The huge scheme has been a victim of the downturn in the economy and increased inflation

Plans to finally advance the delayed Pydar development in Truro have been submitted to Cornwall Council. Treveth – the council’s construction arm – has filed an outline application for up to 320 homes, 400 student bed spaces, 16,500sqm of non-residential floor space and associated works, with all matters reserved (meaning comprehensive details will be provided at a later stage).

It essentially represents a variation of the new city neighbourhood previously granted consent in 2021, but now makes it more commercially viable and deliverable in the present economic environment, while also addressing social and policy shifts.

These include the enduring impact of the Covid pandemic on Truro city centre, including diminished retail demand, altered footfall patterns, empty premises and evolving working habits, which have heightened the need to reimagine city centre usage.

The substantial development has fallen victim to the economic downturn and rising inflation. At one stage, the £170m costs spiralled to nearly £200m. Treveth now intends to deliver Pydar at between £120m and £150m.

The fresh application, for what would be termed Pydar Gardens, features the same number of dwellings, student bed spaces and quantity of commercial development as previously granted.

The application states the development “would still remain very much in the spirit of the [original] consent, through providing a major residential led, mixed use regeneration scheme.

“They will help unlock major housing delivery and job creation on a key brownfield, allocated site that has been earmarked for redevelopment for a considerable period of time. The revised illustrative masterplan, which is a realistic and viable option for the site, is also considered to be better reflective of the area in terms of layout, scale and character”.

The site covers approximately 4.5 hectares and has been fully cleared of all existing structures. It formerly comprised several car parks, former council and NHS offices, Truro Bowl, retail units on St Clement Street and vacant or partially derelict warehouse buildings.

Established streets linking Pydar Gardens to the city centre will be upgraded through improved public spaces and a stronger landscaping framework. Pydar Street and St Clement Street will serve as “key urban edges and gateways, with greener, more legible and pedestrian-friendly routes”.

Pydar Green

Pydar Green will serve as the central green focal point of the new neighbourhood: “a generous, multifunctional open space for gathering, play and relaxation. It will provide a high-quality landscaped setting that supports everyday community life, balancing open, flexible areas with quieter, planted edges and an attractive outlook for surrounding homes”.

Oak Way

Oak Way will establish a landscape-focused riverside corridor following the course of the River Allen. It will provide an accessible, wildlife-rich green pathway that encourages walking, cycling, casual recreation and daily appreciation of the riverside environment.

The proposed changes to the plans

• Development zones are organised around a central open space, with entry points from Pydar Street and featuring a one-way route linking Oak Way to St Clement Street;
• A diagonal pathway that previously connected the corner of Pydar Street and St Clement Street to the River Allen, intended as an extension to the existing retail high street, has been eliminated;
• A move away from a rigid street hierarchy towards simplified principles for access and movement throughout the site;
• No new pedestrian bridges proposed across the River Allen, with current crossings to be maintained
• The Pydar Street access point will be relocated south of the Castle Rise junction;
• The previous primary and secondary open spaces positioned to the west and east of the masterplan have been merged into a central position;
• Previously, one plot off Pydar Street was designated for educational purposes. Educational facilities are now incorporated within a mixed-use zone on the southern portion of the site adjoining St Clement Street. This change increases adaptability regarding where different functions are situated within the masterplan.

The revised approach streamlines the transitional heights between the taller four to six storey blocks, which were previously linked by one to three storey courtyards under the 2021 planning consent. This amendment is intended to facilitate the most appropriate orientation and massing at the detailed design stage.

Heights across the majority of the site will range from four to six storeys.

New pedestrian routes will provide connections between open spaces including Daubuz Moor, Victoria Gardens and the River Allen corridor.

The specifics of parking provision will be confirmed at a later reserved matters stage. However, parking plans will aim to minimise vehicle movement throughout the site.

Parking provision will also “reflect the availability of public parking within nearby city centre car parks”, despite the city’s parking capacity having diminished considerably in recent years, partly as a result of the demolition of existing car parks to accommodate this very development.

Michael Plaut has been appointed a commissioner

The Crown Estate has appointed Welsh entrepreneur Michael Plaut as a new commissioner to its board.

The Crown Estate, whose assets include the seabed, agricultural holdings and commercial property, has increased its number of commissioners from eight to 12 following the Crown Estate Act 2025 to reflect modern corporate governance.

The legislation also gives the body, which is owned by the monarch, the ability to borrow against its asset base.

Mr Plaut started his career as an investment banker in London before returning to Wales to head up family business Northmace. He is also currently a non-executive director and member for Wales on the BBC board, as well as chairing the Royal Welsh College of Music & Drama.

As a board member the former CBI Wales chair, will also be responsible for providing advice about the conditions, priorities and opportunities in Wales, including on existing and emerging policies relevant to the Crown Estate’s activities.

Ric Lewis, chair of the Crown Estate, said: “It’s fantastic to be welcoming Michael to the Crown Estate board. Michael’s depth of experience across business, public service and cultural institutions, combined with his deep connection to and understanding of Wales, will be a valuable addition to the board as we take forward our strategy in the years ahead.

“Following the Crown Estate Act 2025, this appointment strengthens the board’s collective insight and ensures we continue to take full account of Welsh interests and conditions as we invest for long‑term value for the nation.”

Mr Plaut, who lives in Cardiff, said: “It’s a real privilege to join the Crown Estate board, and I’m excited by the opportunity ahead. I am particularly looking forward to bringing a strong understanding and insight of Wales into Board discussions, helping to make sure that Welsh interests, conditions and opportunities continue to be fully reflected as we take decisions for the long term.”

The recruitment of Mr Plaut, for a four-year term, was made in accordance with the code of practice published by the Commissioner for Public Appointments. Commissioners are appointed by the King following the recommendation of the Chancellor and the Prime Minister. Commissioners have an annual remuneration of £30,000 a year with a separate £5,000 fee for additional responsibilities.

Devolving the Crown Estate to Wales

The new Plaid Cymru Welsh Government is calling for the Crown Estate to be devolved to Wales, as is the case in Scotland.

Since it was devolved to Scotland in 2017, aggregate profits generated by Crown Estate Scotland has provided a boost to the Scottish Government’s budget. In its last financial 2024/25 financial year Crown Estate Scotland posted its highest ever net profit of £130m which was distributed to the Scottish Government’s consolidation fund.

However, the UK Treasury is ramping up what it nets off the Scottish Government’s block grant to account for increasing profits it receives from Crown Estate Scotland. This amounts to £15m in the current financial year, but will reach £40m by 2028-29, after which it will remain flat and unindexed.

Any devolving of Crown Estate assets in Wales, which would require UK Government approval, would likely come with the same netting off mechanism.

There are currently no figures for revenue and profits generated from the Crown Estate in Wales. They are consolidated into the overall accounts for the Crown Estate. However, some financial data is expected to be released later this year.

Crown Estate assets in Wales include renewable energy licences and development rights for offshore wind and tidal projects. It also leases seabed space for oil and gas pipelines, marine aggregates (used in construction) and the subsea cables and interconnectors that help manage electricity supply and carry intercontinental data traffic. It manages around 65% of the foreshore and tidal riverbed. On land it has around 50,000 acres of common land that is primarily rough pasture, used for grazing.

The Crown Estate (covering Wales, England and Northern Ireland) manages a diverse £16bn portfolio.

Last year’s legislation gave the Crown Estate the ability, subject to Treasury approval, to borrow against its asset base. The Scottish Government currently has no plans to seek powers for Crown Estate Scotland to borrow against assets. In its last financial year it had net assets of £809m. Crown Estate has net assets of £15bn at the end of its 2024/25 financial year.

How much the Crown Estate will be able to borrow against assets, which would be used to support investment like helping to de-risk and fast track clean energy infrastructure, has yet to be determined. The legislation doesn’t specify an amount or fixed statutory percentage of the asset base. It is currently working with the Treasury to finalise a detailed framework that will govern how it would borrow in practice, including the relevant controls, approval process and financial parameters.

If the Crown Estate was devolved to Wales it would be prudent for the Welsh Government to also try and negotiate the ability to borrow against assets.

However, on a per capita basis, would the proceeds from borrowing against the Welsh Crown Estate assets be more beneficial for Wales? The Crown Estate’s lucrative property assets in the centre of London, which include Regent Street & St James’, have been valued at £7.1bn alone.

While not a reason to seek a devolving of the Crown Estate to Wales, on a per capita basis it could receive less for investment purposes from the proceeds of any borrowing against Welsh assets, than under the current England and Wales arrangement.

That of course assumes that the distribution of any borrowing against assets by the Crown Estate is at least equitable to Wales – unlike the current under funding, going back decades, on non devolved rail enhancement investment.

As it stands the Welsh Government would be powerless to prevent an unfair allocation to Wales from Crown Estate borrowings against assets.

SYDNEY — Macquarie Group Ltd. shares closed slightly lower on Friday, finishing at A$236.42 after a modest decline of 0.04 or 0.02%, as investors adopted a cautious stance amid broader market consolidation and mixed economic signals.

The limited movement reflected a quiet session for the diversified financial services group, with trading volume remaining subdued compared to more active days earlier in the week. Macquarie, known for its global reach in investment banking, asset management, commodities and infrastructure, has delivered steady results in 2026 but continues to navigate fluctuating market conditions and interest rate expectations.

The bank’s performance this year has been supported by resilient annuity-style earnings from asset management and infrastructure investments, alongside contributions from its capital markets and commodities businesses. Macquarie has maintained a strong capital position and continued returning value to shareholders through dividends, appealing to income-oriented investors.

Analysts generally view Macquarie favorably for its diversified earnings streams and ability to capitalize on structural growth areas such as renewable energy transition and infrastructure development. The group’s international operations provide geographic diversification while exposing it to global economic and regulatory dynamics.

Current valuation levels are considered reasonable by many observers when accounting for Macquarie’s unique business mix and long-term growth potential. However, the stock remains sensitive to shifts in global risk sentiment, commodity prices and monetary policy expectations in key markets.

Broader Australian financial sector context shows similar modest movements across major institutions. The sector has benefited from a higher interest rate environment supporting net interest income, though competitive pressures and regulatory requirements continue to shape the operating landscape. The S&P/ASX 200 index also closed with minor losses, reflecting cautious investor positioning.

Looking ahead, Macquarie’s upcoming trading updates and strategic announcements will be closely monitored. The company continues investing in technology, digital capabilities and sustainable finance initiatives to strengthen its competitive position. Its focus on infrastructure and energy transition assets aligns with long-term global trends expected to drive demand for specialized financial services.

Global factors, including developments in major economies and central bank policies, remain influential. Macquarie’s exposure to North America, Europe and Asia adds both opportunities and complexity in navigating varying economic cycles and regulatory environments.

For investors, Macquarie offers a distinctive profile combining traditional financial services with higher-growth specialized businesses. This diversification has historically provided resilience through market cycles, though it also introduces sensitivity to volatility in capital markets and commodities.

The current share price movement fits within normal daily fluctuations for a company of Macquarie’s size and does not indicate a fundamental shift in its outlook. It reflects typical late-week positioning and consolidation after recent activity.

As one of Australia’s leading financial institutions with a significant global presence, Macquarie plays an important role in capital allocation, infrastructure financing and economic development. Its performance influences investor confidence in the broader financial services sector and reflects conditions in key client industries.

Friday’s quiet trading served as a pause ahead of the weekend, with market participants assessing next week’s economic calendar and potential corporate updates. The interplay between domestic growth signals, inflation trends and international developments will likely shape sentiment for financial stocks in the near term.

Macquarie continues emphasizing innovation, client service and sustainability across its operations. Its ability to adapt to evolving market conditions while upholding strong risk management practices has been a key factor in its long-term success.

Investors evaluating Macquarie should consider their individual risk tolerance, portfolio allocation and investment horizon. The group provides a blend of growth potential and income characteristics that can complement other holdings in diversified portfolios. Prudent monitoring of key metrics such as assets under management, deal flow and capital returns remains advisable.

Overall, Macquarie Group maintains a solid position in the Australian and international financial landscape. Its diversified business model, strong capital base and strategic focus on growth areas position it well to navigate near-term challenges while pursuing longer-term opportunities in infrastructure, renewables and specialized financial services.

KUWAIT CITY — Kuwait International Airport is open today, with flights operating again through a phased resumption plan after months of disruption, but it is not yet described as fully back to standard capacity across all services. Recent reporting says Terminal 1 reopened on June 1, allowing Arab and international airlines to resume passenger operations as repair and upgrade work was completed.

The Civil Aviation Authority said the airport’s restart would come gradually, with the first phase allowing one flight per airline so officials could monitor flow, safety and readiness before expanding service. That approach marked a careful return to operations after the airport was closed in late February amid regional conflict, then reopened in April under a phased plan.

The airport’s official website remains active and includes flight-status and timetable information, reinforcing that the facility is functioning today. A live conditions page also shows Kuwait International Airport in service, with current airport status information available for travelers. While that does not by itself prove every route is operating normally, it supports the broader picture that the airport is open and handling traffic.

Reporting from early June said the first phase of the Terminal 1 relaunch included Arab and foreign airlines, with the airport using operational measures intended to streamline passenger movement and maintain safety. Earlier coverage also noted that Kuwait Airways and Jazeera Airways had already been serving from other terminals as part of the recovery process, while new international services returned in stages. That makes today’s status clear: open, active and rebuilding, but not yet fully restored in the sense of unrestricted, all-airline normal operations.

The reopening matters for one of the Gulf’s most important aviation hubs, where even a partial shutdown can affect regional connections, business travel and expatriate traffic. Kuwait’s phased strategy appears aimed at restoring capacity without overwhelming airport systems that were only recently repaired and inspected. Authorities have said the staged approach is intended to protect passenger safety and preserve orderly service as more airlines return.

For travelers, the practical guidance is simple: Kuwait International Airport is open today, but flight schedules may still reflect the phased rollout. Passengers should verify their airline’s status before leaving for the airport and allow extra time for any updated procedures. The airport timetable page and airline updates remain the most relevant operational references for same-day travel.

The broader recovery also reflects how quickly aviation can shift from closure to gradual return once authorities complete repairs and safety checks. Recent reporting said Terminal 1’s reopening followed the completion of repair and upgrade work, and the first flights back were meant to test the system before the network expands further. That means the airport is open today, but the final step of returning to full, routine operations is still unfolding.

In simple terms, the answer is yes — Kuwait International Airport is open today. But the airport is still operating in phases, so “open” does not yet mean every service has fully normalized.

Flight operations

The latest coverage says the reopening began with Terminal 1 and a limited number of flights per airline, then expanded as conditions allowed. That phased model is consistent with earlier official comments that full operations would resume only after a careful evaluation of air traffic, facility readiness and safety standards. Kuwait’s flagship carriers and several international airlines have already returned in some form, but the schedule remains in transition.

The airport’s timetable page shows active listings for June dates, including airline entries for the current operating window. That is a strong indicator of normalizing activity, though not a guarantee that every destination or terminal function has returned to pre-closure levels. Travelers planning same-day departures or arrivals should therefore treat the airport as open but still in recovery mode.

What officials said

Officials framed the reopening as a measured step forward, not an instant return to full capacity. The Civil Aviation Authority said the first phase was designed to ensure smooth operations and assess performance before further expansion. Arab News also quoted the authority as saying the phased plan was meant to prepare the airport for “full operation in the coming period”.

This article was written by

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