The Grafton welcomed acts from The Beatles to Duke Ellington

Major renovation plans for one of Liverpool’s former iconic nightclubs will now go ahead a year after the city council agreed to the scheme. Last March, Liverpool Council’s planning committee tentatively gave the go-ahead to recommend 90 apartments in a six storey development on the site once occupied by The Grafton on West Derby Road, Kensington.

The historic venue, located next to The Olympia, opened in 1924 as a ballroom and later became a legendary nightclub – hosting acts like The Beatles and Duke Ellington. However, it is currently vacant and derelict, having been closed as a club for years.

While city councillors warmly welcomed proposals to redevelop the site, the plans were briefly put on hold after officials omitted any consultation with Historic England from their report. After the heritage body confirmed it would back the plans for the site, a lengthy wait took hold for a final decision.

Now the local authority has confirmed 15 months on it has formally agreed for the site to be converted. In 2023 Equans Regeneration submitted plans to Liverpool Council to turn the site into a housing development made up of 90 apartments over a six-storey block.

The scheme would comprise 47 one and 43 two-bedroom rent-to-buy apartments, to be managed by affordable housing provider Sovini. Officials acknowledged how the site has been vacant for more than 15 years and presents a health and safety hazard in its current state, described as “an eyesore.”

Agent Brad Wiseman told the committee last year how regeneration of the location would provide “the investment that is desperately needed to transform the site, give it a new identity and deliver new affordable homes for city residents.” Mr Wiseman said the development would only be made possible by the receipt of grant funding from Homes England.

There had been hopes initial work – subject to Historic England approval – would start quickly but major transformative options would not begin until Homes England cash had been received. The local authority is duty bound to run the plans past the body, which forms part of the Department for Culture, Media and Sport, because of its proximity to a listed building.

In a statement, Catherine Dewar of Historic England said: “Liverpool Council wrote to us on March 11 (2025) to consult us on proposals to largely demolish The Grafton Rooms to provide new homes. We’ve prioritised our assessment of the plans and today we’ve responded to say that we’re not objecting to these proposals.

“The Grafton Rooms is not a listed building but we do have an interest in protecting the setting of the Grade II* Olympia Social Club next door, which is a wonderful example of the work of Frank Matcham, the country’s most celebrated Edwardian theatre architect. We recognise the benefits that the proposal’s new housing will bring for the area and we value the retention of the well-known façade of The Grafton Rooms as part of the project’s vision.

“We are committed to working alongside local authorities and developers to find new and viable uses for Liverpool’s much-loved heritage.”

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Apple’s iPhone 18 Pro pre-orders may open a day later than the company’s usual schedule this year, according to a new report, with the shift reportedly tied to the timing of a somber anniversary on the calendar.

Apple has already confirmed it will hold its annual fall product event on Wednesday, Sept. 9, at the Steve Jobs Theater on its Cupertino, California, campus. The company is widely expected to unveil the iPhone 18 Pro and iPhone 18 Pro Max at the event, along with its first foldable iPhone and new Apple Watch models. Under Apple’s typical launch pattern, pre-orders for new iPhones open on the Friday immediately following the announcement, with devices shipping to customers the following week.

This year, that would place pre-orders on Friday, Sept. 11. But German publication Macwelt, a sister site to Macworld, reported this week that a source has indicated Apple will instead push pre-orders back to Saturday, Sept. 12. Macworld and other outlets that cover Apple’s product cycles closely, including 9to5Mac and MacRumors, have since reported on the claim, citing Macwelt’s sourcing.

The reasoning behind the potential shift centers on the date itself. Sept. 11, 2026, marks the 25th anniversary of the Sept. 11 terrorist attacks, and Apple has a history of avoiding scheduling major product pre-orders and launches on the date out of sensitivity to the anniversary. The company has made similar adjustments in past years when its typical launch schedule has landed on or near Sept. 11.

According to the report, the timing of pre-orders may not be the only change this year. Sources cited by Macwelt indicated that Apple could also alter the time pre-orders open. Apple has traditionally opened iPhone pre-orders at 5 a.m. Pacific time, but the report suggests the company may instead open pre-sales at midnight Pacific time on Saturday, a notably earlier start than the norm.

If the Sept. 12 pre-order date holds, it would put the iPhone 18 Pro’s retail release roughly a week later, with several outlets projecting a launch date of Friday, Sept. 18, based on Apple’s typical one-week gap between pre-orders and in-store availability. There is precedent for this kind of adjustment: when Apple’s iPhone 6s and iPhone 6s Plus were unveiled on Wednesday, Sept. 9, in 2015, pre-orders for those devices similarly opened on a Saturday, Sept. 12, rather than the preceding Friday.

Macwelt’s track record on Apple leaks has been mixed. The publication has previously published accurate scoops on Apple’s product plans, but it also incorrectly reported the release date of the iPhone 17e earlier this year, according to Macworld’s own reporting. As a result, outlets covering the story have cautioned that while a Sept. 12 pre-order date appears plausible, the specific details, including the reported midnight opening time, could still change before Apple’s official announcement.

Apple has not publicly confirmed the pre-order schedule for the iPhone 18 Pro lineup, and the company is not expected to do so until closer to, or during, its Sept. 9 event. The Sept. 9 event date itself was confirmed earlier this week when Apple sent media invitations featuring the tagline “Surprise and shine” alongside an image of a glowing Apple logo.

This year’s product cycle is notable for reasons beyond the pre-order schedule. Apple is reportedly breaking from its usual pattern by not introducing a standard iPhone 18 model alongside the Pro lineup in September. Multiple reports, including from analysts tracking Apple’s supply chain, indicate the base iPhone 18 will instead debut in spring 2027, with Apple prioritizing its premium Pro models and its long-rumored foldable device for the traditional fall launch window.

The iPhone 18 Pro and iPhone 18 Pro Max are expected to be powered by Apple’s new A20 Pro chip, built on a 2-nanometer manufacturing process that the company has said will improve both performance and power efficiency. Other rumored changes to the Pro lineup include a smaller Dynamic Island cutout, an upgraded main camera with variable aperture technology, and Apple’s next-generation C2 modem.

Apple’s foldable iPhone, which analysts and outlets covering the leak have referred to as the iPhone Ultra, is expected to be unveiled at the same September event, though some reports suggest its actual on-sale date could be delayed into the fourth quarter because of production constraints. Analyst Ming-Chi Kuo has said supply of the device is likely to be constrained at launch.

Whatever the final schedule turns out to be, the shifting dates underscore how closely Apple’s fall launch calendar interacts with the surrounding calendar in any given year. With Labor Day falling on Monday, Sept. 7, and the Sept. 11 anniversary landing just two days after Apple’s planned keynote, the company appears to be navigating both dates carefully as it finalizes plans for one of its most closely watched product launches in years.

Apple did not respond to requests for comment on the reported pre-order schedule.

Naduni Abeywickrama, who was travelling from London to Aberdeen, added that the delay was “extremely frustrating”.

She added: “No one seems to be making a scene, but I feel frustrated because this is the second time this has happened.”

Toilets in the airport’s North Terminal are closed as a result of the supply issue, while the majority of toilets in the South Terminal are unaffected.

Food outlets in the North Terminal remain open, but for passenger seating only.

Anthony Rochester, head of networks at SES Water, said that it “had restored water supplies to Gatwick Airport and the surrounding areas by re-routing our network”.

“We’re continuing to work closely with the airport as we understand water isn’t yet flowing throughout their buildings”, he added.

In July, both terminals at Gatwick Airport lost running water for several hours after a power failure at a treatment works in the area.

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Shares of The Gap Inc. surged more than 13% Friday after the apparel retailer reported second-quarter earnings that topped Wall Street expectations and raised its full-year profit guidance, capping a report that also included the announcement of new leadership at its struggling Old Navy brand.

The stock was trading at 23.53 dollars, up 2.74 dollars, or 13.20%, as of 11:41 a.m. Eastern time on the New York Stock Exchange, extending gains from premarket trading that had pushed shares up as much as 16% earlier in the session.

Gap reported adjusted earnings of 52 cents per share for the quarter, beating the average analyst estimate of 49 cents, according to figures compiled by Investing.com. Revenue came in at roughly 3.7 billion dollars, matching consensus estimates but down 2% from the same period a year earlier. Net income for the quarter reached 501 million dollars.

Despite the revenue decline, the company’s profitability outperformed expectations. Adjusted operating margin reached 7.1%, while adjusted gross margin rose to 41.4%, up 20 basis points from a year earlier, driven largely by an 80-basis-point expansion in merchandise margin. Comparable sales across the company fell 1% for the quarter.

Performance varied sharply across Gap’s four main brands. The namesake Gap brand was the standout, posting comparable sales growth of 10% and net sales of 844 million dollars, a 9% increase from the prior year. Banana Republic also grew, with net sales up 1% to 478 million dollars. Old Navy, the company’s largest brand by revenue, saw net sales decline 4% to 2.1 billion dollars, while Athleta, Gap’s activewear label, posted a steeper 12% drop in sales to 264 million dollars.

In a statement accompanying the results, Gap President and Chief Executive Officer Richard Dickson addressed the mixed performance directly. “While top-line results in the second quarter were modestly below expectations, continued operational and financial rigor contributed to gross margin strength resulting in the Company exceeding profit expectations,” Dickson said.

On the company’s earnings call, Dickson also acknowledged the challenges facing Old Navy specifically, saying, “At Old Navy, as we previewed on last quarter’s call, seasonal categories continued to weigh on performance. While we took actions to address this as the quarter progressed, we also experienced a slowdown in traffic, which led to a modest miss versus our expectations.” He said the company expects seasonal pressure at the brand to ease in the third quarter, with a renewed focus on denim, activewear, sweaters and knits.

Alongside the earnings report, Gap announced that Michael Francis will become president and chief executive officer of Old Navy, effective Nov. 2. Investors welcomed the leadership change as part of a broader effort to revive the brand, which has lagged behind Gap’s namesake label in recent quarters.

Looking ahead, Gap raised its full-year adjusted earnings-per-share guidance to a range of 2.35 dollars to 2.45 dollars, up from its previous forecast of 2.30 dollars to 2.40 dollars. The company also lifted its adjusted operating margin guidance to approximately 7.4% to 7.6%, compared with a prior range of 7.3% to 7.5%. At the same time, Gap narrowed its full-year net sales growth forecast to a range of 1% to 1.5%, down from its earlier projection of 1% to 2% growth.

For the third quarter, the company said it expects revenue growth of 1.5% to 2.5% compared with the 3.9 billion dollars reported in the same period last year, along with gross margin expansion of 25 to 75 basis points.

Gap executives also addressed the impact of tariffs on the business during the earnings call. Following a Section 301 tariff announcement on July 23, the company said it is now extending a 10% tariff-rate assumption through the end of August, providing approximately 15 million dollars of incremental net tariff relief for the year, mostly to be realized in the fourth quarter. If the 10% rate holds through the end of the third quarter, the company estimated it could see an additional 35 million dollars in tariff-related benefit.

Wall Street’s reaction to the results was mixed despite the stock’s sharp rally. Bank of America reiterated its neutral rating on Gap following the report, with analysts saying they were “encouraged by momentum at Gap but remain concerned that Old Navy’s lower-end customer will continue to be pressured by the tough macro climate.”

The earnings beat comes after a volatile stretch for Gap shares, which had faced a series of analyst downgrades in the weeks leading up to the report. Jefferies downgraded the stock to hold from buy on Aug. 17, and Barclays issued a similar downgrade earlier in the month, citing caution ahead of the results. Friday’s rally reversed much of that negative sentiment, at least for the session, as investors focused on the strength of the flagship Gap brand and the company’s improved profitability outlook.

The results mark the latest data point in Gap’s broader turnaround effort under Dickson, who has focused on reinvigorating the company’s core brands through updated marketing, product design and leadership changes. The addition of Francis at Old Navy is expected to be a key test of whether that strategy can extend to the company’s largest and currently most challenged division.

Stockport council mulls CPO move as bus giant says talks are ‘ongoing and positive’

Stagecoach is being accused of holding up major plans to revive Stockport town centre, amid claims the bus company asking for too much money. The issue is now being escalated by Stockport council over fears more than £40m could be lost.

The Stockport 8 development is one of the largest town centre regeneration projects in the UK. It could see over £350m of investment, and include 1,300 homes as well as new businesses.

It is part of plans by Stockport Council to completely transform the town with thousands of new homes.

The development covers a large area to the west of the town’s iconic railway viaduct between the now-finished Weir Mill scheme and the central railway station. Phase 1 of the scheme will include a mixed residential neighbourhood of 435 homes and 82 affordable properties.

It was hoped the first phase of the scheme would start construction in 2026 but the plans could now be delayed. This is because Stagecoach are asking for too much money in relation to their depots in the town centre, according to a new Stockport council report.

Cllr Micheala Meikle, Cabinet Member for Economy, Regeneration and Skills, said: “Our focus remains on reaching a negotiated outcome with the leaseholder, while protecting the delivery of a project that will bring new homes, jobs, investment and long-term benefits for Stockport and its people.

“However, a scheme of this scale and importance cannot be left open to unnecessary delay. Seeking approval to prepare for the possible use of compulsory purchase powers ensures the council has the appropriate tools available, if they are ultimately needed, to keep this major regeneration project moving to schedule.”

However a Stagecoach spokesperson said: “We remain engaged in ongoing, positive discussions with Stockport Metropolitan Borough Council regarding the voluntary surrender of an element of our lease in advance of its expiry in 2046.

“Both parties continue to work collaboratively to support local regeneration goals while ensuring the uninterrupted delivery of local bus services.”

Documents brought before councillors at a meeting on September 3 show the local authority want to buy two bus depot sites in the area to deliver both the first and third phases of the scheme. This is ahead of a cabinet decision on September 15.

Despite tenant Stagecoach agreeing in principle with the local authority, a council report said no agreement had been reached ‘despite sustained efforts over a prolonged period’, warning that ‘this is resulting in potential significant delays to the delivery of a major regeneration project for Stockport’.

There are plans to relocate the bus depot further west near Cheadle which will be owned by Transport for Greater Manchester. However the council said Stagecoach’s position ‘is that it will not enter into the required legal agreement unless it is a paid a sum that the council’s advisers consider is significantly in excess of the sum to which it is entitled’.

Now councillors at a scrutiny committee are expected to comment on the report before it goes to Stockport council’s cabinet. Officers are asking for permission to take all necessary steps to acquire the site, including the possible use of compulsory purchase powers to buy it without Stagecoach’s permission.

The scheme is being delivered in partnership with English Cities Fund, a joint venture made up of Homes England, Legal & General and Muse. In November 2025, £41.3m of Greater Manchester Combined Authority Funding was awarded towards the scheme.

In the council report, officers said: “Not only does the ongoing uncertainty risk significant delays to the delivery of a key regeneration scheme, but it could also risk the loss of the significant public funding that has been secured for the development.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

The head of the US central bank said policymakers will “have work to do” to if they are not confident cost of living pressures are easing for Americans.

Federal Reserve chairman Kevin Warsh said while inflation readings looked better than expected over the summer, they did not show that the current picture had “meaningfully improved”.

The new Fed boss stressed that his remarks should not be treated as a guide for future interest rate decisions, but the comments suggest rates could be raised if policymakers believe inflation is too high.

The latest figures showed prices rose 3.4% in the year to July, above the Fed’s 2% target.

Warsh made the comments in his first speech at the annual Jackson Hole Economic Policy Symposium in Wyoming, which sees central bankers, government officials and academics from around the world gather to talk about interest rates, inflation and other economic issues.

Warsh said given prices were rising by more than 2% on annual basis, “the Fed’s predominant focus right now should be on prices”.

“Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do.”

The central bank boss has remained tight-lipped about the potential path of interest rates, but investors will have watched his speech closely for any signs of the Fed’s approach under his leadership.

The central bank’s next interest rate decision will be made on 15-16 September.

Warsh issued a plea in his speech to not label his remark as “forward guidance” and said he believed the practice of sending signals to the markets on future interest rate decisions, adopted in the wake of the 2008 financial crisis, had “overstayed its welcome”.

“Oversharing policy deliberations and overcommitting to future decisions can lead markets, businesses, and households astray,” he said, adding it also inhibited the Fed the “freedom to make the right calls when it’s time to decide”.

Interest rates were left unchanged between 3.5% and 3.75% in July for the fifth time in a row amid concerns over inflation due to the ongoing conflict between the US and Iran, which has caused as surge in global oil prices.

Higher oil prices has also fuelled bond market investors, who have demanded higher returns, leading to higher borrowing costs for the US government and other major corporations.

Such borrowing costs impact the cost of borrowing for mortgages, car loans and credit cards.

The spike in interest payments has driven US national debt past the $40tn (£29.5tn). The figure has doubled in a decade under both the Trump and Joe Biden administrations.

The figure is rising by about $90,000 every second, or $7.8bn a day, according to the Congress Joint Economic Committee.