The NatWest Regional Growth Tracker pointed to a range of pressures facing businesses in the area

Business activity in the Yorkshire and Humber area saw a reduction in May, according to an influential business survey.

The NatWest Regional Growth Tracker, which measures change in the output of the region’s manufacturing and service sectors – dropped to 46.5 in May from 51.4 in April. The latest reading pointed to a second reduction in output in the past three months, with scores below 50 suggesting a contraction in the economy.

The pace of decline was the sharpest since last September and greater than the national average. Companies taking part in the survey indicated lower new orders amid weaker customer demand, as well as highlighting uncertainty among clients, which prompted hesitation in committing to new projects.

Efforts by Yorkshire & Humber companies to limit costs resulted in employment reductions in May, both through direct job cuts and the non-replacement of leavers. As a result, workforce numbers decreased sharply, marking the largest contraction since July last year.

Companies also had to contend with growing inflationary pressures, the survey found, but firms in Yorkshire and Humber remained above the national average for confidence in the year ahead.

Malcolm Buchanan, chair of the NatWest North Regional Board, said: “After showing signs of positivity in April, the Yorkshire & Humber region suffered a setback in May as market uncertainty and steep price rises suppressed demand and led to a renewed fall in business activity. In particular, cost pressures intensified again and were substantial, with firms locally suffering one of the sharpest increases in input costs across the UK.

“Price pressures stemmed from a range of sources, including energy, transportation, raw materials and staff, providing little respite for companies. In turn, cost cutting efforts meant that staffing levels decreased sharply.

“There were some positive signs in terms of the year-ahead outlook, however, with a number of companies planning business investment in an effort to boost activity over the coming 12 months.”

The survey has been released ahead of the release of key economic data this week on regional and national unemployment levels, and on the latest inflation figures.

Chief executive of the Development of Wales Giles Thorley says th rural economy is not a niche part of Wales, but is fundamental and foundational

Rural Wales is often discussed in the context of its challenges: a changing population, pressure on incomes, access to services, and connectivity. Those pressures are real and should not be understated.

But I also know that rural communities are home to some of the most resilient, innovative and entrepreneurial businesses anywhere in Wales.

Across the country, rural businesses are already innovating, adapting and investing for the future. What they often lack is access to the right finance that reflects the realities of how they operate.

I spend a great deal of time around farming and rural businesses. My wife runs a smallholding so you could call me the farmer’s husband, so I think about farming a great deal.

I understand what a fantastic asset this part of the economy is, and just how many amazing people work in it. But I believe there is a disconnect around the way farming and the rural economy is perceived. That perception – or gap in perception – is important because it shapes how we think about investment.

The rural economy is not a niche part of Wales. It is fundamental and foundational to the country’s economic future. It supports jobs, local culture, communities, food security, environmental stewardship and, increasingly, our transition to a lower-carbon economy.

Innovation in rural Wales, however, does not always look the same as it does in urban centres. It is often more gradual, more grounded and more closely tied to place. It can be a family farm diversifying into tourism, a food producer expanding into new markets, or a business investing in renewable energy or more sustainable production methods. These are not always labelled as innovation, but they are exactly that.

Across Wales, I have seen many examples of such transition. In Ceredigion, YnNi Teg is a community-owned renewable energy business helping local communities generate more green energy. In Mid Wales, we’ve backed many small rural businesses and entrepreneurs creating jobs in sectors from horticulture to hospitality.

Businesses like Bargoed Farm in Aberaeron are showing how farming and tourism can complement each other, while companies such as Cerrig Granite and Slate demonstrate how traditional industries can invest to reduce carbon emissions and modernise.

All of these businesses showcase the very best of rural Wales and they are not isolated examples. They are innovating, adapting and investing, showing us what a prosperous future looks like.

But what many of them also need is access to long-term capital that reflects the realities of doing business in the rural economy.

Such firms often operate on different timescales to urban businesses. Returns can be seasonal. Investment cycles are longer. Margins can be tighter and access to traditional finance more constrained, particularly for smaller businesses or farms which means that the right product fit is every bit as important as the right supply.

That is why I strongly welcome the forthcoming launch of the Sustainable Agriculture Loan Scheme (SALS). Developed with the Welsh Government and delivered through the Development Bank of Wales, the scheme is designed to support small and medium-sized farms not able to get funding from the private sector to invest in energy efficiency, waste management and productivity improvements.

The structure of the scheme has been developed with the practical realities of the rural economy in mind. Farmers will be able to borrow between £25,000 and £1m; repayment periods will be up to 15 years.

A repayment holiday at the outset can allow businesses time to realise the benefits of investment before repayments begin. Seasonal repayment structures reflect the realities of agricultural cashflow.

Importantly, SALS also represents a wider point about the role public finance can play in rural Wales.

Alongside traditional grant support, repayable finance can become a practical tool for enabling long-term investment while recycling capital for future generations of businesses.

It is about creating lasting impact, not simply offering one-off interventions.

That approach aligns with wider aspirations for Wales. There is growing recognition that economic development must be rooted in communities: supporting Welsh ownership, strengthening local supply chains, retaining wealth here. Rural Wales has a central role to play in that.

There is also a growing recognition that farming itself sits at the centre of several national priorities: food production, biodiversity, energy transition, land management and rural employment.

Supporting sustainable farming practices is not about supporting one sector, it is about supporting communities and landscapes that underpin much of Welsh life.

In doing so, it also aligns closely with the Well-being of Future Generations (Wales) Act, contributing to a more resilient, sustainable and prosperous Wales for the long term.

Of course, finance alone does not solve every issue facing rural Wales. Infrastructure, housing, skills and connectivity all matter. But access to the right kind of finance, money that can be patient, flexible and grounded in local understanding, can act as a catalyst for innovation and investment.

One of the things I admire most about rural businesses is their ability to adapt. Whether in farming, tourism, food production or energy, many of the most forward-thinking businesses I encounter are based in rural communities. They balance tradition with innovation and long-term stewardship with commercial reality.

Rural Wales is not standing still economically; in many areas, it is quietly reinventing itself.

Yum Brands announced on Tuesday that it is selling Pizza Hut to private equity firm LongRange Capital for $2.7 billion.

The transaction would mark a significant shift for one of America’s most recognizable pizza chains and underscores growing consolidation across the restaurant industry as operators navigate slowing consumer demand and higher costs.

A Pizza Hut restaurant in New York. (Michael Nagle/Bloomberg via Getty Images)

Yum said last year it was evaluating strategic alternatives for Pizza Hut, including a potential sale, as the chain worked to reverse a prolonged sales slump.

This is a breaking news story. Please check back for updates.

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WASHINGTON — The United States and Iran have signed a memorandum of understanding to end their conflict, with President Donald Trump announcing the immediate lifting of the naval blockade and the full reopening of the Strait of Hormuz by Friday, marking a significant de-escalation after more than three months of fighting that disrupted global energy markets.

The agreement, signed electronically, was confirmed by both sides on Monday. It ends military operations on all fronts, including in Lebanon, and sets the stage for 60 days of technical talks on Iran’s nuclear program and potential sanctions relief. The deal was mediated with assistance from Pakistan and is scheduled for formal signing in Switzerland on Friday.

Trump described the agreement as complete in a statement, authorizing the immediate removal of the blockade. “The deal with the Islamic Republic of Iran is now complete,” he posted on Truth Social. “Congratulations to all! I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the Naval blockade. Ships of the world, start your engines. Let the oil flow!”

US officials told Reuters and AFP that the MoU was signed by Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. The document is described as a general framework, roughly a page and a half long, focusing on ceasefire implementation and initial confidence-building measures.

Key Provisions and Areas of Agreement

Iran’s National Security Council stated that the deal ends fighting across all fronts and lifts the US naval blockade on Iranian ports. Both sides have indicated that follow-up negotiations on the nuclear program and sanctions relief will occur during the 60-day period after the formal signing.

Vance emphasized in interviews that there has been no immediate sanctions relief or release of frozen assets. “There hasn’t been a single dollar of sanctions relief or unfrozen assets” from Washington or its allies, he told US media. He also confirmed there would be no tolls on traffic in the Strait of Hormuz during the initial 60-day window.

Iranian officials framed the agreement as a victory for Tehran following what they described as “historic resistance.” Ghalibaf wrote on X that the country had taken a “great step toward final victory.” Iranian media reported that at least three oil tankers and other ships carrying goods for Iran had already crossed the strait following the announcement.

Reactions in Iran, US and Israel

In Iran, the deal has been portrayed positively by state media, with officials highlighting the end of the blockade and the prospect of restored oil exports. However, some analysts note that full recovery of shipping through the strait may take time due to mine clearance, insurance costs and the need for incident-free transits.

In the United States, reactions have been sharply divided along partisan lines. Republicans have largely welcomed the agreement as a diplomatic success, while Democrats have criticized it. Senator Richard Blumenthal likened the outcome to the UK’s Suez Canal crisis, suggesting it represented a strategic setback. Republican Senator John Thune said he expected Congress to be briefed and potentially vote on aspects of the deal.

Israel has expressed reservations. Prime Minister Benjamin Netanyahu stated that Israeli troops would continue to occupy southern Lebanon despite the broader agreement. Members of his cabinet have called for continued operations against Hezbollah, indicating that Israel does not consider itself bound by the US-Iran framework on all issues.

In Lebanon, the ceasefire has been welcomed, though Israeli attacks continued on Monday, killing at least one person. Thousands of displaced Lebanese have begun returning to southern areas amid ongoing exchanges of fire.

Global and Economic Repercussions

Ukrainian Foreign Minister Andrii Sybiha welcomed the MoU, hoping it would encourage renewed US efforts to end the war with Russia. Japanese officials expressed concern about continued Israeli actions in southern Lebanon.

Oil prices rose modestly following the announcement, with Brent crude gaining 0.3% to $83.42 per barrel and West Texas Intermediate rising 0.3% to $81.12 per barrel. Traders remain cautious, noting that full resumption of shipping could take weeks due to logistical challenges.

The International Energy Agency and shipping experts have warned that undersea mines, elevated insurance premiums and the need for verified safe passages mean recovery will be gradual rather than immediate. Saman Rezaei, head of Iran’s merchant marine union, told Al Jazeera that the transit system “will never return to its pre-war condition,” emphasizing the need for sustainable peace.

Path to the Agreement and Next Steps

The conflict, which began more than 100 days ago, involved direct US and Israeli actions against Iran. Back-channel diplomacy intensified in recent weeks, leading to the current framework. The MoU serves as an initial step rather than a comprehensive settlement, with 60 days allocated for deeper negotiations on nuclear issues.

Questions remain about the handling of nuclear material, the timeline for sanctions relief and verification mechanisms. Both sides have expressed cautious optimism, but implementation will require sustained engagement and international oversight.

For the United States, the deal represents a foreign policy achievement amid domestic political considerations. For Iran, it offers relief from economic isolation and the prospect of normalized trade. Regional actors, particularly Israel and Lebanon, will continue to influence the stability of the agreement.

As the world watches the situation unfold, the focus shifts to the formal signing in Switzerland and the critical 60-day period that follows. Success in these talks could mark a turning point for Middle East stability, while any setbacks risk renewed tensions in a region long plagued by conflict.

The US-Iran memorandum of understanding brings a tentative end to active hostilities, but its long-term impact will depend on the commitment of all parties to the follow-up process. For now, the reopening of the Strait of Hormuz offers hope for economic recovery and reduced global energy risks, though challenges remain in translating the agreement into lasting peace.

CapitalandCentric, the developer behind the multimillion-pound Albion Square regeneration in Hull city centre, says the project could be the first of many schemes it delivers in the city

The ambitious transformation of Hull city centre’s Albion Square could hopefully prove the “first of many” regeneration schemes by a well-regarded developer, according to one of its founders. Last month, social regeneration specialists CapitalandCentric, co-founded by Tim Heatley and Adam Higgins, were confirmed as the preferred lead development partner for the sweeping overhaul of Albion Square by Hull City Council.

North West-based CapitalandCentric is currently advancing 14 neighbourhood schemes across the UK, having already delivered 11 projects in major cities including Liverpool, Manchester and Sheffield. The firm boasts an impressive pipeline of regeneration developments comprising more than 6,000 homes, with a combined value of nearly £2bn — including ambitious multimillion-pound proposals for Hull city centre.

The developer has built a formidable reputation for breathing new life into areas, creating thriving destinations in which people can live, work and socialise. Co-founder Tim Heatley confirmed the firm is eager to deliver hundreds of homes — in excess of 200 properties available for rent — alongside a range of other amenities as part of the Albion Square development.

He said: “It probably seems like this has happened all of a sudden but we’ve actually been looking to try and do something in Hull for a long time. Hull suits our strategy of investing and thinking long-term about how we can transform often overlooked, or under-invested, places.

“Hull definitely is on that list – it’s punching below its weight in some ways. It could be much more than it currently it and it hasn’t had the benefit of some of the core cities’ investment. The scale of project was important and an ability to be able to move at pace as well to make something happen, and it’s got a huge public area, so Albion Square had the right hallmarks for us of a CapitalandCentric project.”, reports Hull Live.

“It’s in excess of 200, possibly up to 300 homes and there will be other other things around them – restaurants, bars and cafes. We’re not necessarily looking at additional retail because we feel places are often over-retailed. I think there’s lots of opportunities for retail that exists in the square and around it, but as we are an operator as much as a developer, we’re going to provide additional facilities to the residents.

“So that will include things like a mini cinema space, a gym and a residents’ lounge area and things like a yoga and pilates studio, and other similar sorts of things. There will perhaps be some roof terraces, public squares and public spaces, and perhaps some private gardens as well.”

CapitalandCentric keeps its rental values at lower, more accessible levels in towns and cities requiring regeneration, compared to those in more established urban centres such as Leeds. It is this business model that enables the Manchester-based firm to deliver its developments.

Mr Heatley added: “In terms of demographics and rental values, Stoke on Trent is a good example. Rents are much lower than they are in core cities, such as Manchester and Leeds. We have to think long term about how we can make it viable. How is it feasible to do these sorts of scale of projects and to that kind of quality, especially with super energy efficient, and great amenities, great facilities and all the furnishings? That’s the challenge.

“We think about it over several years. Rather than build it and then flog it off to highest bidder or separate them out, we’re going to keep all of the completed project together, and we will rent them out, with rents that are affordable to local working people, and hopefully attract new people to live in Hull as well.

“It’s important to attract new people, to want to live in Hull. So if we can keep the rent affordable, and focus on people that might be downsizers, young professionals or young families, then we can start to change the perception of that part of Hull a lot and make it feel like a great place to live.

“For our business to succeed, we’ve got to make sure that it is accessible in terms of pricing. Over time, if we’ve done a good job of regeneration, I think the rent will improve and over several years, a profit for us will emerge – because we do have to make a profit if we’re going to do this.”

Mr Heatley is eager for Albion Square to mark only the beginning of the firm’s involvement with Hull. The company already has two developments in Liverpool, while Manchester is home to six.

He added: “Wherever we have started, whatever city we’ve started to develop, we have continued to develop and still are now. That’s a really good test of ‘are we doing a good job?’ Do people like what we do? And is it successful? So hopefully it’s the first of many things we will do in Hull.”