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Close Brothers to cut 600 jobs amid motor finance scandal and rising compensation fears

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Close Brothers to cut 600 jobs amid motor finance scandal and rising compensation fears

Close Brothers has announced plans to cut around 600 job, equivalent to roughly a fifth of its workforce, as the lender accelerates a sweeping cost-cutting programme in response to mounting pressure from the motor finance mis-selling scandal.

The restructuring, confirmed by chief executive Mike Morgan, will reduce headcount to approximately 2,000 over the next 21 months and is intended to restore investor confidence following renewed scrutiny of the group’s potential compensation liabilities. The move comes amid heightened market volatility after short-seller Viceroy Research claimed the lender’s total compensation bill could reach as high as £1.23 billion, far exceeding the company’s current £300 million provision.

Shares in Close Brothers have come under sustained pressure, falling sharply at the start of the week and continuing to slide as investors digested the scale of potential exposure. The lender is widely regarded as one of the most exposed UK financial institutions to the car finance scandal relative to its size, with motor loans accounting for around £2 billion of its £9.5 billion loan book.

The scandal, which first emerged two years ago, centres on the failure of lenders to adequately disclose commission arrangements paid to car dealers for arranging finance. The Financial Conduct Authority is expected to set out its final redress scheme imminently, with earlier estimates suggesting the total industry bill could reach £11 billion.

Morgan defended the bank’s approach to estimating its liabilities, insisting that its £300 million provision reflects a probability-weighted assessment in line with accounting standards and supported by legal and audit advice. However, the refusal to disclose detailed assumptions behind that figure has fuelled scepticism among investors and opened the door for more aggressive external estimates.

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The chief executive dismissed Viceroy’s analysis but acknowledged the uncertainty surrounding the final outcome. He said the eventual cost could be “materially higher” or “materially lower” depending on how the regulator structures compensation and how many borrowers come forward with claims.

Against this backdrop, Close Brothers is moving aggressively to reshape its cost base. The group has already divested its Winterflood broking arm and its asset management business, scaled back growth plans and suspended its dividend in an effort to conserve capital. The latest measures will focus on streamlining operations across its core divisions, including retail lending and commercial finance, where the bulk of job losses are expected to fall.

The restructuring will incur an upfront cost of around £25 million but is expected to deliver annual savings of £60 million by the end of 2027. The company said it would centralise shared services, reduce reliance on third-party providers and cut property and operational expenses as part of a broader efficiency drive.

Artificial intelligence is also set to play a growing role in the transformation, with the bank aiming to deploy AI tools “at pace” to reduce costs and improve customer experience. The move reflects a wider trend across the financial services sector, where firms are increasingly turning to automation and digitalisation to offset rising regulatory and operational pressures.

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Despite the cost-cutting programme, Close Brothers reported a mixed set of interim results. The group posted a statutory loss of £65.5 million for the six months to January, an improvement on the £102.2 million loss recorded a year earlier. Adjusted operating profit fell to £65.2 million, down from £80.5 million, reflecting ongoing headwinds.

Its core capital ratio improved to 14.3 per cent, comfortably above regulatory requirements, providing some reassurance on balance sheet strength. However, analysts warn that a significantly higher compensation bill could erode that buffer and materially impact shareholder value.

The situation has drawn comparisons with the payment protection insurance (PPI) scandal, which ultimately cost UK banks more than £50 billion, far exceeding initial provisions and leaving investors wary of underestimating liabilities in mis-selling cases.

Morgan insisted that lessons from the PPI episode had informed the bank’s current approach, arguing that regulatory scrutiny and accounting standards are now far more rigorous. Nonetheless, the combination of regulatory uncertainty, investor scepticism and operational restructuring highlights the scale of the challenge facing the lender.

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With the FCA’s final ruling imminent and market confidence fragile, Close Brothers is entering a critical period that will determine both the ultimate financial impact of the scandal and the success of its efforts to rebuild credibility with shareholders.


Amy Ingham

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

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SThree buys 857,933 shares for employee benefit trust

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TSA Security Wait Times Surge at Major U.S. Airports Amid Partial Government Shutdown and Staffing Challenges

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Telstra

Travelers at several major U.S. airports faced significantly longer **Transportation Security Administration** (TSA) security lines in mid-March 2026, with wait times reaching up to three hours at some checkpoints. The delays, reported across hubs like Atlanta, Houston and New Orleans, stem from a partial government shutdown affecting federal staffing, compounded by high travel volumes and occasional weather disruptions.

Spirit Airlines Staff at Florida Airport Filmed Cursing a 'Karen' Passenger After Moaning About Her Flight

CNN has been tracking real-time TSA wait times at 15 key airports, including Atlanta (ATL), New York (JFK and LaGuardia), Los Angeles (LAX), Miami (MIA), Dallas-Fort Worth (DFW), Denver (DEN) and others. As of March 18, 2026, fluctuations were evident: Hartsfield-Jackson Atlanta International Airport, the nation’s busiest, saw main checkpoint waits drop to around 20 minutes by late afternoon Tuesday after peaking at over 90 minutes earlier in the day for international terminals and 30-40 minutes for domestic. Reports from March 17 indicated morning spikes to three hours at ATL.

Houston’s airports also experienced extended delays. William P. Hobby (HOU) reported up to 3.5 hours over the weekend, while George Bush Intercontinental (IAH) hovered near two hours. New Orleans Louis Armstrong International (MSY) saw lines up to two hours, and Fort Lauderdale-Hollywood (FLL) had reports of lines stretching out the door. Charlotte Douglas (CLT) and Austin-Bergstrom (AUS) noted longer-than-normal waits, with some Chicago O’Hare (ORD) checkpoints hitting hour-long delays.

In contrast, other major hubs showed shorter lines during off-peak periods. Los Angeles International (LAX) reported waits as low as 2-6 minutes on March 17, and JFK in New York had minimal delays of just a few minutes Tuesday morning despite weekend crowds. Dallas-Fort Worth checkpoints generally stayed under 20 minutes in most terminals.

The TSA does not maintain a single nationwide real-time dashboard due to the decentralized nature of checkpoint data. Instead, the agency directs travelers to the **MyTSA mobile app**, available on iOS and Android. The app provides crowd-sourced and historical wait time estimates in 15-minute intervals, allowing users to check current conditions or forecast for specific days and times. It also includes weather updates, delay information and tips for security screening. During the partial shutdown, however, some data may rely more heavily on historical trends if live inputs lag.

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Many airports publish their own live or near-real-time wait times on official websites, offering checkpoint-specific details:

– **Hartsfield-Jackson Atlanta (ATL)**: Real-time updates at atl.com/times show varying times by terminal and checkpoint.

– **Miami International (MIA)**: miami-airport.com/tsa-waittimes.asp lists general, priority and TSA PreCheck lanes, with recent samples showing 3-14 minutes in some checkpoints.

– **Dallas-Fort Worth (DFW)**: dfwairport.com/security provides per-terminal estimates.
– **Los Angeles (LAX)**: flylax.com/wait-times offers quick checks.

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– **Orlando (MCO)**: Recent Florida reports showed 14-44 minutes depending on gates.

– Other sites like Reagan National (DCA), Baltimore-Washington (BWI) and Charlotte (CLT) feature dedicated wait-time pages or PreCheck schedules.

The current disruptions highlight ongoing TSA staffing pressures. A partial government shutdown has left many TSA employees working without full pay, prompting call-outs and lane closures — including some dedicated TSA PreCheck lanes at affected airports. Over half of Houston-area TSA staff reportedly called out in recent days, exacerbating lines. Private-contractor screening at select airports has insulated those locations from federal shutdown impacts.

Travelers are advised to arrive earlier than standard recommendations. Many airports now suggest three hours for domestic flights and longer for international, especially during peak periods. Enrolling in TSA PreCheck, CLEAR or other expedited programs can significantly reduce wait times where available. The MyTSA app and airport websites remain the best tools for planning, though data accuracy may vary amid operational challenges.

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Spring break travel, combined with the shutdown, has amplified congestion at Sun Belt hubs like Atlanta, Florida airports and Texas facilities. Florida-specific updates from March 17 showed manageable waits at many smaller airports (e.g., 3-19 minutes at Northwest Florida Beaches), but major ones like Orlando and Miami experienced moderate increases.

Experts urge checking multiple sources before heading to the airport, as conditions can change rapidly due to staffing, weather or sudden volume surges. The TSA encourages using the app to report wait times if at the checkpoint, helping crowdsource better data for others.

As the partial shutdown persists, air travelers should monitor updates closely. The situation underscores the vulnerability of security operations to federal funding issues, with potential for continued variability until resolved.

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Hull and Humber 30 under 30 list highlights area’s top young talent

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The initiative is now in its ninth year and has support many young people to move into managerial positions

Hull and Humber 30 under 30 2026

Hull and Humber 30 under 30 2026(Image: Simon Jones)

The 2026 list of the Hull and Humber Top 30 under 30 has been released, highlighting promising young professionals in a number of sectors. The ninth year of the training programme is designed to equip the selected young people with skills towards leadership pathways and ongoing professional development.

The scheme was launched in 2017 in a bid to recognise and support rising stars within businesses across the area. As part of the programme, each of the selected winners will undergo 12 months of development in line with the Leadership Excellence Acceleration Programme.

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The process aims to equip each winner with the skills to become effective leaders, as well as providing an opportunity for businesses to recognise and invest in their own young talent.

Simon Jones, founder of Top 30 Under 30, said: “I am proud to announce this year’s winners, and our class of 2026. This year has seen us receive a record number of nominations, making the judging process the most difficult to date.

“Today, we celebrate the contribution of the region’s best young talent. This group have made a significant difference to their organisations, to their teams and to the local business community, and it is an honour to showcase who they are”

The programme provides winners the unique opportunity to further enhance their leadership skills, led by industry experts in leadership, self-development, and communication. It also campaigns to raise awareness around the various career opportunities that are available in the Humber area, including different pathways to success, and the range of professional industries that operate in the area.

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Over its history, the initiative has supported 35 winners to become directors of organisations in the region, 14 heads of’ departments and more than 100 new managers. Organisers said that this year saw them receive a record number of nominations.

Mr Jones said: “By delivering the Top 30 Under 30s, we create an evidence-based narrative that helps shifts the often common perception that you need to leave the area to climb the career ladder, whereas in fact there are jobs, careers and progressive opportunities worth staying for.”

He added: “Seeing more organisations engaging with these awards is a positive sign for the future of our local economy, and our business community. We are upskilling and mobilising Hull and Humber’s future leaders, and I can’t wait to take this year’s winners on that journey.”

The winners are:

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Lottie Almey, Events & General Donations Manager, Jon Egging Trust

Michael Atkin, Site Fuel Engineer, British Steel

George Baker, Compliance Manager, Pure Block Management Ltd

Michael Boland, Product Lead, Parallel

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Sophie Broadhead, Customer Service Team Leader, Turner Price Ltd

Scarlet Bulmer, Regulatory Director, Rubicon Technical

Olly Burdett, Content and Design Executive, Future Humber

Sam Cassidy, Order Fulfilment Manager, Villeroy & Boch

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Hannah Cochrane, Business Executive Assistant, Adams and Green Limited

Nathan Cocker, Material Planner, Bericap (Uk) Ltd

Phil Croft, Chemist, AAK

Heidi Donnison, Tourism Events & Projects Officer, East Riding of Yorkshire Council

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Jack Drewry, Production Lead, Siemens Gamesa

Adam Griffiths, HR Specialist (Change and Recruitment), University of Hull

Jacob Hodgson, Helpdesk Team Leader, The One Point

Lucy Holland, Global Marketing Manager, Van Ameyde Marine

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Tom Hornby, Product Analyst, Wren Kitchens

Chris Hughes, Control Design Engineer, Aldercote Limited

Abbie Jensen, Project Surveyor, Hull City Council

Ellie Kerins, Customer Service Liaison Officer, Advanced Plastics

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Amy Leeman, Assistant HR Manager, Humber Bridge

Elena Martinez, Team Leader, Wescot Credit Services

Josh Milburn, Business Analyst, Rix Group

Tom Needler, Project Resource Manager, Boston Energy

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Dainora Olechnovic, Shift Production Chemist, Phillips 66

Lucy Phillips, Research and Development Senior Associate, Reckitt

Jessica Pidgeon, Process Engineer, VPI

Zoi Sarris, Assistant Accountant, MKM Building Supplies

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Jordan Stachan, R&D Engineer II, Smith+Nephew

Lucy Whyld, HR Manager UK & IE, Flora Group Ltd

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GM CFO Shrugs Off Imminent Gas Price Worries

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Ryan Felton hedcut

GM CFO Shrugs Off Imminent Gas Price Worries

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New Cardiff neighbourhood emerges at former Lansdowne Hospital site

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The new scheme for housing association Hafod will provide more than 100 new social homes

Hafod scheme.

The former Lansdowne Hospital in Cardiff has been redeveloped to provide more than 100 new social homes.

The £30m scheme on Sanatorium Road in Canton has been delivered by Lovell on behalf of housing association Hafod in partnership with Cardiff City Council and the Welsh Government. It has been designed by Dennis Hellyar Architect with a mixture of 106 family homes and apartments. The scheme, which as formally been handed over to Hafod, includes bespoke accommodation for adults with a range of additional support needs.

It is set around an open green space and a communal sensory garden.

Dennis Hellayer and his team took on the challenge back in 2018, adopting the guiding principles of the Royal Institute of British Architects’ 10 Characteristics of Places where People want to Live and the Placemaking Wales Charter.

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READ MORE: Fall in equity investment deals in Wales shows new researchREAD MORE: Cardiff Airport sees rise in passengers but still behind pre-pandemic levels

Mr Hellayer said: “Our philosophy is that we never deal simply in numbers and units, but to take a broader view and extract the most from any development in terms of design and place-making.

“We want Sanatorium Road to be a neighbourhood that stands the test of time and where people will be proud to live in generations to come.

“The 10 Characteristics principles ran through every choice we made, from the orientation of the buildings to the way we managed rainwater, and seeing families move in and children playing in those spaces makes it all worthwhile.

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“We have thought hard about how we can instil a long-lasting character using variation in high-quality bricks, as well as detail in metal balconies, window surrounds, cladding and other features. There are many things you can do which add up to make a difference.”

Ali Salter, director of development at Hafod, said “We are delighted that residents are now settling into their homes on the former Lansdowne Hospital site.

“At Hafod, we believe that a good home and strong community are crucial for wellbeing. By adopting a placemaking approach across our development programme, we ensure that the homes we deliver are not only high‑quality but also contribute to vibrant, well‑connected communities.

“These homes are designed to integrate with the surrounding area and provide great access to local amenities, including employment opportunities and schools.

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“The design that Dennis and his team have delivered demonstrates real attention to detail and shows how affordable homes can be high‑quality, attractive, and low‑carbon.”

Anthony Vagges, regional managing director at Lovell, said: “We are very proud to have completed the final homes on this high-quality new development in Canton. Since commencing work on the brownfield site in late 2023 we’ve put a lot of care into building these new homes, utilising our decades of experience to help create a sustainable, thriving community with placemaking at its core.

“This development is a great example of how collaborative partnership working can benefit communities, providing high-quality homes that residents can be proud to live in.”

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No Official Dates Announced Amid Widespread Fan Rumors and Speculation

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Eminem, pictured performing at the MTV Movie Awards at Nokia Theatre on April 13, 2014 in Los Angeles, is rumored to be playing the 2018 Bonnaroo festival.

Rap legend Eminem has yet to confirm any world tour dates for 2026, despite a flood of online rumors, fake announcements and fan-generated schedules circulating on social media and unofficial websites. As of mid-March 2026, the artist’s official website, Ticketmaster and Live Nation listings show no upcoming concerts or tour plans for Marshall Mathers, leaving fans eagerly awaiting word on whether the Detroit native will hit the road following his 2024 album “The Death of Slim Shady (Coup de Grâce).”

Eminem, pictured performing at the MTV Movie Awards at Nokia Theatre on April 13, 2014 in Los Angeles, is rumored to be playing the 2018 Bonnaroo festival.

Multiple Facebook posts, Instagram reels and fan sites claimed in early March that Eminem announced a major 2026 world tour, often describing 30-40 dates across North America, Europe and Australia. Some posts suggested kickoffs at London’s O2 Arena or Detroit’s Ford Field, with stops in New York, Tokyo, Berlin, Paris and Sydney. Others labeled it a “farewell” or “one last ride” tour, even naming hypothetical starts like April 12, 2026, at Ford Field and endings in October at Marvel Stadium in Melbourne. Several included detailed — but unverified — venue lists featuring stadiums like Soldier Field in Chicago, MetLife Stadium in New Jersey and Gillette Stadium in Massachusetts.

Reliable sources contradict these claims. Ticketmaster’s Eminem page lists zero upcoming concerts, stating “No Upcoming Concerts” and directing users to check back. Live Nation’s artist page for Eminem similarly shows no 2026 tour schedule. The official eminem.com site, last updated in March 2026 with merchandise news like Stan dog tag pendants and a February release of “The Shady LPs,” contains no tour announcements, dates or ticket information. Major ticketing platforms and promoter sites remain silent on any confirmed shows.

The surge in rumors appears tied to fan excitement after Eminem’s recent activity. His 2024 album, featuring the hit single “Houdini,” marked a conceptual close to his Slim Shady persona and included high-profile collaborations. A November 2025 Thanksgiving halftime show performance and ongoing merchandise drops have kept momentum alive. Fans on Reddit and X speculate that anniversary milestones — such as reflections on past albums — could prompt a tour announcement, but no credible leaks from Shady Records or Eminem’s team support 2026 plans.

Tribute acts and unofficial events add to the confusion. Listings for “The Eminem Experience,” Michael Mathers tributes and Shady tribute shows appear on Ticketmaster and other platforms for 2026 dates in the U.K., Europe and Canada, including stops in Norwich, Hertford and Las Vegas. These performances mimic Eminem’s style but are not affiliated with the artist, leading some to mistake them for official concerts.

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Eminem’s live history shows a selective approach. His last major tour was the 2019 *Rapture* run, with subsequent appearances limited to festivals, surprise sets and one-off events like Coachella. He has not embarked on a full world tour in recent years, preferring high-impact shows over extensive travel. This pattern fuels skepticism about large-scale 2026 plans, especially without official promotion or presale announcements.

Some viral posts suggest joint tours with Dr. Dre, Snoop Dogg and 50 Cent, calling it “Hip-Hop’s Ultimate Global Takeover.” Community notes on platforms like Instagram flag these as unconfirmed, with no statements from any involved artists. Such collaborations would represent a massive event, but lack substantiation from verified channels.

For fans hoping to see Eminem live, monitoring official sources remains key. The artist’s website, social media accounts and trusted ticketing partners like Ticketmaster offer the only reliable updates. Past patterns show Eminem often announces tours with little advance warning, sometimes tied to new releases or special occasions.

As speculation builds, the absence of concrete dates highlights the gap between fan enthusiasm and official confirmation. Eminem’s enduring catalog — from early battle-rap roots to chart-topping anthems — keeps demand high, but until an announcement arrives, 2026 concert plans stay in the realm of rumor. Stans worldwide continue refreshing feeds, hoping the next update brings long-awaited stage returns.

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Should dates emerge, expect high demand for tickets, VIP packages and resale markets. For now, the word from Detroit is clear: no tour confirmed, but the conversation — and anticipation — rages on.

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Trump suspends Jones Act for 60 days in bid to boost oil flow to US

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Trump suspends Jones Act for 60 days in bid to boost oil flow to US

President Donald Trump has temporarily waived a century-old shipping law to allow oil and other resources to flow to the United States, a White House official told FOX Business on Wednesday.

Trump issued a 60-day waiver of the Jones Act, a mandate that only U.S. ships carry cargo between U.S. ports and stipulates that at least 75% of the crew members are American citizens. Additionally, it demands these ships are built in the U.S. and owned by U.S. citizens. 

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“President Trump’s decision to issue a 60-day Jones Act waiver is just another step to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury,” White House press secretary Karoline Leavitt said in a statement on X. “This action will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days, and the Administration remains committed to continuing to strengthen our critical supply chains.”

The war with Iran has effectively closed the Strait of Hormuz, a vital oil chokepoint that sees ships carry about a fifth of the world’s oil out of the Gulf region. Iran’s stranglehold and threats to ships in the narrow passageway has sent oil prices above $100 per barrel.

US BUNKER-BUSTER BOMBS HAMMER IRANIAN ANTI-SHIP MISSILE SITES NEAR STRAIT OF HORMUZ

President Donald Trump at St. Patrick's Day event

President Donald Trump attends a St. Patrick’s Day reception, during Irish Taoiseach (Prime Minister) Micheal Martin’s visit, in the East Room at the White House in Washington, D.C., March 17, 2026.  (Reuters/Kylie Cooper / Reuters Photos)

Even with oil prices surging and appeals from Trump and Washington, U.S. allies are declining to take part in military efforts to secure the Strait of Hormuz.

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Trump on Wednesday appeared to call out these allies in a post on his Truth Social platform.

TRUMP WARNS NATO OF ‘VERY BAD’ FUTURE IF ALLIES DON’T HELP SECURE STRAIT OF HORMUZ

Strait of Hormuz at standstill

About 20% of the world’s oil supply crosses the Strait of Hormuz off the coast of Iran. The Iranian Regime is threatening to attack any vessels that cross the strait without permission.  (FOX / Fox News)

“I wonder what would happen if we ‘finished off’ what’s left of the Iranian Terror State, and let the Countries that use it, we don’t, be responsible for the so called ‘Straight?’ (sic) That would get some of our non-responsive ‘Allies’ in gear, and fast!!!” Trump wrote.

Proponents of the Jones Act claim it beefs up national security, prevents foreign countries from accessing the U.S. and protects the American shipbuilding sector.

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Critics, however, argue that the 1920s law is outdated and hampers competitiveness in the industry while driving up shipbuilding costs.

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Previous instances in which the Jones Act has been temporarily waived include responses to major hurricanes, such as Hurricane Katrina in 2005 and Hurricanes Harvey and Irma in 2017.

This is a developing news story; check back for updates.

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Saffron Road introducing Crossroads

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Saffron Road introducing Crossroads

The launch includes five high-protein meals.  

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Disney CEO Josh D’Amaro takes helm as company leans on parks, faces AI disruption

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Disney CEO Josh D’Amaro takes helm as company leans on parks, faces AI disruption

Josh D’Amaro officially assumed the role of Disney chief executive on Wednesday, taking charge of the company as it confronts a rapidly shifting entertainment landscape shaped by artificial intelligence, changing consumer behavior and pressure across its legacy media businesses.

His succession of Bob Iger follows a run leading Disney’s parks, experiences and products division – a segment that has become central to the company’s financial performance. The unit accounted for 57% of Disney’s $17.5 billion in profit last year, highlighting a growing reliance on theme parks and tourism as other areas face headwinds.

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That dynamic is expected to shape investor expectations early in D’Amaro’s tenure. Market participants are looking for clarity on how Disney plans to adapt to advances in AI, which are poised to alter content production, distribution and monetization, while also intensifying competition from digital-first platforms.

NETFLIX FOLLOWS WARREN BUFFETT’S PLAYBOOK: DON’T OVERPAY, WALK AWAY

Josh D'Amaro

Josh D’Amaro officially took over the CEO role on Wednesday. (David Paul Morris/Bloomberg via Getty Images)

At the same time, Disney continues to grapple with internal pressures. Its traditional television networks remain in decline, and some of its biggest film franchises have delivered lackluster results at the box office. The company is also competing more directly with platforms such as YouTube and TikTok for audience attention, forcing a broader rethink of its content strategy.

NETFLIX CO-CEO ACCUSES JAMES CAMERON OF SPREADING ‘MISINFORMATION’ ABOUT WARNER BROS. ACQUISITION

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D’Amaro’s appointment also revives comparisons to former CEO Bob Chapek, another executive who rose through the parks division before a short-lived tenure that ended with Iger returning to the role in late 2022.

Iger will remain on Disney’s board through the end of the year. His return came during a turbulent period, when Disney shares had fallen sharply amid concerns about losses in its streaming business and broader questions about long-term strategy.

Disney CEO Bob Iger waves

Former CEO Bob Iger will remain on Disney’s board through the end of 2026. (David Paul Morris/Bloomberg via Getty Images)

During his second stint as CEO, Iger restructured the company to give greater authority to creative leaders and worked to improve the economics of Disney’s streaming operations. His leadership was credited with helping Disney stay competitive in a rapidly evolving media landscape. 

Operationally, Disney expanded its investment in its parks and cruise businesses with a $60 billion commitment, while also advancing its direct-to-consumer strategy through the launch of an ESPN streaming service and a partnership with OpenAI. The company also produced multiple billion-dollar box office releases during that period.

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D’Amaro previously led Disney’s parks, experiences and products division. (Patrick T. Fallon/AFP via Getty Images)

Even so, Disney’s financial performance has trailed the broader market. The company’s return on invested capital during Iger’s tenure was about 11%, compared with 77% for the S&P 500, according to LSEG data. Its valuation remains below recent averages, reflecting continued investor caution.

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D’Amaro now inherits that strategic framework at a time when those priorities are being tested by artificial intelligence and shifting consumer behavior. His ability to balance Disney’s high-margin parks business with the demands of a transforming media ecosystem is likely to define the company’s next phase of growth.

Reuters contributed to this report. 

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Form 144 Vita Coco Company For: 18 March

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Form 144 Vita Coco Company For: 18 March

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