LEAWOOD, Kan. — Shares of AMC Entertainment Holdings Inc. advanced more than 7 percent on Monday, extending a multi-week recovery fueled by strong summer box-office results and investor attention on proposed changes to the company’s corporate governance.

AMC stock traded at $2.74, up $0.19 or 7.42 percent, according to market data. The gain came as the largest theatrical exhibitor in the United States continued to benefit from elevated attendance driven by major studio releases and as shareholders prepared for an annual meeting that includes structural board reforms.

The recent strength follows a series of operational highlights. Earlier in August, AMC reported that it generated the highest total revenue, admissions revenue and food-and-beverage revenue for a single weekend in the company’s 106-year history. The record stretch, covering Wednesday through Sunday, was powered in part by the domestic and international debut of “Spider-Man: Brand New Day” and strong performance of premium formats, including IMAX screenings.

That weekend built on earlier success with Christopher Nolan’s “The Odyssey,” which delivered a robust opening and sustained second-weekend momentum. AMC said the film contributed to the most successful IMAX run in the company’s history through its first two weekends of release. Attendance figures reflected the broader industry rebound, with millions of moviegoers visiting AMC and its international Odeon locations during key summer frames.

In its second-quarter results reported in July, AMC posted the highest quarterly revenue and adjusted EBITDA in its history. Total revenue reached approximately $1.60 billion, up 14.2 percent from the year-earlier period. Adjusted EBITDA rose about 70 percent to $321.4 million. The company also reported free cash flow of $190.1 million for the quarter and an improved cash position.

Chief Executive Adam Aron highlighted the strength of the release slate during the earnings discussion. “We are thrilled by the box office momentum that built through the second quarter, driven by blockbuster titles that brought moviegoers back in droves,” he said. Aron further noted that 2026 was on track to become the strongest post-pandemic year for movie theaters at both the domestic and global box office, supported by a packed calendar of tentpole releases and studio commitments to exclusive theatrical windows.

Beyond the box-office numbers, investor focus has turned to governance. Proxy materials filed for the company’s annual meeting scheduled for Sept. 24 include a proposal to declassify the board of directors. Under the plan, staggered three-year terms would be eliminated, with all current director terms set to expire at the September meeting. Proponents of such changes typically argue that annual elections increase accountability; the proposal forms part of a broader set of structural adjustments under consideration by shareholders.

The combination of improving fundamentals and governance discussion has supported a roughly 20 percent advance in the shares over the trailing month, according to market observers tracking the recovery. Theater operators have pointed to higher per-patron spending on concessions and premium seating as key contributors to profitability even when attendance remains below long-term historical peaks. AMC has emphasized its ability to convert higher traffic into stronger food-and-beverage sales and to leverage fixed-cost operating leverage as revenues rise.

The industry backdrop remains constructive. Multiple films have delivered domestic opening weekends exceeding $75 million during the current cycle, and the overall domestic box office has posted its strongest quarterly performances in years. Premium large-format screens continue to capture a growing share of revenue, rewarding exhibitors that invested in IMAX, Dolby and other enhanced auditoriums.

AMC still carries a substantial debt load and has used equity offerings in recent periods to bolster liquidity. Those capital raises increased the share count, a factor that remains part of the longer-term investment debate. Management has stressed progress on cash generation and the operating leverage inherent in the exhibition model once attendance and ticket prices recover.

Monday’s advance occurred against a backdrop of selective strength in consumer-discretionary names and continued interest in the theatrical recovery narrative. Analysts who cover the sector have noted that sustained slate strength through the remainder of the year, including additional major releases scheduled for the fall and holiday periods, will be critical to maintaining momentum.

For theater chains, the path forward depends on consistent delivery of event films that draw audiences back into cinemas rather than relying solely on streaming alternatives. AMC’s recent results demonstrate that when the product is strong, the combination of ticket sales, concessions and premium formats can produce record financial outcomes. The company’s ability to sustain that performance while addressing its capital structure and governance framework will shape investor sentiment in the coming months.

Shareholders will have the opportunity to vote on the board declassification and related proposals at the September meeting. In the interim, attention is likely to remain on weekly box-office reports, attendance trends and any further updates on debt management or capital allocation.

The stock’s move higher reflects a market that is responding to tangible improvements in the core exhibition business after several challenging years. Record weekend revenues, the strongest quarterly adjusted EBITDA in company history and visible progress on the summer slate have provided concrete data points. Whether those gains prove durable will depend on the continued flow of compelling theatrical titles and the company’s execution on both operational and corporate-governance priorities.

AMC remains the largest theatrical exhibitor by screen count in the United States and maintains a significant international presence through its Odeon circuit. That scale positions it to capture a substantial share of industry upside when attendance rises. At the same time, the competitive landscape includes other major chains and the ongoing evolution of consumer viewing habits.

For now, the narrative around AMC centers on recovery rather than pure speculation. The 7 percent gain on Monday added to a period of positive price action driven by box-office results and anticipation of governance changes. Investors and industry participants will continue to monitor the weekly numbers and the outcome of the upcoming shareholder meeting for further signals on the company’s trajectory.

Thailand’s southernmost provinces experienced a wave of coordinated violence this week, with dozens of arson attacks and bombings striking multiple districts simultaneously. The scale and coordination of these attacks have raised alarm among security officials and prompted swift government response, while also drawing international attention to a decades-long insurgency that continues to destabilize the region.

Scale and Scope of the Attacks

According to multiple reports, more than 50 coordinated arson attacks hit southern Thailand, with Yala province bearing the brunt of the violence. The attacks left at least two to three people injured, including two women, though officials confirmed there were no fatalities. The coordinated nature of the strikes—hitting numerous locations across several districts simultaneously—suggests significant planning and organizational capability behind the perpetrators, who are widely believed to be linked to the long-running separatist insurgency in Thailand’s Deep South.

The violence spanned three southern provinces, prompting Thailand’s Prime Minister to convene an emergency meeting with security chiefs in the immediate aftermath. The Thai army also issued public warnings following the attacks, signaling heightened alert status across the region as authorities worked to assess the full extent of damage and identify those responsible.

Cross-Border Concerns and Regional Impact

The geographic proximity of the affected provinces to Malaysia has raised concerns on both sides of the border. Reports indicate that explosions were felt in Malaysian villages, with residents describing how “the walls shook” from blasts occurring in southern Thailand, particularly affecting the border town of Pasir Mas. Malaysian authorities moved quickly to reassure the public, confirming that no Malaysian nationals were affected by the attacks and that no militants had crossed into Malaysian territory following the incidents.

Malaysia’s foreign ministry, Wisma Putra, subsequently advised Malaysian citizens to exercise caution before crossing the border into the affected areas, reflecting the seriousness with which regional authorities are treating the security situation. This cross-border dimension underscores how the Deep South conflict, while rooted in domestic Thai politics and history, has implications for regional stability and international relations.

Government Response and Security Gaps

In the wake of the attacks, Thai officials have acknowledged significant shortcomings in intelligence gathering. A senior security official, Sihasak, admitted to intelligence gaps that existed prior to the Deep South attacks, raising questions about the effectiveness of current counter-insurgency strategies and monitoring systems in the region.

This admission comes as Thailand’s government has been simultaneously pursuing new approaches to resolve the insurgency through dialogue. A negotiator revealed that Thailand is seeking a new path to end the deadly southern insurgency, suggesting that officials recognize the limitations of purely security-focused responses and are exploring alternative strategies, including potential peace talks, to address the root causes of the decades-long conflict.

Economic Motivations Behind the Violence

Analysis of the attacks suggests they may be strategically targeting Thailand’s economic interests in the region. One opinion piece characterized the violence as “aimed at destroying the economy” of the Thai Deep South, suggesting that the perpetrators’ objectives extend beyond simple political or religious grievances to include deliberate economic disruption as a tactical tool in their broader campaign against the Thai state.

This economic dimension adds complexity to the security challenge, as it suggests attackers may be targeting infrastructure, businesses, and economic activity specifically to undermine government legitimacy and control in the region, making the insurgency not just a security issue but one with significant implications for regional development and investment. For broader context on how security incidents affect the investment climate, see coverage from Thailand Business News.

Context: Thailand’s Long-Running Southern Insurgency

These recent attacks occur against the backdrop of what has been described as Thailand’s “long stalemate” in the south—a conflict that has persisted for years without clear resolution. The insurgency in Thailand’s Deep South, rooted in ethnic Malay-Muslim separatist sentiment in provinces including Yala, Pattani, and Narathiwat, has resulted in thousands of deaths since violence escalated in the early 2000s.

The coordinated nature of this week’s attacks represents an escalation that challenges previous patterns of more isolated incidents, suggesting either increased operational capacity among insurgent groups or a strategic shift toward more visible, simultaneous demonstrations of force designed to maximize psychological and economic impact while testing government security capabilities.

Looking Ahead

As Thai authorities continue their investigation into the coordinated attacks, the incident has reignited debate about the most effective path forward for resolving the Deep South conflict. The combination of acknowledged intelligence failures, ongoing peace negotiation efforts, and the apparent economic targeting strategy employed by attackers suggests that Thailand faces a multifaceted challenge requiring both improved security measures and renewed diplomatic engagement.

The government’s response in the coming weeks—balancing security crackdowns with continued negotiation efforts—will likely prove critical in determining whether this represents an isolated escalation or the beginning of a new, more intense phase in Thailand’s decades-long southern insurgency.

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Moderna’s stock is riding high after news of a personalized cancer treatment, but CEO Stéphane Bancel is warning about a bigger threat: China’s state-backed push to challenge the U.S. in biotechnology.

In an interview on “Mornings with Maria” Monday, Bancel said that while Washington pulls back on mRNA funding, Beijing is pouring state money into biotechnology to challenge the U.S. Bancel said keeping drug manufacturing on American soil, including at Moderna’s facilities in Massachusetts, helps protect both U.S. patients and America’s lead in healthcare.

“I think the government has an active role to play in taking risk for really innovative medicine,” Bancel told FOX Business’ Cheryl Casone, “and indeed, if you think about what’s happening around the world, we know, for example, that in China there’s a lot of mRNA investments.”

“The technology has already proven itself during COVID with the vaccine, now with cancer, as I said, very soon in rare genetic disease, and I think that we want to make sure that there is investment because those investments in the long term help American patients,” he continued.

HOW GLP-1 WIGHT-LOSS DRUGS ARE RESHAPING THE HEALTHCARE INDUSTRY

The Chinese Communist Party has designated biotechnology as a “strategic emerging industry” and provided state financing and subsidies to support domestic firms as China seeks to dominate key parts of the biotechnology industry, according to the National Security Commission on Emerging Biotechnology.

Stephane Bancel, CEO of Moderna Inc., during a panel session at the World Economic Forum (WEF) in Davos, Switzerland. (Getty Images)

Meanwhile, the U.S. Department of Health and Human Services (HHS) announced last August that it would wind down nearly $500 million worth of mRNA vaccine development projects through the Biomedical Advanced Research and Development Authority (BARDA).

HHS did not immediately respond to Fox News Digital’s request for comment.

Instead of relying on foreign supply chains for pharmaceutical supplies and ingredients, Bancel said Moderna has countered this threat by expanding its manufacturing operations in Massachusetts, ensuring that advanced personalized medicines are engineered and produced on American soil.

“The team has done an amazing job to shrink the manufacturing process, the machines, because it’s the same technology that will make millions of doses in one reactor,” Bancel said. “It’s actually happening in America, in Massachusetts, in a factory that we built and that is ready to go.”

“In terms of cost, because it’s not using human material, like CAR-T cell therapy is a very expensive price because it’s a very expensive manufacturing process. In our case, it’s all used with enzyme[s], it’s in water, it is a very different thing. As we get the data and we get closer to discussing pricing, but we don’t have the very high cost of goods that the self-therapy products have.”

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Moderna’s shares surged 177% on Aug. 19 after the company and Merck announced that their personalized mRNA treatment, combined with Merck’s Keytruda, met key endpoints in a Phase 3 melanoma trial, giving investors new evidence of mRNA’s potential beyond infectious-disease vaccines.

“If you look at the company since day one, we try to use our technology across many therapeutic areas: Infectious disease, vaccine of course, cancer,” Bancel noted. “So last week was a big step forward. We became an oncology company, but I think by the end of the year, we should also become a rare genetic disease company.”

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California Attorney General Rob Bonta’s office canceled a planned Monday meeting with

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California and 11 other states filed an antitrust suit last month to block an $81 billion deal to combine Paramount and Warner, a transaction that would bring together two of Hollywood’s biggest producers and distributors of entertainment and news content.

TEHRAN — Iran’s currency plunged to a record low against the U.S. dollar on Monday as the Trump administration prepared to announce a major expansion of economic sanctions aimed at further isolating Tehran amid a months-long conflict.

The rial traded at more than 2 million to the dollar on the open market, according to tracking sites that monitor unofficial rates used by ordinary Iranians and businesses. Figures put the rate around 2.02 million to 2.04 million rials per dollar, a sharp decline from levels earlier in the year and reflecting mounting pressure on an economy already strained by war, inflation and restricted oil exports.

The currency drop coincided with statements from senior U.S. officials framing the next phase of pressure as an “economic D-Day.” Treasury Secretary Scott Bessent, in a Financial Times opinion piece, wrote that the United States was entering the endgame after military operations had significantly degraded Iran’s capabilities.

“At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary,” Bessent wrote. “Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.”

Bessent was scheduled to provide further details at a news conference later Monday. Officials indicated the measures could include broader secondary sanctions targeting entities and countries that continue commercial or financial ties with Iran. China remains Iran’s largest trading partner and primary destination for its oil, raising questions about how aggressively Washington would pursue measures that could affect Beijing ahead of high-level diplomacy.

President Donald Trump amplified the message on social media, declaring that Iran was in freefall. “IRAN IS COMPLETELY COLLAPSING!!!” he posted.

The conflict began in late February following U.S. and Israeli airstrikes. What U.S. officials initially suggested would be a limited campaign has stretched into a prolonged confrontation involving military action, restricted shipping through the Strait of Hormuz and successive rounds of economic pressure. Iran has responded by limiting traffic through the strategic waterway, which normally carries roughly one-fifth of the world’s oil trade, and by issuing warnings about vessels that violate its transit rules.

On Monday, Iranian authorities continued diplomatic contacts even as they rejected yielding to pressure. Pakistan’s army chief, Field Marshal Asim Munir, met Iranian Parliament Speaker Mohammad Bagher Ghalibaf in Tehran. Ghalibaf, who heads Iran’s negotiating team, criticized the United States for failing to honor prior understandings.

“The commitments of both sides under the memorandum are clear. It was the United States that, by failing to uphold its commitments, prevented stability from being established in the region and provided yet another reason for mistrust,” Ghalibaf said, according to Iranian state media. He added that Tehran remained committed to the conditions outlined in the agreement and that “It is the United States that must fulfill its commitments under the agreement.”

Iranian President Masoud Pezeshkian has publicly acknowledged the limits of prolonged conflict, stating that Iran “cannot continue with war forever,” while other officials have maintained a harder line against dialogue under current conditions.

The Strait of Hormuz remained a central flashpoint. Oman’s foreign minister was scheduled to visit Tehran for talks on the waterway and related regional issues. Iran’s Persian Gulf Strait Authority warned that vessels accused of violating transit rules could face penalties including detention or confiscation. At the same time, Tehran granted permission for some Iraqi oil tankers to pass after appeals from Baghdad. Iranian security officials have threatened to further restrict oil flows if economic pressure intensifies.

Separately, Saudi Arabia’s national shipping company Bahri reported that one of its tankers experienced a security incident in the Red Sea. Yemen’s Iran-backed Houthi movement claimed it had targeted the vessel with a ballistic missile. Bahri said all crew members were safe and that it was coordinating with relevant authorities while monitoring developments. The Houthis have repeatedly stated they will continue actions against vessels they link to Saudi Arabia and its allies.

Analysts noted that Iran’s economy has developed resilience after decades of sanctions, allowing it to sustain significant pain through informal networks, alternative trading routes and domestic adjustments. Yet the combination of a naval blockade limiting oil exports, currency collapse, high inflation and disrupted trade has intensified hardship for ordinary citizens. Food and consumer prices have risen, and the International Monetary Fund has projected economic contraction and elevated inflation for the year.

U.S. officials argue that sustained and comprehensive financial isolation, combined with military degradation of key capabilities, will eventually force concessions. Critics and some regional observers question whether secondary sanctions severe enough to cut off major partners such as China are politically feasible in the near term, particularly with diplomatic calendars involving Beijing. Others point to the political calendar in the United States, where elevated energy prices and economic concerns could influence midterm elections.

Bessent’s framing of the campaign as the largest financial offensive of its kind underscores the administration’s shift toward economic tools after months of kinetic operations. Previous U.S. sanctions regimes on Iran, dating back decades, have restricted trade, blocked assets and limited access to the international financial system. The current effort seeks to close remaining loopholes involving oil smuggling, front companies, exchange houses and third-country facilitators.

Iranian officials have portrayed the intensified economic focus as evidence that military objectives remain unmet. They continue to insist on the implementation of earlier understandings while rejecting what they describe as coercive pressure. Regional diplomacy involving Pakistan, Oman and other parties continues in parallel, focused on de-escalation pathways and the management of shipping through the Strait of Hormuz.

The record low for the rial serves as a visible indicator of the cumulative strain. Official exchange rates set by Iran’s central bank remain more favorable than the open-market rate that most citizens and private businesses must use. The gap between the two rates has widened as confidence erodes and demand for hard currency rises.

As Treasury officials prepared the formal announcement of new measures, markets, shipping companies and governments across Asia, the Middle East and Europe watched for details on the scope of secondary sanctions and any exemptions or enforcement timelines. The effectiveness of the campaign will depend on the degree of international compliance, the resilience of Iran’s parallel economy and the willingness of major buyers to absorb higher costs or seek alternative supplies.

For now, the combination of currency collapse, restricted oil flows, ongoing military friction and diplomatic maneuvering defines a conflict that has already lasted far longer than early projections. Both sides continue to assert that time and pressure favor their position, while ordinary Iranians confront the immediate consequences of a rial that has lost substantial value and an economy under sustained assault.

MANCHESTER, England — Manchester City striker Erling Haaland has traded his signature long blond hair for a short buzz cut, capturing the moment on video along with the surprised reaction of his girlfriend, Isabel Haugseng Johansen.

In a YouTube video posted Sunday, the 26-year-old Norwegian forward sat for the dramatic transformation as his hairstylist sectioned and cut away the locks that had become a recognizable part of his public image. Johansen, who has been dating Haaland since 2021, watched the process unfold and offered a series of candid responses.

“I think I will cry,” Johansen said early in the video as the haircut began. Later, holding a thick lock of the blond hair bound by a tie, she added, “Oh my god.”

She briefly left the room during the final stages of the buzz cut. Upon returning to see the finished result, her reaction was immediate. “Oh my God. Oh my God. Oh my God, darling!” she exclaimed. “It looks nice! I think you look cute.”

Haaland responded with a humorous challenge: “Cute?” Johansen then adjusted her assessment while holding his face between her hands. “You look really tough,” she said, before making a playful face toward the camera as if second-guessing the wording.

Johansen joked about the scale of the change. “I will wake up in the morning and be like, ‘Who’s that’?” she said. When Haaland asked whether she preferred the longer hair or the new short style, she answered, “Both?” He replied, “Good answer.”

Haaland framed the haircut as a deliberate reset. In the video and accompanying social media posts, he described it as preparation for the new season. “New season, new trim,” he wrote on Instagram alongside before-and-after images. He elaborated that he had considered the change immediately after the World Cup but delayed it because of a busy schedule. “Season starts now, so it’s time to get a fresh start,” he said.

The forward noted that he wanted a military-style cut. He also recalled advice from retired Swedish star Zlatan Ibrahimovic, who had once told him never to cut his hair because “your strength is in your hair,” a reference that Haaland linked to the biblical story of Samson. After the cut, Haaland shared reactions from others in his circle, including light-hearted responses from Ibrahimovic and Oasis musician Noel Gallagher, a known Manchester City supporter.

Haaland’s long hair had been a distinctive visual element throughout recent seasons and during the summer’s World Cup, where he drew widespread attention. The decision to remove it marks a visible shift as the Premier League campaign begins. He debuted the new look in Manchester City’s opening match, continuing his role as one of the league’s most prominent attacking players.

The video of the haircut and Johansen’s reactions circulated quickly among soccer fans and on social platforms. Many noted the contrast between the flowing style that had become familiar and the much shorter result. Haaland’s willingness to document the process, including the emotional and humorous exchanges with his girlfriend, added a personal dimension to what might otherwise have been a routine grooming update.

Johansen’s presence in the video underscored the couple’s long-term relationship. Their public appearances and occasional shared moments have occasionally drawn media interest, though both have generally kept personal details limited. Her progression from near-tears at the start of the cut to approving descriptions of “cute” and “tough” provided a light narrative arc within the short clip.

For Haaland, the change aligns with a pattern among athletes who alter their appearance at the start of a new campaign as a symbolic reset. High-profile players frequently use haircuts, new kit or training routines to signal a fresh mental approach after major tournaments. In this case, the visual impact was heightened by how closely the long blond hair had been associated with Haaland’s on-field identity.

Manchester City enters the season with expectations of contending at the top of the Premier League and in European competition. Haaland remains central to those ambitions as the team’s primary goal threat. The haircut itself carries no bearing on performance, yet it generated more immediate conversation than many routine preseason stories.

The video also captured intermediate stages of the process, including a temporary look with shorter bangs before the full buzz. Haaland posted additional selfies documenting those steps. The final result is a close-cropped style that contrasts sharply with the shoulder-length hair he had maintained for several years.

Public reaction mixed nostalgia for the previous look with acceptance of the new one. Some fans expressed mild disappointment at the loss of the distinctive long hair, while others welcomed the change as a clean, practical option for the physical demands of a long season. Haaland appeared unconcerned by the range of opinions, focusing instead on the personal meaning he attached to the timing.

Johansen’s final measured response — preferring both styles — reflected a pragmatic stance common in long-term relationships when one partner makes a visible change. Her initial emotional reaction and subsequent supportive comments illustrated the mix of surprise and affection that often accompanies such moments.

Haaland has built a reputation for direct communication with fans through social media and occasional video content. The decision to film the haircut and include his girlfriend’s unfiltered responses fits that approach. It offered supporters a brief, unpolished glimpse into a personal decision rather than a carefully staged announcement.

As the Premier League season progresses, attention will return to Haaland’s performances on the pitch. The buzz cut may fade as a topic once match results and goal tallies dominate discussion. For a brief period, however, the transformation and the accompanying reactions provided a light counterpoint to the usual focus on transfers, tactics and results.

The episode also highlighted how even routine personal choices by high-profile athletes can generate widespread interest. Haaland’s hair had become part of his recognizable brand. Removing it created a moment of novelty that fans, media and fellow players registered immediately.

In the video, the sequence from long hair to buzz cut unfolds with a mix of hesitation, humor and eventual acceptance. Johansen’s comments — from the fear of tears to the dual endorsement of “cute” and “tough” — gave the clip its memorable core. Haaland’s own explanation tied the change to the rhythm of the soccer calendar: a new season, a clean slate and a willingness to leave a familiar look behind.

Whether the shorter style remains for the full campaign or evolves further remains to be seen. For now, the Norwegian striker has marked the transition with a public, light-hearted record of the moment and the people closest to him reacting in real time.

Sapporo USA reportedly plans to lay off 220 workers at three Stone Brewing locations in Escondido, California, as production of the craft beer brand shifts to facilities elsewhere in California and Missouri.

The layoffs will begin with 58 workers on Oct. 19, according to Worker Adjustment and Retraining Notification letters filed by Sapporo with the state.

FOX Business has reached out to Sapporo USA for comment and confirmation of the total number of employees expected to be affected.

The workforce cuts follow Sapporo’s sale of the Stone Brewing brand and select hospitality locations to Firestone Walker Brewing Company and Duvel Moortgat USA. The transaction was announced in April and closed May 15.

STARBUCKS LAYS OFF OVER 200 CORPORATE WORKERS AS TURNAROUND STRATEGY MOVES FORWARD

Brewmasters at the Stone Brewing Company in Escondido keep an eye on the process in the giant stainless steel vats. (Mark Boster/Los Angeles Times via Getty Images)

Under the deal, Stone beer production is transitioning from Escondido to Firestone Walker’s brewery in Paso Robles, California, and Duvel USA’s Boulevard brewery in Kansas City, Missouri.

The acquisition included Stone Brewing World Bistro & Gardens at Liberty Station in San Diego, along with taprooms in Little Italy, Oceanside and Pasadena. Stone’s Escondido brewery and bistro were not included in the transaction.

COCA-COLA SHUTTING DOWN CALIFORNIA FACILITY AFTER MORE THAN A CENTURY

When the deal was announced, Sapporo said it would continue producing Stone beer at its Escondido and Richmond, Virginia, breweries during a transition period. It also said it would continue operating the Escondido bistro while evaluating “long-term strategic options” for the site.

Stone Brewery co-founder Steve Wagner poses for photos at Stone Brewing on Aug. 5, 2021 in Escondido, California.  (Eduardo Contreras / The San Diego Union-Tribune via Getty Images)

Sapporo USA CEO Zach Keeling told the Los Angeles Times that the company is now winding down the Escondido brewery in phases after failing to find a “viable long-term solution” for the property.

“This is an understandably difficult time for our Escondido employees and community, and we’re committed to supporting them through this transition,” Keeling said in a statement reported by the newspaper.

THE SOBER SHIFT: GEN Z TURNING AWAY FROM ALCOHOL

Firestone Walker and Duvel said in April that they expected to offer jobs to a significant number of Stone employees in hospitality, sales and marketing, while production roles would be evaluated as brewing shifted to the companies’ other facilities.

Cases of Stone IPA are displayed at a Costco Wholesale store on May 15, 2026, in San Diego, California.  (Kevin Carter/Getty Images)

Stone Brewing was founded in Southern California in 1996 and became one of the best-known brands associated with the West Coast craft beer movement. Sapporo acquired the brewer in 2022 before selling the Stone brand this year as it moves to concentrate its U.S. resources on its namesake beer.

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The Stone brand will continue under Firestone Walker and Duvel USA, while the Liberty Station location will remain both a hospitality venue and an active brewery, according to the companies’ acquisition announcement.

Peel Group had planned ‘campus style’ facility at Bridgewater West

Campaigners say ‘the fight isn’t over’ after Wigan Council U-turned on plans to free up former greenbelt land in Astley for a huge business park.

Bridgewater West was tipped to become the home of around 540,000 sq ft of ’employment space’ under the council’s Local Plan. Peel Group, which owns the land, planned to turn the area into a ‘campus style’ business park, alongside new homes and a Park and Ride.

Campaigners have opposed the scheme from the start, arguing the open fields separating Astley and Boothstown are ‘vital’ to the local community and wildlife as well as protection from flooding. After a year of disputes, Wigan bosses have now rowed back on the scheme.

Four ‘controversial’ sites will be removed from the local plan. The document was due to be greenlit for public consultation at a cabinet meeting on Thursday, August 27. The Bell, north of Junction 26, the Moss Industrial Estate extension, a pocket of land West of Winwick Lane in Lowton, and the Bridgewater West site will no longer be up for development.

Joanna Allsopp, a high school teacher campaigning for the protection of the land, said the shift was a ‘positive step’.

“It’s a significant U-turn,” the Astley resident said. “It’s extraordinary to see the councillors making videos in the fields here saying ‘this clearly isn’t the right place for development’ after they’ve spent a lot of time and money creating this plan, which included the Bridgewater West site. We appreciate them listening. It shows when the community comes together we do have power – but only if we stick together.”

She said the fight was far from over for the Save Our Astley and Boothstown Greenbelt campaign group.

“We’re still up against Peel,” Joanna added. “They’re keen to develop the land and could try to fight against this decision.”

While the council has said they have enough other land available to meet its development targets, Joanna feels the future is still uncertain.

She said: “This plan could be revised next year. The targets could change. Nine months down the line, we don’t want to end up back in the same position. That’s why we need to keep fighting to get some long-term protection for this incredibly important space.”

Sandra Leyland, who leads the campaign group, suggested the biggest problem was that the land is still included in Places for Everyone (PfE) – a GMCA scheme that designates land across the region for development into housing or employment uses. Under PfE, the land in Astley has technically been ‘de-desginated’ as greenbelt land.

“The fight is still on,” Sandra told the LDRS. “This was just one battle. Peel won’t like being told no – and they’re a huge corporation with a lot of money to throw at this to fight legal battles. We are just ants.

“But we are working behind the scenes to make it more probable the site will be taken out of PfE. My kids grew up running through these fields, my grandkids take the dogs for a walk there. We want to keep this green space for the future, for our children, and their children, and their children.”

A Peel Land spokesperson said: “Bridgewater West was a proposed allocation in the draft Wigan Local Plan of 2025, having previously been acknowledged as grey belt land. We are naturally disappointed that the Council now intends to remove the draft allocation and will be considering our options for bringing forward Bridgewater West.”

They defended their ‘high quality proposal’ to create a business park that ‘could play a key role in meeting the lack of sites in Wigan for professional, scientific and technical, creative and related manufacturing businesses’. The proposal would also have ‘helped alleviate local congestion’ through the Park and Ride and improved connections to Chat Moss, and would not have included large scale warehousing, according to the spokesperson.

In an official statement from the council, Councillor Paul Kenny, cabinet holder for planning, environmental services and transport, said the change of heart came after ‘listening to feedback’ from local communities.

Coun Kenny said: “We are aware of the depth of feeling surrounding these four sites. By removing them from the latest version of the Local Plan, we believe we have struck the right balance between supporting economic growth and protecting our environment.”

The final order, passed by Whole-Time Member Amarjeet Singh, covered 12 noticees, including Max Financial Services, Max Life Insurance, Axis Bank, Axis Capital, Axis Securities, Analjit Singh, Mohit Talwar, Rahul Khosla, Sujatha Ratnam, Rahul Ahuja, Jatin Khanna and V Krishnan.

The case arose from Sebi’s investigation into transactions between Max Financial, Max Life and Axis Bank from FY10 to FY22. The regulator had examined whether the entities violated securities laws, listing norms and fraud regulations in relation to a series of share sale and buyback arrangements involving Max Life shares.

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The proceedings followed a show-cause notice issued in October 2024. Sebi had alleged that Max Financial made inadequate or delayed disclosures about the bancassurance arrangement with Axis Bank and related share transactions in 2010, 2015 and 2020. The notice had also alleged that Max Financial, Max Life and Axis entities devised a fraudulent scheme to benefit Axis Bank at the cost of Max Financial and its shareholders.

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The matter had also drawn from earlier findings by the Insurance Regulatory and Development Authority of India. Irdai had informed Sebi that it had imposed penalties of Rs 2 crore on Axis Bank and Rs 3 crore on Max Life for violation of its directions. Irdai had observed that the transactions had circumvented limits on commission, remuneration or reward payable to insurance agents and intermediaries.
Under the 2010 arrangement, Max Life issued shares to Axis Bank at Rs 10 per share, while later tranches saw the shares bought back at prices ranging from Rs 54 to Rs 111 per share. Under the 2015 arrangement, Max Financial and Mitsui Sumitomo sold a 4.99% stake in Max Life to Axis Bank at Rs 10 per share, and later bought back part of that stake at higher prices.Under the 2020 arrangement, Max Financial sold stakes in Max Life to Axis Bank, Axis Capital and Axis Securities. The order said Max Financial transferred 2% of Max Life to Axis Capital, 1% to Axis Securities and 9.002% to Axis Bank in March-April 2021. Max Life later became Axis Max Life Insurance.

The show-cause notice had alleged that the transactions caused a loss of Rs 3,912 crore to Max Financial and gave a corresponding benefit to Axis Group entities. It also alleged that disclosures by Max Financial were incomplete and misleading.

Sebi, however, said the disclosure framework applicable to listed entities had changed significantly since 2010. It said the old listing agreement left more room for judgment on materiality, while the later LODR framework introduced clearer thresholds and more detailed guidance.

The regulator said Max Financial’s disclosures could have been more comprehensive and that a more cautious and consistent approach may have been desirable. But it added that the conduct of the company and other noticees had to be tested against the law that existed at the relevant time.

On the disclosure-related charges, Sebi said there was no material establishing violation of the specific provisions invoked in the show-cause notice. The order said liability could not be sustained merely because some disclosures could have been fuller.

On the fraud allegation, Sebi said active concealment of material information by Max Financial was not established. It also said there was no evidence of price or volume manipulation, creation of an artificial market, or any other interference with market integrity.

The order said the show-cause notice did not establish injury from the alleged wrongful acts, including inducement to deal in securities. It also did not show such blatant conduct or circumstances that would establish wrongful intent to defraud or manipulate the securities market.

As a result, Sebi held that the allegation that Max Financial, Max Life, Axis Bank, Axis Capital, Axis Securities and other noticees devised a fraudulent scheme to defraud shareholders was not established.

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