Goodwin’s mechanical engineering division is a key supplier of components to UK and US frigate and submarine programmes.

This includes Britain’s Dreadnought programme, which is building the Royal Navy’s next-generation nuclear deterrent submarines, and the Type 26 frigate programme, which is developing a fleet of advanced anti-submarine warships.

According to its latest annual report, Goodwin Steel Castings and Goodwin International have delivered a boost to the company’s profits, having benefited from economies increasing their defence spending.

A report in the Financial Times said several potential buyers that have records in defence had expressed interest in Goodwin in recent weeks.

The company, which was founded in 1883, is majority owned and managed by the Goodwin family, while it has shares listed on the London Stock Exchange.

Its shares were up by about 10% on Friday morning.

Russ Mould, investment director for AJ Bell, said: “The company is a major supplier to UK and US submarine programmes and has also benefited from bumper defence spending across other parts of its business.

“The company took a big hit in March when it lost two significant contracts and faced order delays in the Middle East.”

He added: “Yet the interest in Goodwin’s defence arm is a reminder that the UK has a collection of engineering businesses which are global leaders in their respective niches.

“What any sale would mean for the future of Goodwin as a standalone business remains an open question but it is likely to still derive a significant chunk of its revenue from military spending regardless.”

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Since 2020, Singapore’s Variable Capital Company (VCC) regime has broadened fund structuring options, attracting significant investment activity. By 2024, around 1,200 VCCs were established, enhancing Singapore’s asset management presence.

Singapore’s Expanding Fund Structuring Options

Since 2020, Singapore’s Variable Capital Company (VCC) regime has transformed fund structuring for investment managers, family offices, and private capital investors. This initiative has broadened the possibilities for establishing investment platforms within Singapore, enhancing its appeal as a key financial hub. The VCC’s introduction reflects the city’s commitment to evolving its financial landscape and accommodating diverse investment needs.

Evaluating Singapore as a Domicile Choice

Choosing Singapore as a domicile is crucial. By 2024, Singapore managed around S$6.07 trillion in assets, positioning it among Asia’s largest asset management hubs. The jurisdiction shows consistent growth in fund managers and single-family offices while attracting substantial regional and international investment capital. These factors highlight Singapore’s attractiveness for establishing investment platforms, offering robust infrastructure and a favorable regulatory environment.

The Role of VCC in Singapore’s Investment Ecosystem

The VCC regime has become integral to Singapore’s fund ecosystem. By late 2024, around 1,200 VCCs and 2,700 sub-funds were established. While a VCC might not suit every investment platform, its growing adoption shows fund managers’ preference for Singapore’s regulatory framework. Proprietary investment activities might find limited need for a VCC due to added compliance and costs. Investment duration also influences whether open-ended or closed-ended strategies should be implemented, impacting the initial choice of structure.

Is a Variable Capital Company the Ideal Fund Structure for Your Singapore Investment Platform?

Considering a Variable Capital Company (VCC) for your Singapore investment platform can be highly advantageous. The VCC structure offers flexibility in equity management and facilitates diverse investment strategies by allowing for multiple sub-funds with varying objectives. This can lead to cost efficiencies and streamlined operations. Additionally, the Singapore government’s robust regulatory framework ensures stability and investor confidence, making it an attractive option for asset managers.

The adaptability of VCCs in share issuance and redemption without shareholder approval provides a dynamic edge over traditional models. Further, tax exemptions and simplified compliance processes can make VCCs more cost-effective. Potential investors should evaluate their goals and operational needs to determine if a VCC aligns with their long-term strategy.

It will take on the affordable property element at Persimmon Homes’ wider Llys Pentre development

Swansea Council has agreed to acquire 141 homes from housebuilder Persimmon Homes.

For the first time under a section 106 agreement linked to planning consent, it will take on ownership of the affordable housing element of a residential scheme.

As a condition of planning for its Llys Pentre development between Gorseinon and Penllergaer, Persimmon Homes has to provide a 20% affordable housing element.

The council will pay for the properties as they are built over a phased construction period. The cost will not be based on open market prices, but calculated using Welsh Government acceptable cost guidance 2021(ACG), with social rented homes transferred at 42% of ACG and intermediate homes transferred at 70%.

Under the terms of the agreement, some 71 of the homes will be made available by the council through a low-cost home ownership scheme, enabling first-time buyers to purchase properties below market value. A further 70 homes will be retained as council housing, further strengthening Swansea’s affordable housing provision.

The wider development from Persimmon will deliver up to 750 homes. The scheme will includes a primary school, a park, as well as commercial and open space.

Swansea Council’s deputy leader and cabinet member for transformation, Andrea Harrington, said: “This is a landmark moment for Swansea Council in terms of the continued development of new and affordable homes across Swansea.

“Working with a prestigious housing developer such as Persimmon has enabled us to secure a large number of homes which we can offer to residents for purchase at a reduced price.

“Another important element of this development is the development of council-owned homes which will be available to families and individuals on our housing waiting list.

Andrew Williams, cabinet member for development, added: “The council recognises the importance of working in partnership with housing developers to ensure that we can increase the level of housing in the city and meet the demands of residents.

This is a significant increase, not only of the availability of affordable housing in Swansea, but also the increase in the Council’s own housing stock.”

Stuart Phillips, managing director of Persimmon Homes West Wales, said: “We are delighted to be working in partnership with Swansea Council on this significant agreement, which will provide much-needed affordable housing for local people.

This collaboration highlights our shared commitment to delivering high-quality homes and ensuring that the benefits of this development are felt across the community.

“We look forward to continuing our strong relationship with the council to help meet the growing demand for housing in Swansea and the wider area.”

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President Donald Trump is considering renewing his push to fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations amid an ongoing legal debate over the president’s ability to remove members of the independent central bank, FOX Business has learned.

The White House is seeking a response from Cook within the next three weeks about the allegations that the administration leveled against her last year. 

White House Personnel Office Director Dan Scavino indicated in a letter to Cook this week that the president is considering moving forward with firing her. It asked for a response to the allegations that prompted the president to announce her termination in August 2025 – which sparked an ongoing legal battle over his ability to remove Cook from her role at the Federal Reserve.

The White House’s letter told Cook that she was “hereby provided notice that the President is considering removing you from your position” as a member of the Fed’s Board of Governors.

The letter explained that there is “sufficient reason to believe that you made false statements on one or more mortgage agreements,” and requested a written response “with your explanation for your false statements and accompanying evidence within 21 days.”

SUPREME COURT RULES ON TRUMP’S ATTEMPT TO FIRE FED GOVERNOR LISA COOK

Earlier this summer, the Supreme Court issued a 5-4 ruling that allowed Cook to remain in her role while the case challenging her dismissal plays out.

Chief Justice John Roberts wrote the majority opinion, which indicated the Court can’t accept the administration’s argument that it has the ability to “remove a member of the Federal Reserve at any time, for any reason, without any notice before, and without any judicial check after. That would turn for-cause protection into little more than at-will employment.”

“To be clear, the ultimate question of whether the President can remove Cook for cause will depend in part on the underlying facts. In this opinion, we have not addressed the facts, as they have yet to be found or analyzed under the relevant legal standards. Rather, we have simply addressed the parties’ arguments about the appropriate legal standards under which the facts must be evaluated,” Roberts’ majority opinion concluded.

This is a developing story. Please check back for updates.

When silversmith Alex Healy was planning her return to work after maternity leave, the first date she hoped to add to her diary was Liverpool’s Christmas market, an event where she had sold jewellery since 2021.

However, due to a change in operator and a rise in costs, Alex said this would be the first winter she would not be renting a stall and she and other traders were being “priced out”.

A new company, Underbelly, has taken over this year, and Alex said the cost of running a stall had doubled.

Liverpool City Council, which awarded the tender to Underbelly to run the event at St George’s Hall, said the markets offered a “cost-effective way for traders to showcase and sell their products”. It added the new operator would manage their own trader arrangements independently. Underbelly has been asked for comment.

Alex, 37, said selling her jewellery at the Christmas market on St George’s Plateau for the past five years had been a “really great place to be”. She said the friendship between traders had created “a community, family feel”.

Alex said she paid £6,780 including VAT and electricity to rent a chalet for the six-week market last year. She said the total cost of renting a chalet this year had risen to just under £14,000 before additional charges.

She said that, under the terms of a new contract, traders would be expected to pay additional charges for water and grey waste, chiller and storage space, and energy supply.