Firm was working to build facility in Lancashire but ran out of funds

An energy firm that secured a high-profile legal victory against the UK government has gone into liquidation after exhausting funds needed to construct a major underground gas storage facility in Lancashire.

Halite Energy Group, which devoted more than a decade to developing the infrastructure scheme in Preesall, has appointed turnaround specialist Donald McKinnon from accounting firm Wbg as liquidator. The collapse arrives despite the company’s directors stating in their most recent financial accounts, lodged in January 2025, that the business remained a viable going concern.

The scheme has been at the heart of fierce local and political conflict in Lancashire for over a decade. Halite Energy initially proposed to wash out up to 19 specially constructed underground salt caverns deep beneath the Preesall Saltfield, situated on the eastern side of the Wyre Estuary.

The infrastructure proposal involved transporting gas through pipelines crossing rural Wyre to link directly with the national gas grid near Garstang. The plans met with fierce, protracted opposition from Wyre Council, Lancashire County Council, and the resident-led campaign group Protect Wyre.

Campaigners and local politicians repeatedly highlighted threats to the rural landscape and raised concerns regarding geological safety. When the Department of Energy and Climate Change originally turned down the scheme in 2013 owing to Lancashire’s complex geology, Halite challenged the government in the High Court, reports Lancs Live.

The firm secured a significant legal triumph in 2014 that overturned the government’s rejection, ultimately compelling the approval of a Development Consent Order (DCO) in 2015. Had the scheme come to fruition, the multi-million-pound initiative would have substantially increased the UK’s overall gas storage capability.

Advocates said the newly constructed caverns would have enabled the national network to prevent supply disruptions, reduce volatile price fluctuations, and reliably support intermittent electricity produced by wind turbines.

Wbg liquidator Donald McKinnon said: “Halite Energy Group had the rights to develop a fully permitted gas storage facility in former salt caverns. When developed, the site would account for 25% of the UK’s gas storage capacity.

“However, earlier this year, the company’s agents estimated that the costs to complete the project were in the range of £5.7 – £7m. With insufficient revenue streams to meet these costs and an inability to secure additional funding, the directors made the difficult decision to cease trading and appoint myself as liquidator.”

LeBron James’ free agency has become one of the NBA offseason’s most closely watched storylines, and prediction markets are offering a real-time window into how bettors and traders view his next move, with Cleveland emerging as the clear favorite to land the four-time MVP after his eight-season run with the Los Angeles Lakers came to an end this summer.

James’ agent, Rich Paul, informed ESPN that James had told the Lakers he intends to play for a different team during the 2026-27 season, ending an eight-year stint with the franchise that included a championship in 2020. Subsequent reporting has framed James’ decision-making process as deliberate and open-ended, with Paul indicating that James is taking his time and evaluating a wide range of potential landing spots rather than moving quickly toward a decision.

On the prediction market platform Polymarket, Cleveland has separated itself from the rest of the field as the most likely destination for James, with traders pricing the Cavaliers at 50 percent to land him, according to the platform’s live odds. That figure reflects a combination of basketball logic and legacy-driven sentiment, given James’ Ohio roots, his prior two stints with the Cavaliers, and recent buzz tied to his hometown of Akron. A yes contract on Cleveland was trading at 50.0 cents, with a no contract at 50.1 cents as of the latest available pricing.

Behind Cleveland, three other franchises have drawn meaningful trader interest. The Golden State Warriors sit in second place at 16 percent, a figure tied to the team’s win-now roster built around Stephen Curry and the tantalizing prospect of James reuniting with his former Olympic teammate and playoff rival. The Miami Heat follow at 14 percent, reflecting James’ history with the franchise, where he won two championships between 2010 and 2014, while the Philadelphia 76ers sit at 13 percent, a figure that has grown following reports linking the team to an aggressive offseason strategy built around immediate contention.

The remainder of the market reflects considerably more speculative interest. The Minnesota Timberwolves are priced at 3 percent, the Denver Nuggets at 2 percent, and the New York Knicks and San Antonio Spurs are each priced at just 1 percent, positioning those four franchises as long-shot destinations rather than central storylines in James’ free agency decision, according to the current market pricing.

Beyond the question of where James will play next, Polymarket’s separate market for the 2027 NBA champion offers additional insight into how traders are pricing the league’s competitive landscape amid the uncertainty surrounding his free agency. The Oklahoma City Thunder currently lead that market at 22 percent, followed by the San Antonio Spurs at 16 percent and the New York Knicks at 9 percent. The Philadelphia 76ers sit at 7.5 percent, while the Boston Celtics are priced at 5 percent. Notably, Cleveland, despite leading the LeBron destination market by a wide margin, is priced at just 4 percent to win the 2027 title, tied closely with Miami at 4.3 percent, Toronto at 4.1 percent, and Denver at 4 percent, suggesting traders view a potential Cleveland reunion as more sentimental than immediately championship-altering, at least based on the roster as it currently stands.

Golden State and Miami similarly sit toward the lower-middle portion of the championship market, at 3.1 percent and 4.3 percent respectively, though both figures could shift meaningfully higher should James ultimately choose to join either roster alongside their existing veteran cores. Philadelphia’s stronger positioning in the title market, relative to Golden State and Miami, gives the 76ers what market analysts describe as one of the cleaner win-now arguments among James’ known suitors, should the team successfully pursue him this offseason. Minnesota and Detroit sit further down the board at 3.3 percent and 2.6 percent respectively, while the Lakers themselves are priced at just 2.5 percent to win the 2027 title, a notably low figure that reflects limited market confidence in Los Angeles as a serious title contender following James’ departure.

James’ free agency situation continues to unfold against the backdrop of one of the more active NBA offseasons in recent memory. Multiple other marquee players have already changed teams this summer, including Giannis Antetokounmpo’s trade from Milwaukee to Miami, Jaylen Brown’s move from Boston to Philadelphia in exchange for Paul George, and reports of Kawhi Leonard’s expected return to Toronto from the Los Angeles Clippers. That broader wave of roster turnover has added further complexity to James’ decision, given the shifting rosters and competitive outlooks of several teams reportedly under consideration.

Prediction markets like Polymarket operate as peer-to-peer trading platforms where users buy and sell contracts tied to the likelihood of specific future outcomes, with prices adjusting in real time based on trading activity rather than reflecting odds set by a single bookmaker. Because these markets aggregate the collective views of many individual traders, platforms and analysts often treat shifting prices as a useful, if imperfect, real-time gauge of public sentiment surrounding unresolved events such as James’ free agency decision. As with any form of speculative trading, participants can gain or lose money based on how outcomes ultimately unfold, and platforms operating in this space are generally restricted to users 18 years of age or older residing in jurisdictions where such trading is legally permitted.

With James still unsigned as the NBA’s free agency period continues, both the destination market and the broader championship odds are likely to keep shifting as additional reporting emerges and as other teams finalize their own roster moves heading into training camp. For now, Cleveland’s commanding lead in the Polymarket destination market reflects what many analysts and bettors view as the most emotionally resonant, if not necessarily the most immediately championship-altering, path for James as he weighs where to continue his 24th NBA season.

Rail replacement transport is not planned – and people are being advised to plan ahead

Work to upgrade a section of railway in South Gloucestershire is under way and will impact services in the region until August, Network Rail has confirmed.

Britain’s railway operator started the work in and around the Chipping Sodbury tunnel this week. To allow the work to take place, no trains will travel directly between Swindon and Bristol Parkway, with services diverted via Chippenham, adding 25 minutes to the journey.

Network Rail will be working in the area until Sunday, August 2, with further works on Saturday 8 and Sunday, August 9.

Only one train per hour will operate between London Paddington and South Wales but more trains will operate between London Paddington and Swindon.

Michael Pinkerton, Network Rail portfolio manager, said: “Our work will help keep trains running smoothly and safely and benefit passengers long into the future.

“We’ll be working day and night to complete the work, which will also help improve the railway’s resilience to extreme weather.”

The stretch of railway being upgraded is a “key section” of the Great Western mainline, Network Rail said, carrying trains at 125mph.

East of Chipping Sodbury tunnel, more than 3,000 yards of new rail, sleepers and ballast (track stone) will be laid and drainage channels will be cleared. Soil nails and netting will be installed on the cuttings to help prevent landslips onto the railway. The lining of the tunnel will also be repaired.

The work follows last year’s project to raise 200 metres of track by up to 20cm at the western end of the tunnel. Two of the four pumps near the tunnel were also replaced.

Marcus Deegan, GWR’s station manager for Swindon and Bristol Parkway, said: “The work planned will help maintain train services between London and South Wales using the Chipping Sodbury tunnel for years to come.

“Rail replacement transport is not planned as trains will still operate between Swindon and Bristol Parkway, however these will be reduced.

“It’s important customers are aware and plan ahead as these alternative travel arrangements will make their usual journey times longer.”

Sensex jumped over 550 points to 77,013, while Nifty 50 rose around 169 points to 24,051, as seen at 9.41 am. This came after Sensex and Nifty sharply crashed more than 2% on Wednesday after US President Donald Trump said that the ceasefire with Iran was “over”.

Eternal shares were the top gainers on the Sensex, jumping more than 3%. Titan, Sun Pharma, Bharti Airtel, ICICI Bank, Trent, Asian Paints and other stocks rose more than 1% each to follow. Bucking the trend, IT stocks including Infosys, TCS, HCL Tech and Tech Mahindra dropped up to 2%.

The renewed optimism came as India VIX, which measures volatility in the market, dropped more than 7% to 13.63 after skyrocketing 26% in the previous session. Broader markets also moved into the green, with Nifty Midcap 100 and Nifty Smallcap 100 indices gaining up to 1%.

Sectorally, Nifty Consumer Durables and Nifty Realty gained up to 2% to lead gains. Nifty IT, meanwhile, dropped 1.5% to lead the losses. The overall market breadth was positive, as NSE saw 2,211 advances and 405 declines, while 84 stocks remained unchanged.

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Oil prices rise
Oil prices continued to rise, with Brent crude futures nearing $79 per barrel after US President Donald Trump said yesterday that the interim agreement with Iran to end the war was “over”, stoking fears of a fresh escalation in the Middle East. “They are scum. They are sick people. They are led by sick people. As far as I am concerned, it is just a waste of time dealing with them,” Trump told reporters, spooking investors.

FII remain net buyers

Foreign investors continued to remain bullish on Dalal Street, remaining net buyers of Indian equities for the sixth consecutive session on Wednesday amid the market crash. They net purchased shares worth Rs 1,962.80 crore yesterday, according to provisional data on the NSE.

Rupee meanwhile opens at 95.55 against the US dollar, nearly unchanged from the previous closing level of 95.5550. “Market participants will continue tracking developments in the US-Iran conflict, crude oil prices, and global risk sentiment for further direction. Technically, the rupee is expected to trade in the 95.20–95.80 range in the near term, with volatility likely to remain elevated,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities.

What lies ahead?

Geopolitics has again played spoilsport with the Indian market, which has been slowly strengthening, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. He noted that Trump’s statement that the ceasefire with Iran is over triggered sharp selling in the market, shaving off 516 points from the Nifty yesterday, which is almost 50% of the recent gains.

“Long unwinding and fresh shorts might have played an important role in this sell-off. The spike in Brent crude to around $80 raised market concerns. However, there are market indications that things may not deteriorate as feared. First, Brent at $80 is not a problem. It won’t create a BoP crisis. The crisis will reemerge only if the tensions lead to the closure of the Strait of Hormuz again and consequently crude spiking above $ 100. The present futures do not reflect such a pessimistic scenario,” the analyst added.

Another important trend is that the trend of FIIs turning buyers continues, according to Vijayakumar. He added that this trend may continue if crude remains stable. Large caps generally, and in financials and automobiles in particular, are likely to remain resilient, as per the analyst.

Technical view on Nifty

Going forward, it will be crucial to watch whether the Nifty manages to hold the 23,800 support level, according to Rupak De, Senior Technical Analyst at LKP Securities. He added that a decisive break below 23,800 could extend the ongoing corrective phase, while sustained trading above this level may pave the way for a meaningful recovery in the near term.

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

For years, Southeast Asia has been an afterthought in the global robotics conversation, dwarfed by American innovation and Chinese manufacturing scale.

Key takeaways

• Singapore is establishing itself as Southeast Asia’s robotics hub, anchored by dConstruct’s $125 million raise and state-backed programs like RoboNexus.
• The region’s edge lies in commercialization and deployment rather than pure research or manufacturing, with government-built testbeds attracting partners like Nvidia, OpenAI, Grab, and DHL.
• Deal flow across Neptune Robotics, BeeX, Augmentus, and Amity shows momentum, but the open question is whether these startups can scale globally and deliver real exits.

But a string of recent funding rounds and acquisitions suggests the region is quietly building its own niche, and Singapore is emerging as its unmistakable center of gravity, according to reporting from Jon Russell’s Asia Tech Review newsletter.

A Record-Setting Raise

The clearest signal came last week when Singapore-based dConstruct closed a $125 million funding round, one of the largest robotics investments Southeast Asia has ever seen, and an unusually large Series A for a company at that stage. The five-year-old startup builds 3D mapping technology designed to give robots, drones and vehicles better spatial navigation.

dConstruct’s success also serves as an early proof point for RoboNexus, the venture-building accelerator run under Singapore’s National Robotics Programme; the company emerged from the accelerator’s very first cohort. It isn’t the only graduate turning heads. Spinoff Robotics, which builds drone-based tools for cleaning and inspecting industrial infrastructure, was recently acquired by Nanoveu, an Australia-listed AI and automation firm. The deal’s financial terms weren’t disclosed, but the acquisition is described as a meaningful milestone both for the accelerator and for Singapore’s broader push to become a robotics hub.

A Strategy Built on Deployment, Not Invention

Rather than competing head-on with US research labs or Chinese manufacturing might, Singapore appears to be carving out an edge in commercialization, taking existing robotics research and pushing it into real-world use. That strategy crystallized in May, when the government unveiled a national AI strategy alongside a new Nvidia robotics lab, an OpenAI-run AI lab, and a dedicated testbed for companies developing robotics applications in delivery, cleaning, and related industries. Early partners in that testbed include Grab, DHL, and Chinese robotics maker Unitree.

That same deployment-first mindset runs through the rest of the region’s recent deal flow. Neptune Robotics raised $52 million for its ship-hull-cleaning robots and is pouring fresh investment into a Singapore manufacturing base. BeeX secured $7.7 million for underwater inspection drones. Augmentus raised $11 million to simplify how robots are programmed for tasks like surface finishing and welding. And in Thailand, hospitality-robotics firm Amity closed a $7 million round for its concierge robots.

The Open Question

Taken together, the deals paint a picture of a region finding commercial traction by turning laboratory-stage robotics into deployable products, with Singapore’s state-backed programs doing much of the heavy lifting. What remains unresolved, per the report, is whether these companies can eventually deliver meaningful exits and scale beyond Southeast Asia, rather than simply continuing to attract a steady stream of early-stage capital.

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