Site near M65 would include convenience store ‘bringing footfall to support the other smaller retail units’

Blackburn billionaire Zuber Issa’s EG on the Move company is looking to develop a new shopping complex on grassland off the town’s Haslingden Road.

The firm has identified the 1.3 acre site near the M65 for the scheme. The new retail building is close to the Royal Blackburn Hospital with its staff identified as key potential customers.

EG on The Move has applied to Blackburn with Darwen Council for planning permission for a ‘commercial development of a new 11,000 square foot retail building incorporating a 4,500sqft food retail convenience store and five smaller speculative retail units including the formation of a new access from Haslingden road, customer parking, and delivery area’.

A supporting statement says: “The site is strategically positioned on Haslingden Road (A6077), Blackburn – approximately half a mile from Junction 5 of the M65 motorway.

“To the north is the Royal Blackburn Teaching hospital. To the east is the existing Shadsworth Industrial estate.

“The site consists of a vacant greenfield, infill plot of land.

“The proposal submitted for a small-scale retail development supported by the surrounding residential areas and proximity to the hospital and wider industrial areas.

“The intention is to create a small, primarily food, retail convenience store as an anchor to the site bringing footfall from the residential areas and hospital to support the other smaller retail units.

“The small retail units would be ideal for smaller start-up businesses from the local area.

“The building is set back from Haslingden Road and positioned centrally within the site. This allows for the creation of a new vehicular access and the formation of a car park for visitors.

“The development will also create a new three-metre-wide footpath and cycleway along the Western edge connecting Whinney Heights to the proposed development and Haslingden Road. This will be a huge benefit to the local community.

“The development will initially be constructed speculatively to a shell standard. Internal layouts and fitout will be dictated by the specific tenant.

“Office, storage and staff facilities will be positioned at the rear of the unit with display and retail function at the front making use the glazed front elevation.

“Careful consideration was given to the Whinney Heights residential area and neighbouring Queens Lodge nursing home.

“Landscaping treatments and acoustic boundaries will mitigate the impact on the neighbours.

“The building has been designed to create a contemporary and inviting retail aesthetic.

“The primary elevation is mostly glazed creating shop front displays and familiar retail access.

“It is proposed that a new priority right turn lane will be created on Haslingden Road alongside the formation of a new vehicular access point – 50 car parking spaces are to be provided.

“The intended retail function will provide positive amenities for local residents, commuters, employees in the surrounding employment areas and the Royal Blackburn Hospital.”

Last week, EG On The Move acquired independent petrol forecourt operator MPK Garages.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

The government’s ECLGS (Emergency Credit Line Guarantee Scheme) allows State Bank of India (SBI) to provide a credit facility of Rs 70,000 crore to Rs 80,000 crore, chairman CS Setty said. He said that the banking sector is hopeful that the scheme can be implemented in the next eight to ten days.

“This scheme is available for everyone and it is an opt-in scheme. We are hopeful that in the next 8 to 10 days implementation issues will be resolved. We are working with various MSME associations on this scheme. Our estimate is that SBI can provide a Rs 70,000 crore to Rs 80,000 crore credit facility through this scheme,” Setty said.

On Wednesday, the Union Cabinet approved ECLGS 5.0 aimed at the country’s micro, small and medium enterprises (MSMEs) and the airline sector, to support these sectors in light of the West Asian conflict. The government said that the latest scheme will enable Rs 2.55 lakh crore in additional credit for eligible business borrowers, including Rs 5,000 crore for airlines facing short-term liquidity stress.

The scheme envisages an additional credit of up to 20% of peak working capital utilised during the fourth quarter of the fiscal year ended March 2026, capped at Rs 100 crore for MSMEs and 100% of working capital for airlines, up to a limit of Rs 1,500 crore per borrower, subject to satisfying certain conditions.

For MSMEs, the tenor of the loan is five years from the date of first disbursement, including a moratorium of one year, while for airlines it is seven years, including a moratorium of two years. Some sectors not impacted by the West Asia crisis have been left out, such as education institutions, defence, horticulture, power, and sugar.

“This is a proactive measure and the government is clear that there was a substantive scheme which needed to be put in place for MSMEs not to be impacted,” said Financial Services Secretary M Nagaraju.
Earlier on Wednesday, SBI Research said that it expects the scheme to benefit 1.1 crore MSME accounts. “Though it is too early to say about the expected results of ECLGS 5.0…the timely intervention will ensure liquidity support, protect jobs, sustain supply chains, and strengthen the resilience of the Indian economy. Our preliminary estimates indicate that around 1.1 crore MSME accounts (45% of total MSME portfolio) are eligible to get benefit from the scheme, with per account on an average additional credit flow of (Rs 2 to 2.3 lakh),” SBI Research said.

NEW YORK — Advanced Micro Devices Inc. shares have surged dramatically in 2026, trading near $400 after a blockbuster first-quarter earnings beat that sent the stock up more than 15% in a single session, prompting fresh debate on whether investors should buy, hold or consider taking profits amid the ongoing AI boom.

As of May 7, 2026, AMD closed at approximately $398.73 on Wednesday, reflecting robust gains driven by accelerating data center revenue and upbeat guidance. The chipmaker’s market capitalization now exceeds $650 billion, positioning it as a major beneficiary of hyperscaler spending on AI infrastructure.

Wall Street’s consensus remains overwhelmingly bullish. Out of roughly 40-44 analysts covering the stock, the vast majority rate it a Buy or Strong Buy, with an average 12-month price target around $385-$390 and highs reaching $530. No major firm currently recommends selling. Recent upgrades, including DA Davidson’s move to Buy with a $375 target and multiple analysts lifting targets above $500, underscore confidence in AMD’s trajectory.

Q1 2026 Earnings: AI Demand Fuels Outperformance

AMD delivered stronger-than-expected results for the quarter ended March 31. Revenue reached $10.25 billion, up 38% year-over-year and beating estimates of $9.89 billion. Adjusted earnings per share hit $1.37, topping forecasts of $1.29. Data center revenue — the key AI driver — soared 57% to $5.8 billion, powered by EPYC processors and Instinct GPUs.

CEO Lisa Su highlighted “accelerating demand for AI infrastructure,” noting strong momentum in inferencing and agentic AI workloads. The company guided Q2 revenue to approximately $11.2 billion, well above consensus, with non-GAAP gross margin expected near 56%. Free cash flow reached a record $2.6 billion.

The results triggered a sharp rally, with shares jumping as much as 18% in early trading the following day. Investors rewarded the company’s ability to gain share in CPUs while building credibility in accelerators as a viable alternative to Nvidia.

Bull Case: AI Supercycle Has Room for Multiple Winners

Proponents of buying AMD point to several tailwinds. The AI opportunity is massive, with data center spending projected to grow at high double-digit rates through the end of the decade. AMD’s full-stack offerings — combining CPUs, GPUs, and rack-scale solutions like Helios — appeal to customers seeking diversification and better economics.

Major wins include Meta’s planned deployment of up to 6 gigawatts of Instinct GPUs and partnerships with AWS, Google Cloud and Microsoft. Upcoming products such as the MI450 series position AMD strongly in the fast-growing inference market, where it claims advantages in performance-per-dollar.

Analysts like those at Wells Fargo, Bernstein and KeyBanc have raised targets significantly, citing sustained market share gains and operating leverage. Long-term forecasts see data center revenue growing at more than 80% annually in coming years under optimistic scenarios.

At current valuations — trading around 30-40 times forward earnings depending on estimates — many view AMD as reasonably priced relative to its growth potential, especially compared to Nvidia’s premium multiple.

Risks and the Sell Case

Skeptics caution that AMD still trails Nvidia significantly in high-end AI accelerators, with market share estimates in the 5-15% range for GPUs. Execution risks remain on supply chain constraints, particularly advanced packaging and high-bandwidth memory. Geopolitical tensions and potential export restrictions could also weigh on results.

Near-term challenges include competition in client and gaming segments, as well as heavy capital expenditures that could pressure free cash flow if AI ramps slow. Some analysts note the stock’s volatility and warn of profit-taking after the recent run-up.

Valuation remains a point of debate. While bullish targets imply substantial upside, more conservative forecasts see limited near-term gains if growth moderates. Macro factors such as interest rates and broader tech spending could influence sentiment.

Balanced Outlook for Investors

For long-term investors, the consensus leans heavily toward buying or holding AMD as a core AI play. The company’s diversified portfolio — spanning data center, client, gaming and embedded — provides resilience that pure-play GPU makers may lack. Management’s track record under Su has consistently delivered on key milestones.

Short-term traders may consider tactical selling into strength, particularly ahead of potential volatility around upcoming product launches or macro events. However, with no Sell ratings on Wall Street and strong momentum post-earnings, the path of least resistance appears higher for patient holders.

Institutional ownership remains high, and retail enthusiasm has returned following the earnings beat. Options activity shows continued bullish positioning, though implied volatility reflects awareness of risks.

Strategic Considerations for 2026

Investors evaluating AMD should consider portfolio allocation, risk tolerance and time horizon. Those seeking growth exposure in semiconductors may view it as a compelling complement or alternative to Nvidia. Diversification across the AI stack — including software, systems and energy efficiency — strengthens the investment thesis.

AMD’s “Advancing AI 2026” event scheduled for July could serve as a major catalyst, showcasing next-generation technologies. Continued execution on guidance and customer wins will be key to sustaining the rally.

As the year progresses, focus will remain on data center traction, margin expansion and progress toward long-term targets. While nothing is guaranteed in the fast-moving tech sector, AMD enters the remainder of 2026 with strong fundamentals and analyst backing.

Whether buying on dips, holding through volatility or adding on confirmed milestones, the overwhelming Wall Street view supports AMD as a core holding for those bullish on AI’s multi-year transformation. The stock’s performance will ultimately hinge on delivering tangible results in one of the largest technology shifts in decades.

SYDNEY — The S&P/ASX 200 Index climbed 84.5 points, or 0.96%, to close at 8,878.1 on Thursday, May 7, 2026, snapping a string of recent losses as easing oil prices on renewed U.S.-Iran ceasefire optimism and record Wall Street closes fueled a broad-based rally across mining, banking and energy stocks.

The benchmark Australian share index opened strongly and maintained gains throughout the session, with materials and financials leading the advance amid improved global risk sentiment. The broader All Ordinaries also rose solidly, reflecting widespread participation beyond the top 200 companies.

Thursday’s rebound provided welcome relief after the ASX 200 had endured multiple losing sessions in recent weeks amid Middle East tensions, Reserve Bank of Australia rate hikes and mixed domestic corporate earnings. The 0.96% gain marked one of the stronger daily performances in May and helped lift the index off recent lows.

Drivers Behind the Rally

Global cues were overwhelmingly positive. U.S. markets hit fresh records overnight, with the S&P 500 and Nasdaq climbing on strong tech earnings from companies like AMD and continued optimism around artificial intelligence. Easing oil prices, which briefly dipped below $100 per barrel on ceasefire progress, reduced inflationary fears and supported a risk-on mood.

In Australia, the materials sector outperformed as iron ore and copper prices stabilized and major miners advanced. Banking stocks also gained ground, benefiting from a slight softening in bond yields after the RBA’s recent rate hike to 4.35% was viewed by some as nearing restrictive territory.

Uranium-related stocks stood out among top movers, buoyed by ongoing global energy transition themes. Individual winners included companies linked to resources and select industrials, while defensives lagged modestly.

Ceasefire Hopes Ease Energy Market Fears

Progress in U.S.-Iran ceasefire negotiations via Pakistani mediation played a key role. President Donald Trump’s signals of potential de-escalation and a one-page framework proposal helped calm oil markets after weeks of disruption in the Strait of Hormuz. Lower energy prices directly benefit Australia’s import-dependent economy and reduce cost pressures on businesses and households.

Analysts noted the relief rally could prove short-lived if diplomatic efforts falter, but Thursday’s session demonstrated the ASX’s sensitivity to global risk appetite and commodity prices.

Sector and Stock Highlights

Materials led with solid gains from BHP, Rio Tinto and other heavyweights. Financials followed, with the Big Four banks posting modest advances despite ongoing margin and economic growth concerns. Energy names benefited from the oil price stabilization even as some profit-taking occurred.

Tabcorp shares came under pressure after an AUSTRAC investigation announcement, highlighting how company-specific news can diverge from broader market trends.

Broader Market Context in 2026

The ASX 200 has faced volatility throughout 2026, buffeted by higher interest rates, geopolitical risks and shifting global capital flows. While Wall Street has repeatedly hit records on AI enthusiasm, the local market has contended with a stronger Australian dollar at times, domestic inflation challenges and slower growth in certain sectors.

Year-to-date performance remains mixed, with resources providing support while technology and healthcare have faced headwinds. The RBA’s recent tightening cycle has added caution, though Governor Michele Bullock’s comments suggesting policy is now “a bit restrictive” offered some reassurance that further aggressive hikes may be limited.

What Lies Ahead

Traders will watch upcoming domestic data releases, including inflation prints and employment figures, as well as further developments on the Iran ceasefire. Corporate earnings season continues, with results potentially influencing sector rotations.

Economists remain divided on whether the current environment favors Australian equities. Some see value emerging after recent weakness, particularly in banks and resources, while others warn of persistent headwinds from high interest rates and global uncertainty.

International factors will continue dominating sentiment. Any sustained drop in oil prices or positive AI-related news from the U.S. could support further gains, while renewed Middle East flare-ups or hotter-than-expected Australian inflation could trigger pullbacks.

Investor Implications

For local investors, Thursday’s session underscores the importance of diversification and monitoring global macro signals. Superannuation funds with heavy exposure to Australian equities likely benefited from the rebound, but volatility remains elevated compared to historical norms.

Analysts advise focusing on companies with strong balance sheets, exposure to thematic growth areas such as energy transition, and resilience to higher interest rates. Long-term investors may view dips as buying opportunities, while shorter-term traders should remain nimble amid headline-driven moves.

As the trading week progresses, attention turns to whether the ASX can build on Thursday’s momentum or if profit-taking will cap gains. With Wall Street in record territory and oil pressures easing, conditions appear supportive in the near term, though underlying domestic challenges persist.

The S&P/ASX 200’s 0.96% advance to 8,878.1 reflects a market quick to respond to positive global developments, even as it navigates a complex local and international backdrop in 2026. Investors will continue weighing ceasefire hopes against economic realities in the sessions ahead.

Kolkata: The flow of money from non-resident Indians into Kerala has remained unaffected despite the geopolitical uncertainties in the Middle East, data from leading banks operating in the state suggest.

The Kerala-based Federal Bank and South Indian Bank showed quarter-on-quarter growth in non-resident deposits inflow, indicating that the lifeline to Kerala remains largely stable despite the Iran war.

Remittances and overseas deposits play a pivotal role in the southern state’s economy.

The rise in flow also reflects a 5.4% rupee depreciation between January and March. A depreciating local currency automatically translates into higher remittances on the same base amount.

Indians working abroad deposit their surplus money mostly in non-resident external (NRE) accounts in banks operating here, while they remit money to family members for monthly expenses using online platforms or bank wire transfers. The money deposited in foreign curreny gets converted to rupee in both the cases.

Federal Bank’s non-resident deposits grew 7% quarter-on-quarter to ₹1.03 lakh crore at the end of March. The fact that the growth rate was more than rupee depreciation suggests that there has been a rise in transaction in foreign currency. The bank also enjoys a substantial market share in inward remittances.
“Remittances, as of now, remain elevated. My sense is that unless you see significant job losses and returning Indians from UAE for good into India, I don’t think this story is likely to change immediately,” Federal Bank managing director KVS Manian told analysts in a post-earning interaction.South Indian Bank reported a 4.2% growth in inbound flows to ₹35,371 crore growth for the same period, largely reflecting the impact of currency depreciation.

These two banks along with State Bank of India hold the first three positions in terms of attracting NRI deposits in Kerala, people aware said.

“We have a large business in the Middle East in the area most impacted by the current crisis. Our view is that in the short run, it will be a positive for us in the sense that people living in those areas may want to transfer money back home so as to protect themselves in the future. So, there will be increased flows,” South Indian Bank managing director PR Seshadri told ET.

Experts however warned that a prolonged West Asia conflict could threaten these inflows in the long run.

“The problem will happen if the issue continues over a longer period and people’s livelihoods in those countries are impacted… Those balances will get drawn down when those individuals come back home,” Seshadri said.

The Reserve Bank of India (RBI) data showed that more than a third of India’s remittances, totalling ₹3.74 lakh crore in 2023-24, came from Gulf countries such as the UAE, Saudi Arabia, Qatar, Kuwait and Oman.

Daniel Marshall
Senior Manager of Communications & Ownership

Good evening. I’m Daniel Marshall, Senior Manager of Communications and Ownership at Ginkgo. I’m joined by Jason Kelly, our Co-Founder and CEO; and Steve Coen, our CFO. Thanks, as always, for joining us. We’re looking forward to updating you on our progress.

As a reminder, during the presentation today, we will be making forward-looking statements, which involve risks and uncertainties. Please refer to our filings with the SEC to learn more about these risks and uncertainties, including our most recent 10-K. Today, in addition to updating you on the quarter results, we’re going to provide insight into how and why we see autonomous labs like Nebula, our autonomous lab, replacing the lab bench, which is where nearly all of biological science is done today. As usual, we’ll end with the Q&A session, and I’ll take questions from analysts, investors and the public. You can submit those questions to us in advance via X. #GinkgoResults or e-mail, investors@ginkgobioworks.com. All right.

Over to you, Jason.

Jason Kelly
Co-Founder, Co-COO, CEO & Director

Thanks, Daniel. We always start with this. Ginkgo’s mission is to make biology easier to engineer. And I mentioned this at the last earnings call, but in 2026, our focus will be on investing to win the category of autonomous labs. And I’m really excited, even since we just spoke a few months ago, this category has really been growing in attention, new companies in Silicon Valley pursuing this, a lot of interest from the AI Frontier labs about the application of AI models in science via autonomous labs. Government talking more about this. So I