The Oxford Properties executive is expected to join the FTSE 100 landlord by the end of November

British Land has appointed Joanne McNamara from Oxford Properties as its next chief executive.

Ms McNamara currently serves as executive vice-president of the real estate company operated by major Canadian pension fund, the Ontario Municipal Employees Retirement System.

The appointment follows five months after the FTSE 100 property owner informed shareholders that long-serving chief executive Simon Carter was departing.

Mr Carter is leaving the business to lead warehouse developer P3 Logistics Parks.

His replacement brings more than two decades’ experience in the industry and joined Oxford in 2010, leading substantial investment and development deals throughout her tenure at the company.

She is anticipated to commence at British Land by the end of November.

Ms McNamara said: “British Land is a business that I have always admired, with an impressive track record of delivering and managing best in class places across the UK and an expert team at its helm.

“I am very much looking forward to working with the board, executive committee and all of my new colleagues as we work together to build on what is already a fantastic platform for growth.”

William Rucker, chairman of British Land, said: “Joanne is one of Europe’s most respected real estate professionals.

“With her deep expertise of real estate, valuable experience in the world of private capital and a strong reputation for decisive leadership, she is exceptionally well placed to drive the business forward.” Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: “Looking ahead, British Land looks well-positioned, with occupancy rates sitting high and good exposure to the science and technology sector, where strong demand from AI companies has been a big tailwind.

“The group’s finances remain strong, with sufficient funding to support future growth as developments make a comeback and to maintain a respectable 6.2% dividend yield for income-focused investors.”

British Land’s share price climbed 1.9% on Tuesday.

The company owns properties across the UK, including Meadowhall shopping centre in Sheffield, the New Mersey retail park in Liverpool, Crown Point Shopping Park in Greater Manchester, Orbital Retail Park in Cannock, Teesside Park in Stockton-on-Tees and Southgate shopping centre in Bath.

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Amazon will hold its annual Prime Day sales event from June 23 through June 26 this year, moving one of its biggest shopping promotions out of its traditional July window as the retailer looks to capitalize on a crowded summer calendar.

The shift comes as Amazon targets consumer spending around the FIFA World Cup, Independence Day and celebrations marking America’s 250th anniversary, according to a company executive.

Prime Day generated $24.1 billion in U.S. online spending in 2025 after Amazon expanded the event from two days to four, according to Adobe Analytics.

“This year, we have the (FIFA) World Cup,” Jamil Ghani, Amazon Prime international vice president, told Reuters. “We’ve got also the 250th anniversary of U.S. independence, and so we thought this week (beginning June 22) was the best week for us to hold Prime Day.”

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Amazon’s Prime Day sales event will be held in June this year. (Isabella Falsetti/Bloomberg via Getty Images)

The FIFA World Cup runs from June 11 through July 19, while Independence Day falls on July 4. Amazon said it considers major global events, religious holidays and bank holidays when selecting Prime Day dates each year.

Amazon announced in April that Prime Day 2026 would offer Prime members discounts across categories including electronics, apparel, beauty products, kitchen goods and groceries. The event will take place in more than two dozen countries, including the United States, Canada, the United Kingdom and Germany.

AMAZON’S 30-MINUTE DELIVERY PUSH RAISES STAKES IN RACE FOR SPEED

Amazon is also pushing deeper into groceries and household essentials as it expands same-day and next-day delivery, a key part of its effort to compete more aggressively with Walmart.

Prime Day generated $24.1 billion in U.S. online spending in 2025 after Amazon expanded the event from two days to four, according to Adobe Analytics. (Justin Sullivan/Getty Images)

The Seattle-based retailer hopes customers will stock up on groceries and everyday household items ahead of World Cup watch parties and Independence Day celebrations. The company has been investing heavily in faster delivery services, including expanded same-day delivery options for perishable foods.

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Ghani said grocery items are expected to account for a larger share of Amazon deliveries in the future as consumers purchase food and household essentials more frequently than discretionary products such as electronics, apparel and beauty items.

Amazon is targeting consumer spending around the FIFA World Cup, Independence Day and celebrations marking America’s 250th anniversary. (Getty Images)

“As groceries and household essentials grow as a part of our business overall … it’ll grow as a percent of the total units that we ship,” Ghani said.

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Last year’s Prime Day event was Amazon’s largest on record, according to the company, with customers purchasing products across more than 35 categories and independent sellers reaching record sales levels.

Reuters contributed to this report. 

Britain’s flagship overhaul of zero-hours contracts could end up doing the very opposite of what ministers intend, the country’s leading HR body has warned, with employers likely to lean more heavily on self-employed contractors and fixed-term arrangements if the new rules prove too unwieldy to administer.

Responding to the Government’s consultation on its zero-hours contract reforms, a central plank of the Employment Rights Bill that recently cleared its final parliamentary hurdle, the Chartered Institute of Personnel and Development (CIPD) cautioned that complex compliance demands could ultimately push more workers into looser, less secure forms of employment.

Ben Willmott, head of public policy at the CIPD, said that while the institute supported the principle of protecting workers from one-sided flexibility, the practical detail of the reforms would make or break their success.

“Well-managed zero-hours contracts provide welcome flexibility for employers and for people who want to work but cannot commit to fixed hours, including students, carers and those managing health conditions,” Willmott said.

He stressed that the reference period used to calculate the guaranteed minimum hours owed to a zero-hours worker would be a critical battleground. “A longer reference period will be easier for employers to manage, but even with this, the new measures are likely to be extremely complex and challenging to comply with, particularly for small firms or those with fluctuations in demand.”

According to the Government’s own factsheet on zero-hours contracts, the reference window is expected to be set at around 12 weeks, although the figure remains subject to consultation. Employer groups have been pressing for a longer horizon to smooth out the seasonal peaks and troughs that characterise sectors such as hospitality, retail and care.

Beyond the question of guaranteed hours, Willmott pointed to a second compliance landmine: the requirement to give workers reasonable advance notice of shifts.

“This is only one headache for employers,” he said. “The challenge of providing reasonable advanced notice of shifts is also likely to prove difficult and require caveats to allow for issues like sickness absence.”

The concern echoes wider business worries that the legislation, while well-intentioned, has been drafted with limited regard for the operational realities of running a small or medium-sized firm — anxieties that have already prompted a third of employers to scale back hiring plans according to fresh CIPD research.

Willmott’s sharpest warning, however, was reserved for the law of unintended consequences. If the final regulations prove unworkable, he argued, employers will simply route around them.

“If the final regulations are too difficult to manage, employers will simply find other ways to achieve workforce flexibility. They are likely to rely more on self-employed contractors and fixed-term contracts, for example, potentially resulting in more rather than less insecure employment.”

That outcome would be particularly damaging for young people, who have historically been one of the biggest beneficiaries of zero-hours arrangements. Such contracts have long allowed students and early-career workers to fit paid work around studies, training or caring duties.

“This would also damage opportunities for young people who particularly benefit from zero-hours contract arrangements because they enable them to balance work while studying,” Willmott added.

The CIPD is among a growing chorus of business voices, covered in detail in Business Matters’ guide to the new Employment Rights Bill, calling on ministers to use the consultation process to soften rough edges rather than rush implementation. With staged commencement now stretching into 2027, Whitehall has time to listen. Whether it does so will determine if the reforms become a landmark for fairer work, or a cautionary tale of policy that achieved precisely the opposite of its aim.

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.

Private equity firm Modella Capital has owned the northern shoe retailer for only six months but is now pursuing a CVA restructuring

Modella Capital is poised to place more than 100 jobs at risk as it pursues its latest dramatic restructuring, this time targeting northern footwear retailer Wynsors.

The private equity house, which controls hundreds of former WH Smith outlets, has informed employees of its plans for a comprehensive overhaul at the shoe chain it acquired just months earlier.

Modella has established a formidable presence on the British high street in recent months, snapping up a series of troubled retailers before either disposing of the businesses or imposing severe cost-cutting measures.

Wynsors employees were informed of proposals for a company voluntary arrangement (CVA) on Tuesday afternoon.

A CVA represents an agreement struck between a business and its creditors to repay some or all outstanding debt over an extended period in an attempt to avoid insolvency, as reported by City AM.

Wynsors’s reorganisation, initially disclosed by Sky News’ Mark Kleinman, could result in rent reductions at 36 of its 47 outlets, while several of these locations are anticipated to shut permanently.

More than 100 positions are under threat, with approximately a quarter of the company’s roughly 400-strong workforce said to be at risk.

In announcing its restructuring, the footwear seller pointed to “fiscal and regulatory headwinds” alongside the “operational impacts” stemming from last year’s cyberattack. Chief executive Adam Foster said: “Regrettably, the severity of the challenges we have faced, ranging from an extremely difficult trading environment to a significant cyber-attack disrupting our core operations, have made this restructuring unavoidable.

“This has been an incredibly difficult decision, and I want to acknowledge the impact they will have on those colleagues who will be affected. This CVA is a necessary step to give Wynsors a viable future.”

Wynsors was established in Chesterfield in 1956 and currently runs stores throughout northern England, with its retail proposition centred on school footwear.

Modella has controlled the Lancashire-based retailer for just six months, and was said to be considering offloading the chain in March.

The Mayfair-headquartered private equity house attributed weak consumer sentiment and “adverse government fiscal policies” for its decision to wind down Original Factory Shop and Claire’s Accessories shortly after acquiring the businesses.

Modella purchased WH Smith’s 480 high street outlets for £40m last year and rebranded them under the TG Jones name.

Yet the private equity firm has admitted that these rebranded outlets are performing more poorly than under their previous identity.

Modella is preparing to close up to a quarter of these locations in a sweeping restructuring of the operation, which it maintains is essential to prevent insolvency. The company’s latest purchase is Flying Tiger Copenhagen, a stationery and accessories retailer operating approximately 1,000 stores worldwide, including 80 across the UK.

Modella was established as Tailer Debtco in 2022 before being rebranded as Modella the following year, and is owned by Hay Wain Group, the family office set up by turnaround specialist Jamie Constable.

Modella’s chairman is Steve Curtis, a prominent figure in retail investment, while Joseph Price serves as its managing director.

SHANGHAI — Shares of Hesai Group surged more than 11% in morning trading Tuesday, reaching $22.35 as investors continued to reward the Chinese lidar technology leader for robust first-quarter results, record shipments and strategic wins in the expanding autonomous vehicle and robotics markets.

The rally came on solid volume, reflecting renewed optimism around companies enabling advanced driver assistance systems and artificial intelligence-powered perception technologies. As of 11:54 a.m. EDT, Hesai shares had risen $2.32, or 11.61%, on the Nasdaq. The move extended recent gains and pushed the company’s market capitalization above $3.5 billion.

Record Shipments Drive Q1 Growth

Hesai reported first-quarter 2026 net revenues of RMB680.6 million (approximately $98.7 million), representing a 29.6% increase from the same period in 2025. Total lidar shipments reached 471,723 units, up 140.9% year-over-year, with ADAS lidar deliveries surging 141.9% to 353,441 units.

The company returned to profitability, posting GAAP net income of RMB18.3 million ($2.7 million), compared to a loss in the prior-year period. Gross margin stood at approximately 39%, supported by higher volumes despite some pressure from product mix shifts toward more affordable solutions.

CEO David Li highlighted broad-based demand across both automotive and robotics segments. The company guided for second-quarter revenue between RMB850 million and RMB900 million, implying 20% to 27% year-over-year growth. For the full year, Hesai expects to ship between 3 million and 3.5 million lidar units, effectively doubling 2025 volumes.

Mercedes-Benz Partnership and Product Innovation

A major catalyst has been Hesai’s confirmed role as a lidar supplier for Mercedes-Benz Level 3 autonomous driving models. The partnership underscores growing acceptance of lidar technology among premium automakers pursuing higher levels of autonomy.

The company continues innovating with products such as the Picasso 6D full-color ultra-sensitive lidar chip and the Kosmo spatial intelligence device for robotics applications. These launches aim to expand beyond traditional automotive markets into broader physical AI opportunities.

Hesai also announced plans to more than double production capacity in 2026, targeting over 4 million units annually to meet surging demand. New facilities, including operations in Thailand, support global expansion while mitigating geopolitical risks.

Market Position in LiDAR Sector

As one of the leading global lidar providers, Hesai benefits from the accelerating adoption of ADAS and autonomous technologies. The company’s full-stack approach — combining proprietary ASIC chips, software and hardware — provides cost and performance advantages in a competitive landscape.

Demand drivers include stricter safety regulations, consumer interest in advanced safety features and the long-term push toward robotaxis and autonomous trucking. Hesai’s strong presence in both China and international markets positions it well as major automakers increase lidar integration.

Financial Health and Outlook

Hesai maintains a solid balance sheet with more cash than debt, providing flexibility for R&D investment and capacity expansion. Analysts generally remain bullish, with several maintaining Buy ratings and highlighting the company’s growth trajectory despite margin pressures from product mix changes.

Challenges include pricing competition in the lidar space and potential fluctuations in automotive production cycles. However, management has expressed confidence in sustaining leadership through technological differentiation and scale advantages.

Broader Industry Context

The autonomous vehicle sector continues gaining traction as regulatory frameworks evolve and sensor costs decline. Lidar, once considered too expensive for mass-market vehicles, is increasingly viewed as essential for safe Level 3 and higher autonomy. Hesai’s progress reflects this shift.

Tuesday’s trading activity aligns with positive sentiment across AI and automotive technology stocks. Peers in the perception and sensor space have also seen gains amid optimism about 2026-2027 deployment timelines for advanced systems.

What Investors Are Watching

Near-term focus rests on execution of the Mercedes program and other design wins. The upcoming annual general meeting on June 26 will provide a platform for updates on strategy and shareholder priorities. Second-quarter results, expected in August, will offer further insight into margin trends and international growth.

Longer term, Hesai’s success hinges on converting strong shipment guidance into sustained profitability and market share gains. The company’s expansion into robotics and spatial intelligence opens additional revenue streams beyond traditional automotive lidar.

Market participants will monitor any developments around global trade dynamics, given the company’s Chinese headquarters and international customer base. Positive analyst commentary and potential contract announcements could provide further catalysts.

Strategic Positioning

Hesai has evolved from a lidar startup into a scaled technology provider with global reach. Its ability to deliver high-volume, cost-effective solutions has attracted major OEMs seeking reliable perception systems. Continued investment in AI-enhanced software and hardware integration should support differentiation.

As the stock trades near recent highs, valuation concerns have emerged among some observers. However, supporters argue that Hesai’s growth rate and market opportunity justify current multiples, particularly compared to peers in the broader autonomous technology ecosystem.

Tuesday’s gains suggest investors are focusing on the positive fundamentals and long-term potential rather than short-term margin fluctuations. With the autonomous driving market poised for expansion, Hesai appears well-positioned to benefit from increased lidar adoption worldwide.

The coming months will be critical as the company ramps production and integrates new technologies. Strong execution could solidify its leadership and drive further shareholder value in one of the automotive industry’s most transformative segments.

Corporate leadership across America has seemingly lost faith in the current trajectory of the U.S. economy, swinging sharply from optimism to pessimism in just three months.

The Conference Board Measure of CEO Confidence, in collaboration with The Business Council, conducted its quarterly survey of 141 CEOs and found that the overall score fell to 47 in Q2 from 59 in Q1. Any reading below 50 means negative outlooks outnumber positive ones.

Only 15% of CEOs say the economy is better than six months ago, down from 39% in Q1, while 47% say it’s worse, up from 8%.

Additionally, 40% of respondents expect economic conditions to worsen over the next six months, compared to 13% who felt that way last quarter.

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“CEO confidence fell back into negative territory in Q2 2026, reversing the surge in optimism in the first quarter,” Conference Board Chief Economist Dana M Peterson said in a press release. “CEOs reported that the economy is materially worse now than it was six months ago and expected economic conditions to weaken further over the next six months.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, on Monday, June 1, 2026.  (Getty Images)

“Regarding their own industries, CEO assessments about current conditions and expectations in six months deteriorated since last quarter,” she continued.

The Bureau of Economic Analysis (BEA) released its final reading of fourth-quarter GDP less than one month ago, which showed the economy grew at an annualized rate of 0.5% in the three-month period covering October, November and December.

That figure was lower than the expectations of economists polled by LSEG, who had estimated GDP growth of 0.7%

“Despite a solid 2.1% expansion for the full year, 2025 will likely be remembered as the year that ‘could have been,’” EY-Parthenon chief economist Gregory Daco previously told FOX Business. “The outlook for 2026 appears even less favorable. The Middle East conflict is set to exacerbate existing headwinds, with higher inflation, weaker real disposable income growth, and tighter financial conditions further weighing on economic momentum.”

The business slowdown is hitting CEOs’ future plans as well, with corporations signaling belt-tightening, shrinking hiring plans and preparing for potential layoffs..

Thirty-one percent of respondents expect to reduce their workforce over the next six months, now outpacing the 28% who plan to expand hiring; planned wage hikes are losing steam, concentrating in the 3% to 4% range; and 53% of CEOs reported “some problems in some areas” when hiring.

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“The ‘low-hire, low-fire’ economy remains in place,” Vice Chairman of The Business Council and Chair Emeritus of The Conference Board Roger W. Ferguson, Jr. also said. “The share of CEOs planning to increase the size of their workforce over the next 12 months edged down, while those expecting job cuts rose slightly.”

“Among top business risks impacting their industries, CEOs became more worried about cyber risks, with nearly two-thirds ranking it a top risk in Q2. Geopolitical and AI & new technology risks also remained top concerns,” he added. “Risks associated with supply chains and energy rose in importance and intensity in Q2.”

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FOX Business’ Eric Revell contributed to this report.