The GMB Union has said 40 jobs at the Knottingley and Leeds Verallia sites are at risk of redundancy due to Glass Packaging Tax pressures

Dozens of positions are under threat at glass manufacturing facilities in West Yorkshire as formal consultation proceedings get under way.

The GMB Union has confirmed that 40 roles at Verallia’s Knottingley and Leeds sites face potential redundancy. The union attributes this situation to insufficient Governmental backing on new environmental measures.

The union reports that consultation discussions have commenced to reduce the workforce at these plants following the consequences of the Glass Packaging Tax. Introduced in April 2025 under the Extended Producer Responsibility scheme, this legislation requires producers to bear the costs of collection, recycling, and disposal for their packaging materials.

Charges are determined by the weight and recyclability of materials, which means heavier substances such as glass incur substantially higher fees than lighter alternatives.

Darran Travis, GMB regional organiser, said: “This is devastating news for the industry and the local community. Glass manufacturing is not operating on a level playing field. With the Glass Packaging Tax, rising energy costs, and higher employer contributions: we warned the Government jobs would go.”, reports Yorkshire Live.

He added: “If these policies are not reversed, there is no future for glass bottle manufacturing in the UK. GMB is calling for urgent Government intervention to prevent further decline across the glass manufacturing sector.”

A spokesperson from the Department for Environment, Food and Rural Affairs commented: “Extended Producer Responsibility moves the cost of dealing with waste away from taxpayers, generating over £1 billion annually. These changes are backing British business with major investment and creating 25,000 jobs. We continue to work closely with the glass industry on this programme.”

Verallia has been approached for a response.

Women’s specialty retailer Francesca’s filed for Chapter 11 bankruptcy protection and launched going-out-of-business sales across all of its stores.

The company, founded in Houston in 1999, announced Friday that it voluntarily filed for protection in the U.S. Bankruptcy Court for the District of New Jersey. The retailer said the move is intended to facilitate a court-supervised process designed to maximize value for stakeholders.

Francesca’s currently has 457 locations across 45 states.

Advisors Tiger Group, SB360 Capital Partners and GA Group have launched court-approved store closing sales across the company’s entire fleet.

“Shoppers will find discounts of 25 to 40 percent off across all product categories, and new merchandise will continue to arrive at stores,” Michael McGrail, member at Tiger Group, said in a statement. “It’s an opportunity to add to or accessorize your wardrobe, find unique gifts, or just go on a treasure hunt for extraordinary deals.”

Discounted merchandise includes sweaters and cardigans, blouses and skirts, loungewear and intimates, denim jackets, party and wedding guest dresses, rompers and jumpsuits, as well as jewelry, gifts and accessories.

Francesca’s previously filed for Chapter 11 bankruptcy protection in December 2020, and was later acquired out of bankruptcy by TerraMar Capital and Tiger Group for $18 million.

In the years after exiting bankruptcy, Francesca’s attempted revival efforts, including launching a tween-oriented line called Franki by Francesca’s and acquiring Miley Cyrus and Suki Waterhouse’s lifestyle brand Richer Poorer. The chain also opened a new store at the American Dream mall in East Rutherford, New Jersey, in April 2024.

A spokesperson for Francesca’s did not immediately respond to FOX Business’ request for comment.

FOX Business’ Kristen Altus contributed to this report.

Market veteran Gurmeet Chadha has said that five years ago, it would have been hard to imagine State Bank of India (SBI) overtaking IT heavyweights such as Tata Consultancy Services (TCS) and Infosys in terms of market capitalisation. While stopping short of writing off the tech stocks, the Complete Circle Consultants’ Managing Partner and CIO attributed the remarkable resurgence of PSU banks in recent years to improved risk management practices and accelerated digitisation.

“Who would have thought 5 years back that SBI would have more market cap than TCS and Inf…Great turnaround in PSU banks as they become better risk managers and digitise. I would not write off Indian IT cos…they have the ability to pivot & convert this into an opportunity..,” Chadha said in a tweet on X on Thursday.

The comment comes on the back of a massive sell-off in IT stocks. The Nifty IT index has plunged over 8% over the week due to AI-led worries.

On Thursday, a fresh round of panic selling in tech stocks swept the D-Street. The IT index plunged over 4% to a four-month low, erasing a staggering Rs 1.3 lakh crore in combined market value. Shares of Indian software exporters like TCS, Infosys and Wipro slid more than 4%, hit by persistent fears of AI-led disruption in the sector and compounded by stronger-than-expected US jobs data that dimmed hopes of near-term interest rate cuts.

Nifty IT is the worst-performing index, plunging 21% over the past 12 months.

With a market capitalisation of Rs 10.91 lakh crore on BSE, SBI is the fourth most valuable company and only behind Reliance Industries (RIL, Rs 19.87 lakh crore), HDFC Bank (Rs 14.26 lakh crore) and Bharti Airtel (Rs 11.48 lakh crore).
Meanwhile, TCS’ mcap has slipped to Rs 10.52 lakh crore, while that of Infosys is at Rs 5.97 lakh crore.The companies’ market capitalisation has eroded following a 30% drop in TCS’ share price and a 25% decline in Infosys’ over the past 12 months.
Also read: Shriram Finance at Rs 2 lakh crore Mcap outpaces Nifty as lone multibagger. Can the party continue?

In contrast, the Nifty PSU Bank index has surged over 50% in the last 12 months. Individually, Indian Bank is the top gainer with 63%, followed by 62% returns by SBI, which is swiftly closing the gap.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Operator

Good morning, and welcome to the Intercorp Financial Services Fourth Quarter 2025 Conference Call. [Operator Instructions] Please be advised that today’s conference call is being recorded. [Operator Instructions]

It is now my pleasure to turn the call over to Mr. Ivan Peill from InspIR Group. Sir, you may begin.

Ivan Peill

Thank you, and good morning, everyone. On today’s call, Intercorp Financial Services will discuss its fourth quarter 2025 earnings. We are pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer, Intercorp Financial Services; Ms. Michela Casassa, Chief Financial Officer, Intercorp Financial Services; Mr. Carlos Tori, Chief Executive Officer, Interbank; Mr. Gonzalo Basadre, Chief Executive Officer, Interseguro; and Mr. Bruno Ferreccio, Chief Executive Officer, Inteligo. They will be discussing the results that were distributed by the company yesterday. There is also a webcast video presentation to accompany the discussion during this call. If you didn’t receive a copy of the presentation or the earnings report, they are now available on the company’s website, ifs.com.pe. Otherwise, if you need any assistance today, please call InspIR Group in New York on (646) 940-8843.

I would like to remind you that today’s call is for investors and analysts only. Therefore, questions from the media will not be taken. Please be advised that forward-looking statements made during this conference call, these do

Hundreds of local residents had opposed the plans that applicants said could have helped create 700 jobs

Councillors have rejected plans to build a business park and around 100 homes on farmland next to the M1 motorway in Wakefield.

Wakefield Council’s planning and highways committee said the major development would have a “severe” impact on the local road network at Calder Grove. More than 2,500 residents signed a petition and 616 lodged formal objections to the scheme at a 22-hectare site at Broad Cut Farm. Opponents said approving it would lead to the loss of the city’s ‘green lungs’.

Applicant AAA Property Group said the development would help the council achieve its housing targets, create more than 700 “high quality” jobs and be worth around £40m a year to the local economy.

But Jonathan Power, chair of the Broad Cut Against Development (BAD) action group, told a meeting at Wakefield Town Hall: “The vast majority of local residents are vehemently opposed to this application. There are no benefits to the local community.

“It certainly doesn’t bring the highly skilled jobs promised in the original plan. It will, however, increase traffic and bring congestion to an already saturated road network. The potential for chaos is absolutely obvious, and all within yards of junction 39 of the motorway. Local councillors and Jade Botterill, MP for Ossett and Denby Dale also objected to the plans, as well as Crigglestone Parish Council and Wakefield Civic Society.

Speaking in favour of the project, Amar Chima, director of AAA Property Group, said the council and West Yorkshire Combined Authority had identified the site as a “future growth location.” He told councillors: “Wakefield has long been recognised as a strategically important location for development, benefiting from excellent connectivity and a strong labour market.

“This proposal responds directly to that demand and will deliver an advanced manufacturing hub to support Wakefield’s economic strategy and the wider West Yorkshire economy.

Mr Chima described his company as a “local family business”, adding: “We have chosen to reinvest in the district that raised us, rather than choosing to take that investment elsewhere. We are fully committed to delivering the best possible scheme at Broad Cut Farm to maximise the benefits for the local area.”

Council planning officers had recommended that the plans be approved, saying there were are “no technical reasons” to withhold permission. But councillors voted in favour of refusing the scheme on highways grounds by a majority of seven votes to two.