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easyJet and Ithaca Energy set to join

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easyJet and Ithaca Energy set to join

Budget airline easyJet is expected to return to the FTSE 100 in this week’s index reshuffle after its shares were boosted by a recommended £5.7 billion takeover offer from the American private equity firm Apollo Capital Management.

As things stand, the airline would be joined in the top flight by Ithaca Energy, the North Sea oil and gas producer, while the gambling group Entain and the housebuilder Persimmon face relegation to the FTSE 250. Aston Martin Lagonda, the lossmaking carmaker, is set to fall out of the FTSE 250 altogether and drop into the FTSE SmallCap index.

The changes are not yet official. Index provider FTSE Russell’s indicative review is based on market data from 21 August, and the review proper will be conducted using prices at the close of trading on 1 September. The confirmed changes will be announced after the market closes on 2 September.

Under FTSE Russell’s ground rules for its UK index series, most recently updated in July, a company is removed from the FTSE 100 at the quarterly review if it has fallen to 111th place or below when companies are ranked by full market capitalisation.

Takeover bid powers easyJet’s return

For easyJet, promotion would mark a return to an index it has been in and out of over the years, and it comes despite issues with price-sensitive customers over the summer and heavy losses last winter.

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Quite how long the airline stays in the premier index is another matter. That will depend on how long the regulatory investigation into the Apollo deal takes, and on whether Brussels is prepared to wave through the new ownership structure.

Ithaca Energy’s market value has climbed to about £4.5 billion, helped by strong financial results and higher oil and gas prices. The British oil and gas company’s shares have risen about 64 per cent this year, with investors also attracted by its growth pipeline.

Gambling tax rise and budget nerves take their toll

At the other end of the table, Entain has fallen about 30 per cent this year. The owner of Ladbrokes and Coral has been hit by the rise in UK remote gaming duty from 21 per cent to 40 per cent, which applies to accounting periods beginning on or after 1 April this year.

Persimmon is also expected to leave the FTSE 100 after its shares fell about 13 per cent this year. The housebuilder is contending with weak housing activity, concerns over mortgage affordability, uncertainty in the run up to the October budget and higher costs, including national insurance and stamp duty.

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Aston Martin heads the other way

Aston Martin’s relegation from the FTSE 250 is the latest setback for the carmaker, which announced plans to cut about 600 jobs, around a fifth of its workforce, earlier this year after net losses widened by 52 per cent to £493.2 million.

Two companies are on course to take places in the mid-cap index in its wake. Pinewood Technologies Group, the automotive technology company that is itself the subject of a takeover offer, and Volex, Lord Rothschild’s electrical manufacturing company, are both set for promotion to the FTSE 250.


Amy Ingham

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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Medical Properties Trust stock hits 52-week low at 3.96 USD

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Medical Properties Trust stock hits 52-week low at 3.96 USD

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Trump admin cracks down on trucking fraud in Detroit announcement

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Trump Transportation Sec. unleashes relief measures in wake of Spirit Airlines shutdown

President Donald Trump’s administration announced a “historic” crackdown on trucking fraud during a news conference in Detroit on Monday.

Transportation Secretary Sean Duffy announced the move alongside Homeland Security Secretary Markwayne Mullin, saying tens of thousands of illegal drivers’ licenses were issued during former President Joe Biden’s administration.

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Duffy noted that millions of illegal immigrants were allowed into the country under Biden and many were granted commercial drivers’ licenses, with many of them not even able to speak English.

DUFFY TEASES ‘UNPRECEDENTED FRAUD CRACKDOWN’ ANNOUNCEMENT WITH DHS, DOJ

Transportation Secretary Sean Duffy

Transportation Secretary Sean Duffy speaks at Newark Liberty International Airport. (Victor J. Blue/Bloomberg via Getty Images)

The administration is shutting down 110 driving schools that were the “greatest offenders” in granting drivers’ licenses to illegal immigrants, as well as 160 additional schools that Duffy says lacked proper space for driving tests or had unlicensed instructors.

Federal Motor Carrier Safety Administration chief Derek Barrs said each of the 110 “greatest offenders” passed at least 10 drivers who were “subsequently cited for English language proficiency during roadside inspections by law enforcement.”

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OUT OF CONTROL, UNQUALIFIED ILLEGAL ALIEN TRUCKERS ENDANGERING KIDS ON US ROADS, INSIDER WARNS: ‘JUST MADNESS’

Sen. Markwayne Mullin

DHS Sec. Markwayne Mullin spoke about the dangers of illegal immigrants with commercial drivers’ licenses. (Bill Clark/CQ-Roll Call, Inc via Getty Images)

Barrs went on to cite multiple examples where drivers who were illegally granted licenses killed people in crashes while on the job.

“It’s unacceptable. When you see people die on the road you don’t forget that, and it starts right here with what I’m talking about,” Barrs said.

ILLEGAL IMMIGRANT TRUCK DRIVER CHARGED IN DEATH OF TROOPER WHO MOVED HOME TO CARE FOR MOM WITH CANCER

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“Our investigators went into 400 driver training schools and we found that 40% of these that we investigated did not meet the rules and the requirements of our regulations,” he added.

Trucking training center

A semi truck used by students to earn a commercial driver’s license is parked at Truck America Training of Kentucky in Shepherdsville, Oct. 25, 2021. (Luke Sharrett/Bloomberg via Getty Images)

Mullin added that illegal immigrants with CDLs have been a major factor in immigration enforcement under the Trump administration, saying that Immigration and Customs Enforcement found over 100 individuals who had been granted CDLs, “and literally on the CDLs it said, ‘No name given.’”

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“These individuals are dangerous, and because of the failure from the previous administration, from the Biden administration, they’ve killed hundreds of people. And unfortunately, injured thousands,” Mullin said.

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Why Private Health Insurance Has Never Mattered More to UK Employees

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Why Private Health Insurance Has Never Mattered More to UK Employees

There is a version of this conversation that HR professionals have been having for years. Private health insurance is a nice-to-have. A perk for senior people. Something the big companies do. The reality in 2026 looks very different, and the data behind it should be getting the attention of every employer in the country.

NHS waiting lists have been a fixture of UK news for several years, but the numbers behind them tell a story that goes well beyond headlines. As of early 2026, millions of people in England alone remain on waiting lists for elective treatment. For an employee waiting for a knee operation, a diagnostic scan or a referral to a specialist, that wait is not an inconvenience. It is months of discomfort, reduced productivity, and in many cases, a slow slide into long-term absence.

The employer cost of that slide is significant. According to Vitality’s research, workplace ill health costs UK employers £138 billion per year in lost productivity. That figure encompasses absence, presenteeism and early workforce exit. It is not a problem that resolves itself, and waiting lists are not getting shorter quickly enough to change the picture in the near term.

“We are seeing a real shift in how employers think about health insurance. Three years ago, it was often the last thing on the list. Now it comes up in almost every conversation we have with growing businesses. The NHS remains vital, but employers have worked out that they cannot manage absence and retention while their people are waiting six months for a scan.”
Charlie Cousins, Director, Hooray Health & Protection

The waiting list problem is a workforce problem

The relationship between NHS waiting times and employee productivity is not theoretical. When a team member is managing a health condition without timely treatment, the impact spreads. They may be present but not fully functioning. They may be absent intermittently. They may eventually exit the workforce entirely if the condition deteriorates while they wait.

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For HR teams, this creates a challenge that sits at the intersection of wellbeing policy and business performance. The question is no longer whether health matters to productivity but what practical steps employers can take to reduce the gap between when employees need care and when they receive it.

Private medical insurance is the most direct answer to that question. A policy that gives an employee access to a specialist within days rather than months, and to surgery or treatment within weeks rather than years, materially changes the trajectory of their condition and their time away from work.

Mental health has changed the conversation

If waiting lists drove the first wave of employer interest in health insurance, mental health has driven the second. The scale of mental health-related absence in the UK workforce has become impossible for employers to ignore. According to the Health and Safety Executive, stress, depression and anxiety accounted for 55% of all working days lost to work-related ill health in 2022/23.

That figure is a marker of how profoundly the mental health picture has shifted in recent years, and the demand on NHS mental health services has not kept pace with need. Waiting times for talking therapies have lengthened. The gap between recognising that an employee is struggling and getting them the support they need has widened.

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Most business health insurance policies now include mental health cover as standard. Access to talking therapies, inpatient mental health treatment and increasingly, faster referral pathways, are part of the product in a way they were not five years ago. For employers trying to make meaningful progress on mental health in the workplace, this is one of the most practical tools available.

“The mental health piece is where we see the most emotion in client conversations. Employers genuinely want to help their people and they feel frustrated by the limits of what the NHS can offer in a reasonable timeframe. Health insurance is not a complete solution to workplace mental health, but it closes a gap that many businesses cannot close any other way.”
Charlie Cousins, Director, Hooray Health & Protection

Recruitment and retention: the benefits gap has widened

Alongside the health and productivity case, there is a straightforward talent argument. The post-pandemic labour market accelerated a shift in employee expectations around benefits that has not reversed. Candidates compare benefits packages in a way they did not consistently do ten years ago, and health insurance has moved from differentiator to expectation in a growing number of sectors.

According to CIPD research, employee benefits are among the leading factors in whether employees consider leaving their current employer. For knowledge-economy businesses, technology companies, professional services firms and fast-growing start-ups, not offering health insurance increasingly means competing at a disadvantage against those that do.

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The cost argument that held many smaller businesses back has also weakened. The group health insurance market has adapted to serve smaller teams. Policies are available for groups of two or more employees, premiums are more competitive than many employers assume, and the modularity of modern products means businesses can start with core cover and build from there.

The GP access crisis has made virtual care essential

One development that has quietly changed the value proposition of health insurance is the inclusion of virtual GP services. GP access in the UK has become a significant pain point for employees and employers alike. Appointment waits, limited availability and the increasing difficulty of seeing a consistent GP have created a gap that employers can now address directly.

Most business health insurance policies now include a virtual GP service, allowing employees to consult a doctor by video or phone, often on the same day. For minor but disruptive conditions, for prescription queries and for initial referrals, this alone delivers a meaningful improvement in the employee experience. It also reduces the number of hours lost to GP visits that could have been handled differently.

What employers should consider now

The case for business health insurance in 2026 is stronger than it has been at any point in recent memory. Waiting lists have not resolved. Mental health demand continues to outstrip NHS capacity. Employee expectations have risen. The cost of long-term absence is real and measurable.

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For employers who do not currently offer health insurance, the question worth asking is not whether the cost is justifiable but whether the cost of not having it is. One employee on long-term absence, waiting months for treatment that a policy could have funded in weeks, will typically cost more than a year’s premium for the entire group.

“The businesses we work with that have had a claim on a policy almost never question whether the cost was worth it. The question only ever gets asked before someone needs it. Our job is to help employers think about it before that moment arrives.”
Charlie Cousins, Director, Hooray Health & Protection

Independent advice from a regulated broker costs nothing. The broker is paid by the insurer, not the employer, which means the guidance is genuinely impartial and the premium is no higher than going direct. For HR professionals looking to make the case internally, that is a straightforward starting point.

About the author

Charlie Cousins is the Founding Director of Hooray Health & Protection (hoorayinsurance.co.uk), an award-winning independent employee benefits broker based in Brighton, specialising in SMEs and start-ups. Hooray Health & Protection is FCA regulated and a member of AMII.

Contact: 01273 222805 | hello@hoorayinsurance.co.uk

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OpenAI to End Cursor Access to Its AI Models After SpaceX 60 Billion Dollar Acquisition, Citing Musk

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OpenAI

OpenAI announced Friday that it will end direct access to its AI models for the coding tool Cursor, citing concerns tied to the platform’s recent acquisition by Elon Musk’s SpaceX, in the latest flashpoint in the yearslong feud between OpenAI CEO Sam Altman and Musk.

SpaceX completed its 60 billion dollar acquisition of Cursor’s parent company, Anysphere, on Aug. 14, according to financial filings, bringing the widely used AI coding platform into a Musk-controlled portfolio that already includes the social media platform X and the AI lab xAI, both of which SpaceX acquired earlier this year. OpenAI said in a post on X that its models will stop being directly available within Cursor on Nov. 12, describing the date as the maximum notice period allowed under its existing contract with the company.

“We are making this choice because we cannot be confident that SpaceX will use our technology within our terms of service, based on our experience with Elon Musk‘s companies violating contracts,” OpenAI said in its announcement, according to reporting from the outlet Tech Startups. The company added, “We know that the people most affected by this decision are the developers who rely on OpenAI models in Cursor. We care about their experience in this transition, and we’re ready to go above and beyond to support them.” OpenAI executive Thibault Sottiaux was more blunt in characterizing the rationale behind the move, telling reporters, according to The Decoder, “It boils down to trust.”

Cursor CEO Michael Truell pushed back on the decision in a post on X late Friday, emphasizing the platform’s long working relationship with OpenAI. “Cursor was one of the very first users of OpenAI, we’ve worked closely with their team for years, and we’ve trusted their platform to be neutral infrastructure for our business,” Truell wrote. He noted that the practical impact of the cutoff is likely to be limited, saying, “OpenAI models serve about 5% of Cursor user traffic, and we’re speaking with the OpenAI team to resolve this.” OpenAI has said the relationship with Cursor’s team dates back nearly four years, spanning almost the entirety of the company’s existence.

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Even with OpenAI’s models representing a small share of overall traffic, developers who want to continue using OpenAI’s technology within Cursor after the cutoff will still have options. According to reporting from TipRanks, users can bring their own OpenAI API key to continue accessing the models directly, or route requests through third-party cloud gateways such as Microsoft Azure or Amazon Bedrock. OpenAI has also said it will continue supporting its own IDE extensions that work alongside Cursor, according to The Decoder.

OpenAI’s decision drew a pointed response from Musk. In a post on X on Saturday, Musk wrote, “I couldn’t care less. Scam Altman and Greg Stockman are utterly untrustworthy,” using derogatory nicknames for Altman and OpenAI President Greg Brockman before repeating his longstanding accusation that the two men “stole an open source nonprofit,” according to CNBC’s reporting on the exchange.

The dispute is the latest chapter in an increasingly personal and legally contentious rivalry between Musk and OpenAI’s leadership. Musk co-founded OpenAI as a nonprofit research lab in 2015 and helped fund its early operations, but left the company’s board in 2018 following disagreements over its strategic direction, its move to hire talent away from his own ventures, and his decision to cut off previously promised donations. Musk sued OpenAI, Altman and Brockman in 2024, alleging the organization had abandoned its founding nonprofit mission in favor of a more traditional, profit-driven corporate structure.

OpenAI has previously found itself on the receiving end of a similar cutoff from Musk. According to The Decoder, OpenAI had maintained a licensing agreement with Twitter worth roughly 2 million dollars annually, giving the company access to the platform’s full tweet data feed to help train ChatGPT. When Musk discovered the arrangement after acquiring Twitter in December 2022, he determined the price was too low and terminated OpenAI’s access, an episode OpenAI has referenced in explaining its wariness about SpaceX’s ability to reliably honor contractual terms going forward.

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Friday’s move also follows a precedent set by a rival AI developer. In June 2025, Anthropic blocked the coding tool Windsurf from accessing its Claude models after reports surfaced that OpenAI was exploring a potential acquisition of that company, illustrating how ownership changes involving competing AI labs have increasingly prompted model providers to reassess access agreements with downstream coding platforms.

In the wake of OpenAI’s announcement, Anthropic said it plans to increase computing capacity to support Cursor’s continued use of its Claude models, positioning itself to expand its role as a primary AI provider for the platform. Cursor has also been working to reduce its reliance on any single external model provider, including through the development of its own in-house model, Composer 2.5, trained using more cost-efficient, open-weight technical foundations, according to TipRanks. SpaceX did not immediately respond to requests for comment on OpenAI’s decision.

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Software Is Back: 5 Stocks To Buy

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Software Is Back: 5 Stocks To Buy

Software Is Back: 5 Stocks To Buy

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Self-Employed American Expats Still Need to File U.S. Taxes

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Self-Employed American Expats Still Need to File U.S. Taxes

Living abroad can bring a sense of freedom, especially for Americans who work for themselves. Whether you are a freelancer, consultant, online business owner, or independent contractor, working from another country can open the door to a more flexible lifestyle.

But moving overseas does not automatically end your connection to the U.S. tax system.

American citizens generally still need to file U.S. tax returns even when they live and work in another country. This is something many self-employed expats do not realize until they have already spent several years abroad.

Living Abroad Does Not Mean You Stop Filing

The United States is unusual because its citizens generally continue to have tax filing responsibilities even when they live overseas.

That means income earned from freelancing, consulting, remote work, or running a small business abroad may still need to be reported in the United States.

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For many expats, this does not necessarily mean they will owe a large amount of U.S. tax. There are rules that can help reduce or sometimes eliminate U.S. income tax on money earned abroad.

The important point is that these benefits usually depend on filing the correct return.

In other words, living abroad may reduce what you owe, but it does not automatically remove the need to file.

Self-Employed Expats Have Extra Responsibilities

Employees often have taxes handled automatically through payroll. Self-employed people usually have to manage more of the process themselves.

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If you work for yourself, you are responsible for keeping track of your income, business expenses, and tax obligations.

This can become more complicated when you live overseas because you may be dealing with both the tax system in your country of residence and the U.S. tax system at the same time.

That does not mean the situation has to be overwhelming. It simply means that self-employed expats should pay attention to their filing responsibilities rather than assuming that being overseas makes them exempt.

You May Be Able to Reduce Your U.S. Tax

Many Americans living abroad are able to use special tax rules designed for people earning income overseas.

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Depending on your situation, you may be able to reduce your U.S. income tax through exclusions or credits related to foreign income and foreign taxes paid.

This is one reason why filing is important.

Some expats assume there is no point in filing because they already pay tax in the country where they live. In reality, filing a U.S. return may allow you to claim benefits that prevent or reduce double taxation.

The right approach depends on where you live, how much you earn, and how your business is structured.

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Paying Tax Abroad Does Not Always Replace U.S. Filing

A common misunderstanding is that paying taxes in another country means you no longer need to deal with U.S. taxes.

Usually, that is not the case.

You may still have to report your income to the United States even if you already paid tax on that income overseas.

The good news is that U.S. tax rules often provide ways to account for taxes paid to another country.

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For many expats, the main issue is not paying tax twice. It is making sure the income is properly reported and the available tax benefits are claimed correctly.

Foreign Bank Accounts May Also Need Attention

Many American expats open local bank accounts after moving overseas.

Depending on the amount of money held in foreign accounts, separate reporting requirements may apply.

This is especially relevant for self-employed expats who use overseas accounts for business income, savings, or everyday expenses.

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These reporting rules are separate from the normal income tax return, which is another reason it is helpful to understand your obligations early rather than waiting until a problem appears.

What If You Have Not Filed for a While?

Some Americans discover after several years abroad that they were supposed to keep filing U.S. tax returns.

If that happens, it is important not to ignore the situation.

There are often ways to become compliant, especially for people who simply did not know they were required to file.

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The best approach depends on your circumstances, including how long you have lived abroad, whether you have foreign bank accounts, and whether you have filed anything with the IRS during that time.

Speaking with a tax professional who understands U.S. expat taxes can help you avoid unnecessary mistakes.

Keep Good Records

For self-employed expats, basic record keeping can make tax filing much easier.

Keep track of your income, invoices, business expenses, travel related to your work, and any taxes paid in the country where you live.

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You should also keep records of your foreign bank accounts and important business documents.

Good records are especially useful if you earn money from different clients, receive payments in different currencies, or work in more than one country during the year.

Do Not Assume You Are Exempt

One of the biggest mistakes American expats can make is assuming that living overseas means U.S. taxes no longer apply.

For self-employed Americans, filing responsibilities can continue for as long as they remain U.S. citizens or otherwise subject to U.S. tax rules.

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The good news is that many expats have options that can reduce their U.S. tax burden.

The key is understanding that filing and owing tax are two different things.

You may still need to file even when you ultimately owe little or nothing.

Make U.S. Tax Filing Easier

Managing U.S. taxes while living abroad can feel complicated, especially when you are also running your own business.

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Expat Tax Online can help you file your U.S. taxes with ease. With support focused on Americans living overseas, you can get help understanding your filing responsibilities, organizing your information, and completing your U.S. tax return with greater confidence.

The Bottom Line

If you are a self-employed American living abroad, U.S. tax filing should remain part of your yearly financial routine.

You may qualify for tax benefits because you live and work overseas, and taxes paid in another country may help reduce your U.S. tax bill.

But those benefits generally do not mean you can simply stop filing.

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Staying organized, keeping good records, and getting professional help when needed can make the process much easier.

For American freelancers, consultants, contractors, and business owners abroad, the simplest rule to remember is this:

Living overseas does not automatically mean leaving U.S. tax filing behind.

And if you would rather make the process simpler, Expat Tax Online can help you file your U.S. taxes with ease.

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This article is for general informational purposes only and should not be considered tax or legal advice. Tax rules depend on individual circumstances, so professional guidance may be helpful for complex situations.

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Weekly Closed-End Fund Roundup (August 23, 2026)

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My Dividend Stock Portfolio: New February Dividend Record - 100 Holdings With 12 Buys

This article was written by

Stanford Chemist is a scientific researcher by training. For the past decade he has been providing analysis and evidence-based ways of generating profitable investments with CEFs and ETFs. He leads the investing group CEF/ETF Income Laboratory. Features of the service include: managed income portfolios (targeting safe and reliable ~8% yields) making use of high-yield opportunities in the CEF and ETF fund space. These are geared toward both active and passive investors of all experience levels. The vast majority of {CEF/ETF Income Laboratory} holdings are also monthly-payers, for faster compounding and steady income streams. Other features include 24/7 chat, and trade alerts.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ECF, XFLT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Reform UK conference draws Vodafone, Heathrow and JCB

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Reform UK conference draws Vodafone, Heathrow and JCB

Some of Britain’s biggest companies will descend on Reform UK’s national conference this week as the party intensifies its efforts to win over business leaders and strengthen its economic credibility.

Vodafone, EE, Heathrow and JCB are among the businesses attending or running events at the three-day gathering, which opens at the National Exhibition Centre on the outskirts of Birmingham on Thursday.

For the first time, the party is staging a dedicated business day, which it says will place “the business community at the heart of the programme”, offering attendees access to Reform’s leadership.

At least one name on the guest list already has form with the party. JCB, the digger maker chaired by Lord Bamford, donated £200,000 to Reform UK alongside an identical sum for the Conservatives, with Bamford saying both parties “believe in small business”.

Others are keen to stress that turning up is not the same as signing up. A spokesman for Heathrow said the airport had a long history of constructive engagement across the political spectrum. “Like many businesses, from airlines to pubs and banks to supermarkets, it is common practice to sponsor events at party conferences to engage policymakers and ensure they better understand the needs of consumers and the economy,” he added.

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Champagne out, corporate packages in

Business Matters has previously reported that Reform almost doubled some commercial costs for this year’s conference, dropping earlier promises of free champagne and custom cocktail naming rights in favour of an event much closer in feel to a traditional party conference.

The price of some packages has climbed as the party looks to woo wealthy backers and boost its coffers. A platinum ticket has risen from £2,500 per person to £3,000 plus VAT, buying a champagne breakfast with Nigel Farage, fast-track entry and access to a special lounge. Insiders have previously described the changes as “a necessary part of our professionalisation, even if it is a bit more boring”.

The policy pitch to employers

Reform arrives in Birmingham with a policy offer aimed squarely at the businesses it is courting. The party has proposed scrapping the contentious increase in employers’ national insurance contributions for workers who are British nationals. That rise, announced in Rachel Reeves’s October 2024 Budget, lifted the employer rate to 15 per cent and cut the threshold at which firms start paying to £5,000 a year, a change the OECD found gave the UK the biggest employer tax rise in the developed world.

The party has also proposed cutting VAT for the hospitality sector to 10 per cent, half the current standard rate of 20 per cent.

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Momentum since May

The stepped-up courtship of business follows a run of electoral success. Reform racked up hundreds of council wins in May’s elections, beat Labour into second place in the contest for the Welsh Senedd and finished joint second at Holyrood.

The party has been professionalising its Westminster operation too. Earlier this year it opened the doors of its Millbank headquarters, on the banks of the Thames in London, to public affairs professionals, an event that doubled as a pitch to agencies and featured a speech by Robert Jenrick, the party’s Treasury spokesman.

Not everyone believes the courtship should go unchallenged. Senior Labour figures have urged firms to scrutinise Reform’s economic plans more closely, with the Labour MP Liam Byrne saying companies are right to be concerned about how the party’s promises would be paid for. Reform’s deputy leader Richard Tice has rejected that criticism, insisting the party would restore fiscal discipline and cut regulation.

For the companies heading to the NEC this week, the calculation is the one Heathrow set out: engaging policymakers at party conferences is simply part of doing business.

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Jamie Young

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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Scan.com funding round raises $220m ahead of IPO talks

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Scan.com funding round raises $220m ahead of IPO talks

Scan.com, Britain’s largest private medical imaging company, has raised $220 million from investors including Aviva as it eyes a potential stock market flotation.

The London-based company will put the funds towards a bigger push into the American medical imaging market. The package is made up of a $90 million equity round led by Noteus Partners, the French investment company, with backing from investors including Aviva and Concord Health Partners, alongside debt facilities totalling $130 million provided by VerisFi Capital and Atempo Growth.

Scan.com already generates most of its revenue in the United States, where about 80 per cent of its workforce is based. The American medical imaging market is estimated to be worth more than $100 billion and is projected to grow to just over $121 billion by 2033, according to forecasts by Grand View Research, the American market research provider.

Charlie Bullock, co-founder and chief executive of Scan.com, said that while about 600 million medical imaging scans are run in the US each year, the country still has no national infrastructure network for imaging. “Labs got that decades ago with Quest Diagnostics and Labcorp. Imaging never did, and that is what we have built,” the 30-year-old said.

“We’re a fraction of 1 per cent in terms of [market] penetration,” he said. “Our ambition is to be the leading, biggest diagnostic imaging company in the US. We’re nowhere near there yet, but we feel like we’re on track.”

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Where to list

The fundraising comes as the company prepares to meet officials at the London Stock Exchange this week as it works towards a potential IPO, although Bullock said it had yet to decide on a listing venue. Despite its ambitions in the US, the company has no intention of moving its headquarters from the UK, he said.

There is growing concern that UK markets are not attractive enough to retain the highest quality British start-up companies, amid a long-running shortage of the scale-up capital needed to grow the country’s most promising firms. UK start-ups raised a record $17 billion in the first half of 2026, according to figures from Dealroom and HSBC Innovation Banking, yet only 16 per cent of large funding rounds involved domestic investors.

Last month a consortium of some of the UK’s largest pension providers agreed to explore the creation of a “UK Scale-up Fund” that would back the most promising British private companies and manage more than £1 billion, following calls for pension funds to back British scale-ups rather than leaving the returns to overseas investors.

Ant Barker, director of venture capital at Aviva Investors, said UK pension funds increasingly want greater access to high-growth, unlisted companies “that build tomorrow’s technologies and create social value”. Under the Mansion House Compact, nine of the UK’s largest pension providers committed to allocate 5 per cent of their default fund assets to unlisted equities by 2030.

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“[Scan.com is] one of the fastest-growing companies in our venture capital portfolio, and well placed to deliver long-term returns for UK savers and institutional investors, in line with our Mansion House Compact objectives,” Barker said.

Built to use spare capacity

Scan.com was founded in 2021 by Bullock, Oliver Knight and Joe Daniels, along with Jasper Nissim, an osteopath, and Khalid Latief, a consultant radiologist.

“[We] saw this problem in the UK around lack of access to diagnostic imaging, lack of price transparency and increased waiting times in the national healthcare service,” Bullock said. There was plenty of capacity sitting unused in imaging centres and hospitals around the UK, he said, but no way to access it.

The company provides a website for booking scans, managing referrals and sharing results, using spare capacity at private providers. Last year it generated $85 million in revenue.

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The business had already raised just over $57 million across two previous funding rounds. Aviva’s venture arm co-led the company’s earlier $12 million Series A round, and the insurer has backed it again in the latest raise.


Amy Ingham

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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Target launches Beauty Studio with 90 brands as retailer targets growth

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Target launches Beauty Studio with 90 brands as retailer targets growth

Target is expanding its push into higher-end beauty with a new specialty-style concept that the retailer says is part of its broader effort to return to growth.

The Minneapolis-based retailer said Target Beauty Studio will launch Sept. 10 in more than 600 stores nationwide and on Target.com, bringing together more than 1,600 products from 90 prestige, emerging and international brands. More than two-thirds of the brands will be new to Target.

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The rollout represents a notable expansion of Target’s beauty assortment while adding features more commonly associated with specialty beauty retailers, including dedicated beauty advisers, product testing, rotating product showcases and personalized recommendations.

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Target Beauty Studio will launch Sept. 10 in more than 600 stores. (David Paul Morris/Bloomberg via Getty Images)

Target said the new concept is one example of the investments it is making in merchandise and the in-store shopping experience as part of its plans to return to growth. The company operates more than 2,000 U.S. stores.

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“When guests shop for beauty, they want to pick up their standbys while also exploring what’s new and trending, and Target Beauty Studio is designed with that mix in mind,” Amanda Nusz, Target’s senior vice president of merchandising, essentials and beauty, said in a statement. “It’s an inspiring destination to discover what’s new, now and next in beauty — and a powerful example of how our merchandising authority comes to life through an elevated guest experience.”

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The assortment will span skincare, makeup, haircare, fragrance, bath and body products, nail care and sun care. Brands joining Target include Sunday Riley and First Aid Beauty in skincare, Briogeo and Nioxin in haircare and several Korean beauty brands, including Amuse, Kaja and Rom&nd.

The announcement comes after the retailer concluded its shop-in-shop partnership with Ulta Beauty. The partnership rolled out in August 2021 and ended this month.

Shoppers push carts in a Target store

The assortment will span skincare, makeup, haircare, fragrance, bath and body products, nail care and sun care. (Michael Nagle/Bloomberg via Getty Images)

Target is also adding products from international brands, including Mexican beauty company SARELLY and French nail care brand Manucurist, while offering premium fragrances, styling products, sun care and self-tanning products.

Stores with Target Beauty Studio will feature a central display that rotates several times a year to highlight brands, collaborations and seasonal products. The retailer will also offer a dedicated assortment of miniature products designed to give shoppers a lower-cost way to try new items.

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Target is also adding products from international brands. (Scott Olson/Getty Images)

The company is tying the concept to its Target Circle loyalty program through exclusive offers and experiences. Target said the first 100 guests at most stores during a Sept. 26 promotional event will receive a Target Circle bonus that can be used to shop Beauty Studio in stores and online.

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Target said Beauty Studio will continue to evolve with new brands and products, while its existing beauty assortment will remain alongside the new concept.

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