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North East sees marked rise in business activity despite price pressures

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The region registered the strongest expansion for the first time since December 2024

Malcolm Buchanan, Chair of the NatWest North Regional Board

Malcolm Buchanan, Chair of the NatWest North Regional Board(Image: Nicola Gotts Photography)

North East businesses top the UK rankings for activity growth in a key survey, with figures showing a marked rise in activity despite increased price pressures. The latest findings from the NatWest Growth Tracker for the North East – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – dipped from 55.0 in April to 53.8 in May.

The numbers point to a softer but still marked increase in business activity, while also representing the fifth upturn in consecutive months. Only three of the 12 monitored UK regions and nations recorded a rise in output, with the North East registering the strongest expansion for the first time since December 2024.

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Private sector firms also recorded a softer increase in new business intakes in May. Regional firms noted the impact of higher prices on both sales and output, as cost pressures remained historically elevated. That said, business confidence regarding the year-ahead outlook strengthened for the first time since the start of the year.

Last month saw regional businesses mark a sixth successive expansion in new business. However, the pace of growth slowed from April’s 17-month high. Where sales rose, firms linked this to strength in underlying demand, as well as clients placing additional orders to protect against future supply shortages and price increases.

The rise in sales in the North East compared with a decline at the UK level and was second only to London in the regional rankings. The degree of optimism in the North East was below the long-run series trend and among the weakest of the 12 monitored UK areas, however.

Anecdotal evidence suggested confidence was underpinned by new product launches and capacity expansion plans – and the non-replacement of voluntary leavers and business restructuring pushed firms to lower staffing numbers in the North East. Concurrently, the rate of increase in local output charges eased slightly on the month but remained historically elevated.

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Anecdotal evidence suggested that higher cost burdens were partially passed through to clients. Only Northern Ireland and the West Midlands saw a faster rise in selling prices than the North East in May.

Malcolm Buchanan, chair of the NatWest North regional board, said: “North East-based companies were buoyed by stronger optimism during May, and saw growth of both activity and new order inflows enter a fifth and sixth successive month respectively.

“Firms often noted that the region had strong underlying demand for private sector goods and services. That said, anecdotal evidence also suggested that some customers placed additional orders in order to protect against future price hikes and supply disruption, partly in response to the ongoing impact of the conflict in the Middle East.

“Cost pressures remained notably acute in the latest survey month, easing only slightly from the 41-month high seen during April, and were still well above the historical average. Companies often looked to pass on higher input costs to clients through a sustained and marked increase in selling prices.

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“Employment also fell for the second successive month, with some firms attributing this to efforts to cut costs. Despite the reduction in headcounts and rising order inflows, the volume of outstanding business – a bellwether for near-term activity – fell for the second month running, albeit only marginally.

“Looking ahead, however, the overall degree of confidence improved for the first time since January, though local firms were among the least optimistic of the 12 monitored UK areas.”

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New York City councilmembers seek to require municipal grocery stores by law

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New York City councilmembers seek to require municipal grocery stores by law

New York City Councilmember Jennifer Gutiérrez and some of her colleagues are pushing a proposal to require the establishment of at least five municipal grocery stores per borough.

The proposal comes as New York City Mayor Zohran Mamdani’s administration aims to establish one municipal grocery store in each of the Big Apple’s five boroughs by the end of his first term.

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“Let’s make sure it’s not something that just our current mayor invests in, but something we can codify into in perpetuity,” Gutiérrez said, according to The City Reporter.

Fox News Digital reached out to Gutiérrez’s office on Friday to request a comment from the councilmember.

MAYOR ZOHRAN MAMDANI SAYS FIRST OF NYC’S FIVE GOVERNMENT-RUN GROCERY STORES WILL OPEN IN THE BRONX NEXT YEAR

New York City Mayor Zohran Mamdani

Zohran Mamdani, mayor of New York, and Kathy Hochul, governor of New York, during a news conference on 2026 FIFA World Cup transportation at the MTA Rail Control Center in New York, on Thursday, June 4, 2026. (Adam Gray/Bloomberg via Getty Images / Getty Images)

The proposal calls for the commissioner of small business services or the leader of a different agency designated by the mayor to create at least five grocery stores per borough “in consultation or partnership to the extent feasible with a contracted entity,” according to the measure.

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A press release pertaining to the mayor’s effort earlier this year noted, “The city-owned grocery initiative is designed to lower costs on everyday staples by using public ownership to eliminate costs that are currently passed on to consumers.”

MAMDANI TOUTS MASSIVE TAXPAYER-FUNDED INVESTMENT FOR TRANS HEALTHCARE: ‘FIRST STEP’

New York City Councilmember Jennifer Gutiérrez.

New York City Councilmember Jennifer Gutiérrez. (Theodore Parisienne/New York Daily News/Tribune News Service via Getty Images / Getty Images)

“The initiative aims to deliver affordable, high-quality groceries that provide meaningful savings to New Yorkers and strengthen neighborhood food access citywide. Mayor Mamdani has allocated $70 million in capital funds for the development of the five sites,” the release noted.

“Under the model, the City will own the land and cover overhead costs like rent and construction. A private operator, selected through a request for proposals, will manage daily operations and be contractually required to pass savings directly to customers on a core basket of everyday staples,” the release explained.

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HEDGE FUND BILLIONAIRE EXPANDS MIAMI DEVELOPMENT PLANS AFTER MAMDANI FEUD

New York City skyline

The sun sets across midtown Manhattan, the Empire State Building, and the Statue of Liberty in New York City on April 26, 2026, as seen from Bayonne, N.J.  (Gary Hershorn/Getty Images / Getty Images)

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Mamdani, a self-described democratic socialist, took office this year after winning the New York City mayoral election last year while running as a Democrat.

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Goldfish key to Campbell’s snacks strategy

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Goldfish key to Campbell’s snacks strategy

Executives say brand is instrumental in portfolio turnaround.

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NFL Sunday Ticket streaming switch threatens sports bars, owner says

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NFL Sunday Ticket streaming switch threatens sports bars, owner says

The traditional American pastime of gathering at a local sports bar to watch Sunday football is being strangled by a technical and financial bottleneck, one restaurateur is warning.

“It’s why we’re speaking up, because the simple matter is that it is hard to watch all of the streaming things… Is it on YouTube TV? Is it the [NFL] Sunday Ticket? Is it Amazon?” Texas restaurateur and Tailgators Pub & Grill founder Jim Hallers said on “Varney & Co.” Friday.

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“For the last 30 years, it’s come to us through DirecTV, and it’s just worked,” he continued. “And so we like a centralized approach, but we just need technology that works, and streaming is still very immature.”

Testifying before Congress on Wednesday, Hallers explained to lawmakers that the sports media landscape’s sudden fragmentation into separate streaming apps is creating an expensive tech maze for hospitality venues, threatening the business model of – often-rural – neighborhood pubs that rely on NFL fans to keep their doors open in the fall.

TOM BRADY LAUNCHES GOOD NUT COCONUT WATER LINE WITH GOPUFF IN MARKET EXPECTED TO REACH $11B BY 2030

“Everybody has to move to streaming. And so, literally, now, we have to buy streaming boxes. And in a typical smaller bar where I have maybe 30 or 40 TVs with a DIRECTV box mounted behind every television, I now have to get an EverPass streaming box. But you can’t put an EverPass streaming box behind every TV. It doesn’t work like that,” Hallers said on Capitol Hill. “Just imagine at home, if you tried to stream, you know, 30 Netflix’s at once, your internet’s just going to die. Well, it’s the same way for most bars and restaurants today.”

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Sports fan watch the Superbowl at bar

Fans watch Super Bowl LX at Saloon in Boston on February 8, 2026.  (Getty Images)

“One commercial video switch with enough inputs and outputs can cost in excess of $15,000. A full upgrade including equipment, wiring and the labor, will cost $30,000 to $40,000 per restaurant,” he also testified. “So instead of simplifying the business, the transition is adding another layer of cost and complexity.”

Wednesday’s congressional hearing stemmed from the Iowa Restaurant Association and the Wisconsin Restaurant Association, which each represent thousands of independent restaurant and bar owners, sending letters to high-powered GOP lawmakers in their states urging them to act on “a significant shift in the commercial distribution of NFL Sunday Ticket that threatens to impose immediate and substantial burdens on small businesses” across their states.

The concern comes after streaming service EverPass Media announced it would become the exclusive commercial option for NFL Sunday Ticket starting with the 2026 season. The Iowa letter was sent to Senate Judiciary Committee Chairman Chuck Grassley, while the Wisconsin edition went to Rep. Scott Fitzgerald, who chairs the House Judiciary Subcommittee on Antitrust.

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“We understand that transitioning to a streaming-based solution for NFL Sunday Ticket may require planning, from connectivity and hardware to overall venue readiness. That’s why our team is committed to helping customers make the transition with confidence and be fully prepared before kickoff. Our goal is simple: make sure your venue is ready well before the first Sunday of the season, so you can focus on what matters most: delivering a great experience for every guest who walks through the door,” EverPass’ website reads.

“We really need it to work,” Hallers pleaded on Friday. “It’s not a matter of price. We just want technology that works, and that’s what they’ve been taking away from us.”

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Fox News’ Brian Flood contributed to this report.

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SpaceX IPO: What to Watch the Rest of the Week

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Shares in Elon Musk's SpaceX are poised to start trading Friday.

SpaceX IPO: What to Watch the Rest of the Week

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One Stop Systems: The Growth Phase Is Just Beginning For This Smaller Defense/AI Gem

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One Stop Systems: The Growth Phase Is Just Beginning For This Smaller Defense/AI Gem

One Stop Systems: The Growth Phase Is Just Beginning For This Smaller Defense/AI Gem

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Square One Law expands into new offices in Leeds city centre

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‘This move gives Square One the space required to sustain our intended growth’

Square One Law is moving into the seventh floor of 7 Park Row

Square One Law is moving into the seventh floor of 7 Park Row(Image: Carter Towler)

Growing Newcastle law firm Square One Law is moving into new offices in the heart of Leeds. The company, which has its head office in the Fleming Business Centre in Jesmond, also has an office in Leeds where it offers clients services including banking and finance, dispute resolution, employment and intellectual property.

Now the firm is set to move from its office in One Park Row to 3,000sq ft of recently refurbished Grade A office space in 7 Park Row. The business is moving into the seventh floor of the building on a five-year lease, increasing its floorspace and boosting the firm’s ability to expand further.

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James Jackson of Leeds-based property consultancy Carter Towler brokered the deal.

Square One Law commercial property partner, Matthew Thompson, said: “This move into these fantastic, newly upgraded premises puts us precisely where we want to be – at the heart of a city we love. This move gives Square One the space required to sustain our intended growth, whilst also providing employees and visiting clients with the modern workspace and pleasant surroundings they deserve.

“Thank you to Carter Towler and particularly WSB, who acted on our behalf for helping us secure our spectacular new home.”

Mr Jackson of Carter Towler said: “The arrival of Square One Law at 7 Park Row is a resounding endorsement of the comprehensive multimillion-pound refurbishment recently completed at this special building. The transformation of 7 Park Row undertaken by the landlords has been superb – creating Grade A, amenity-driven, fully fitted & CAT A office suites in the heart of Leeds’ professional core.

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“It is also encouraging to see Square One Law performing so well and continuing to grow its presence in the market. The quality of its occupiers is an important ingredient in the success of 7 Park Row.”

The work was carried out by Augur Group and Firefly Capital Real Estate, who jointly acquired 7 Park Row in June 2024.

Inside 7 Park Row in Leeds

Inside 7 Park Row in Leeds(Image: Son Of Jack Photography)

Mr Jackson added: “The magnificent refurbishment of 7 Park Row has paid immediate dividends with both this and other recently completed lettings in the building. Only the 4,656 sq ft sixth floor now remains available to lease, either on a traditional CAT A basis or fully fitted.”

Elizabeth Ridler, partner at the Leeds office of property consultancy Knight Frank, joint marketing agents of 7 Park Row, added: “Park Row famously connects the financial and retail districts of the city centre and is one of the most sought-after business addresses in Leeds.

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“We have also launched the marketing of the basement floor, which will provide around 10,000 sq ft of space suitable for a variety of uses including leisure, medical and education. The newly configured space will have a capacity for up to 200 people and will be accessed via a new, highly prominent double height entrance on Park Row.

“Park Row has also been enhanced by the pedestrianisation of City Square, the planting of trees and the widening of pavements, making it an exceptionally attractive street.”

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Franklin Managed Income Fund Q1 2026 Commentary (FBFZX)

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Invesco AMT-Free Municipal Income Fund Q4 2025 Commentary (OPTAX)

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

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Elon Musk becomes world’s first trillionaire as SpaceX begins trading

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Elon Musk becomes world's first trillionaire as SpaceX begins trading
Elon Musk becomes the world's first trillionaire with SpaceX debut

Elon Musk just became the world’s first trillionaire.

With SpaceX opening on the Nasdaq at $150 a share Friday, his stake in the company is worth more than $766 billion. Combined with his Tesla stake, which is worth $280 billion, Musk’s net worth from both companies as of Friday is roughly $1.05 trillion.

The SpaceX IPO added more than $180 billion to Musk’s fortune. He’s now worth more than the next five richest billionaires in the world combined. His personal net worth is larger than the national GDPs of Taiwan, Ireland or Sweden.

Musk’s coronation as the first person in history to be worth $1 trillion is likely to add fuel to the debate over wealth inequality and the rise in power of America’s richest tech founders. Along with creating the world’s first trillionaire, the SpaceX IPO also minted thousands of new millionaires and several new billionaires among the employees and executives who own stock.

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Shares of SpaceX were trading about 20% higher shortly after their official debut, at around $164 apiece. That values the company at roughly $2 trillion.

Shares of Tesla were down about 1% midday Friday at roughly $395 apiece.

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Garrett Motion stock hits all-time high at 34.34 USD

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Garrett Motion stock hits all-time high at 34.34 USD

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Northwest European gasoline margins climb despite crude decline

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Northwest European gasoline margins climb despite crude decline

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