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Northern companies benefit from Government electric vehicle backing

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Nine companies around the North have won backing from the Drive35 programme

The Nissan Leaf being built

The Nissan Leaf being built(Image: Nissan)

Northern companies have shown how the region is playing a major role in the switch to electric vehicles after securing Government backing for their work.

Nine companies around the region including the giant Nissan plant at Sunderland – have won backing from the Government’s £4bn Drive35 programme, which is intended to speed up the electrification of the car industry. Officials at the Department for Business, Innovation, Science and Trade said the funding would support hundreds of jobs.

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Among those benefitting are Gateshead’s Turntide Technologies for a £17m project to accelerate the production of new flux motors, and Manchester’s Watercycle Technologies, which has secured £3m to demonstrate how lithium for vehicle batteries can be recovered from waste.

Themulon, in Sedgefield, County Durham; Nexperia UK and Gravis Robotics, both in Stockport; Electra Commercial Vehicles in Brighouse; and Xerode, Aftrak and Cybass, all in Sheffield; have also secured financial backing.

Industry minister Blair McDougall said: “Britain invented the modern motor industry and we’re determined to ensure the next generation of vehicles are designed and built here too.

“This investment will secure skilled jobs, strengthen our manufacturing heartlands and help drive the reindustrialisation of Britain.”

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As part of its project, Turntide will expand the use of its Gateshead production and R&D campus while reestablishing a dedicated component and validation facility in Cramlington, Northumberland. The company said the project would help it create new jobs.

CEO Steve Hornyak said: “Project Supreme is an important step in scaling next-generation electric motor technology production in the U.K. for the global market. By enabling high volume axial flux motor production through automation and overall cost reduction, we’re driving wider adoption of more efficient, lighter electric powertrains across automotive and industrial applications.”

At Watercycle Technologies, co-founder Dr Ahmed Abdelkarim said: “ReLiVE directly supports the UK’s ambition to build a secure, domestic supply of battery-grade lithium. The Government’s Critical Minerals Strategy sets a clear goal to establish large-scale UK lithium production and reduce our reliance on imports.

“By demonstrating that high-purity lithium can be produced from circular, low-carbon sources here in the UK, ReLiVE can help turn that ambition into reality. It shows how British innovation can support the transition to zero-emission transport while building the strategic capabilities the country needs for a more resilient battery supply chain.” for a more resilient battery supply chain.”

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ReLiVE represents a significant step in scaling Watercycle’s technology from pilot operations towards commercial lithium production, demonstrating a circular approach to lithium refining at a scale not yet seen in the UK.

The Government has said it intends to phase out the sale of new petrol and diesel cars by 2030 as part of efforts to cut emissions and tackle climate change. Reports have suggested ministers are considering watering down the target in order to ease the cost of living, but a Government spokesperson insisted they were “committed to the 2030 phase-out date”.

Shadow transport secretary Richard Holden said the Government should abandon the 2030 target.

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How Liquid Are Private-Credit Funds? It Depends How You Define ‘Liquidity’

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How Liquid Are Private-Credit Funds? It Depends How You Define ‘Liquidity’

Wealthy investors who piled into private-credit funds have spent months trying to cash out their shares and still can’t. Fund managers have sought to reassure them by highlighting the vehicles’ ample “liquidity” to meet redemptions and remain healthy.

It would help if everyone could agree on what that word actually means.

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Crude oil stocks in US SPR fall to over four-decade low

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Crude oil stocks in US SPR fall to over four-decade low

The U.S. government’s Strategic Petroleum Reserve (SPR) is at its lowest level since 1983 as inventories that were already low before the Iran war come under increasing pressure.

Data released by the Department of Energy on Monday showed that the number of barrels of oil in the SPR declined by 6.1 million barrels last week, ending the week at 298.7 million barrels in inventory.

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That is the lowest level in the EIA’s weekly data on SPR stocks since January 1983.

SPR inventories have fallen this year after President Donald Trump in March authorized the release of up to 172 million barrels in response to the impact of the Iran war on energy supplies, as Iranian attacks have slowed the flow of tanker traffic through the Strait of Hormuz.

TRUMP BLASTS BIG OIL FOR ‘MAKING TOO MUCH MONEY’

Empty oil storage units.

The Strategic Petroleum Reserve inventories fell to the lowest level since 1983 last week. (Brandon Bell/Getty Images)

The Trump administration announced the releases on March 11, 2026, while EIA data shows that the SPR had about 415.4 million barrels of oil in inventory during the middle of March – with inventories now down about 116 million barrels as of early August.

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The latest SPR releases follow a historic drawdown over the last several years, beginning with the release of 180 million barrels that was authorized by the Biden administration in response to Russia’s invasion of Ukraine in early 2022.

Inventories had been around 600 million barrels at the start of 2022 and fell to 375 million barrels by the end of the year. 

FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUY

Strategic Petroleum Reserve

The Strategic Petroleum Reserve was established in response to the oil shocks of the 1970s. (Luke Sharrett/Bloomberg via Getty Images)

When SPR levels hit a low of about 347 million barrels in the summer of 2023, they began to gradually recover and reached 400 million barrels in May 2025. They hit a recent peak of over 415 million barrels in February, before the latest round of drawdowns began in March.

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The SPR was created in 1975 under the Energy Policy and Conservation Act in response to the OPEC oil embargo of 1973-74, which was imposed by Arab countries in OPEC as retaliation for the U.S. resupplying Israel’s military during the Yom Kippur War.

The SPR was initially intended to have a capacity of 1 billion barrels of oil, although it never reached that level. Currently, the SPR has a congressionally-authorized maximum of about 714 million barrels of oil, while its highest ever inventory was 726.6 million barrels in December 2009 when it had an authorized capacity of 727 million barrels. 

US OIL RESERVES DROP TOWARDS REAGAN-ERA LOWS, ‘SIGNIFICANT IMPACT AT THE PUMP’ COMING, EXPERTS WARN

Worker at the Strategic Petroleum Reserve

A contractor works on a crude oil pipeline at the Department of Energy’s Bryan Mound Strategic Petroleum Reserve in Freeport, Texas. (Luke Sharrett/Bloomberg via Getty Images)

SPR reserves are stored at four locations thousands of feet below ground in salt caverns because those geological formations are more advantageous than surface facilities in terms of cost and maintenance, in addition to environmental and security concerns.

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Geological pressures naturally seal cracks that emerge in salt formations to prevent leaking oil from seeping out, while the temperature difference keeps oil circulating to maintain its quality. Salt caverns can also be enlarged to fit precise dimensions through a mining process in which the salt is dissolved using fresh water.

The Government Accountability Office (GAO) issued a report in May which warned that Congress and the Department of Energy need to develop a unified long-term plan to address the SPR’s maintenance needs and a strategy for managing inventories into the future.

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The One Big Beautiful Bill Act, which Republicans in Congress and Trump enacted in July 2025, included $171 million for acquiring petroleum products to be stored in the SPR, as well as $218 million to maintain the SPR.

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Rubrik stock hits 52-week high at 99.76 USD

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Rubrik stock hits 52-week high at 99.76 USD

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Hypoport H1 2026 slides: EBIT jumps 20% as margins expand

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Hypoport H1 2026 slides: EBIT jumps 20% as margins expand

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If You Get in a Car Crash, the Risk Is Growing Your Insurance Won’t Pay

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If You Get in a Car Crash, the Risk Is Growing Your Insurance Won’t Pay

Americans got into more than six million traffic accidents last year. 

Depending on the type of crash, the chance of getting a payout from your insurer has become increasingly remote.

Auto insurers didn’t pay out on 45% of auto liability and medical claims they resolved last year, according to a Wall Street Journal analysis of thousands of company regulatory filings. That rate might change slightly as more claims are resolved, but it is up from around one in three, or 35%, of such claims a decade ago.

Americans are required to pay for car insurance as a condition of driving. Yet often, the insurance doesn’t provide the financial backstop that car owners were expecting.

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Taylor Farms recalls jalapeno products after salmonella outbreak

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A curved white sign with a black sideways oval on it containing the words Taylor Farms in white with a green leaf below. The sign is on a mown grass lawn with trees in the background and with a white car parked to the side.

The jalapeno recall came after Coast Citrus Distributors, which supplied the company with its peppers, recalled its own fresh jalapeno because of the salmonella concerns.

Taylor Farms said a grower in Sinaloa, Mexico, had been identified as the source of the outbreak and that it “is no longer sourcing products from this farmer and will be filling orders from alternative suppliers”.

“Consumers who have any recalled product should discard it immediately and not consume it. Refunds are available at the location of purchase,” it added.

Eating food contaminated with salmonella usually leads to illness within 12 to 72 hours, external. Symptoms include diarrhoea, fever and stomach pain, according to the US Food and Drug Administration.

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The recall includes products such as pico de gallo salsa, several types of guacamole, burritos, spicy sandwiches and fresh sliced jalapenos.

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Existing Home Sales among economic data due Tuesday

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Existing Home Sales among economic data due Tuesday

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Next announces major Cribbs Causeway upgrade plus Bath and Body Works set to open

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The retailer operates Bath & Body Works in the UK through its partnership model

Bath and Body Works is opening at Cribbs

Bath and Body Works is opening at Cribbs(Image: Next)

Next is planning a “major upgrade” of its store at Cribbs Causeway near Bristol and is also opening a standalone Bath and Body Works outlet at the shopping centre, it has announced.

The retailer, which operates Bath and Body Works in the UK through its partnership model, has confirmed it will be bringing the concept to the South West for the first time after agreeing to lease a 1,797 sq ft unit at The Mall.

It is also planning to upsize its own clothing store at Cribbs to a larger 47,000 sq ft space in a move it says will allow it to showcase more fashion and accessories.

Katie Searle, director of asset management at Sovereign Centros from CBRE, said: “Cribbs has become a hub for brands to test new store concepts and product ranges to help them stay ahead of the competition.

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“The Next at Cribbs Mall is among the retailer’s best stores in the country so we are not surprised that they are bringing Bath and Body Works to Cribbs whilst committing to a major upgrade of their space to create new flagship concepts for the South West.

“These premium stores at Cribbs will act as showrooms, with shoppers of all ages from across the West Country, West Midlands, South West and South Wales travelling to explore the latest styles and trends.”

The investment by Next follows a run of brands opening or expanding at The Mall at Cribbs Causeway over the past few years.

M&S completed a full refit of its 103,000 sq ft store at the end of 2024, adding a market-style foodhall and café, while expanding its footwear department and upgrading its beauty section.

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H&M also opened a new regional flagship at Cribbs Causeway that year, incorporating new tech features across the store, while Boots invested in a modernised beauty hall, which has more than 30 premium brands.

Other retailers to open within the shopping centre in recent months include Miniso, AllSaints, Animal, Levi’s, and Rodd & Gunn.

According to CBRE, Cribbs’ retailers have experienced a 26 per cent rise in domestic visitors over the past year as well as a 13 per cent growth in Gen Z shoppers.

Sovereign Centros from CBRE provides full asset management services across Cribbs on behalf of M&G Real Estate, while Time Retail Partners and Cushman & Wakefield are retained letting agents for the centre, with Green & Partners retained in the leasing advisory role.

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Powerball jackpot hits $905M | Fox Business

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Powerball jackpot hits $905M | Fox Business

The Powerball jackpot surged to an estimated $905 million ahead of Monday night’s drawing, making it the eighth-largest prize in the game’s history.

The pot grew after no ticket matched all six numbers from Saturday night’s drawing.

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The white balls were 5, 9, 35, 54 and 63. The red Powerball was 7 and the Power Play multiplier was three.

It now has an estimated cash value of $391.9 million, according to the lottery.

A lottery ticket is held over a counter.

The Powerball jackpot is now the eighth-largest in the game’s history. (Brandon Bell/Getty Images)

The odds of winning a prize are 1 in 24.9, while the odds of hitting the jackpot are 1 in 292.2 million.

Though there was no jackpot winner in the latest drawing, four tickets matched all five white balls and won $1 million each, the lottery said. Winning Match 5 tickets were sold in Arizona, Florida, Michigan and New York. A ticket matching all five white balls was sold in Texas and included the Power Play option, increasing the prize to $2 million. 

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Monday’s drawing will mark the 43rd in the current jackpot run.

printed tickets for the Powerball Lottery

The odds of winning a prize are 1 in 24.9, while the odds of hitting the jackpot are 1 in 292.2 million. (CatLane/iStock)

The Powerball jackpot was last won on May 2, when two tickets in Florida and Texas split a $20 million prize.

The winner can choose between a lump sum payment or an annuitized prize – one immediate payment followed by 29 annual payments. Both options are before taxes.

A ticket for the Powerball lottery sits on a counter in a store

The Powerball jackpot now has an estimated cash value of $391.9 million, according to the lottery. (Reuters/Andrew Kelly)

Powerball tickets are sold in 45 states, Washington, D.C., Puerto Rico, the U.S. Virgin Islands and the United Kingdom. Drawings occur three nights a week, on Monday, Wednesday and Saturday.

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The biggest Powerball jackpots:

  1. $2.04 billion – Nov. 7, 2022 – California
  2. $1.817 billion – Dec. 24, 2025 – Arkansas
  3. $1.787 billion – Sept. 6, 2025 – Missouri, Texas
  4. $1.765 billion – Oct. 11, 2023 – California
  5. $1.586 billion – Jan. 13, 2016 – California, Florida, Tennessee
  6. $1.326 billion – April 6, 2024 – Oregon
  7. $1.08 billion – July 19, 2023 – California
  8. $905 million – Aug. 10, 2026 (current prize, estimated jackpot)
  9. $842.4 million – Jan. 1, 2024 – Michigan
  10. $768.4 million – March 27, 2019 – Wisconsin
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Jumex launches reduced-sugar beverages

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Jumex launches reduced-sugar beverages

The Jumex Reduced line features half the sugar content of its traditional beverages. 

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