a significant contract award for Barrier and aligns directly with our strategic growth plans. It reflects the strength of our engineering capability and the contribution businesses in the Tees Valley make to nationally important infrastructure projects.

“This contract enables continued investment in our people and yard facilities, while supporting carbon capture infrastructure that is critical to the UK’s net zero ambitions and the long-term future of heavy industry.”

Barrier’s participation in the project also underpins its longer-term aspirations to grow operations from its River Tees yard, while continuing to develop its engineering and modular construction expertise in support of large-scale industrial projects throughout the region. Meanwhile, Derbyshire-based firm Cullum Detuners Limited has been appointed by Technip Energies to procure, manufacture and install the High Specification Flue Gas Ducting for the project. The project will be overseen from Cullum’s Stockton offices, with fabrication carried out by In-Spec in Middlesbrough.

The contract will see 40 employees engaged on the project for 15 months, with the firm having created 15 new positions off the back of the deal.

Kevin McEneny, sales director at Cullum, said: “This is a landmark project for decarbonised power generation within the UK. We are proud to have been selected to deliver the project which is a testament to our truly local manufacture and delivery strategy. Final module assembly will be performed in the former British Steel Plate Mill. Our project execution strategy secures local jobs and incorporates locally sourced materials and services.”

The Ministry of Commerce is intensifying efforts to reduce the cost of living with new relief measures. These initiatives will be implemented nationwide, aiming to alleviate financial burdens for citizens. The focus is on making essential goods and services more affordable, thereby improving economic stability and enhancing quality of life across the country.

Starting April 1, 2026, the Thai Ministry of Commerce is rolling out national relief measures to stabilize the cost of living amidst energy price fluctuations. Led by Minister Suphajee Suthumpun, these initiatives focus on protecting consumer purchasing power and supporting the agricultural sector.

This initiative is a response to rising costs affecting everyday essentials, ensuring citizens can maintain their standard of living amidst economic challenges.

Consumer Support Measures

The Ministry has tightened price controls and launched large-scale discount campaigns:

• “Thais Help Thais” Campaign: Offers discounts of 25% to 50% on over 1,000 essential products from alternative brands. These are available through major retail partners like Makro, Lotus’s, Tops, and Go Wholesale.
• “Blue Flag” Project Expansion: The program is expanding to over 500 locations nationwide. Mobile units will reach remote areas to provide discounted consumer goods through August 2026.
• Support for Local Eateries: The Ministry is providing raw materials (rice, oil, eggs, sugar) at cost price to “Khao Kaeng” (curry rice) vendors and small restaurants to keep meal prices affordable.
• Strict Price Monitoring: The list of controlled products has increased to 71 items, with 21 now requiring prior approval for any price hikes. Violators face fines up to 140,000 baht and 7 years in prison.

Agricultural Relief

To lower production costs, the “Green Flag Plus” program has been launched:

• Fertilizer Subsidies: Eligible farmers can receive up to 1,400 baht in discounts via coupons for chemical and organic fertilizers.
• Direct Factory Access: In collaboration with 26 manufacturers, 10 million bags of fertilizer are being made available at factory-exit prices.
• Logistics Support: The Ministry is working with Foreign Affairs to expedite shipments of raw materials (fertilizers and petrochemicals) currently delayed in the Strait of Hormuz.

Citizens can report unfair trade practices or unjustified price hikes to the Department of Internal Trade hotline at 1569 or via the Line account @mr.DIT.

These measures include subsidies on essential goods such as food staples and fuel, targeting low to middle-income earners who are most impacted by inflation. By reducing the financial burden on these necessities, the government seeks to stabilize household budgets and stimulate economic resilience across communities.

Additionally, the ministry is launching financial literacy programs to educate consumers on practical budgeting and spending strategies. By empowering individuals with knowledge, the government hopes to foster sustainable financial habits, further contributing to the nation’s economic well-being.

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The Asia-Pacific digital banking market is on track to more than double over the next decade, with industry estimates pointing to growth from $2.28 trillion in 2024 to $5.12 trillion by 2033, underscoring the region’s accelerating shift toward mobile-led and online financial services. 

Key takeaways

• Asia-Pacific’s digital banking market is projected to grow from $2.28 trillion in 2024 to $5.12 trillion by 2033, highlighting strong long-term expansion in the sector. 
• Rising internet access, over 2 billion smartphone users, and widespread mobile banking adoption are accelerating the shift to digital financial services across the region.
• Despite growth momentum, increasing cyberattacks and weak encryption coverage remain major risks to the resilience of APAC’s digital banking market.

According to Market Data Forecast, the market is expected to expand at a compound annual growth rate of 9.43%, reaching $2.49 trillion in 2025 as digital financial platforms continue to gain traction across major Asia-Pacific economies. 

A key driver of that growth is the region’s rising digital connectivity. Internet penetration climbed to 55% in 2022 from 48% in 2018, whilst the number of active smartphone users has surpassed 2 billion. 

More than 70% of the population now uses smartphones for online banking, supporting wider adoption of mobile banking apps, digital wallets, and other online financial services.

Market momentum is also being reinforced by country-level developments. South Korea and Singapore continue to lead on connectivity, whilst Australia is using digital banking to improve financial access in rural communities where physical branch networks remain limited. 

Public policy is playing an equally important role. In the Philippines, the Bangko Sentral ng Pilipinas said more than half of adults in rural areas now use digital banking platforms, supported by initiatives such as the National Retail Payment System. 

In Australia, policies promoting open banking and collaboration between banks and fintech firms have helped broaden access to digital financial services. 

Even so, the sector’s expansion is being shadowed by mounting cybersecurity and data privacy concerns. 

The Australian Cyber Security Centre reported that cyberattacks on digital banking platforms are increasing by more than 30% annually, whilst only about 40% of banks in the region are said to have strong encryption systems in place, raising questions over data protection and operational resilience. 

The outlook, then, is one of strong structural growth tempered by rising operational risk. As digital banking becomes more deeply embedded in everyday financial activity across Asia-Pacific, the pace of market expansion will likely depend not only on connectivity and inclusion but also on how effectively institutions strengthen trust, security, and platform resilience. 

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Mumbai: Foreign institutional investors (FII) withdrew more than ₹1.6 lakh crore from Indian equities in FY26 – the highest in a financial year – although a record ₹8.5 lakh crore of fresh commitments from domestic funds formed the ideal rearguard against the potentially debilitating FII exits through the worst rupee rout in 14 years.

For overseas buyers, Indian risk assets in FY26 appeared to have been caught in the perfect storm due to the Iran conflict, a lingering uncertainty on tariffs, relatively expensive valuations, an AI-led decline in the business prospects of a $280-billion technology industry, and about 10% rupee slide against the dollar.

FY26 marks the second consecutive financial year of FII outflows and fourth in the previous five years, data from ETIG showed. Last year, FIIs withdrew ₹1.24 lakh crore from stocks and were on track to pull out a similar amount this fiscal year too. But their pace of exit accelerated in March after the start of the Iran war, with the rupee losing 4% in as many weeks. “Since March, the West Asia war raised risk-off sentiment that amplified the sell-off substantially,” said Rupen Rajguru, head, equity investment and strategy, Julius Baer India.

Domestic Appetite
“The weak currency is a big factor that eats into the returns of foreign investors and keeps foreign capital at bay this year,” said Rajguru.

Flows from domestic institutions – led by mutual funds, pension funds and insurers – into the stock market have been on an uptrend in the past five years. Their FY26 investments of ₹8.49 lakh crore exceeded total flows into equities in the previous two financial years, underscoring the domestic appetite for stocks despite the market sell-off.
Nifty and Sensex fell 5.1% and 7.1%, respectively, in the fiscal year. Both indices would have ended marginally higher or with modest losses but for the near 9.5% retreat in March – the worst monthly fall since 2020, the onset of the pandemic.
“Typically, one year of losses triggers domestic outflows, but this time, SIP (systematic investment plan) flows have remained largely steady despite 18 months of losses,” said Rajguru.
Retail investors have pumped ₹29,000 crore every month on average into domestic equity schemes in the past financial year. The return of foreign portfolio flows into India in the new financial year would depend on stability in the rupee, peace in West Asia and a decline in crude prices though a rush of overseas investments seem unlikely.

“Given the uncertainties arising out of the war on energy disruption and global reversal of interest rate cycle, the FPI flows are not expected to be positive immediately in the near future,” said Rajesh Iyer, managing director, global investment solutions and asset management, at LGT Wealth India.

Foreign institutional ownership of Indian companies is at a decadal low, and valuations are around 17 times the estimated price-to-earnings (PE) ratio, below the ten-year average, said Rajguru of Julius Baer India. “A lot of the damage is already done,” he said.

Mumbai: The rupee was the worst performer in Asia against the US dollar in FY26, shows an ET analysis of 10 rival currencies, after the local unit lost 9.88% through a year marked by record exits from Indian equities by overseas investors amid a global scramble for dollar-based assets. Opening the financial year at 85.59 per dollar, the rupee ended at 94.83.

Yen Second Worst-performing
This is after the local currency touched a record low of 95.22/$ amid consistent dollar demand throughout the year. Foreign portfolio investors pulled out a record ₹1.6 lakh crore, far exceeding withdrawals in FY22, data from NSDL data showed.

Unrelenting demand for dollars from foreign investors forced the Reserve Bank of India (RBI) to intervene in the market by selling dollars to prevent a sharp fall in the rupee.

The Japanese yen, which fell 6.27% against the dollar, was the second worst-performing Asian currency in FY26. By contrast, the Malaysian ringgit gained 9.69% – the best performer on the regional leader-board.

Alok Singh, head of treasury, CSB Bank, expects the rupee to remain under pressure in the half of FY27 before the unit recovers some of its losses and trades in the broad 91-94 per dollar band for the fiscal year.
Bankers said the latest RBI measures would support the rupee. “Capping of banks’ net open position by RBI will help curb speculative trades and prevent a sharp depreciation in the rupee, but the near-term outlook is weak and a little fuzzy due to the Iran conflict, as the dollar-rupee rate will correlate with what happens there,” said Alok Singh.
In a drastic measure to prevent a sharper fall in the rupee, RBI on March 27 asked banks to cap their net open rupee positions in the onshore deliverable market to $100 million at the end of each business day, effective April 10, far lower than the 25% of total capital limit earlier. Despite this, the rupee fell to cross the 95 mark on the last day of trading.
“For now, chances are that the rupee may weaken below 95 per dollar toward 96 or even 97. Persistent dollar outflows and higher oil prices have definitely shifted the rupee band more toward 92-93 per dollar, from the 89-90 expected before this crisis,” Singh said.

Through FY26, RBI maintained that it intervened in the spot market to prevent volatility.

Britain risks becoming heavily dependent on US gas imports within the next decade, prompting renewed calls for increased North Sea production to safeguard energy security.

New analysis from Wood Mackenzie suggests that liquefied natural gas (LNG) imports from the United States could account for around 60 per cent of the UK’s gas supply by 2035, a dramatic increase from roughly 10 per cent in 2024.

The forecast comes at a time of heightened geopolitical tension and volatility in global energy markets, raising concerns about the risks of relying on a single external supplier.

Britain’s domestic gas production has been declining steadily for decades, with output from the North Sea now at its lowest level since the early 1970s. As supply falls, the country has become increasingly reliant on imports, including pipeline gas from Norway and LNG shipments from overseas.

In 2024, the UK sourced around 43 per cent of its gas from the domestic North Sea, a similar share from Norway, and the remainder from LNG imports, the majority of which came from the United States.

Wood Mackenzie’s projections suggest this balance will shift significantly over the next decade, as domestic production continues to decline faster than overall demand.

The consultancy argues that boosting domestic oil and gas output could help reduce exposure to international market shocks and improve resilience.

Gail Anderson, a research director at Wood Mackenzie, said the UK should adopt a broad approach to energy policy, combining renewables with continued use of domestic hydrocarbons and emerging technologies such as carbon capture and hydrogen.

“Reducing dependence on LNG imports should be a priority,” she said, particularly in an environment where energy supplies are increasingly influenced by geopolitical conflict.

The analysis also suggests that gas produced in the UK continental shelf has a lower carbon footprint than LNG transported across the Atlantic and can be supplied at significantly lower cost in the short term.

The findings are likely to intensify debate within government over the future of North Sea production.

Industry groups have warned that declining output is being accelerated by tax policies and restrictions on new exploration licences, which they argue limit the UK’s ability to maximise domestic resources.

However, the government maintains that expanding fossil fuel extraction is not the solution to long-term energy security or price stability, emphasising instead the need to accelerate the transition to clean, homegrown energy.

A government spokesperson said the focus remains on maintaining existing production while investing in renewable energy and reducing reliance on volatile global markets.

Most analysts agree that increasing North Sea production would have only a limited effect on consumer energy prices, which are largely determined by global markets.

However, proponents argue that even modest increases in domestic supply could improve security and reduce vulnerability to supply disruptions.

The debate has been sharpened by recent developments in the Middle East, where conflict has disrupted key shipping routes and contributed to rising energy prices.

The risk of further escalation has highlighted the strategic importance of secure and diversified energy supplies for import-dependent countries such as the UK.

As the UK continues its transition towards net zero, balancing short-term energy security with long-term decarbonisation goals remains a central challenge.

The latest analysis suggests that without intervention, reliance on imported gas, particularly from the US, will increase significantly, raising questions about resilience and cost.

For policymakers, the task will be to navigate these competing priorities, ensuring that the UK’s energy system remains secure, affordable and sustainable in an increasingly uncertain global environment.

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On April 1 each year, millions around the globe engage in harmless hoaxes, practical jokes and playful deceptions before shouting the classic disclaimer “April Fools!” The lighthearted custom, observed Wednesday in 2026, has roots stretching back centuries, though its precise origin remains one of history’s enduring mysteries that even the day’s spirit of trickery cannot fully resolve.

Historians trace the earliest documented hints of April Fools’ Day to 16th-century Europe, with the most popular theory tied to calendar reform in France. In 1582, France adopted the Gregorian calendar under King Charles IX, shifting New Year’s Day from around April 1 (near the spring equinox in the old Julian system) to January 1. Those who continued celebrating the old date or failed to adopt the change quickly became targets of ridicule and were labeled “April fools.” Pranksters would send them on pointless “fool’s errands” or pin paper fish to their backs, calling victims “poisson d’avril” — April fish, a term still used in France today for the gullible.

The calendar-change story, while widely cited, has complications. References to April foolishness appear earlier, including a possible allusion in Geoffrey Chaucer’s “The Canterbury Tales” from 1392 and a 1508 French poem by Eloy d’Amerval mentioning “poisson d’avril.” Some scholars link the custom to the ancient Roman festival of Hilaria, celebrated at the end of March with disguises, mockery and joyful chaos in honor of the goddess Cybele. Others point to medieval spring renewal rites or the vernal equinox, when unpredictable weather could “fool” people, as possible inspirations.

By the 18th century, the tradition had spread across Britain and into Scotland, where April 1 became “Gowkie Day” (cuckoo day, symbolizing a fool) and April 2 was “Tailie Day,” involving pinning “kick me” signs on backs. The custom crossed the Atlantic with European settlers and evolved into a broader day of mischief in the United States and Canada. Today it thrives worldwide, though celebrations vary by culture. In Italy and some Spanish-speaking regions, pranks sometimes extend to May 1 or have different names, while parts of Asia have adopted lighter versions influenced by Western media.

The day’s appeal lies in its harmless nature — a brief societal permission slip for creativity and laughter amid everyday routines. Pranks traditionally end with the reveal “April Fools!” to signal no real harm was intended. Overdoing it or targeting sensitive topics risks backlash, a lesson reinforced in the social media era when jokes can spread instantly and sometimes cause unintended offense or confusion.

Media outlets and corporations have long amplified the tradition with elaborate hoaxes. One of the most famous remains the 1957 BBC “Panorama” broadcast claiming Swiss farmers were harvesting spaghetti from trees after eradicating the spaghetti weevil. Viewers called in asking how to grow their own, and the segment is still hailed as one of television’s greatest pranks. Other classics include the 1980 BBC report on “flying penguins,” Taco Bell’s 1996 claim of buying the Liberty Bell and renaming it the Taco Liberty Bell, and various newspaper inventions such as the 1977 Guardian supplement on the fictional island of San Serriffe.

In 2026, brands and social media users continued the pattern with creative announcements and memes, though many companies now add clear disclaimers or limit scope to avoid misinformation concerns. The day has become a global marketing opportunity, yet its core remains personal — friends fooling friends, families sharing laughs and colleagues lightening the workday.

Scholars note that April Fools’ Day may serve a deeper social function. Anthropologists suggest it acts as a “safety valve,” allowing temporary role reversals or mockery of authority in otherwise structured societies, similar to carnivals or festivals of misrule. In ancient and medieval contexts, such days helped relieve tensions before spring planting or renewal. Modern psychologists point to the psychological benefits of shared laughter and the gentle reminder not to take oneself too seriously.

Despite its murky beginnings, the tradition has proven remarkably resilient. It survived religious reforms, world wars and the shift from print to digital media. In an age of deepfakes and widespread skepticism, April Fools’ Day offers a contained space for deception that most people willingly accept — provided the reveal comes promptly.

Cultural variations add richness. French children still pin paper fish, Scots hunt the “gowk,” and some Scandinavian countries emphasize elaborate storytelling. In the United States, the Annual April Fools’ Day Parade in New York City since 1986 features satirical floats poking fun at current events. Social media has democratized participation, turning ordinary users into pranksters whose posts can reach millions.

Critics occasionally call for toning down the day amid concerns over trust and mental health, but supporters argue that learning to spot a joke builds media literacy and resilience. Most agree the key is kindness: pranks should amuse rather than humiliate.

As April 1, 2026, unfolded on a Wednesday, people worldwide exchanged jokes, shared fake news stories and waited for the inevitable “April Fools!” reveal. From office cubicles to family group chats and corporate press releases, the day reminded everyone of a simple truth — sometimes the best response to life’s absurdities is laughter.

The enduring mystery of its origin only enhances the day’s charm. Whether born from calendar confusion in 16th-century France, ancient Roman merriment or medieval spring rites, April Fools’ Day has become a universal festival of folly. It requires no expensive gifts or solemn rituals — only a willing suspension of disbelief and a readiness to laugh at oneself.

In a divided and often serious world, the custom endures as a small, shared rebellion against taking everything too gravely. As historians continue debating its past, millions on April 1 focus instead on its present: creating memories, forging connections through humor and perhaps pulling off one perfect, harmless trick before the clock strikes midnight and normalcy returns.

For those planning next year’s pranks, the lesson from centuries of April Fools’ Day is clear — keep it light, keep it fun, and always be ready with the classic disclaimer. After all, the best jokes are the ones everyone can enjoy, even the fool on the receiving end.