President Donald Trump unloaded on Federal Reserve Chairman Jerome Powell on Wednesday, threatening to fire him over his alleged “incompetence” if he fails to leave his position.

“I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial, you know?” the president told FOX Business’ Maria Bartiromo in an exclusive interview.

Trump nominated Kevin Warsh, a former governor of the Federal Reserve, to succeed Powell as chair when his term expires in May.

The move came at a turbulent moment for the agency, amid the Justice Department’s criminal probe into Powell.

FROM MORTGAGES TO CAR LOANS: HOW AFFORDABILITY RISES AND FALLS WITH THE FED

President Donald Trump and Federal Reserve Chair Jerome Powell. (Getty Images/Photo illustration / Getty Images)

The investigation drew ire among some, including outgoing Republican North Carolina Sen. Thom Tillis, who pledged to “oppose the confirmation of any Federal Reserve nominee, including for the position of chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”

Trump touched on that topic when asked whether he planned to advise U.S. Attorney for the District of Columbia Jeanine Pirro to end the probe.

“[This is a] building that I would have done for $25 million that’s going to cost maybe $4 billion,” Trump said.

“Don’t you think we have to find out what happened there?”

TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY

The Marriner S. Eccles Federal Reserve building in Washington, D.C., on Tuesday, June 25, 2024. (Ting Shen/Bloomberg via Getty Images / Getty Images)

He also touched on Tillis when asked if he believed Warsh would be confirmed.

“We’re going to have to find out [if he will be confirmed]. He might not, but that’s why Thom Tillis is no longer a senator,” he said, referring to Tillis’ decision not to seek reelection in 2026.

He proceeded to call Tillis a “good man” who he didn’t believe would intentionally “hurt” Warsh’s chances.

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“He’s on his way out… and I think he doesn’t want the legacy of stopping a great person who could be great…. I know he said what he said, and maybe it’s true, in which case I’ll have to live with it…”

Trump also criticized Powell over a range of other issues, including his handling of interest rates, reiterating his insistence that rates should be lowered by now.

Fox Business’ Amanda Macias contributed to this report.

Current boss John Brown is stepping down after nearly two years in the role

Cornwall Chamber of Commerce has appointed its current president as interim chief executive. Toby Parkins will take the helm of the organisation as it looks to hire a replacement for former boss John Brown.

It is understood Mr Parkins will focus on “maintaining the strategic position” of the chamber as well as supporting the team who deliver business services such as events, membership and trade support.

Laura Whyte, chair of Cornwall Chamber of Commerce, said: “We are extremely grateful to Toby for stepping into this role at an important time for the chamber. His leadership, insight, and deep understanding of our organisation will provide the continuity we need as we look to the future. This gives us the time and space to find the right long-term successor while ensuring our work continues without disruption.”

Mr Brown, meanwhile, will remain on the board and continue to provide support during the transition period, particularly focusing on policy development, according to the chamber.

“I’m privileged to support the chamber during this transition period,” said Mr Parkins. “Cornwall’s business community is resilient and innovative, and I look forward to working closely with the board, team, and members to continue delivering value and impact. One of the main objectives to ensure our next permanent chief executive has a strong chamber to go forward with.”

Mr Brown is stepping down as chamber chief after nearly two years in the role. He is taking up a full-time executive job within a private sector organisation.

“We are proud of the contribution John has made to the chamber and to the wider business community, and we remain firmly on track with our priorities and ambitions to provide Cornwall with a strong, credible and commercially grounded voice,” Ms Whyte said previously.

“We are excited that John will bring his enthusiasm at a strategic board level and with his new role driving crucial new investment into Cornwall, that connection is something we welcome. We believe in celebrating progression, so when talented people step into roles that help drive Cornwall forward, that is something to celebrate.”

SYDNEY — In what authorities describe as an Australian first, a father and son commercial fishermen have each been fined $15,000 for deliberately sinking their 16-metre trawler off the New South Wales South Coast, marking the inaugural successful prosecution under federal sea-dumping laws for the illegal scuttling of a vessel.

Marcus Clem McDermott, 29, and his father Mark Anthony McDermott, 55, from the Morton area near Ulladulla, were convicted and sentenced in Nowra Local Court on April 14, 2026. The pair admitted to towing the aging fishing vessel, named Maria Louise K or MLK, out to sea and sinking it without a permit on January 24, 2023.

The Department of Climate Change, Energy, the Environment and Water, known as DCCEEW, led Operation Bannerman, the investigation that uncovered the deliberate act. An anonymous tip-off provided video evidence showing the men in the process of scuttling the boat, which was later located on the seabed northeast of Ulladulla. Additional CCTV footage and vessel monitoring systems helped build the case against them.

Her Honour Judge Julie Zaki determined beyond reasonable doubt that the McDermotts agreed to dump the vessel because of its low commercial viability. Purchased in 2020, the boat — originally built in 1970 and previously operated as a commercial trawler in Western and South Australia — had become a financial burden. The men stripped parts from it and sold them before towing the hull out to sea to avoid the $12,700 cost of obtaining a proper scuttling permit or dealing with legitimate disposal options.

The maximum penalty for dumping a vessel into Australian waters without a permit under the Environment Protection (Sea Dumping) Act 1981 is $16,500 or up to two years in jail. In sentencing, the judge noted the offence carried a potential six-month jail term in this specific context but opted for fines, describing the act as financially motivated and emphasizing the need for strong deterrence against marine pollution.

DCCEEW officials hailed the outcome as a landmark moment. A department spokesperson said the fines send a clear message: “The illegal dumping of fishing vessels and other unwanted items or waste at sea won’t be tolerated, and offenders will face serious consequences for their actions.” The sentencing concludes a multi-year probe that underscores the federal government’s commitment to protecting Australian marine environments.

Environmental groups and marine experts have welcomed the ruling, warning that scuttled vessels can pose long-term risks. Sunken ships may leak residual fuel, oils and other contaminants, harming marine life and disrupting ecosystems. Abandoned hulls can also create navigation hazards or damage sensitive habitats such as reefs and seagrass beds. In this case, the Maria Louise K rested in waters off Ulladulla, a popular fishing and tourism area on the NSW South Coast.

The case highlights broader challenges in Australia’s commercial fishing industry. Many older vessels become uneconomical to maintain or repair as operators face rising costs, stricter regulations and fluctuating catches. Proper disposal or recycling of decommissioned boats can be expensive and logistically complex, sometimes tempting owners to take shortcuts. Authorities stress that legal pathways exist, including permitted scuttling in designated areas under strict environmental assessments, but illegal acts undermine those systems.

The McDermotts’ vessel had a documented history. After its purchase in 2020, it operated in local waters before being deemed unseaworthy or unprofitable. Instead of pursuing authorized options, the father and son chose to tow it offshore and sink it deliberately, an act captured on video that proved pivotal in court.

Operation Bannerman involved close collaboration between federal environment officers, the Australian Maritime Safety Authority and local law enforcement. The anonymous tip that included video evidence was crucial, illustrating how public vigilance can aid enforcement of maritime laws. Once the wreck was located on the seabed, further inspections confirmed it matched the Maria Louise K.

Legal experts note this prosecution sets an important precedent. While sea-dumping charges have been used for smaller waste items, this marks the first time the law has been successfully applied to the deliberate sinking of an entire commercial fishing vessel. The outcome could encourage more rigorous monitoring of vessel decommissioning and deter others considering similar actions.

The fines total $30,000, a significant penalty for the individuals involved but well below the maximum. The court considered factors such as the defendants’ guilty pleas, their lack of prior environmental offences and the financial motivation behind the crime. No jail time was imposed, though the judge warned that future cases could result in harsher penalties as awareness of the law increases.

For the Ulladulla community, the case has sparked mixed reactions. The South Coast fishing town relies heavily on its commercial fleet, and many locals understand the pressures facing operators. At the same time, residents and tourism operators value the pristine waters that draw visitors for diving, fishing and boating. Environmental advocates in the region have called for better support programs to help fishermen retire old vessels responsibly.

Broader implications extend to Australia’s marine protection efforts. The federal government has ramped up enforcement of sea-dumping laws in recent years, particularly as concerns grow over plastic pollution, abandoned vessels and industrial waste. Similar cases involving smaller boats or debris have resulted in convictions, but the scale of a 16-metre trawler makes this ruling stand out.

DCCEEW continues to urge vessel owners to seek proper permits and guidance for decommissioning. Legal scuttling is possible in approved offshore sites after thorough environmental impact assessments, ensuring minimal harm to marine ecosystems. Alternatives include recycling programs that salvage steel, engines and other materials, though these can involve transport and processing costs.

The department’s investigation also serves as a reminder of the role technology plays in enforcement. Video evidence, vessel tracking systems and public reporting have become powerful tools in combating illegal activities at sea. Authorities encourage anyone with information about suspected dumping to contact relevant agencies, promising confidentiality where appropriate.

As climate change and environmental pressures intensify, protecting Australia’s oceans has become a national priority. Incidents like the scuttling of the Maria Louise K contribute to cumulative damage that can affect fish stocks, biodiversity and coastal economies. The $15,000 fines per person, while historic, reflect a growing judicial willingness to impose meaningful penalties to safeguard these resources.

The McDermotts have not publicly commented on the sentencing. Court records indicate they cooperated during the later stages of the investigation after initially facing charges in late 2025. The case, which progressed through Nowra Local Court, concluded with the April 14 ruling that has drawn national attention.

Marine conservation organizations say the decision reinforces accountability. “This sends a strong signal that shortcuts harming our oceans will not go unpunished,” one advocate noted. They called for expanded government assistance for vessel disposal to prevent future illegal acts driven by economic hardship.

Looking ahead, the ruling may prompt reviews of decommissioning policies within the fishing industry. Industry bodies have acknowledged the need for more accessible and affordable options for retiring aging fleets, especially as newer, more efficient vessels enter service.

For now, the case stands as a cautionary tale. Two commercial fishermen, bound by family and occupation, chose an illegal path to dispose of an unwanted vessel and paid the price. Their $30,000 total penalty, combined with the public nature of the prosecution, serves as a deterrent for others tempted by similar actions.

Australian waters, home to diverse marine life and vital to the nation’s economy, demand vigilant protection. This landmark prosecution under the sea-dumping laws demonstrates that authorities are prepared to act decisively, ensuring that deliberate pollution carries real consequences.

As the details of Operation Bannerman circulate through fishing communities and beyond, the message is clear: the deliberate scuttling of vessels will no longer fly under the radar. With video evidence, inter-agency cooperation and judicial resolve, the era of unchecked sea dumping faces stronger headwinds than ever before.

Britain’s supermarkets could be staring down the barrel of patchy shelves by midsummer, with ministers quietly war-gaming a scenario in which the continuing conflict with Iran chokes off carbon dioxide supplies to the country’s food and drink industry.

Whitehall officials have been rehearsing what they describe internally as a “reasonable worst-case scenario” should the strait of Hormuz remain closed into June, shipping routes stay jammed, and a mechanical hiccup at one of Britain’s critical CO2 plants compound the pressure. The exercise, codenamed Turnstone and convened under the Cobra emergency framework, has drawn in officials from Downing Street, the Treasury and the Ministry of Defence.

News of the drill, first surfaced by The Times, has prompted a rapid-fire reassurance campaign from ministers, who insist the planning is prudent rather than panicked. Business Secretary Peter Kyle told Times Radio on Thursday that the leak was “unhelpful” but argued the public “need to be reassured that we are doing this kind of planning”. CO2 supplies, he added, were “not a concern” for the UK economy.

For small and medium-sized food producers, brewers and hospitality operators, however, the contingency talk lands at an awkward moment. The summer trading window, already inflated by the World Cup kicking off on 11 June, is make-or-break territory for independent breweries and wholesalers. A squeeze on carbon dioxide would ripple rapidly through their supply chains, hitting everything from pint pulls to packaged meats.

Carbon dioxide, though a by-product of other industrial processes, is the quiet workhorse of British food and drink. The gas is used to stun pigs and poultry at abattoirs, to pack fresh meat and salad leaves in modified-atmosphere packaging that keeps bacteria at bay, and to put the fizz in beer and soft drinks. It also underpins refrigeration, MRI scanning, surgical procedures and the cooling of nuclear reactors.

The UK ranks among Europe’s heaviest consumers of the gas, a dependency that has already prompted pre-emptive action. In March, Mr Kyle earmarked £100m to restart the mothballed Ensus bioethanol plant on Teesside for a three-month run, specifically to hedge against wartime shortages. On Thursday he argued the Teesside decision showed “we are doing this kind of action behind the scenes to keep resilience in our economy”.

Britain’s largest grocer, for its part, appears sanguine. Tesco chief executive Ken Murphy said the government was “doing the right thing” in preparing for the worst, calling the analysis a reasonable one and welcoming the Ensus reopening. But he stressed Tesco had “seen nothing at this point” in its own supply chain and that none of its suppliers had flagged problems with CO2 availability.

Mr Murphy, whose business has absorbed six years of rolling disruption, Covid, Brexit, energy shocks, inflation, said Tesco was “constantly working on various scenarios internally” and confident it could head off issues before they reached the shop floor. The bigger near-term headache, he suggested, has actually been the punishing weather across southern Spain and north Africa, though shoppers would be hard-pressed to spot the fallout because the grocer had been able to “flex” its sourcing.

A government spokesperson underlined the caveat that “reasonable worst-case scenarios are a planning tool used by experts and are not a prediction of future events”, adding that ministers were “continuing to work closely with business groups to tackle the impacts of events in the Middle East”.

For SME owners watching the tea leaves, the message from Whitehall is calibrated: keep calm, carry on, but don’t mistake the silence on the shelves for complacency in the corridors of power. With Hormuz still contested and the diplomatic track with Tehran far from delivering a durable settlement, the summer trading season is shaping up as a stress test for a supply chain that, as 2021’s last major CO2 crunch demonstrated, can turn from background utility to front-page crisis within days.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

British tradespeople and small business owners are turning to the internet in record numbers to investigate a switch out of diesel, with Google searches for “electric vans” leaping by 143% in March, new figures show.

The analysis, compiled by online comparison site The Van Insurer, part of the Howden group, found that enquiries peaked in the days immediately before the Easter weekend, a period that traditionally sees sole traders, couriers and last‑mile delivery operators reviewing the running costs of their fleets ahead of the busier spring and summer trading months.

With diesel still powering the overwhelming majority of the 4.6 million vans on Britain’s roads, the scale of the surge points to a marked shift in sentiment among operators who have spent the past two years absorbing successive increases at the forecourt. Industry observers say the combination of stubbornly high pump prices, tightening clean‑air zone restrictions in London, Birmingham, Bristol and beyond, and the narrowing premium on new battery‑electric models is nudging even the most reluctant drivers to crunch the numbers on an EV switch.

Ed Bevis, commercial director at The Van Insurer, said diesel operators were bearing the brunt of the current squeeze. “Diesel van drivers are being hit hardest by the current fuel crisis, so it’s hardly surprising we’re seeing a sharp rise in interest around electric vans,” he said.

“Many owners are starting to look towards a future that’s less dependent on fossil fuels and less exposed to volatile fuel prices and running‑cost uncertainty. As a result, we expect demand for battery and hybrid‑electric van insurance to accelerate over the coming months.”

For Britain’s army of self‑employed traders, the plumbers, sparks, florists, parcel drivers and mobile mechanics for whom the van is not a vehicle but a livelihood, the economics are increasingly difficult to ignore. Even modest fluctuations at the pump translate directly into thinner margins on already pressured jobs, while the residual values on late‑plate diesel models have softened as buyers weigh the risk of further regulatory tightening.

Mr Bevis acknowledged the financial strain on the sector and said the comparison site was attempting to take some of the sting out of premiums. “At a time when many consumers and business owners are having to count every penny, we believe it’s important to offer meaningful support, particularly for those whose vans are integral to earning a living,” he said, pointing to £500 of free excess protection now being offered on qualifying policies.

Whether the March spike marks the beginning of a decisive migration away from diesel or simply another bout of curiosity from hard‑pressed operators will depend heavily on the direction of wholesale fuel prices, the pace of the public charging rollout and the Treasury’s next move on vehicle taxation. For now, however, the direction of travel in the search data is unmistakable, and insurers, dealers and manufacturers will all be watching the next set of figures closely.

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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IndiGo as a contra play

Khemani’s boldest call right now is IndiGo. He increased his position in the airline during the recent market fall, citing the company’s status as the lowest-cost market leader in a growing industry. With no meaningful competition expected for the next five years and aircraft supplies lined up, he sees the current dip as a buying opportunity. “If you are getting the stock cheaper for whatever reason and you are happy to take a short-term drawdown, that becomes a very interesting play,” he said.

Power sector: Conventional over renewable

On the power theme, Khemani is bullish but selective. Rather than chasing renewable energy stocks, which he believes suffer from high competitive intensity, he prefers conventional power enablers. Carnelian holds BHEL, which has delivered strong returns over the past two years, and Kalpataru Power, which is active in transmission businesses globally. He sees power demand remaining strong, driven by industrial growth, rising consumption, and the global data center and AI boom.

Banking: Company selection matters more than PSU vs private

Khemani added more PSU bank positions during the market correction, finding attractive risk-reward setups. However, he remains positive on select private banks too, holding ICICI Bank and Federal Bank. His view is clear: the private versus public debate misses the point. Within the same sector, individual stock selection determines returns. He pointed to the very different performance of HDFC Bank, ICICI Bank, and IndusInd Bank as proof that picking the right name matters far more than the category.

No change in market cap mix

Despite the volatile environment, Carnelian has not shifted its portfolio up the market cap curve. Khemani maintains exposure across large and midcaps, arguing that a bad market creates good entry points even in smaller companies. His investment horizon of three to five years means short-term swings do not drive allocation decisions.

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What he is avoiding

Khemani was direct about what he steers clear of. He has avoided Zomato parent Eternal despite its wide popularity, saying he does not understand its risk-reward well enough to invest. His broader advice: avoid fads, avoid companies you do not fully understand, and never bet on promoters with questionable quality. He noted that most mistakes in his investing career have come from misjudging management quality, not from getting sector or macro calls wrong.

The EMS basket

On electronics manufacturing services stocks, Khemani said valuations and return profiles have not yet convinced him to invest meaningfully, though he continues to track the space closely.
In summary, Carnelian’s playbook is built on conviction, quality, and patience — buying beaten-down market leaders and avoiding momentum-driven noise.

Manchester-founded Beauty Tech Group posted stronger-than-expected revenue of £141m, up 39.4%, in its first full year since floating on the London Stock Exchange

The Beauty Tech Group has delivered better-than-anticipated full-year results following its London listing last year, with revenues and profits climbing sharply as appetite for at-home beauty devices continued to expand across global markets.

The Alderley Park business, which made its debut on the London Stock Exchange in October at a valuation of approximately £300m, said on Thursday that revenue climbed 39.4 per cent to £141m for the year ending 31 December 2025.

Own-brand revenue surged 60 per cent to £140.9m, underpinned by robust growth across all regions and a significant uplift in sales at its flagship Currentbody Skin label, where revenue climbed 59 per cent to £125.8m.

Gross profit rose 53.9 per cent to £88.3m, with margins strengthening to 62.7 per cent from 56.8 per cent.

The firm said the figures surpassed the targets it outlined at IPO, representing its third upward revision since floating on the market, as reported by City AM.

Chief executive Laurence Newman described 2025 as a “transformational year” for the group, noting that its brands were gaining increasing recognition among consumers as demand for at-home beauty technology continues to gather momentum.

The figures represent the company’s first full-year results since joining the London market, having raised approximately £29m in gross proceeds during a rare consumer-facing flotation for the exchange.

The IPO additionally enabled the business to clear its external debt entirely, leaving it with net cash of £40.8m at the year’s close, compared with net debt of £27.1m just twelve months earlier. The strengthened balance sheet, combined with the elimination of pre-IPO interest charges and one-off listing costs, is anticipated to boost earnings and cash flow in 2026.

The Beauty Tech Group distributes products across more than 90 markets, through brands including Currentbody Skin, ZIIP Beauty and Tria Laser. It has established itself in the rapidly expanding market for at-home beauty treatments such as LED masks and laser hair removal.

Tria Laser generated £2m prior to its March relaunch, while ZIIP Beauty sales increased 46 per cent.

The company said it anticipates revenue growth to persist throughout the year, which is currently aligned with market forecasts of £160m. Profit is exceeding expectations owing to improved margins.

Some 80 per cent of the group’s turnover is generated beyond the UK and Ireland, with the business depending predominantly on direct-to-consumer online sales rather than conventional retail channels.

“Although those tools are becoming readily available, we’ve also got some very good anti-fraud software that we use that can detect AI, detect whether something has been manipulated, and we’re getting a lot better at detecting it across the market as well,” Haith added.