Acrol has been operating since the mid-1970s and its new owner has been backed by Mercia Debt Finance

A Tyneside air conditioning company has marked its 50th year with a management buyout backed by six-figure funding.

Acrol Air Condition employs 40 staff at its Gateshead base, from which it designs and installs systems for a range of industries. The firm has acquired by sales director Daniel Wood, who is also the son of one of the previous owners, in a deal backed by a £300,000 loan from NPIF II – Mercia Debt Finance, which is managed by Mercia as part of the Northern Powerhouse Investment Fund II (NPIF II).

Arcrol was founded in Newcastle in the mid-1970s as a marine industry specialist before moving to Gateshead in 1993, at the time it was acquired by Daniel’s father Thomas Wood and business partner Mike Kears. Together they expanded beyond the marine industry, and the new deal will release their shareholding, though they will continue to work in the business.

Daniel Wood started working for the firm as an apprentice more than 20 years ago and will now become managing director. He has ambitions to boost turnover four-fold in the next five to 10 years, via winning more work in the renewables sector and exploring the datacentre market

He said: “When Tom and Mike took over Acrol, it was a small design house serving the marine industry. They did a great job by turning it into a one-stop shop with its own manufacturing facilities, strong equipment and material supply chains and a broad client base. It’s exciting to be taking over the business and I see plenty of scope to grow across all sectors including the ever expanding datacentre market.”

Acrol installs cooling and heat pump equipment ranging from small domestic systems up to industrial-scale systems serving large commercial sites. It can manufacture custom-built systems in house and also offers service and maintenance.

The company has provided equipment for locations ranging from a Newcastle police station and MTV’s London headquarters to ships in Taiwan. It is currently working on HMRC’s new regional centre in Newcastle.

Andy Clough of Mercia Debt added: “Air conditioning and heat pumps are in growing demand and modern systems combine both to create efficient climate control solutions. Acrol already has a proven track record for delivering large-scale projects nationwide. The funding has enabled Dan to take over the reins and he is now keen to take advantage of opportunities in this growing market.”

Peter Blackrock of Real Finance provided fundraising advice to Acrol, while Elephants Child acted as corporate finance advisers and TC Group provided accountancy services. Ignition Law provided legal advice to the company while Jacksons Law advised Dan Wood.

NPIF II – Mercia Debt Finance can provide investments in the NPIF II area with a primary focus on the Yorkshire and the Humber regions of North Yorkshire, Hull and East Yorkshire, West Yorkshire and South Yorkshire.

Tesla shares edged higher Tuesday, climbing 0.65% to $414.53, as investors looked ahead to the electric automaker’s pivotal second-quarter delivery report amid renewed optimism from Wall Street about a potential rebound in European and Chinese sales.

The modest gain comes after a volatile stretch for the stock, which has swung considerably in recent sessions as markets weighed Tesla’s near-term delivery trajectory against the longer-term narrative built around the company’s autonomous driving and robotics ambitions. Shares closed Monday at $409.09, down 0.67% on the day, after trading in a range between $379.30 and $413.27 during the session, reflecting the kind of intraday volatility that has become characteristic of the stock in recent weeks.

The most significant catalyst shaping sentiment heading into Tuesday’s session was a delivery forecast upgrade from Morgan Stanley, which raised its projection for Tesla’s second-quarter vehicle deliveries above the broader Wall Street consensus, citing signs of a rebound in sales across both Europe and China. The upgrade offers a notable counterpoint to concerns that have lingered over Tesla’s delivery trends for much of the year, with the upcoming Q2 delivery report widely viewed by analysts as a critical data point that could either reinforce confidence in a recovery or signal continued challenges with inventory management across key international markets.

Tesla has also continued to expand its presence in markets tied to its advanced driver-assistance technology. The company is working to broaden its reach in Europe, where a growing number of countries have moved to approve Tesla’s Full Self-Driving, supervised, technology for use, a regulatory expansion that analysts have flagged as a meaningful tailwind for the stock given how central autonomous driving capability has become to Tesla’s broader investment narrative.

Beyond the core automotive business, Tesla has continued building out partnerships tied to its energy operations. The company struck an agreement with residential solar provider Sunrun aimed at delivering power for data centers, part of a broader industry trend in which electric vehicle and clean energy companies are positioning themselves to capitalize on surging electricity demand tied to artificial intelligence infrastructure buildouts across the country.

Tesla’s regulatory standing has also seen recent improvement on at least one front. The National Highway Traffic Safety Administration closed investigations tied to certain Model 3 and other vehicle issues in recent days, removing a source of overhang that had periodically weighed on investor sentiment toward the stock. At the same time, Tesla has faced a more unusual operational challenge in the form of rising vehicle battery theft, a problem one report described as having become “an epidemic” in certain markets, even as the stock continued climbing despite that specific headwind.

Wall Street’s broader view of Tesla remains sharply divided heading into the company’s delivery report. Some analysts have continued to argue that Tesla’s valuation hinges almost entirely on the pace and credibility of its artificial intelligence and autonomy ambitions, with one analyst note suggesting that Tesla stock is unlikely to consistently outperform the broader Nasdaq index until its Full Self-Driving technology reaches near-perfect reliability rates. Other commentary has framed Tesla’s bull case as one in which the company’s broader AI narrative, spanning autonomous driving, robotics and energy infrastructure, continues to outweigh more traditional valuation concerns tied to its core vehicle business, even as some investors have begun openly questioning whether the stock’s premium multiple can be sustained without clearer near-term financial results to support it.

Tesla’s stock performance over longer time horizons has lagged broader market benchmarks despite the company’s continued prominence in market commentary. Shares have risen roughly 69% over the past five years through late June, according to Motley Fool analysis, compared with an 85% total return for the S&P 500 over the same period, a gap that has surprised some investors given Tesla’s outsized presence in financial media and retail investor portfolios. The stock’s all-time closing high of $489.88 was reached on Dec. 16, 2025, with the 52-week trading range spanning from a low of $288.77, touched July 7, 2025, to a high of $498.83, reached Dec. 22, 2025.

Much of Tesla’s longer-term investment case continues to rest on two strategic pillars beyond its core vehicle manufacturing business: the Robotaxi autonomous ride-hailing service and the Optimus humanoid robot program. Tesla is preparing its Fremont, California, factory with the eventual goal of producing up to 1 million robots annually, part of an ambition Chief Executive Elon Musk has previously suggested could one day push Tesla’s total market capitalization as high as $25 trillion, should the Optimus program scale successfully. Analysts examining the company’s longer-term prospects have generally agreed that the timeline for both autonomous driving and robotics reaching meaningful financial scale remains highly uncertain, with some cautioning that Tesla’s current valuation already prices in an exceptionally optimistic outcome for both initiatives, leaving limited room for error if either program develops more slowly than the market currently anticipates.

Tesla’s broader competitive landscape within the electric vehicle sector has also factored into recent trading. Rival EV makers, including Rivian, Lucid Group and China’s XPeng, posted notable gains in recent sessions alongside Tesla, suggesting at least some of the sector’s recent momentum has been driven by broader industry sentiment rather than factors specific to any single company. Traditional automakers Ford and General Motors, by contrast, traded modestly lower over the same period, underscoring a continued divergence in investor enthusiasm between established legacy manufacturers and electric vehicle-focused companies.

With Tesla’s market capitalization sitting at approximately $1.55 trillion and the stock trading at a price-to-earnings ratio well above 300, the company’s valuation continues to reflect investor expectations that extend far beyond its current vehicle delivery and profitability trends. As the company approaches its formal second-quarter delivery announcement, investors are likely to parse the results closely for signs of whether Morgan Stanley’s more optimistic forecast for European and Chinese demand proves accurate, a data point that could meaningfully influence the stock’s trajectory heading into the second half of 2026, regardless of how the broader AI and robotics narrative continues to evolve in the months ahead.

WhatsApp is preparing to let its users start conversations without handing over the one piece of information most of us would rather keep to ourselves: our mobile number.

Instead, the Meta-owned messaging service will allow people to connect by exchanging unique usernames, a change that brings the world’s most-used chat app into line with rivals that have offered the feature for years.

The roll-out is being staged globally across WhatsApp’s three billion account holders over the coming months. From this week, users can begin reserving a name through the app, although doing so will not be compulsory. The company says people will be able to remove or change their username at any time, and that once the system is fully switched on, two users will be able to connect having shared nothing more than their handles. The familiar options to block or report unwanted contacts will remain in place.

How the new system works

Names will be capped at 35 characters, with relatively few restrictions beyond a carve-out for some high-profile officials and celebrities, whose names will be ring-fenced so they cannot be claimed by impersonators. In other words, WhatsApp is unlikely to be flooded with users styling themselves as Donald Trump.

Meta is framing the move squarely as a privacy feature. Alice Newton-Rex, WhatsApp’s head of product, said she had heard repeatedly from users who did not always want to share their phone number simply to stay in touch, particularly within group chats. She said she hoped the change would “give users control over how they choose to show up” on the app.

The handles will be introduced “gradually over the coming months”, according to Meta, with users notified once their username goes live. Anyone wanting to get ahead can reserve a name now through their account or profile settings, where the option to claim a handle will appear as it becomes available.

For founders and owner-managers, there is a useful wrinkle. Creators, small businesses and organisations will be able to claim the username they already use on Instagram or Facebook, keeping their identity consistent across Meta’s estate. Everyone else who wants their WhatsApp handle to match those on other Meta apps will need to link their existing accounts through Accounts Centre, which in turn means some data, across services such as Threads and Messenger, is shared between those accounts. It is a trade-off worth understanding before you tick the box.

Some users have already grumbled on social media that the option to reserve a name has yet to appear for them. The company’s advice is straightforward: make sure you are running the latest version of the app and keep checking.

A familiar idea, finally arriving

WhatsApp is not breaking new ground here. The encrypted messaging app Signal introduced an almost identical feature in 2024, and the broader direction of travel, away from the phone number as a universal identifier, has been building for some time.

That context matters when weighing the privacy claims. “It is a good feature, but even if it does offer more privacy, remember WhatsApp is not a privacy-friendly app overall,” said Carisa Véliz, a professor at the University of Oxford and author of Privacy is Power. “It collects much metadata about users for marketing purposes. We have to remember that WhatsApp is owned by Meta, one of the tech companies with the worst track records when it comes to privacy.”

The distinction is an important one for any business relying on the platform. WhatsApp does not use the content of private chats for advertising; those messages are protected by end-to-end encryption, so the company cannot read them. It does, however, draw on other data, such as your general location and basic account details including age, to support advertising, a model explored in our coverage of Meta’s wider use of automation and user data.

Once the feature is fully live, individual phone numbers will no longer be visible inside WhatsApp. There will be no public username directory, and a phone number will still be needed to open an account in the first place. The handle changes who can find you, not whether you exist on the network.

The scam question

The obvious worry is that easier, number-free contact could hand fraudsters a fresh route in. Asked on X about safeguards, the company pointed to “multiple layers of defence”. Chief among them is an optional username key, a short numbered code that means someone can only message you if they hold both your username and that key, a detail confirmed by security outlet BleepingComputer. WhatsApp adds that its systems “detect and block abuse patterns” automatically, an approach SecurityWeek notes is designed to limit unsolicited first contact.

For SME owners who increasingly run customer service, bookings and sales through the app, the username key is the setting to watch. Used well, it offers a way to stay reachable to genuine customers while keeping the door shut to opportunists.

The platform’s minimum age remains 13, and messaging apps will sit outside the UK’s incoming social media restrictions for under-16s, due to take effect next year, a regulatory backdrop that has already drawn scrutiny in the debate over whether stricter rules could push encrypted services out of Britain and in earlier criticism of the app’s age policies.

New name, new boss

The username launch also lands during a change at the top. WhatsApp recently confirmed that Kunal Shah, founder of an Indian fintech start-up, will take over as head of the platform, with Will Cathcart stepping down after seven years in charge.

For now, the message to users and businesses alike is to reserve early, weigh up the Accounts Centre trade-off, and treat the username key as a feature rather than an afterthought. Whether it materially improves privacy or simply repackages it, the days of the phone number as your sole identity on WhatsApp look numbered.

Micron Technology shares slipped modestly Tuesday, trading at $1,138.50, down 0.59%, as Wall Street continued debating whether the stock’s blistering rally has run its course following one of the strongest quarterly earnings reports in the company’s history.

The pullback comes as Micron’s post-earnings surge appears to be cooling, with traders divided over the stock’s next move after a dramatic run that pushed shares to a 52-week high of $1,255 on June 25, just one day after the company reported record fiscal third-quarter results. The stock has since pulled back from that peak but remains up sharply from where it began the year, with the broader rally putting Micron’s market capitalization at roughly $1.29 trillion.

Micron’s fiscal third-quarter results, released June 24 for the period ended May 28, blew past Wall Street’s expectations across nearly every metric. Revenue surged almost 4.5 times year-over-year to $41.5 billion, far exceeding the consensus estimate of $35.1 billion. Earnings per share jumped 13-fold from the prior year to $25.11, also crushing analyst expectations of $20.39. The phenomenal demand for memory and storage chips used in AI accelerators and data centers, combined with persistent supply constraints, pushed Micron’s non-GAAP gross margin to 84.9% for the quarter, up dramatically from 39% a year earlier.

Looking ahead, Micron’s guidance for the current quarter pointed to continued explosive growth, with the midpoint of revenue guidance set at roughly $50 billion, implying another year-over-year increase of approximately 4 times, while earnings per share guidance points to growth of just over 10 times to $31.00 at the midpoint.

Perhaps the most significant detail from Micron’s earnings call involved the company’s shift toward long-term contracted revenue. Micron disclosed it had signed 16 strategic customer agreements during the quarter, with 14 of those representing a minimum contracted revenue commitment of $100 billion over the remaining life of the contracts. Micron structured these agreements as “take-or-pay” arrangements, meaning customers are bound to purchase a minimum volume of memory chips over the multi-year contract term or pay a fee regardless. That contracting strategy has led some analysts to argue Micron has effectively escaped the boom-and-bust cycles that have historically plagued the memory chip industry, where demand swings tied to smartphone and PC sales have periodically created painful oversupply and price collapses.

Reinforcing that long-term visibility, Micron announced a strategic agreement with AI company Anthropic on June 10 aimed at scaling next-generation AI infrastructure, a deal that analysts at Bank of America said locks in greater confidence in supply, demand and pricing visibility over a two-to-three-year horizon. Micron has continued expanding its manufacturing footprint as well, selecting construction firm Bechtel as its partner for a major semiconductor project in New York and advancing additional manufacturing expansion in Virginia, part of a broader push to scale domestic production capacity to meet what the company has described as memory chip shortages expected to persist at least until 2030, driven by AI data centers consuming an increasing share of global dynamic random-access memory supply.

Despite that bullish operational backdrop, some market voices have grown more cautious about the stock’s near-term trajectory following its extraordinary run. D.A. Davidson analyst Gil Luria suggested that Micron and Nvidia are currently trading as though the broader artificial intelligence investment cycle is peaking, a view that has contributed to some of the recent volatility and profit-taking in shares of both companies. Separately, Micron has been named among memory makers facing a U.S. class-action lawsuit, according to a report from WCCF Tech, adding a legal overhang that some investors are monitoring even as the company’s fundamental performance remains strong. China Beige Book analyst Adnan Qazi has also raised a longer-term structural concern, warning that if China were to flood the global memory market with supply, it could pose a national security risk given the strategic importance of memory chips to AI infrastructure.

Wall Street’s broader consensus on the stock remains overwhelmingly positive even amid the recent debate over near-term direction. Among 29 analysts tracked by Public.com, the consensus rating stands at Buy, with 41% recommending a Strong Buy and 55% recommending Buy, while just 3% suggest holding and none recommend selling. The average price target sits at approximately $1,264.45, though some individual price targets have been considerably more bullish; one Motley Fool analysis argued the stock could climb to as high as $3,900 within a year, citing Micron’s forward earnings multiple of just 7.3 times, a valuation the analysis described as inexpensive relative to the company’s growth trajectory even after its dramatic 2026 rally.

Micron’s broader financial profile continues to reflect a company in the midst of a structural shift rather than a typical cyclical upswing. The company’s trailing 12-month revenue stands at roughly $90.3 billion, with a net margin of 55.89% and return on equity of 66.64%, figures that underscore just how dramatically profitability has improved alongside the surge in AI-driven memory demand. Micron’s debt-to-equity ratio remains relatively low at 5.68%, providing the company with continued financial flexibility to fund its aggressive manufacturing expansion plans across multiple countries, including ongoing projects in Taiwan, Singapore and India.

Micron also continues to pay a modest quarterly dividend, with its most recent payout set at 15 cents per share and an ex-dividend date of July 6. The company’s next earnings report is expected around Sept. 21, a date that will offer investors their next substantive opportunity to assess whether the explosive growth trajectory outlined in the company’s most recent guidance can be sustained, particularly as some analysts continue debating whether current memory chip pricing and AI-driven demand levels represent a durable new baseline or an unusually favorable peak in what has historically been one of the more cyclical corners of the semiconductor industry.

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As Baroness Amos releases her long-awaited National Maternity and Neonatal Investigation into maternity service failings in England, we discuss her key findings and what happens next. Presenter Nuala McGovern is joined by former MP and maternity campaigner Theo Clarke, Consultant in Obstetrics and Gynaecology Dr Karen Joash, and Legal Lead for the advocacy charity Birthrights, Laura Mullarkey. We’ll also hear from MP and Maternity Advisor Michelle Welsh about the government’s plan to appoint the UK’s first Maternity and Neonatal Commissioner, one of Amos’ eight key reccomendations.

Summer holidays have already started for some in schools in Scotland and for many families across the UK it’s set to be a challenging time juggling finances, time off work and childcare. Marketing expert Catherine Shuttleworth shares her top tips on how to survive financially whilst also trying to have fun and create those lifelong memories.

Despite the male-dominated history of the internet’s development, women and sex workers have been pioneering online culture since long before the social media platforms we know today existed. For artist and UCLA professor Mindy Seu, this is at the heart of her work, and on the London leg of a global lecture tour, she joins Nuala in the studio to discuss an alternative history of the internet.

Glamorous, fashion-forward, fun – wigs are having a moment, with celebrities leading the way and sales up by 10%. But should you go for something flamboyant, or a more natural style? Guardian journalist Leah Harper tried a different wig every day for a week. She joins us to share her experience along with Melanie Burrell, who owns a wig company in Glasgow, to discuss what might be driving this rise in sales.

Presented by: Nuala McGovern
Produced by: Sarah Jane Griffiths

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The sector rallied as investors backed the main beneficiaries of Britain’s £15bn Defence Investment Plan

Rolls-Royce and BAE Systems were among the London-listed defence stocks to surge on Tuesday as investors piled into the primary beneficiaries of Keir Starmer’s £15bn military spending proposals.

The outgoing prime minister unveiled the government’s long-awaited Defence Investment Plan during a speech in Berkshire, appearing alongside Chancellor Rachel Reeves and Defence Secretary Dan Jarvis.

The sweeping market rally across the sector stood in stark contrast to the political furore surrounding the proposals. Military chiefs had pushed for double the amount contained in the final headline figure.

Jarvis’s predecessor, John Healy, resigned after Downing Street declined to increase spending as the document was being finalised earlier in June.

But the plans proved sufficient to trigger a broad advance across the defence sector, from multi-billion pound heavyweights on the FTSE 100 to relative minnows on the Alternative Investment Market, as reported by City AM.

Rolls-Royce climbed almost three per cent to 1,457p, nudging the jet engine maker’s shares back towards the record high of just under 1,533p reached last week, driven by strong investor appetite ahead of the defence spending update.

The manufacturer, which has UK sites in Derby and Filton near Bristol, is a key supplier to the Ministry of Defence (MoD), producing engines for the Royal Air Force’s C-130 Hercules and the Eurofighter Typhoon. The company also designs and builds the nuclear reactors that power the Vanguard and Astute submarines, which carry the UK’s nuclear deterrent and remain permanently on patrol at sea.

Also on the top-tier index, BAE Systems climbed nearly two per cent to 1,842p.

The £52bn firm is the single largest supplier to the MoD. It is spearheading the RAF’s next-generation fighter plane under the Combat Air Programme, or GCAP, being run in partnership with Japan and Italy.

It also constructs UK submarines at Devonshire Dock Hall in Barrow-in-Furness.

Babcock International, which owns Devonport Dockyard in Plymouth, surged over three per cent to 950p. The company maintains the army’s 30,000-strong vehicle fleet, ranging from quad bikes to Challenger tanks, ensuring they remain battle-ready at a moment’s notice.

On the FTSE 250, Qinetiq, which trains RAF pilots and tests crucial weapons systems, gained two per cent to reach 421p.

Cohort, an AIM-listed provider of sonar and other military sensors, jumped nearly five per cent to 1,250p.

Also on AIM, Velocity Composites advanced almost eight per cent to 14p. The £7.8m Burnley-based company supplies bespoke carbon fibre materials to military grades.

Overall, the FTSE 350 Aerospace & Defence sub-index, which tracks the sector, was up 2.5 per cent on Tuesday. It comfortably outpaced the FTSE 100’s 0.8 per cent gain and a 0.7 per cent rise for the FTSE 250.

Four board members have years of experience at company that celebrates 50th anniversary this year

Britannia Hotels Group has appointed a new board of directors – and they have vowed a “new phase of development” and investment at the chain that has been voted Britain’s worst for years in a row.

In November, Britannia was ranked bottom in the annual Which? Survey of UK hotel groups for the 12th year in a row. The Altrincham company has also hit the headlines for winning contracts to use some of its rooms and hotels to house asylum seekers.

Now the group has appointed four directors, all of whom held senior roles in the group, to its board. In a statement, it called the appointments “a new chapter in the company’s evolution” and said the directors would be focusing on “enhancing guest experience, investing in the UK-wide portfolio and strengthening team performance”.

Britannia added: “The new board will honour the group’s 50-year legacy while evolving the business to meet changing guest and employee expectations, spearheading a number of improvements across the portfolio. These include a multi-million pound property refurbishment programme, investment in new systems and technology for hotel teams, the introduction of a new entertainment breaks programme at five hotels across the country and a visual refresh of the Britannia Hotels brand identity.”

The new board members are:

• Simon Powell, who has 30+ years’ operational and managerial experience, including 18 with Britannia
• Helen Rees, who has 25+ years’ of managerial hospitality experience and joined Britannia in 2023
• Prakash Sivarajan, who had 25+ years’ experience in hospitality for a number of leading brands, and joined Britannia in 2020
• Paul Streets, who has 10+ years of experience as a solicitor in a variety of legal roles, including three as general counsel for Britannia Hotels

Mr Streets said: “Britannia Hotels has a proud heritage and unique place in the UK hospitality landscape. As we approach our 50th anniversary, the new Board represents an important moment for the business – one that allows us to respect what has been built over many years, while bringing greater focus, clarity and ambition to how we operate going forward.

“Our priority is to invest in our hotels and our people and deliver consistent and great value experiences for our guests. We are excited about the opportunity ahead and confident in the long-term future of Britannia Hotels Group.”

Britannia was founded in 1976 by Alex Langsam and today owns 65 properties with more than 10,000 bedrooms. Its best-known hotels include the Adelphi Hotel in Liverpool, the Britannia Hotel in Manchester, the Royal Bath Hotel in Bournemouth, and the Grand Hotels in Scarborough, Blackpool and Llandudno.

It also owns the Pontin’s chain of holiday camps. The Southport site has been closed since 2024.

Mr Langsam has been called the “asylum king” after his company became well-known for housing asylum seekers in some of its hotels, including Britannia’s International Hotel in Canary Wharf, through contracts with the Home Office. In April the Government announced it was closing 11 more asylum hotels, including the Britannia Hotel in Wolverhampton which had seen protests last year.

California restaurant chains are facing a permanent overhaul to their menus beginning July 1, as a first-in-the-nation law requiring major food allergen disclosures takes effect.

Under California’s Senate Bill 68, food facilities subject to the federal menu-labeling law — generally chain restaurants with 20 or more locations operating under the same name — must provide written notification of major food allergens that they know, or reasonably should know, are contained in each menu item, according to guidance from the California Department of Public Health.

The requirement applies to the nation’s nine major food allergens: milk, eggs, fish, crustacean shellfish, tree nuts, peanuts, wheat, soybeans and sesame.

Restaurants may comply by listing allergens directly on printed menus or by providing the information digitally, including through a QR code linked to an online menu. Businesses that choose the digital option must also offer a written alternative for customers who cannot access the information electronically, such as an allergen-specific menu, chart, grid or booklet.

BELOVED GAS STATION PIZZA CHAIN CEO REVEALS 400-STORE EXPANSION PLAN AS FOOD BUSINESS BOOMS

North Italia Diners eat inside North Italia restaurant in Walnut Creek, California, March 20, 2026. (Smith Collection/Gado/Getty Images / Getty Images)

The law applies to restaurant chains already covered by the federal menu-labeling requirements, while compact mobile food facilities, non-permanent food facilities and certain limited-time menu specials are exempt.

The California Restaurant Association said the new requirements extend beyond traditional printed menus, requiring covered restaurants to provide allergen disclosures across customer-facing ordering platforms, including menu boards, drive-thru boards, kiosks, websites, mobile apps and online ordering platforms.

Outback Steakhouse location (Getty Images / Getty Images)

The trade group said California is the first state in the nation to enact restaurant allergen disclosure requirements of this kind.

State Sen. Caroline Menjivar, a Democrat who authored the legislation, said the bill was inspired in part by her own experiences living with severe food allergies and aims to make dining out safer for millions of Californians.

“California will once again lead the nation by becoming the first state to mandate allergens be listed on menus for food facilities with 20 locations and above,” Menjivar said in a statement after the Legislature approved the measure last year.

Chili’s restaurant exterior building located in Victorville, California, adjacent to Interstate 15 on Feb. 11, 2020. (Getty Images / Getty Images)

Menjivar also argued the law could benefit restaurants by giving families managing food allergies greater confidence when dining out.

“These businesses will be able to offer allergen families a unique additional assurance that will drive customers to their establishments,” she said.

According to Menjivar’s office, nearly 4 million Californians have potentially life-threatening food allergies, while the Centers for Disease Control and Prevention estimates food allergies affect nearly 8% of U.S. children.

The Asthma and Allergy Foundation of America co-sponsored the legislation. AAFA CEO Kenneth Mendez called the measure “a win-win for California families and restaurants.”

“ADDE promotes improved public health by creating a climate that will help reduce the incidence of food allergy reactions and promote food allergen disclosure,” Mendez said in a statement.

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California officials said the law makes the state the first in the nation to require large restaurant chains to disclose allergens on menus. Supporters noted that the European Union has required restaurant allergen labeling since 2014, while no comparable nationwide requirement currently exists in the United States.

SCB EIC has revised its 2026 forecast for Thailand’s economic growth to 2%, following the easing of the situation in the Middle East, which has led to lower energy prices, alleviating travel costs and supporting the recovery of the tourism sector. Exports and investment in certain industry groups also continue to expand well.

However, the Thai economy is likely to slow down in the coming period due to the impact of higher energy and raw material costs from the previous conflict, which is now affecting production costs, inflation, and purchasing power. Even with additional government support, particularly the 400 billion baht loan decree, the recovery remains a K-shaped pattern, concentrated in certain sectors, especially the electronics industry which is highly reliant on imports. Meanwhile, low- and middle-income households and SMEs remain vulnerable due to slowing income and high debt levels. For 2027, the Thai economy is expected to grow at a similar rate of 1.9%, reflecting limitations in new economic drivers amidst tight financial pressures and high external risks.

The Thai economy received a short-term boost from the easing of the conflict in the Middle East, but the cost impact continues to put pressure on the economy.

The decline in oil prices, though still higher than pre-war levels, has helped mitigate the impact on businesses, particularly the tourism sector, which is expected to recover better due to lower travel costs. Meanwhile, exports, especially in the electronics industry, continue to grow, and foreign investment is expanding well. However, the effects of previously high energy and production costs are still gradually being passed on to the real economy and will put more pressure on economic activity from the second quarter onwards.

SCB EIC estimates that these impacts will be transmitted to the Thai economy through three main channels: 

(1) energy and production costs will put pressure on inflation, the cost of living, household purchasing power, and affect business profit margins, especially those that are energy-intensive and logistics-intensive ;

(2) a slowdown in the global economy will affect exports due to weaker global purchasing power, especially in markets directly affected by the war. Meanwhile, the high import energy prices in the preceding period and the accelerating trend in capital goods imports will put pressure on the trade balance and current account balance, which are likely to worsen significantly this year; and 

(3) tighter financial conditions due to volatility in financial markets and capital flows, resulting in a higher risk premium and yield curve.

A clear K-shaped recovery is emerging, concentrated in large businesses and the technology sector, while households and SMEs remain vulnerable.

SCB EIC projects that the Thai economy is showing a clearer K-shaped recovery trend, driven primarily by large businesses and technology-related industries such as AI, data centers, electronics, and digital infrastructure. These sectors are supported by investment and exports of certain goods. However, because most of these businesses have a high proportion of imports, their positive impact on domestic supply chains, employment, and broader income is limited.

Conversely, low- and middle-income households and SMEs remain vulnerable to slow income recovery, rising production costs and living expenses, and high debt burdens. This limits consumption recovery and puts pressure on businesses that rely on domestic purchasing power, particularly small businesses and certain service sectors, impacting sales, liquidity, and debt repayment ability. The disparity in recovery between business and household sectors will be a significant constraint on the Thai economy in the coming period.

The Thai economy is projected to grow at a low rate in 2026-2027, despite government support through the 400 billion baht emergency decree.

SCB EIC forecasts Thailand’s economy to grow by 2% in 2026, higher than its previous forecast but still lower than the previous average. This forecast is driven by better-than-expected first-quarter economic figures, the easing of the situation in the Middle East, and government support, particularly the 400 billion baht loan decree, which will help support the economy through measures to reduce the cost of living, stimulate spending, and some investment related to the energy transition. However, the support from the “Thai Helps Thai Plus” measures will mainly boost economic activity in the short term, before this momentum slows towards the end of the year. The clarity of the energy transition measures still needs to be monitored to assess their impact on the economy.

For 2027, SCB EIC forecasts that the Thai economy will expand at a rate similar to 2026, around 1.9% , reflecting constraints from new drivers for medium-term growth. Existing drivers remain limited by factors such as slow consumer recovery due to the deleveraging process of household debt, concentrated investment and exports with high dependence on imports, reduced government policy space, and the vulnerability of SMEs facing intense competition and tight financial conditions.

Monetary policy faces limitations; the Monetary Policy Committee is expected to maintain the policy interest rate at 1% throughout this year.

SCB EIC estimates that the Monetary Policy Committee (MPC) is likely to maintain its policy interest rate at 1% throughout 2026. Inflationary pressures are primarily driven by supply-side factors, and long-term inflation expectations among the public and businesses remain unaffected. SCB EIC revised its average inflation forecast for this year down from its previous view to 2.6%, remaining within the target range. This is due to the easing of the war situation leading to lower energy prices. Simultaneously, Thailand maintains strong external stability and high levels of international reserves, thus eliminating the need to urgently raise interest rates to control inflation and currency depreciation, as has been observed in some regional countries.

Although policy interest rates remain low, overall financial conditions remain tight, particularly for retail borrowers and SMEs, due to slowing income growth and cautious lending practices by financial institutions driven by declining loan quality and repayment ability risks. Therefore, measures to assist borrowers and increase SME access to credit, coupled with measures to enhance income-generating capabilities, will play a crucial role in improving liquidity and sustaining the economy in the coming period.

Businesses face pressure, but opportunities remain in sectors related to AI, FDI, and megatrends.

Thai businesses face significant pressure from costs that remain higher than pre-war levels, supply chain volatility, and uneven demand recovery. These factors are impacting sales, profit margins, and liquidity for many businesses, particularly those limited in passing on costs to consumers in a fragile demand environment.

SCB EIC believes that future business trends will show clearer divergence, particularly among large corporations and SMEs, as well as businesses that can adapt by reducing costs, increasing productivity, and connecting with supply chains that thrive in line with major global trends. These businesses will be able to maintain their growth, but close monitoring of cost risks and demand volatility is necessary.

Growth opportunities remain in AI-related businesses, foreign investment, and megatrends such as electronics, data centers, clean energy, food, and healthcare. These sectors are supported by new investments, technological advancements, manufacturing relocation, and long-term shifts in consumer behavior. Therefore, Thai businesses should accelerate efficiency improvements, cost restructuring, and integration into new supply chains to enhance competitiveness amidst high global economic uncertainty.

The global economy is slowing down this year amid rising global inflation and interest rates.

SCB EIC forecasts that the global economy will expand by 2.5% and 2.6% in 2026 and 2027, respectively, driven primarily by investment.
In the field of AI, electronics manufacturing countries continue to benefit. The situation in the Middle East has improved, but high uncertainty remains. Looking ahead, the US tariffs under Section 301 remain a major risk to global trade in the second half of the year. Regarding monetary policy, major central banks around the world continue to prioritize the risk of inflation exceeding their targets. SCB EIC believes the Fed will not ease monetary policy this year, maintaining interest rates at 3.5-3.75% throughout the year. Global financial conditions are expected to remain tight due to high government bond yields.

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The North East and Yorkshire group has shed some jobs and two locations amid a downturn in the sector but says there should be improvements ahead

Builders’ merchant James Burrell says it continues to battle through tough conditions in the construction market but is determined to bounce back.

The North East-based group, which also has a number of branches in Yorkshire, has closed two sites between 2024 and 2025, and shed more than 35 jobs in the same time. Bosses at the materials retailer say an anticipated recovery in the construction sector since its steep 2023 decline has not materialised and has required “tough decisions” of the family-owned firm.

Newly published accounts covering the year to the end of October show James Burrell built turnover from £95.1m to £96.3m as it returned to operating profit of more than £566,000, having posted an operating loss of more than £1.1m the year before. Pre-tax losses over the same period narrowed from £2.06m to £486,789.

Writing in the accounts, managing director Mark Richardson said: “The anticipated recovery across the construction sector following a sharp decline in 2023, has yet to materialise. The cost-of-living effects are still prevalent across society and UK businesses are still having to deal with elevated inflationary and interest rate effects.

“For a multi-generational family owned and managed business, who recognises its people as its biggest asset, this has meant tough decisions have been necessary to balance the conflicting priorities of maintaining an acceptable financial performance, whilst supporting the employee base who serve the business so faithfully.”

He added: “Although we are not where we want to be, there is a feeling that we are moving back in the right direction again. We are faced with a higher cost threshold than we have previously been used to after recent material price inflation, tax rises and increases in the living wage. But we have made the necessary adjustment to right-size the business accordingly, stripping out nonessential costs and process inefficiencies, aided by the implementation of our new IT system.

“Despite our marketplace remaining subdued and uncertainty continuing to cloud the present position, we believe there will be improvement ahead. Our strong financial base and continued reinvestment in the business should ensure that James Burrell will continue to prosper and to take advantage of new opportunities as and when they arise.”

The firm said the challenging trading conditions of the last three years showed no signs of abating in 2026, and that despite inflation having eased, interest rates remain high and economic growth was stagnant. Bosses expressed disappointment in the trading performance despite the small improvements reported, but said the firm remained resilient and “determined to bounce back” when demand recovers.

One of key factors contributing to those tough trading conditions has been sluggish housebuilding activity. Mr Richardson said regular government pledges to encourage the building of new homes had failed to come good, pointing to problems associated with higher interest levels, delays in the planning system, a lack of help-to-buy type incentives and red tape facing developers