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Business

Government to cut business rates for pubs, clubs and music venues

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Rachel, a woman with straight shoulder-length blonde hair wearing a graduation cap. She has a nose stud, and wears light pink lipstick.

Pubs, clubs and live music venues in England will be given a 20% cut to business rates from April, which the government estimates will save firms around £1,100 next year.

In his third policy announcement since becoming prime minister, Andy Burnham said: “For too long, governments have stood by while cherished venues have disappeared from our local high streets.”

The cut will cost £100m and will be funded by a review of tax relief on firms such as vape shops which “do not make a positive contribution to local communities”, the government said.

Hospitality bosses welcomed the support, but some pub owners said the package would not go far enough to offset the impact of cost increases elsewhere.

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The 20% business rates discount will not apply to the “very largest” live music venues. Details about which businesses are eligible will be announced at Chancellor John Healey’s first Budget in the autumn.

The cut is expected to benefit almost 32,000 venues, the government said.

Iain Hoskins, who owns Ma Pub Group in Liverpool, told the BBC the relief would help “chip away” at rising costs but questioned how many venues would benefit.

It could be “very meaningful”, he said, but “as always, the devil is in the detail”.

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His pubs have previously missed out on government business rates support, and “the increases were so huge last year that now we’re sort of chipping away at some of those increases”.

Under previous chancellor Rachel Reeves, the government said last year it would scale back business rate discounts that had been in force since the pandemic and announced that there would be no discount at all from April this year.

That, combined with big upward adjustments to rateable values of pub premises, left landlords with the prospect of much higher rates bills.

Following criticism from the hospitality industry, the government cut business rates for pubs and music venues by 15% earlier in 2026.

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The 20% discount will apply on top of the existing support.

Commenting on the cut which comes into effect next year, Steve Perez, founder of soft drinks company Global Brands and an owner of two hotels, said the announcement is “welcome… but this won’t make any material difference to any pub”.

UK Hospitality’s chief executive, Allen Simpson, said Burham’s plans are “a good start” which he said “suggests that his affection for hospitality has survived the trip down the M1”.

But he added that it is “not for everybody in hospitality”.

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The change to business rates for some hospitality firms is the latest move in what Burnham hopes will provide “breathing space” for people and businesses.

On Tuesday, the government announced a cut of 5% VAT on electricity bills followed by capping bus fares at £2 in England outside London.

As well as reviewing tax relief on firms such as vape shops in order to fund the rate cut, the government also said it will “crack down” on businesses selling through online marketplaces which “do not comply with their tax obligations”.

The Night Time Industries Association’s chief executive, Michael Kill, said the tax break could provide “meaningful relief to businesses facing sustained cost pressures”.

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But he said the sector is waiting for more details while questions remain about the exclusion of the largest live music venues.

The Federation of Small Businesses (FSB) said Thursday’s announcement must be “a downpayment on action that reaches across the small business community”.

FSB policy chief Tina McKenzie, said the plans were encouraging and fix the damage caused by past business rates decisions which are “holding back small business growth and jobs in every postcode”.

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Work under way on new phase of Plasdwr residential scheme in Cardiff

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The latest phase of the 7,000 new home scheme being delivered in a joint venture between Edenstone Homes and Codi Group

A typical street scene of Porth yr Awen(Image: Copyright Unknown)

Work on the next phase of the £2bn Plasdwr residential scheme on the outskirts of Cardiff is under way.

Housebuilder Edenstone Homes and the housing association Codi Group, have formed a joint venture to deliver Porth yr Awen, a £55m development of 184 new homes on the Plasdwr development, which aims to eventually deliver 7,000 homes in the west of the city.

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The total 900-acre development site will border Radyr, Danescourt, Fairwater, Penrebane and St Fagans.

Porth yr Awen will provide 127 open-market properties and 57 affordable homes offering a selection of properties with one, two, three and four bedrooms.The affordable housing will include intermediate rental and low-cost homeownership options.

It is expected the first homes will be put on the market in early 2027, with the first residents expected to move into Porth yr Awen later in the same year.

Edenstone operations director Chris Edge said: “The initial phase of works will see the construction of a spine road into Porth yr Awen, creating access for the infrastructure works that will prepare this development and phases beyond for new homes.

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“Once this access route is created, work will commence on the homes along the tree-lined avenue.”

Simon Lewis, development manager at Codi, said: “It’s exciting to reach this stage of the project, with work soon due to begin at Porth yr Awen.

“Every new development like this helps us provide more affordable homes for people who need them, while creating places where communities can grow and thrive.

“Working alongside Edenstone, we’re looking forward to bringing Porth yr Awen to life and creating a well-designed mixed-tenure neighbourhood that people will be proud to call home.”

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The website for the Plasdwr development reads: “As Plasdwr emerges over the next generation, it will bring more and more quality facilities for residents, neighbours and visitors from further afield, including one secondary and four primary schools, a district centre with shops, bars and restaurants, parks, playing fields, allotments and healthcare services.

“With construction of the first primary school under way, Plasdwr is beginning to emerge.

“While further infrastructure is built over time, the first Plasdwr residents have become part of their neighbouring communities.”

Planning permission for the first 630 homes was granted in 2016, with outline permission for the remainder of the 7,000 homes being approved in 2017. Since then, individual parts of the development have been approved intermittently.

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Ford, Geely agree to manufacturing joint venture in Spain

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Ford, Geely agree to manufacturing joint venture in Spain

A Ford logo is seen at the New York International Auto Show Press Preview, in Manhattan, New York City, on March 27, 2024.

David Dee Delgado | Reuters

China automaker Geely will build electric vehicles at a Ford Motor plant in Spain under a new manufacturing joint venture in Europe, the companies announced Thursday.

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Pending regulatory approvals, the companies said the joint venture will begin operations in the first half of 2027, with the first new vehicles scheduled to roll off the line in 2028. The Valencia, Spain, plant will continue to produce the Ford Kuga in the meantime, according to a news release.

The companies said Ford will own 66% of the joint venture, while Geely will have a 34% stake.

The joint venture is expected to include a new electric crossover for Ford, in “addition to a new member of the Bronco family, plus two electric Geely SUVs, with production starting in 2028,” the companies said.

The announcement comes after months of reported talks between the two sides, as legacy automakers such as Ford attempt to compete with Chinese carmakers that have quickly been expanding into new markets outside of China for several years.

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“The joint venture addresses the new realities of the European market — intense global competition, relentless cost pressure and tightening regulation — resetting Valencia to build at the industry’s emerging cost benchmark,” the companies said in the release.

Executives with Ford Motor and China automaker Geely announce plans for a joint venture at the American automaker’s plant in Valencia, Spain on July 23, 2026.

Courtesy image

Automakers such as Ford have historically partnered with Chinese companies for production and sales in China, however several legacy companies have been geographically broadening such tie-ups.

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Chrysler parent Stellantis has been expanding its yearslong partnership with China’s Leapmotor into Europe, and Germany’s Volkswagen has said it is open to sharing under-utilized European factories with Chinese car brands as part of a push to cut costs.

Ford’s new tie-up comes a day after a U.S. Senate committee approved legislation to toughen a ⁠ban on Chinese automakers entering its home country.

Ford CEO Jim Farley, who has been complimentary of Chinese automakers for their speed and products, has previously said the automaker would be looking to partnerships to assist its global operations.

Ford’s partnership with Geely stretches back to 2010, when it sold Volvo Cars to Geely, the companies said.

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“We are dedicated to delivering vehicles that European customers will choose on merit: on industry leading features, on high-quality and on actively contributing to Europe’s green future. Put simply: we are building cars in Europe, for Europe, alongside a trusted partner,” Alex Nan, vice president of Geely, said in the release.

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Fastly Should Be Off To The Races

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Fastly Should Be Off To The Races

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Generation Steel’s $850m Collie green steel mill expands plans

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Generation Steel’s $850m Collie green steel mill expands plans

The proponent behind the Collie green steel mill has struck another supply deal while expanding the proposal’s scope with a $40 million cut-and-bend facility.

Generation Steel, formerly Green Steel of WA, has shaken hands with Victorian manufacturer Stride Reinforcement to supply ready reinforced steel from its proposed mill.

It’s also revealed plans to add a $40 million cut-and-bend facility at the South West site to deliver 100,000 tonnes per annum of ready reinforced steel to construction customers.

The expansion brings the low-carbon steel making project’s total value to $850 million, with Generation Steel targeting taking a final investment decision in late 2026.

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The mill, which is expected to come online in 2028, is forecast to produce 450,000 tonnes of steel annually, along with 100,000tpa of cut-and-bend capacity.

The “green steel” will be produced using recycled scrap steel and renewable-powered electric arc furnace technology, a more energy-efficient process that the proponent says produces significantly lower emissions than traditional blast furnace methods.

The Victorian supply arrangement adds to the MOUs Generation Steel has already signed with Lendlease and Laing O’Rourke for the construction material. 

Last month, state government has also tipped in almost $10 millionl towards the completion of pre-development activities as the project, on top of $4.5 million already commited.

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The funds were allocated from the $230 million Collie Industrial Transition Fund, established to attract large-scale industrial projects and create long-term jobs in Collie as the town prepares to transition away from its coal-fired power industry.

Generation Steel co-founder Don Johnston said the Stride Reinforcement partnership was the first of more east coast deals to come.

“Right now, the majority of reinforcing steel used in Australia is imported, and even Australian-made rebar is foreign owned and suffers from a lack of any competition,” he said.

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“Cash and capital that could have been reinvested has instead drained away from Australian industry. This exposes Australia’s major construction projects to risk, price volatility, and sudden supply disruption.

“By partnering with strong, Australian-owned independents like Stride, we can reliably supply genuinely local, low-emission steel to construction projects right across the country.”

Generation Steel’s co-founder Raj Aggarwal added that the project came at a pivotal moment for Australian manufacturing.

“Reinforcing steel in Australia is at the centre of three macro forces: pressure on supply chains in the face of geopolitical shifts, a lack of investment in new mills, and the emergence of technology which reduces energy use and emissions while improving cost and capability,” he said.

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“Meeting these pressures requires a profound change in how we think about manufacturing investment, and sovereign resilience.”

“Just as we need investment in Australian fuel making, we need locally owned and made steel, and this project will shore-up supply and local jobs for generations.”

The green steel mill is expected to create 500 jobs during the expected 24-month construction phase and support 250 ongoing local roles in Collie.

The proposal comes amid a transitional time for the regional town built on coal, as the state prepares to transition away from coal-fired power by 2030.

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It would also mark Australia’s first new steel mill in more than 30 years and a first in Western Australia, against the backdrop of the embattled Whyalla Steelworks operation in SA.

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American Airlines (AAL) 2Q 2026 earnings

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American Airlines (AAL) 2Q 2026 earnings

Planes wait at gates at LaGuardia Airport in New York City on May 1, 2026.

Leslie Josephs | CNBC

American Airlines further cut its 2026 earnings outlook, citing higher fuel costs, a sign that a jump in fares isn’t enough for the U.S. airline that flies the most to fully offset this year’s spike in fuel prices.

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American said it could post an adjusted loss per share of as much as 65 cents up to earnings per share of 65 cents this year, below the range it estimated in April between a loss of 40 cents per share up to earnings of $1.10 a share.

Fuel prices have been volatile even in the few short weeks of the U.S. airline earnings season that kicked off in July, which has clouded the outlook for airlines this year. Carriers say strong demand and higher fares are helping offset some of the spike. Fuel is airlines’ biggest expense after labor.

For the current quarter, American said it could report an adjusted loss of between 70 cents a share and 10 cents a share, below the 28 cents a share in earnings Wall Street expected, but it forecast revenue to rise between 16% to 19%, above the the 16.6% analysts project.

American’s profit in the three months ended June 30 fell 88% to $71 million, or 11 cents a share from a year earlier, while revenue rose 16.3% to $16.74 billion. Passenger revenue for available seat mile rose 10% from last year.

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Here is what American reported in the second quarter compared with Wall Street estimates compiled by LSEG:

  • Earnings per share: 15 cents adjusted vs. 3 cents expected
  • Revenue: $16.74 billion vs. $16.71 billion expected

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What about cuts for cafes and hotels?

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The new PM has announced at 20% business rate cut for pubs, clubs and live music venues in England,

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Samsung Unveils Galaxy Z Fold8 Ultra, Fold8 and Flip8 in Its Most Complete Foldable Lineup Ever Made

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Nintendo has faced persistent speculation about its plans for a new version of its Switch console

Samsung Electronics officially introduced its newest generation of foldable smartphones Wednesday, unveiling the Galaxy Z Fold8 Ultra, Galaxy Z Fold8 and Galaxy Z Flip8 as part of what the company describes as its most complete foldable lineup to date, aimed at broadening the category’s appeal beyond its traditional user base.

The announcement, made in the United Kingdom, introduces three distinct devices built around different use cases: the Z Fold8 Ultra for maximum productivity, the standard Z Fold8 for immersive content discovery, and the Z Flip8 for quick, expressive everyday use. All three phones are available for preorder starting immediately in select markets.

A new tier for Samsung’s flagship foldable

The Galaxy Z Fold8 Ultra marks the first time Samsung has applied its “Ultra” branding, long reserved for the top tier of its Galaxy S smartphone line, to a foldable device. Samsung describes the Fold8 Ultra as its slimmest Z Fold design yet, measuring just 4.1 millimeters thick when unfolded and weighing 215 grams, while offering an 8-inch main display intended to function as a mobile workspace for multitasking.

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TM Roh, chief executive officer, president and head of Samsung’s Device eXperience Division, framed the release around the growing role of artificial intelligence in mobile devices. “As AI becomes more agentic, mobile devices will become the most personal entry point to experiences that understand and adapt to each user,” Roh said. “By setting a new standard for foldables, we are once again advancing the premium mobile experience and opening the next era of intelligence to more people.”

What’s new on the Fold8 Ultra

The Fold8 Ultra’s camera system centers on a 200-megapixel main sensor, now enhanced with high dynamic range capability in its full-resolution mode, alongside a new 50-megapixel ultra-wide camera and a 10-megapixel telephoto lens offering 3x optical zoom. The device supports 8K video recording through a new APV codec and includes Cine LUT tools for on-device color grading, features Samsung is positioning toward professional content creators.

Power comes from Qualcomm’s Snapdragon 8 Elite Gen 5 Mobile Platform paired with a 5,000mAh battery, supported by a new dual-path 45W charging architecture and an expanded graphite cooling structure designed to maintain performance during demanding tasks. The device also introduces Samsung’s new Flex Titanium display structure, which combines a titanium-alloy film with a reinforced titanium plate to make the display support thinner while reducing crease visibility and refining the feel of the phone’s hinge mechanism.

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A new form factor with the standard Fold8

Distinct from the Ultra model, the standard Galaxy Z Fold8 introduces a reworked form factor built around a 10:16 cover screen and a 4:3 main display, dimensions Samsung says are designed to match how people naturally consume content, whether checking messages on the cover screen or settling into games, films or long-form reading on the larger internal display. At 201 grams, Samsung says the Fold8 is the lightest Z Fold device the company has ever released, while still pairing the same Snapdragon 8 Elite Gen 5 chip with a 4,800mAh battery.

The Fold8’s camera setup includes dual 50-megapixel wide and ultra-wide sensors, along with features such as Dual Recording, which lets users capture both sides of a moment simultaneously using the cover screen as a live preview, and My FanCam, which automatically tracks a selected subject and reframes footage for social media formats.

The Flip8’s redesigned interface

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Rounding out the lineup, the Galaxy Z Flip8 becomes Samsung’s slimmest and lightest Flip device yet, weighing 180 grams with a thickness of 6.1 millimeters. The phone centers on a reimagined FlexWindow cover-screen interface built to surface relevant information and shortcuts without requiring users to open the phone, powered by a new “Now Brief” feature that delivers timely insights directly to the cover display.

The Flip8’s camera system includes a 50-megapixel main sensor paired with Samsung’s ProVisual Engine, along with Flex Mode for hands-free shooting and a Horizontal Lock option added to the device’s Super Steady video stabilization feature. The phone runs on Samsung’s own Exynos 2600 chip rather than the Snapdragon platform used in the two Fold models.

AI features across the lineup

All three devices ship with Samsung’s Galaxy AI software alongside Google’s Gemini Intelligence assistant, which Samsung says now supports app automation across more than 40 supported apps and services, covering tasks such as looking up tickets, finding nearby restaurants and making reservations. The company is also bundling a six-month free trial of Google AI Pro, which includes 5 terabytes of cloud storage, with new Galaxy Z series purchases.

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Samsung has paired the AI rollout with new privacy and security tools, including an AI Assistant Activity dashboard in its One UI 9 software that gives users a centralized view of automated actions taken on their behalf, along with enhanced privacy alerts designed to flag unnecessary background permission requests before they become a concern.

Pricing, colors and availability

All three phones come in Graphite and Cream color options, with additional exclusive shades available depending on the model: Violet Shadow for the Fold8 Ultra, Lavender for the standard Fold8, and Pink for the Flip8, alongside online-exclusive colorways sold only through Samsung’s website. Samsung is also offering new trade-in and device migration tools aimed at easing the switch from iOS, including an updated Smart Switch feature that lets iPhone users transfer data by scanning a QR code, and expanded compatibility between Samsung’s Quick Share and Apple’s AirDrop for file sharing between the two platforms.

Samsung Care+ protection plans are also available for the new devices, with customers who enroll in a monthly plan through Samsung.com receiving their first three months of coverage at no additional cost.

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With preorders open now in select markets, the release sets up a consequential stretch for Samsung’s mobile business as it looks to defend its position as the leading foldable smartphone maker ahead of rumored competition from Apple later this year. Whether the restructured three-tier foldable lineup, anchored by the new Ultra branding on the Fold8 Ultra, succeeds in broadening the foldable category’s appeal beyond its existing user base is likely to become clearer once the devices reach a wider range of markets and consumers in the weeks ahead.

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Shares trim gains as bets narrow on interest rate hike

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Shares trim gains as bets narrow on interest rate hike

Australian shares have reversed most of the session’s gains after hotter-than-expected jobs figures and energy supply worries heightened the odds of higher interest rates.

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Argentina vs Spain FIFA World Cup Final to be replayed? Petition for a rematch crosses 60,000 signatures

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Argentina vs Spain FIFA World Cup Final to be replayed? Petition for a rematch crosses 60,000 signatures
An online petition asking FIFA to replay the 2026 World Cup Final has crossed 61,500 signatures, with Argentine fans pointing fingers at Slovenian referee Slavko Vinčić for how the summit clash against Spain played out. The petition, live on Change.org, went up soon after the July 19 final in New York and calls on football’s governing body to take a second look at the officiating that shaped the result.

What Argentianian fans are demanding?

The petition was started by supporter Gisela Sánchez, and her demand is simple: FIFA should review the calls made during the Final. The text goes further, alleging “irregularities” during the match, though it does not back this up with any solid evidence. Still, that hasn’t stopped it from picking up steam fast.

Why FIFA Isn’t Bound To Listen

Here’s the catch nobody signing the petition can get around, Change.org has no say over football’s rulebook. A petition, however big, cannot force FIFA to change an official result. Match replays are reserved for very specific, exceptional circumstances laid out in the sport’s own regulations, and only the relevant governing bodies can rule on them.

French supporters also ran a similar campaign

Argentina’s fans aren’t breaking new ground here. Days before the Final, French supporters ran their own version of this campaign after Spain beat France in the semifinal, collecting more than 82,000 signatures over a disputed incident that led to the opening goal. That petition made noise online but changed nothing on the scoreboard — a fate this one looks set to share.

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Not everything about the aftermath was bitter, though. Away from the petition drama, thousands of Argentine fans gathered across the country to cheer on their team simply for reaching the Final and coming heartbreakingly close to defending the World Cup title.

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Emeco MD Testrow extends tenure

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Emeco MD Testrow extends tenure

Emeco Holdings has extended Ian Testrow’s contract as managing director and chief executive by a further four years.

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