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100-job Port of Sunderland recycling plant plans taken forward by new firm

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TCP Circular now hopes to get the scheme on the eastern edge of the port up and running in the next two years

Quantafuel had hoped to develop the site having secured planning permission in 2023.

TCP Circular is taking forward job creating plans at the Port of Sunderland.(Image: TCP Circular)

Job creating recycling scheme plans in Sunderland have been revived by a company linked to the original developer.

TCP Circular says it is progressing plans to create a plastics recycling facility at the Port of Sunderland, which could create more than 100 jobs. The firm is co-led by Chris Lach, who is a former deputy CEO and chief commercial officer at Norwegian company Quantafuel, which had secured planning permission in 2023 for the 12-acre site on the eastern edge of the port.

Now an exclusivity agreement between Sunderland City Council and TCP Circular has been signed. TCP now hopes to have the facility up and running in 2028.

It will take waste that would have otherwise been incinerated or disposed of in landfill. Using the high temperature process of pyrolysis, the materials will be heated in the absence of oxygen causing them to break down into raw materials which can be used for manufacturing of new products including high-grade plastics.

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The plant is designed to process about 100,000 tonnes a year of “low value plastic waste” including soft food packaging and other domestic and industrial plastics. Raw materials produced will then be shipped from the port to customers in the petrochemical industry and self-generated, non-condensable gas will be used to power the site.

Chris Lach, CEO of TCP Circular, said: “We’re pleased to announce our intention to develop a plastics recycling plant at the Port of Sunderland and look forward to bringing our plans to life in the months ahead. Facilities such as this are greatly needed across the UK as we move towards a more circular economy and reduce CO2 emissions.

“We believe it’s an excellent site and are excited to be working with Sunderland City Council, playing a small part in their ambitious plans to transform the city into a key hub for businesses in the sustainable technologies and green industries. We look forward to updating the community as our plans develop.”

Quantafuel had hoped to open the Sunderland site last year but in early 2024 it was acquired by UK energy-from-waste group Viridor for more than £100m.

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Coun Michael Mordey, leader of Sunderland City Council and chair of the Port Board, said: “The green economy accounts for a significant share of economic output here in Sunderland, so it is fantastic news that TCP has chosen Port of Sunderland to house this leading-edge facility. The port is already home to a growing cluster of businesses operating in the circular economy and, alongside our world leading track record in electric vehicle and battery manufacturing, TCP’s investment would be yet another key milestone in our journey as we embed and grow Sunderland’s reputation as a global hub for sustainable investment.”

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Chick-fil-A offers free ice cream to families who ditch phones at dinner

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Chick-fil-A offers free ice cream to families who ditch phones at dinner

A Chick-fil-A restaurant is offering families free ice cream if they put away their phones for their entire meal. 

Complex, an account on X covering culture, posted a photo Sunday showing a sign advertising that the Chick-fil-A Towson Place location has an incentive for families to be phone-free during meals.

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“Introducing our Chick-fil-A® Cell Phone Coop Challenge,” the sign read.

SOLO DINING SURGES 52% AS AMERICANS EMBRACE ‘ME-ME-ME ECONOMY’ OVER SHARED MEALS

teens on phones

Teens using their phones. (Matt Cardy / Getty Images)

“Ask a Team Member for a coop, place all phones in the coop, and enjoy your meal together,” the message continued. “After you finished let a Team Member know and everyone at the table will receive a Icedream® Cone as a reward.” 

“Grab a coop and take the challenge,” it read. 

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The Chick-fil-A restaurant in Towson Place, Maryland, also advertised the challenge in a recent Facebook post, writing, “Take the Dine-in Cell Phone Coop Challenge at Chick-fil-A Towson Place. Ask a Team Member for a coop, place all phones in the coop, and enjoy your meal together without distractions. When your table finishes, let a Team Member know and everyone will receive an Icedream Cone as a reward. Are you up for the challenge?”

LIMITING ACCESS TO CELLPHONES COULD HELP STUDENTS’ GRADES, SOCIAL SKILLS AND EARLY DEVELOPMENT, EXPERTS SAY

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If families stay off their phones during their meal, they will receive an Icedream® Cone as a reward.  ( Felix Hörhager/picture alliance via Getty Images)

A 2023 study found that 68% of households have a person using their phone during a meal with others. It also found that 65% of respondents do not like it, and 42% feel using phones during meals is rude.

Chick-fil-A did not immediately respond to a request for comment from Fox News Digital

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SCHOOL DISTRICT CELLPHONE BANS SPARK DEBATE OVER TECH ADDICTION, HELICOPTER PARENTING

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A minor uses their phone in a room. (  / Getty Images)

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Japan Is Placing a Multibillion-Dollar Bet on the U.S. Housing Market

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Japan Is Placing a Multibillion-Dollar Bet on the U.S. Housing Market

For more than a decade, Japanese home builders have been tiptoeing into the U.S. housing market with small, discreet acquisitions of private American construction companies. Their quiet era is over. 

Japanese builders have announced or closed acquisitions of 23 U.S. single-family home builders since 2020, more than double the number from 2013 to 2019. That doesn’t include the multifamily developers and construction-supply companies they have also bought. By some estimates, Japanese builders are now set to own about 6% of the U.S. home-construction market.

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Private Credit Is Reeling, But New Rule May Allow It Into 401(k)s

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Private Credit Is Reeling, But New Rule May Allow It Into 401(k)s

The Trump administration proposed a regulation on Monday that is intended to open 401(k)s and similar retirement plans to private equity and private credit.

It is a victory for the Wall Street firms that have lobbied to get these higher-cost alternative investments into the $14.2 trillion 401(k) market. But it comes at an inopportune time for the industry, as investors pull money from some private-credit funds.

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AKA Foods brings AI to product development

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AKA Foods brings AI to product development

Company is aiming to optimize product development cycles. 

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PayPoint plans overhaul to slash costs and boost consumer visits as it bids to grow its Love2Shop brand

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Payments firm to reorganise into four business units

A PayPoint sign

The PayPoint sign can be found across the UK(Image: Newcastle Chronicle)

Payment solutions provider PayPoint has revealed a restructuring plan aimed at cutting costs and attracting more customers to use its services in shops.

It will result in the company being restructured into four divisions, encompassing its network services, merchant services, digital payments and open banking, and its Love2shop brand.

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PayPoint operates a retail network of over 30,000 convenience stores, offering community services such as cash withdrawals and deposits, ATMs, cash bill payments, energy top-ups and vouchers. It also runs Collect+ and Royal Mail Shops, enabling parcels to be collected and returned at thousands of local outlets.

The company has not disclosed cost-cutting targets or specified whether there will be any impact on its workforce, which numbered around 940 employees this time last year. However, it said the reorganisation will create cost savings and could potentially result in increased dividends for shareholders.

As part of the changes, PayPoint stated it is concentrating on boosting consumer footfall and enhancing sales from its services across retail partners. The overhaul will also entail a significant “reset” of the structure of its merchant services division, which collaborates with over 30,000 UK SMEs (small and medium-sized enterprises) to provide payment services in their shops.

Meanwhile, PayPoint plans to expand the Love2shop brand, which provides digital and physical gift cards. That division, based in Liverpool’s landmark 20 Chapel Street building, is set to bring in £53.2m in revenue this financial year.

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The group said: “The reorganisation will enable an improved focus on new business growth and on maximising opportunities across Love2shop’s distribution channels. Continued investment in our technology platform, ongoing product enhancement and leveraging AI to improve marketing insight will strengthen our go-to-market strategy and support accelerated new business growth across Love2shop Business, the expansion of our prepaid savings proposition and growth of our consumer channels, including through our Incomm Payments partnership. There also remain significant opportunities to integrate Love2shop more efficiently across the wider PayPoint Group and client base.”

PayPoint acquired Love2Shop when it took over Merseyside Christmas vouchers firm Appreciate Group in an £83m deal in 2023. That business, formerly known as Park Group, was founded by former Everton FC and Tranmere Rovers owner Peter Johnson and was originally best known for its Christmas hamper savings scheme.

London-listed PayPoint anticipates reporting a record financial performance for the year ending in March, with results due to be published in June. It also forecasts returning over £90 million to shareholders through buybacks and dividends during the financial year.

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Ineos posts $593m loss and skips dividend as Middle East tensions hit costs

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Ineos posts $593m loss and skips dividend as Middle East tensions hit costs

Ineos has reported a sharp widening in losses to $593 million, as rising energy costs, supply chain disruption and geopolitical tensions weigh heavily on Sir Jim Ratcliffe’s petrochemicals empire.

The group, controlled by Jim Ratcliffe alongside co-owners Andy Currie and John Reece, has also suspended its dividend for a second consecutive year, underscoring the financial pressure facing the business.

Losses before tax increased significantly from $71.1 million the previous year, while revenues declined to €14.3 billion from €16.2 billion. The downturn reflects a challenging operating environment for the European chemicals sector, where demand has weakened and costs have risen sharply.

Ineos pointed directly to the escalation of tensions in the Middle East as a key risk factor, warning that disruption to global energy markets is already impacting operations.

The group highlighted Iran’s strategic position near the Strait of Hormuz,  a critical shipping route for oil and liquefied natural gas, noting that any prolonged conflict could further destabilise supply chains and drive up commodity prices.

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“Any escalation or expansion of hostilities could adversely affect global supply chains, commodity prices and macroeconomic conditions,” the company said in its annual report.

The surge in oil and gas prices has increased input costs across the petrochemicals industry, while also raising shipping expenses as companies adjust logistics routes to avoid high-risk areas.

The impact has been particularly acute in Europe, where Ineos has long warned of structural challenges including high energy prices, carbon taxes and competitive pressures from overseas producers.

Earnings before exceptional items in the region almost halved to €252.3 million in 2025, down from €470.2 million the previous year. Revenues in the European business fell by 9.2 per cent, reflecting weaker demand and margin compression.

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Ratcliffe has previously described the European chemicals industry as facing “challenging market conditions”, with rising regulatory costs and energy prices eroding competitiveness.

The group has also been hit by logistical challenges linked to global shipping disruptions. In previous years, Ineos was forced to reroute shipments for its major Project One chemicals plant in Belgium around the Cape of Good Hope, adding more than €30 million in costs.

The company warned that similar disruptions could occur again if tensions escalate, potentially delaying the completion of key projects and further increasing expenses.

It also flagged risks to the delivery timeline of a new plant in the Netherlands, citing ongoing volatility in energy markets.

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Ineos ended the year with net debt of €11.7 billion, highlighting the scale of its financial commitments at a time of declining profitability.

The decision to halt dividend payments reflects a focus on preserving cash and maintaining financial flexibility as the company navigates an uncertain outlook.

The results underline the pressures facing energy-intensive industries in Europe, where companies are grappling with a combination of high input costs, regulatory burdens and geopolitical instability.

For petrochemical producers, the reliance on oil and gas as both feedstock and energy source makes them particularly sensitive to price fluctuations.

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Looking ahead, Ineos warned that continued volatility in energy markets could have a “significant” impact on its operations and financial performance.

The trajectory of the Middle East conflict will be a key factor, with prolonged disruption likely to exacerbate cost pressures and delay investment projects.

For Ratcliffe’s group, the challenge will be balancing investment in long-term growth with the need to manage short-term financial strain — a task made more complex by the increasingly uncertain global economic environment.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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The Return Of Friction

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The Return Of Friction

The Return Of Friction

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Westlake Chemical stock hits 52-week high at 116.47 USD

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Westlake Chemical stock hits 52-week high at 116.47 USD

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Upstart: Bank Charter Is The Future (NASDAQ:UPST)

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Upstart: Bank Charter Is The Future (NASDAQ:UPST)

This article was written by

Stone Fox Capital is an RIA from Oklahoma. Mark Holder is a CPA with degrees in Accounting and Finance. He is also Series 65 licensed and has 30 years of investing experience, including 15 years as a portfolio manager. Mark leads the investing group Out Fox The Street where he shares stock picks and deep research to help readers uncover potential multibaggers while managing portfolio risk via diversification. Features include various model portfolios, stock picks with identifiable catalysts, daily updates, real-time alerts, and access to community chat and direct chat with Mark for questions. Learn more.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in UPST over 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.

The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock, you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.

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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.

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Compass Diversified stock surges on $292.5M asset sale

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Compass Diversified stock surges on $292.5M asset sale

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