The famous music shop in a prime city centre shopping arcade is set to become a huge new restaurant, according to planning documents

A prime Newcastle spot in a city centre shopping arcade is set to be converted into a sizeable new restaurant, according to planning documents. Music retailer JG Windows abruptly shut its doors permanently in November 2024, attributing its difficulties to fierce competition from major online retailers.

The expansive store, which stocked everything from instruments to grand pianos, records, sheet music and musical equipment, had been a regular destination for big-name stars and budding musicians for decades, having first opened in Central Arcade in 1908. Yet following the auction of its stock, the large unit has sat vacant ever since, alongside the neighbouring empty premises, previously occupied by health food company Naked Deli.

Now, however, Taras Properties Ltd – the property arm of arcade owners Reuben Brothers – has submitted planning applications revealing plans to convert the space into a sizeable Thai restaurant, The Giggling Squid.

The family business, which takes its name from a nickname given to the founders’ children, has been steadily expanding throughout the UK in recent years and now operates 53 restaurants throughout the UK.

It has ambitions to launch a sizeable new venue in Newcastle, by occupying the empty JG Windows premises along with the vacant Naked Deli space. The design statement lodged alongside the application emphasises how Giggling Squid boasts over two decades of expertise and establishments across England, including the Grade II Listed Earl Street site in Maidstone.

The document states: “Both units are currently vacant; as such, the proposed development seeks to facilitate a long-term viable use for the building as a restaurant, which is located in a prominent position within Newcastle City Centre’s Urban Core. Giggling Squid have extensive experience in balancing the needs of their restaurants within the confines of listed buildings.

“Indeed, the Maidstone Giggling Squid restaurant is located within the Grade II Listed Maidstone Club. Giggling Squid’s extensive experience in sensitively restoring Listed Buildings has helped positively shape the final designs.”

The application states that most of the historic first-floor layout would remain largely unaltered, apart from three minor openings. Proposed modifications also include installing a kitchen area alongside customer dining spaces, featuring a combination of banquette seating and dining table seating along the Grey Street elevation and bullnose.

The shopfront is proposed to be repainted green, in accordance with the Grainger Town Shopfront Design Guide, and externally, on the Grey Street elevation, the top and bottom mouldings of the former Naked Deli shopfront will be replaced to create continuous mouldings to the fascia. Careful restoration of the existing timber shopfront will also be carried out, including the existing gold leaf “Newcastle Brewers Ltd” sign at the footwell of 99 Grey Street.

Within the internal Central Arcade walkway, the existing stained and polished shopfront will be preserved and repaired where necessary, and the existing JG Windows signage will remain in place, with the new fascia signage to be overlaid using 3mm powder-coated aluminium.

The application adds: “Given the site’s prominent location within the Urban Core, the proposed development would enhance the vibrancy of the city centre, as encouraged by local policy. The compatibility of restaurants in proximity to dwellings has also been established through the presence of Côte Brasserie and Café Andaluz within the Central Exchange Building.”

The application says the majority of the historic layout of the first floor would remain largely unchanged, with the exception of three minor openings. Proposed alterations also include the installation of a kitchen area as well as customer dining areas, comprising a mix of banquette seating and dining table seating, along the Grey Street elevation and bullnose. The shop front is proposed to be repainted green, in line with the Grainger Town Shopfront Design Guide.

The application adds: “Given the site’s prominent location within the Urban Core, the proposed development would enhance the vibrancy of the city centre, as encouraged by local policy. The compatibility of restaurants in proximity to dwellings has also been established through the presence of Côte Brasserie and Café Andaluz within the Central Exchange Building.

“The proposed development will provide some clear conservation benefits through the retention of features of residual value within the building and the enhancement of the Grainger Town shop front. Due to the large amount of necessary physical works within the building, it is acknowledged that there could be some residual less than substantial harm, albeit at a very low level following a considered design process.

“Nonetheless, it has been demonstrated, that the public benefits associated with this proposal far outweigh any less than substantial harm. The high quality fit out designed to complement a heritage asset will ensure that a space that is not currently fit for purpose without change and investment will be ready for use and enjoyment for the public.”

Like this story? For more news from the commercial property scene around the regions, visit our dedicated section here for the latest news and analysis within the sector.

YouTube Premium subscribers should expect to see higher monthly prices, marking the first increase since 2023.

The streaming platform said the price changes will help it “maintain features our members value most: ad-free viewing, background play, and a massive library of 300M+ tracks on YouTube Music.”

“We continue to offer several plans, ensuring subscribers can choose the option that works best for them,” the company said.

NETFLIX CEO GRILLED DURING HEATED SENATE HEARING OVER TRANS CONTENT FOR CHILDREN: ‘SEEMS STRANGE TO ME’

YouTube Premium is raising prices for multiple plans. (Anna Barclay/Getty Images)

YouTube Premium offers ad-free viewing, background listening, offline video downloads and full access to YouTube Music Premium.

Under the new pricing, YouTube Premium will cost $15.99 per month, up $2 from $13.99. YouTube Music Premium will rise to $11.99, up $1 from $10.99, while the YouTube Premium Lite plan will increase to $8.99 per month from $7.99.

NETFLIX RAISES SUBSCRIPTION PRICES ACROSS ALL PLANS

Under the new pricing, YouTube Premium will cost $15.99 per month, up $2 from $13.99. (Idrees Abbas/SOPA Images/LightRocket via Getty Images)

The family plan, which allows up to six people in the same household to share access, will increase to $26.99 per month, up from $22.99. Student plans will also rise to $8.99 per month, an increase from $7.99.

JURY FINDS META, GOOGLE LIABLE IN LANDMARK SOCIAL MEDIA ADDICTION TRIAL, AWARDS MORE THAN $6M IN DAMAGES

The latest price increases come as streaming companies continue to adjust subscription costs across the industry. Netflix recently raised the price of its ad-supported tier by $1 to $8.99, while Spotify increased its monthly plan in January from $11.99 to $12.99.

Shares of Alphabet, the corporate parent of YouTube and Google, are up 0.85% year to date.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Jo Bamford, heir to the JCB fortune, says move might be needed to preserve jobs

The heir to the billion-pound JCB fortune has warmed that the government’s inheritance tax clampdown on family businesses could drive his father’s vast commercial empire out of the country.

Jo Bamford, whose billionaire father Anthony owns the excavation equipment manufacturer, warned he may be compelled to relocate abroad in order to protect jobs across the family’s portfolio of companies and prevent businesses from being broken up and sold.

“The family tax… is a real problem,” he told City AM in an interview, adding: “It could quite easily become an American business. I love being in Britain. I love being here. I love our factories here. But I would say to a political party of any stripe, look, there’s only so much you can ultimately do.”

The government has pressed ahead with proposals to impose inheritance tax on family-owned enterprises for the first time in decades, as part of a sweeping crackdown on wealth. The measure, first unveiled at Labour’s inaugural Budget, has sparked a chorus of warnings from business owners that the death duty will compel long-established firms to be sold off or dismantled to meet their tax obligations.

Both farms and family-run businesses had previously enjoyed a longstanding exemption from the unpopular levy, allowing them to be handed down without restriction. However, they were drawn into its scope amid concerns the arrangement was being exploited as a loophole by the super-wealthy. Under the changes, which came into force last week, all shareholdings in a family business worth more than £2.5m will be subject to a reduced inheritance tax rate of 20 per cent, as reported by City AM.

Billionaire engineering mogul James Dyson and hotel magnate Sir Rocco Forte have both cautioned that unless the levy is reversed, their heirs will likely be forced to sell off portions of their businesses to meet the costs. Meanwhile, drinks tycoon Steve Perez, founder of VK-maker Global Brands, warned that his company has scrapped investment plans for a new plant and hotel in a bid to reduce his family’s exposure to the tax.

At BusinessLive, we reported this week that JW Lees brewery boss William Lees-Jones also feared the impact of inheritance tax on family firms, calling the recent change an “act of self harm” that will stop family firms growing and creating jobs.

Bamford, whose family owns boutique food and drinks retailer Daylesford, the eponymous luxury soap brand, and JCB, told City AM that he and his sister were born in the US in the 1970s following a government drive to nationalise its business.

The manufacturing heir, whose father donated millions to the Conservative Party and is now one of Nigel Farage’s most prominent corporate backers, said: “When you’re hunting down family businesses or farms or any those two things, it is quite contentious, but you want people to hold on to these things long term.

“You want us, as a family, to invest here in Britain. You know, we have businesses everywhere around the world. We have them in India and China and Brazil. I’m here because I’m British and I’m here and I employ people in Britain because I like British people, and I like being in my part of the community.”

Serial entrepreneur Bamford maintains a position on the JCB board but has carved out a career in the clean energy sector, establishing hydrogen fuel company Ryze Power and chairing the board of environmentally-friendly bus manufacturer Wrightbus.

WINONA, Minn. — Shares of Fastenal Co. tumbled more than 6% Monday to $45.77 after the industrial distributor posted first-quarter results that largely met Wall Street expectations but failed to excite investors amid concerns over margin trends, pricing contributions and a cautious outlook in a mixed manufacturing environment.

The company, a leading supplier of fasteners, tools and industrial supplies, reported net sales of $2.2017 billion for the quarter ended March 31, up 12.4% from $1.9594 billion a year earlier. Daily sales rose 12.4% on the same number of business days, driven by market share gains, improved customer contract signings and broad-based demand across core end markets including manufacturing and construction.

Earnings per share came in at $0.30, matching analyst consensus estimates exactly and up from $0.26 in the prior-year period. Net income climbed 13.8% to $339.8 million. Operating income reached $447.6 million, yielding an operating margin of 20.3%, a 20-basis-point improvement year-over-year.

Despite the solid top-line growth and slight margin expansion, shares opened sharply lower and remained under pressure throughout the session. Some analysts and investors appeared disappointed that a portion of the sales increase — about 350 basis points — stemmed from pricing actions rather than pure volume growth, which rose an estimated 5.9%. Foreign exchange contributed a modest 60-basis-point tailwind.

Fastenal’s results reflect resilience in U.S. industrial activity even as broader economic signals remain mixed. Management highlighted continued strength in vending and other on-site customer solutions, which help lock in long-term relationships and improve supply chain efficiency for buyers.

“We delivered strong double-digit daily sales growth in the first quarter, reflecting share gains and broad-based demand,” said Fastenal CEO Dan Florness in prepared remarks accompanying the release. The company noted slight improvement in industrial production indices during the period.

Operating cash flow surged 44.3% to $378.4 million, representing 111.4% of net income and underscoring strong working capital management, including inventory optimization. The company returned $295.7 million to shareholders through $275.6 million in dividends and $20.1 million in share repurchases during the quarter.

Fastenal maintained a fortress-like balance sheet with total debt of just $125 million and significant cash generation capacity. For the full year 2026, the company guided for capital expenditures net of proceeds between $310 million and $330 million, up from $230.6 million in 2025. The increase supports replacement of the Atlanta hub facility, network efficiency upgrades, higher trucking investments and delayed IT projects now rolling into 2026.

The effective tax rate for the quarter stood at 24.2%, with management projecting an ongoing rate around 24.6% absent discrete items.

Analysts had entered the report expecting revenue near $2.19 billion and EPS of $0.30. The slight revenue beat of about $12 million provided little catalyst as the market appeared to price in higher expectations for volume-driven growth and sustained margin improvement.

The stock’s decline comes after a period of relative strength, with shares having traded near 52-week highs around $50.63 earlier in 2026. Monday’s drop pushed the market capitalization to roughly $52-53 billion, with a forward price-to-earnings multiple still elevated given the company’s consistent execution.

Fastenal’s business model — centered on thousands of branches, vending machines and sophisticated supply chain services — has long been viewed as defensive in industrial cycles. The company has expanded its addressable market through e-commerce, direct imports and value-added services that go beyond basic product distribution.

Yet investors remain sensitive to any signs of softening in manufacturing. While Q1 showed improvement, forward-looking commentary on the earnings call focused on steady but not explosive demand, with some end markets still navigating inventory adjustments and tariff-related uncertainties.

Pricing contributed meaningfully to the sales increase, a factor that may prove less sustainable if raw material costs stabilize or competitive pressures intensify. Gross margins held steady as the company balanced cost management with selective price adjustments.

The industrial distributor has benefited from onshoring trends and companies seeking more reliable domestic supply chains. Fastenal’s ability to deliver products quickly through its extensive network has been a competitive advantage, particularly for maintenance, repair and operations spending.

Broader sector dynamics include potential impacts from trade policies, infrastructure spending and capital investment cycles in heavy industry. Fastenal serves a diverse customer base spanning small machine shops to large manufacturers, giving it a real-time pulse on economic activity.

Wall Street’s consensus rating remains a cautious Hold, with an average 12-month price target around $48-49, implying modest upside from current levels. Some firms have highlighted the stock’s premium valuation relative to peers, while others cite Fastenal’s superior return on capital and consistent cash returns as justification for a higher multiple.

The company has increased its dividend for decades, making it a favorite among income-oriented investors. The quarterly payout remains reliable, with the most recent declaration underscoring management’s confidence in long-term cash generation.

Looking ahead, investors will monitor monthly sales updates for signs of sustained momentum. Fastenal typically provides preliminary daily sales figures early in the following month, offering frequent transparency into trends.

Risks include cyclical exposure to manufacturing slowdowns, commodity price volatility affecting both costs and pricing power, and potential margin compression if pricing tailwinds fade. Competition from other distributors and direct manufacturers also remains a factor, though Fastenal’s scale and service model provide differentiation.

The stock carries a beta below 1.0, reflecting its relative stability, though earnings reactions can still produce sharp moves when growth or margin narratives shift.

Fastenal’s long-term track record of profitable growth, high returns and shareholder-friendly capital allocation has built a loyal following. Monday’s sell-off appears more a case of “sell the news” after in-line results rather than fundamental disappointment.

With U.S. manufacturing showing pockets of strength and the company continuing to gain share through technology-enabled services, Fastenal remains well-positioned for the remainder of 2026. Whether the market rewards the execution or continues to demand faster volume acceleration will shape the stock’s trajectory in coming months.

As of mid-April 2026, the industrial bellwether trades at levels that some value investors may view as more attractive following the post-earnings pullback, while growth-oriented holders await clearer signals of accelerating end-market demand.

The earnings call, held Monday morning, provided additional color on regional trends, category performance and strategic initiatives around digital tools and supply chain optimization. Management emphasized disciplined execution amid an environment that remains constructive but not euphoric.

Fastenal’s ability to compound earnings through cycles has been a hallmark of its business. The Q1 print, while not a blowout, demonstrated that the company continues to navigate macro crosscurrents effectively while investing for future efficiency gains.

For a stock often described as a proxy for U.S. industrial health, Monday’s reaction underscores how even solid results can disappoint when expectations have been elevated by prior momentum. The coming weeks of monthly sales data will likely set the tone for investor sentiment heading into the second quarter.

With an eye on the next generation, a new Trump Accounts proposal aims to turn tax season into more than a yearly chore – recasting it as a first step toward building lasting wealth.

Tucked inside President Donald Trump’s sweeping One Big Beautiful Bill Act, the plan would create government-backed investment accounts for children, designed to grow over time.

The accounts would function much like traditional long-term investment vehicles, but with rules tailored to protect young savers. 

Available only to those under 18, they would be funded through federal seed money, private contributions from families and, in some cases, supplemental deposits from employers or nonprofit organizations.

TRUMP ACCOUNTS, EXPLAINED: WHO QUALIFIES, HOW THEY WORK AND WHEN YOU CAN CLAIM

Trump Accounts are tucked inside President Donald Trump’s sweeping One Big Beautiful Bill Act. (Tim Clayton/Corbis/Getty Images)

To kick-start the nest egg, the federal government will deposit an initial $1,000 into each new account.

“If the government is going to give you $1,000, you should definitely take it,” Bill Sweeney, AARP’s senior vice president of government affairs, told Fox News Digital.

“This is a great opportunity, from our perspective at AARP, for grandparents to help make sure that their grandkids are set on a good financial path and put a little bit of extra money away for their future,” he added.

Sweeney said anyone can apply for the accounts for a child born between 2025 and 2028.

“It’s a simple one-page form included with your tax return to open the account,” he added.

MICHAEL AND SUSAN DELL DONATE $6.25B TO FUND TRUMP ACCOUNTS

A blank 1040 tax return form from the IRS. (iStock)

Supporters say the accounts are designed to harness the power of long-term investing to build wealth early.

“One of the most important parts of wealth creation is what we in finance call compound interest,” said Michael Faulkender, co-chair of the America First Policy Institute’s Center for American Prosperity. 

“If you put money into an account and leave it untouched, that initial investment – and the interest it earns – can grow into a significant amount over time.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Anyone can start a Trump Account for a child born between 2025 and 2028. (Getty Images)

“Having an ownership stake in the economy is a more durable way to build wealth and become self-sufficient,” Faulkender said. 

“It allows families and their children to benefit directly from economic growth.”

So far, more than 4 million Trump Accounts have been opened this tax season, according to the Treasury Department.

ESPOO, Finland — Nokia Oyj shares skyrocketed nearly 9% Monday in Helsinki trading to €8.74 as investors piled into the Finnish telecom equipment maker ahead of its first-quarter earnings, following a bullish upgrade from Bank of America that highlighted strong growth potential in optical networks fueled by exploding AI data traffic and hyperscaler spending.

The surge marked one of Nokia’s strongest single-day gains in recent months and pushed the stock to levels not consistently seen since 2011, continuing a remarkable recovery that has seen shares more than double from lows in 2025. Trading volume spiked as optimism spread that Nokia is well-positioned to capitalize on the infrastructure demands of artificial intelligence, 5G-Advanced and eventual 6G deployments.

Bank of America upgraded Nokia to a Buy rating from Neutral, citing accelerating demand for high-capacity optical and IP networking gear as cloud providers and telecom operators build out AI-ready infrastructure. The firm raised its price target significantly, reflecting confidence that Nokia’s technology portfolio — particularly in optical transport and routing — can capture a larger share of the multi-billion-dollar wave of spending driven by generative AI workloads.

Nokia has aggressively positioned itself in the AI infrastructure narrative. Its solutions for high-speed, low-latency optical networks are increasingly critical for moving massive datasets between data centers and supporting the training and inference of large language models. Executives have emphasized “AI-native” networks that integrate intelligence directly into the infrastructure, a theme that resonated with investors after recent demonstrations at industry events including Mobile World Congress.

The upgrade comes at a pivotal moment. Nokia’s first-quarter 2026 interim report is scheduled for release on April 23, with analysts expecting updates on order intake, margin trends and progress in its restructured business segments. The company shifted to a new reporting structure at the start of 2026, providing more granular visibility into areas such as Network Infrastructure, which includes optical and IP routing — segments now seen as primary growth engines amid AI tailwinds.

Nokia has faced challenges in recent years, including intense competition from Ericsson and Huawei, margin pressure in mobile networks and a multi-year cost-cutting program that included significant job reductions. The company has been trimming its global workforce, aiming to reduce annual costs substantially while refocusing on higher-margin software, enterprise and optical businesses.

Despite those headwinds, recent momentum has been building. Nokia secured key 5G contracts, including a multi-year deal with Virgin Media O2 in the U.K. for AirScale radio access network equipment featuring Massive MIMO and AI-enabled capabilities. Partnerships and product launches in private wireless, enterprise solutions and defense-related technologies have also broadened its revenue base.

The stock’s rally reflects a broader re-rating of telecom equipment suppliers as AI spending shifts from pure hyperscaler GPU clusters to the underlying networking fabric that connects them. Optical networking, in particular, has become a hot area as data center interconnect demands soar. Nokia’s technology in coherent optics and high-capacity routing positions it to benefit alongside peers, though analysts note execution and competitive dynamics will determine market share gains.

Chief Executive Justin Hotard, who took the helm in 2025, has emphasized operational discipline, innovation in AI-driven networks and selective growth in attractive segments. The company continues to invest in research and development through Nokia Bell Labs, with recent emphasis on AI integration across its portfolio.

Monday’s sharp move also coincided with generally positive sentiment in European tech stocks and easing geopolitical concerns that had weighed on risk assets earlier in the month. Nokia’s dual listing in Helsinki and as an American Depositary Receipt on the New York Stock Exchange (NOK) saw sympathetic buying interest in U.S. trading hours.

Valuation metrics have expanded with the rally. While still viewed as reasonable by some compared with historical averages, the stock trades at a premium to recent troughs, prompting debate over whether the current enthusiasm is sustainable or risks a pullback if upcoming earnings disappoint. Analysts’ consensus price targets have risen but remain mixed, with some calling for further upside while others caution about near-term margin visibility.

Nokia’s dividend policy remains shareholder-friendly. The board has proposed flexible distributions up to €0.14 per share in installments rather than a single payout, providing flexibility amid ongoing restructuring. The Annual General Meeting held earlier in April approved board changes, including the planned succession of Board Chair Sari Baldauf by Timo Ihamuotila.

Longer-term opportunities include the transition toward 6G, where Nokia aims to play a leading role through standards development and early technology trials. The company’s strong patent portfolio in wireless technologies continues to generate licensing revenue, offering a relatively stable income stream.

Challenges persist. Mobile networks margins have been under pressure, and large-scale 5G deployments in some markets have slowed. Geopolitical tensions, supply chain issues and currency fluctuations also affect results, given Nokia’s global footprint.

For investors, Nokia represents a play on both traditional telecom infrastructure renewal and the newer AI networking boom. The stock’s volatility reflects shifting narratives — from a legacy handset maker to a diversified networking and technology leader — with AI providing fresh optimism after years of stagnation.

As the April 23 earnings approach, focus will center on order backlog trends, particularly in optical and enterprise segments, cost-saving progress and any updated full-year guidance. Positive surprises on AI-related demand could fuel further gains, while any softness in core mobile infrastructure might temper enthusiasm.

Monday’s 8.74% jump underscored how quickly sentiment can shift in the sector when analyst upgrades align with macro tailwinds and thematic interest in AI infrastructure. Nokia, once considered a fading giant, is once again drawing attention as a potential beneficiary of the massive capital expenditure cycle unfolding in data centers and carrier networks worldwide.

Whether this momentum sustains through earnings season will depend on concrete evidence that the optical and AI narratives are translating into revenue acceleration and margin expansion. For now, investors appear willing to give Nokia the benefit of the doubt as it navigates its transformation in an increasingly AI-driven telecom landscape.