3P Technik and sister venture Celtic Sustainables come under new group entity Celtic House Holdings

Stormwater treatment and rainwater harvesting venture 3P Technik UK, and its sister sustainable building supplies company Celtic Sustainables, have become an employee-owned group.

Founded in 2000 by its current managing director Glyn Hyett, 3P Technik was originally based in Cardiff, before relocating to Cardigan in 2005. In 2008, Mr Hyett established Celtic Sustainables, after identifying a gap in the market for sustainable building products in the region.

The transition to employee ownership (EO) brings the two companies together under one group, Celtic House Holdings , from a shared factory unit in Parc Teifi in Cardigan and employing 17 people.

Since the move to Cardigan more than 20 years ago, the business has employed more than 50 local people, something that has always been important to founder and a key reason behind his decision to become employee-owned and use the employee ownership trust (EOT) model, rather than a trade sale.

The value of the deal has not been disclosed, bu Mr Hyett will remain with the business. He said: “When looking at the future of the business, I wanted to put something in place to ensure that it remained in Cardigan and that the people who have been loyal to the Group and me for so many years have some job security.

“I did explore the traditional trade sale route, but I wasn’t ready to leave the business quite yet and was also aware that by selling to a third party, the likelihood would be that the jobs would leave the region and that’s something I wasn’t willing to do.”

“I am staying with the business for the foreseeable future, so I can pass on my knowledge of both stormwater treatment and sustainable building to the rest of the team here, and to ensure that future generations have opportunities to build rewarding careers in this beautiful part of the world.

“While the businesses will continue to operate independently under their own brands, the move represents a shared commitment to long-term stewardship, local employment and sustainable business.”

Mr Hyett will form part of Celtic House EOT Trustee board for the Celtic House group of companies, as well as employee trust board members Jane Heard and Rhys Rideout. The independent trust board member is Sarah Owens from the EO Team at Cwmpas. Senior managers Andrew Mayer, Morag Embleton and Anthony Kerr have been appointed as new directors of Celtic House Holdings.

The Employee Ownership Wales service from Cwmpas is part of Social Business Wales and of the Business Wales family, both funded by Welsh Government. They support businesses navigating the transition into Employee Ownership, providing bespoke consultancy support to help you decide if EO is the right solution for owners and their business.

Sarah Owens, Specialist EO consultant from Cwmpas, said: “It has been great to work with Glyn and the team at Celtic House Holdings on their transition into Employee Ownership.

Glyn’s motives for the use of the EOT were clear and helped us to really shape the vision for the transition and how it would work for Glyn and his team in this unique group of companies. It’s wonderful news that the skills and expertise built up over so many years won’t be lost and will remain in Ceredigion thanks to this move into employee ownership. This is a really exciting time for Celtic House Holdings and it was an honour to help them achieve the next stage in their development.”

Mr Hyett team were supported throughout the process of becoming employee owned by JCP Solicitors. Natalie Jones, director and EOT specialist in JCP’s corporate and commercial team, said: “We are delighted to have been able to support Glyn and the team with the adoption of an employee ownership model for the froup. The EOT will ensure that the culture of the Group is preserved and the group’s continued presence in Ceredigion. EOTs have grown in popularity in recent years as a practical and tax-efficient exit (capital gain exemptions) route – and this deal shows just how well the model can work when implemented with care. We wish Glyn and the team every success in this new chapter.”

BPU Accountants Nick Toye, Director BPU and Martin Knight, director BPU also advised on the financial aspect of the transaction.

This article was written by

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Shares of food delivery major Swiggy fell. 5% to an intraday low of Rs 266 on the BSE on Monday after the Food Safety and Standards Authority of India (FSSAI) issued nine notices to its quick commerce arm, Swiggy Instamart, over multiple consumer complaints alleging violations of the Food Safety and Standards Act, 2006.

With Monday’s decline, Swiggy shares have dropped over 4% over the last two trading sessions.

The notices, issued on Saturday, require Swiggy Instamart to submit a detailed explanation and a compliance report. The regulator said failure to comply could result in appropriate legal action.

FSSAI has sought documentary evidence explaining the alleged non-compliances and the circumstances surrounding the reported incidents. It has also directed the company to furnish details of its quality assurance systems, food safety monitoring processes, inventory management, stock rotation, hygiene standards, storage and handling practices and the internal controls implemented to ensure compliance with food safety regulations.

Also read: Swiggy, Eternal shares jump up to 20% in one month. Should you buy or avoid?

What did FSSAI say in the order?
According to the notices, Swiggy Instamart received multiple consumer complaints alleging the supply of expired, spoiled, rotten, contaminated or otherwise unsafe food products.The regulator said ‘NOICE Eggs’ were marketed under a brand name not covered by the product categories approved under the existing FSSAI licence. It noted that the company had previously been instructed not to market the product unless it was covered under a valid licence and to seek a modification to its licence, if required.

FSSAI also alleged that ‘Healthify 100% Whey Protein (1 kg)’ and ‘NOICE Homestyle Madras Mixture with Peanuts’ were supplied after their expiry dates. It further observed that ‘Akshayakalpa Organic Egg’ was expired, rotten and contaminated, rendering it unfit for human consumption.

Read more: ETtech Explainer: Has Swiggy become Indian-owned after a drop in foreign ownership?

The regulator further stated that an infant food formulation was found to be in a severely deteriorated and unsafe condition, with signs of contamination and improper storage and handling. According to the notice, the same product was allegedly supplied again to the consumer after the defective item had been returned.

The notices also alleged that the company failed to provide a satisfactory response, grievance redressal or corrective action despite the complaints being forwarded or escalated. In one instance, the notice stated that Swiggy Instamart offered a refund without addressing the food safety concerns raised by the customer.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Australia’s share market has started the week flat as renewed fighting in the Persian Gulf boosts oil prices and weighs on mining stocks.

The S&P/ASX200 rose 2.5 points on Monday, up 0.003 per cent to 8,808.5, as the broader All Ordinaries slipped 0.7 points, or 0.01 per cent, to 9,003.

“On the ASX200 the volatility is just seeping out of that market, and I think probably for good reason,” IG market analyst Tony Sycamore told AAP.

“We’ve got the US earnings season coming up, we’ve got the Australian earnings season coming up in August, and there’s still a fair bit of uncertainty around what’s going on in the Middle East and whether the Reserve Bank have finished hiking rates.”

Miners were under renewed selling pressure after a brief reprieve on Friday as investors continued rotating into resurgent financial stocks, which have gained more than six per cent since mid-June.

Gold producers were heavy, with the precious metal slipping to $US4,054 ($A5,851) an ounce during the session, dragging the sub-index 1.9 per cent lower.

The mega miners were mixed, with Fortescue gaining 1.6 per cent, Rio losing 0.3 per cent and BHP trading slightly better than flat after calling in the industrial umpire to help avert strike action at Port Hedland.

Battery minerals and rare earths producers also sold off.

The energy segment advanced 0.7 per cent as Brent crude hovered above $US79 a barrel, with no end in sight to renewed hostilities between the US and Iran.

Iran escalated its attacks on US bases in the Middle East during the session and says it has again halted traffic in the Strait of Hormuz.

Shares in refinery operator Ampol surged more than four per cent after it secured a $400 million subordinated notes debt facility backed by KKR.

Retail stocks were mixed ahead of Westpac and NAB’s respective consumer and business surveys due on Tuesday, with discretionaries up 0.9 per cent while staples fell by the same degree.

IT stocks were the worst-performing sector, down 2.5 per cent with a big slump in Xero after its CEO Sukhinder Singh Cassidy unloaded almost $2.2 million in stock to manage her tax obligations.

In company news, oOh!Media swung four per cent higher after it revealed three suitors were considering takeover offers for the outdoor advertising company.

The Australian dollar is buying 69.29 US cents, down from 69.50 US cents on Friday at 5pm, as safe haven buyers retreat to the greenback.

Looking ahead, some big global names will deliver mid-year earnings this week including JPMorgan Chase, Bank of America, Netflix, Taiwan Semiconductor and Johnson & Johnson.

The local earnings season kicks off on July 29 with Rio Tinto’s half-year results.

ON THE ASX:

* The S&P/ASX200 rose 2.5 points, or 0.03 per cent, to 8,808.5

* The broader All Ordinaries lost 0.7 points, or 0.01 per cent, to 9,003

One Australian dollar trades for:

* 69.29 US cents, from 69.50 US cents at 5pm AEST on Friday

* 112.41 Japanese yen, from 112.29 Japanese yen

* 60.76 euro cents, from 60.74 euro cents

* 51.78 British pence, from 51.76 pence

* 120.28 NZ cents, from 120.39 NZ cents

LeBron James remains one of the NBA’s few unresolved free agents nearly two weeks into the offseason, and while no formal decision has been announced, mounting reporting and public commentary point to a handful of franchises as the clear front-runners to land the four-time MVP for the coming 2026-27 season and beyond. Here is a look at the three teams most frequently cited as favorites in James’ ongoing free agency.

1. Cleveland Cavaliers

League sources describe a growing “vibe” pointing toward a Cleveland return, according to ESPN’s Brian Windhorst, making the Cavaliers the most consistently mentioned landing spot in recent days. James began his career in Cleveland and later returned for a celebrated second stint that included the franchise’s 2016 championship, and his recent activity away from the court has fueled speculation of a third chapter. James was seen gathering with members of that 2016 title-winning roster this summer and has spent additional time in his hometown of Akron, Ohio.

The Cavaliers enter the conversation with strong on-court momentum, coming off their best season without James in more than 30 years, and recently locked up guard Donovan Mitchell on a four-year maximum extension, giving James a proven All-Star to pair with immediately if he returns. Unlike several other suitors, it remains unclear whether Cleveland has followed the same recruiting approach used by rival teams. According to ESPN’s Dave McMenamin, it is not confirmed whether the Cavaliers have sent Rich Paul, James’ longtime agent, the kind of personal voice memos other franchises have used to make their pitch, though James’ own historical ties to the organization may make that kind of formal courtship less necessary than it would be for an unfamiliar franchise.

2. Golden State Warriors

The Warriors remain squarely in the mix given James’ close friendship with Stephen Curry, dating back to their partnership on the U.S. Olympic team in 2024. Speaking to reporters at the American Century Championship celebrity golf tournament, Curry acknowledged the appeal of the pairing directly. “The pitch is: Do you want to play good basketball and be around people that know how to play the game?” Curry said. “Hopefully raise our floor and our competitiveness this year. There’s good golf in the Bay. We’re an organization that’s been there. He knows that.”

However, Golden State’s path to actually landing James appears more complicated than Cleveland’s. According to ESPN’s Shams Charania, the Warriors are not viewed as a top contender for James unless they can first complete a separate trade to acquire Anthony Davis, James’ former Lakers teammate. That pursuit is itself complicated by forward Jimmy Butler, whose contract would likely need to be included in any Davis package; the Warriors have publicly told Butler he will not be dealt, and Butler is separately expected to be sidelined into at least the winter as he continues recovering from January ACL surgery. Golden State forward Draymond Green also opted out of a $27.6 million contract option earlier this month, a move widely interpreted as an effort to help the team create additional financial flexibility, potentially in service of a broader roster overhaul that could include James.

3. Philadelphia 76ers

Philadelphia has emerged as a serious contender in part because of the personal effort the organization has put into recruiting James directly. Bob Myers, president of Harris Blitzer Sports & Entertainment, which owns the 76ers, appeared directly on Rich Paul’s “Game Over” podcast, a move interpreted around the league as a signal of how seriously the franchise values landing James. Paul has also referenced Philadelphia specifically during multiple podcast appearances discussing James’ potential landing spots, listing the 76ers alongside teams including Miami, Minnesota, Denver, Golden State and Cleveland on a whiteboard breakdown of James’ options.

Philadelphia’s appeal centers partly on roster fit, with a core built around Joel Embiid and Tyrese Maxey that could theoretically be reshaped around James’ continued playmaking and scoring at this stage of his career. The 76ers were also linked to a potential three-team framework earlier in the offseason involving the Boston Celtics and Houston Rockets that would have moved players including Jaylen Brown, though that specific deal ultimately did not include a path for James and Brown has since joined Philadelphia through a separate trade with Boston, altering the roster picture Myers and the 76ers front office would be working with going forward.

Beyond those three, other franchises continue to circulate in the broader conversation, including the Denver Nuggets and Minnesota Timberwolves, both of which Windhorst reported believe they have a legitimate case to land James despite the Cleveland speculation. The Miami Heat have also been mentioned throughout the process, though James’ own history with the organization, dating back to his original 2010 move there, has generated comparatively less public buzz this time around than his potential returns to Cleveland or a first-time move to Philadelphia or Golden State.

Notably absent from serious consideration is the New York Knicks, which Paul has said would have been a genuine option for James had the team not just won the 2026 NBA title, effectively taking New York off the board given the roster stability that comes with a championship-winning group. “The last thing you want to do is mess up something like that,” Paul said of the Knicks’ situation on “Game Over.” “The Knicks has a good thing going. If the Knicks hadn’t of won, there would be no board. He’d be going to the Knicks.”

As of this week, James’ free agency has already stretched well beyond the timeline of his previous major decisions, including his 2010 move to Miami and his 2014 return to Cleveland, both of which were announced by July 11 of their respective years. Some analysts have speculated James may be deliberately timing any eventual announcement around the World Cup, which remains in its semifinal stage this month, to avoid having his news overshadowed by soccer’s biggest global stars.

With no confirmed timeline for a final decision, the coming days are expected to bring continued reporting on where James ultimately lands, with Cleveland, Golden State and Philadelphia remaining the three franchises most consistently cited across league sources as the strongest contenders to secure the four-time champion for the 2026-27 season and whatever remains of his storied career beyond it.

Jan Edvin Pedersen

And welcome to the presentation of KONGSBERG’s second quarter results. This presentation is done as a webcast only, and you will be able to send in questions through the chat function.

Please note that this presentation contains forward-looking statements that, by their nature, involve known and unknown risks, uncertainties and other important factors that could cause the actual results to differ.

Today’s presentation will be delivered to you by our CEO, Eirik Lie; and our CFO, Martin Wien Fjell.

With that, I will hand it over to our CEO, Eirik.

Eirik Lie
Executive VP of Kongsberg and President of Kongsberg Defense & Aerospace

Thank you, Jan Edvin. Good morning, everyone, and welcome to this second quarter results presentation. The second quarter of 2026 was characterized by high activity levels across the company, both in new orders and in our production facilities. We continued to sign significant new contracts, and we made key deliveries to our customers.

Last week, I was in Ankara for the NATO Summit and Industry Meeting. The messages from NATO were clear. Europe must continue to invest in its own defense capabilities and seek joint procurement with other countries.

The need for high industrial production is increasing and urgent. And the Ukraine war continues to show the importance for air defense, missiles and anti-drone capabilities. There is also a critical need for missiles that can be produced in high volumes as well as protection against tactical ballistic missiles.

In Ankara, NATO countries announced more than USD 50 billion in new