Cornwall’s Balaena has bought APCL Group to add four sites around the UK

Some of the best known names in UK shipbuilding have been sold in a deal that creates a leading player in the ship repair and refitting sectors.

Maritime group Balaena has bought APCL Group to add the A&P yard on the Tyne, Cammell Laird at Birkenhead, Merseyside, and A&P Falmouth and Falmouth Docks and Engineering Company, in Cornwall. The company already has facilities at Gibraltar and at Padstow, Cornwall.

The deal – which has been welcomed by unions – will give Baleana a network of 12 dry docks and strategic reach across the UK and the Mediterranean. It said it would be able to play a bigger role in the UK defence sector, with the deal coming just a few days after Defence Secretary John Healy indicated he wanted to give more MoD work to UK firms.

As well as defence, Baleana said it would be able to work in the offshore energy, cargo, cruise, and ferry sectors. lt is planning to invest in modernising facilities at A&P, Cammell Laird and Falmouth, as well launching a new skills and apprenticeship programme in association with local colleges and training providers.

Simon Gillett, founder and group chief executive officer of Balaena, said: “We are delighted to welcome APCL Group into Balaena. This acquisition reinforces our long-term commitment to British maritime capability – creating jobs, expanding apprenticeships, and driving innovation in line with the ambitions of the Strategic Defence Review and the UK’s Industrial Strategy.

“By uniting Balaena’s vision and ambition with APCL’s skilled teams in Tyne, Birkenhead, and Falmouth, we are strengthening the UK’s ability to deliver for both the Royal Navy and the global commercial maritime sector, while investing in the next generation of British shipbuilders and engineers”.

David McGinley CEO of APCL Group, said: “Joining Balaena marks an exciting new chapter for APCL and our workforce. It secures the future of our shipyards, allows new investment in digital and green shipbuilding technologies, and renews our commitment to working closely with local communities on Tyne, Birkenhead, and Falmouth to create jobs, apprenticeships, and lasting prosperity”.

The deal will give Balaena a combined workforce of over 2,000 employees and operations spanning Gibraltar, Padstow, Hebburn, Birkenhead, and Falmouth. It also keeps alive some of the best known names in UK shipbuilding, with Cammell Laird dating back to the early 19th century and A&P being in operation since the 1970s.

Matt Roberts, GMB national officer and president of the Confederation of Shipbuilding & Engineering Unions (CSEU), said: “This deal gives certainty after months of speculation and allows our members and the yards at Cammell Laird, A&P Falmouth and A&P Tyne to move forward together. GMB has been clear our members want a solution that kept the three yards together as a strong and complimentary group, so we welcome this deal. There is great capability and delivery across these yards.

“We look forward to working with the new owners to ensure we continue to grow UK sovereign capability and increase local jobs and apprenticeships in Merseyside, west Cornwall, and on Tyneside.

“GMB continue to demand an end to the inexcusable sending of British shipbuilding and repair work overseas. The Labour Government must fully make good on this change, and ensure all domestic work goes to the UK shipyards, including these yards now owned by Balaena.”

Inflation ticked higher in May as American consumers continued to face elevated fuel prices amid the Iran war’s impact on the energy market and across the economy.

The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.5% from a month ago and is 4.2% higher than a year ago. The annual figure is the highest since April 2023.

Expectations vs. reality

Both the 0.5% monthly increase and the 4.2% rise from a year ago were in line with the expectations of economists polled by LSEG.

So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% on a monthly basis and 2.9% from a year ago. The monthly figure was slightly cooler than the expected rise of 0.3%, while the annual core figure was in line with economists’ predictions.

INFLATION IS SQUEEZING AMERICAN CONSUMERS AND THE FED’S LATEST REPORT SHOWS IT’S GETTING WORSE

The cost of living breakdown

High inflation has created severe financial pressures in recent years for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans, because they tend to spend more of their already-stretched paychecks on necessities and have less flexibility to save.

Energy prices rose 3.9% in May amid the Iran war’s disruption of Middle Eastern oil supplies, with prices up 23.5% in the last year. The BLS noted that the energy index accounted for over 60% of the overall CPI increase in May.

Gasoline prices increased 7% on a monthly basis in May and are up 40.5% compared with a year ago. Electricity prices rose 0.6% last month and are up 5.9% from a year ago. Utility gas service prices fell 0.5% in May and are up 3% year over year.

Gas prices are up a little more than 40% from a year ago in May, the BLS report noted. (Ariana Drehsler/Bloomberg via Getty Images)

Food prices were up 0.2% in May and are 3.1% higher than a year ago. The food at home index was up 0.1% for the month and 2.7% compared with last year. The food away from home index rose 0.3% on a monthly basis and 3.5% year over year.

Meats, poultry and fish prices were down 0.4% in May but are up 6.2% from last year. Beef and veal prices fell 1.6% for the month but remain up 12.9% on an annual basis. Egg prices increased 4% in May but are down 35.2% year over year as supply normalized after an avian flu outbreak. Fruits and vegetables prices rose 0.2% for the month and are up 6.1% from a year ago.

Housing prices were up 0.3% in May and are 3.4% higher than a year ago. Tenants’ and household insurance prices were up 0.5% on a monthly basis and 6.9% year over year.

Transportation service prices were down 0.6% in May and are up 4.1% from a year ago. Airline fares accounted for much of the increase, as they rose 2.7% in May and are up 26.7% from last year.

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What experts are saying

Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, said that, “While today’s numbers weren’t as bad as some people feared, inflation remains well above target.”

“With higher oil prices, AI-induced inflation, and tariffs driving up goods prices, the Fed will remain patiently on the sidelines. We are watching if the re-acceleration in the labor market is sustained and spills over into higher services pricing,” Zentner added.

Angelo Kourkafas, senior global strategist for investment strategy at Edward Jones, said that the CPI data gives the Fed “some breathing room to remain patient as the energy supply shock plays out. If oil prices don’t make another run higher, inflation will likely peak this quarter and begin easing in the back half of the year.” 

Food prices also trended higher in May. (Justin Sullivan/Getty Images)

What does it mean for the Fed?

The Federal Reserve is expected to hold interest rates steady when policymakers meet next week for their first interest rate decision under new Fed Chair Kevin Warsh.

The market sees a 96.3% chance that the benchmark federal funds rate remains at its current target of 3.5% to 3.75% after the June meeting, according to the CME FedWatch tool. The tool also sees interest rate hikes as being more likely than cuts heading into this fall.

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What does it mean for markets?

Futures for the benchmark S&P 500 index were down about 0.5% following the release of the inflation report ahead of the market open.

“The CPI report should help reassure investors and the Fed that inflation is not running wild,” said Scott Helfstein, head of investment strategy at Global X ETFs. “While the headline number moved higher, the pace of price increases slowed from the prior month. Higher energy costs continue to drive inflation, but that was baked in.”

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Bret Kenwell, eToro U.S. investment analyst, said the inflation report coming in at a level in line with expectations “may give markets a bit of relief” after there’s “been a palpable jitteriness among investors worried about the Fed’s next move.”

“Bulls had been riding a wave of momentum thanks to renewed strength in the AI trade. That surging tide in tech was enough to lift the broader market – even as the S&P 500’s ten other sectors have yet to hit record highs this quarter like the index has,” Kenwell added.

For working Americans with access to a 401(k), there’s perhaps no easier way to save for retirement. You tell your employer how much money you want to contribute per year or per pay period, and that money gets deducted from your paychecks accordingly.

Plus, if you’re lucky, you may not only have access to a 401(k) plan but also a workplace match. That’s free money you can invest alongside your own contributions.

But a lot of 401(k) savers overlook a big financial risk that could become a problem later on in retirement. And if you’re saving in a 401(k), it’s something you absolutely need to know about.

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While 401(k)s make it easier for some people to accumulate retirement wealth, they have a huge potential drawback. (Getty Images)

Required minimum distributions can create a costly surprise

One of the biggest risks of saving in a 401(k) is required minimum distributions (RMDs). Once you turn 73 or 75, depending on the year you were born, you’re forced to withdraw a certain amount from a 401(k) each year or otherwise risk a large penalty.

RMDs aren’t just annoying. They could push you into a higher tax bracket in retirement, cause you to get taxed on your Social Security benefits, and leave you paying surcharges on your Medicare premiums.

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Of course, the larger your 401(k) balance is once RMDs start, the larger those mandatory withdrawals are apt to be. But if you don’t need to withdraw all that money each year, it could create a huge headache.

RMDs could push you into a higher tax bracket in retirement. (iStock)

And if you contribute steadily to a 401(k) over decades, all the while investing in the stock market, it’s conceivable that you could have a few million dollars sitting in that account by the time you reach the age when RMDs begin. That’s a good problem to have – but it’s a problem nonetheless.

Planning ahead is crucial

While RMDs could become a big hassle for you if you have your retirement savings in a 401(k), there’s one way to make them less of a problem: Do Roth conversions before they begin.

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With a Roth conversion, you move some (or all) of the money from your 401(k) into a Roth IRA. Roth IRA withdrawals are not taxable and are not subject to RMDs.

Another option is to carefully manage 401(k) withdrawals before RMDs begin. Taking larger withdrawals during lower-income years could reduce your future tax burden.

One of the biggest risks of saving in a 401(k) is required minimum distributions (RMDs). (iStock)

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For example, you may have a period when you retire from your job and only live on Social Security for a while. That could be a good time to do Roth conversions or strategically withdraw from your 401(k).

While 401(k)s make it easier for some people to accumulate retirement wealth, they have a huge potential drawback. It’s important to understand how RMDs might affect your taxes and overall financial situation in retirement so you can plan around them.

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Voters in a Southern California city overwhelmingly approved a ballot measure that permanently prohibits data centers within city limits, underscoring growing local resistance to the infrastructure powering the artificial intelligence boom.

Monterey Park voters approved Measure NDC by a margin of 10,321 votes to 1,362 votes, or 88.34%, according to official election results from Los Angeles County.

The measure amends the city’s General Plan to prohibit data centers citywide and specifies that the ban will remain in effect unless voters choose to reverse it in a future election.

Signs of protest against data centers pepper front yards in a residential neighborhood in Monterey Park, California, on April 1, 2026. (Robert Gauthier/Los Angeles Times via Getty Images)

The ballot measure was presented to voters as a way to protect air quality, drinking water resources and public health while preventing potential impacts on electricity and water rates.

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The vote follows months of controversy surrounding a proposed data center project at 1977 Saturn Avenue, which became the focal point of community opposition to large-scale digital infrastructure development.

The project, proposed by Australian investment firm HMC StratCap through its DigiCo platform, would have converted the site into a roughly 218,400-square-foot data center designed to support large-scale computing operations, including artificial intelligence workloads.

Project documents estimated the facility would require approximately 50 megawatts of peak electrical capacity and generate about $5 million annually in tax revenue for the city.

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Opponents argued the project’s electricity demands, water consumption and environmental footprint outweighed its economic benefits. Public opposition to the Saturn Avenue proposal intensified throughout 2024 and 2025, eventually prompting city officials to pursue restrictions on future data center development. The project was later withdrawn.

On March 4, the Monterey Park City Council unanimously voted to place the measure on the June ballot.

Following the election, Mayor Elizabeth Yang celebrated the outcome in a Facebook post.

“Landslide win!!” Yang wrote. “Congratulations to our city Monterey Park on making history!!!”

The vote comes as technology companies and developers invest billions of dollars in data centers to support the rapid expansion of artificial intelligence and cloud computing services.

On March 4, the Monterey Park City Council unanimously voted to place the measure on the June ballot. (iStock)

That growth has fueled debates across the country over electricity demand, water usage, land-use planning and the economic benefits such facilities can bring to local communities.

Monterey Park officials have described the measure as a historic step in limiting data center development, though broader questions remain about how communities nationwide will balance rising demand for digital infrastructure with local concerns over energy use, resource consumption and quality of life.

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As artificial intelligence adoption accelerates, disputes over where and how data centers are built are likely to remain a key issue for local governments, developers and residents across the United States.

Prism, formerly Oravel Stays Ltd, recently received markets regulator Sebi’s approval for its initial public offering.

“The positive outlook reflects our expectation that Oravel’s credit metrics will improve significantly over the next 12 months if the company maintains its good earnings momentum and improves its capital structure through an IPO,” S & P Global Ratings said.

A successful IPO could also materially improve the company’s capital structure, which is currently weighed down by debt-like instruments, it added.

“Credit ratios could further strengthen if the company uses its IPO proceeds to pay down debt,” the rating agency said. ​

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According to S & P Global Ratings, Prism’s capital structure will strengthen with a successful IPO, as the company’s compulsory convertible preference shares (CCPS) and compulsorily convertible cumulative preference shares (CCCPS) will convert to equity in the event of the public offer.
“We currently treat these instruments as debt-like in our financial ratios because of their lack of permanence. The instruments will convert to equity in a successful IPO,” the rating agency said.It observed that Prism’s earnings could continue to improve over the next 12 months on an improving scale, better operating efficiencies and a healthy cash conversion rate.

“Oravel’s revenue could exceed Rs 92 billion or about USD 1 billion in fiscal 2026, from Rs 62.5 billion in fiscal 2025. This follows the company’s full integration of G6 Hospitality LLC, which the company acquired in the fiscal 2025,” S & P Global Ratings said.

According to the global rating agency, the company’s revenue could further increase by about 15 per cent in the fiscal 2027 on the group’s upscaling to premium offerings, new asset additions and healthy same-storefront growth rates.

The U.S. Strategic Petroleum Reserve (SPR) is dropping toward Biden-era lows toward levels not seen since the Reagan administration.

According to the latest data from the U.S. Energy Information Administration’s petroleum status report for the week ending June 5, the SPR fell to 349.2 million barrels, with nearly 9 million barrels per week being tapped.

The last time reserves approached this level was under the Biden administration in July 2023, when there were 346.7 million barrels in the SPR. If the reserve continues to decline, U.S. emergency crude oil inventories could hit a multi-decade floor not seen since August 1983.

Energy market experts are warning against the depletion as the Trump administration draws heavily on domestic reserves to counter the effective closure of the Strait of Hormuz during the war in Iran.

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“This should be very concerning to every American consumer,” American Petroleum Institute President and CEO Mike Sommers said in an interview on CNN. “Because as those inventories go down and production isn’t increased, you’re going to start seeing a significant impact at the pump.”

A contractor works on a crude oil pipeline at the U.S. Department of Energy’s Bryan Mound Strategic Petroleum Reserve in Freeport, Texas. (Getty Images)

“That’s going to happen over time,” Sommers cautioned, “but again, it’s because of American production that we haven’t seen those same price surges that you’ve seen in other parts of the world.”

“It’s a pretty monumental number to hear multi-decade lows reached,” GasBuddy head of analysis Patrick De Haan told Fortune. “The longer this goes on, the fewer tools the administration has in dealing with it and the more risk there is to a slingshot for costs.”

Under Biden-era leadership, the SPR declined by 243 million barrels to address pandemic-era supply chain disruptions and the Russian invasion of Ukraine, according to a Fortune report. Over the last several months, the Trump administration has authorized an overall release of 172 million barrels as a result of the active conflict with Iran.

Energy prices rose 3.9% in May amid disruptions to Middle Eastern oil supplies, with prices up 23.5% in the last year. The Bureau of Labor Statistics noted that the energy index accounted for more than 60% of the overall consumer price index (CPI) increase in May. Gasoline prices increased 7% on a monthly basis in May and are up 40.5% compared with a year ago.

“We’re raising alarm bells right now. We’re at about 350 million barrels left in the Strategic Petroleum Reserve. You have to have about 20% of that left for it to be operational, for our system to operate, so we’re getting to levels where we’re starting to be concerned,” Sommers said.

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“The only thing that we can do in the short term to fix this problem is to get the Strait [of Hormuz] open as quickly as possible,” Sommers said.

Under Secretary of Energy Kyle Haustveit told FOX Business’ Edward Lawrence on Wednesday: “We’re borrowing the barrels for a near-term supply challenge, but in return, the folks that receive those barrels are bringing more barrels back. On average, we’re seeing over 25% premium.”

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FOX Business’ Eric Revell contributed to this report.

Jeffrey Robertson
Water Tower Research LLC

Thank you for joining us for today’s fireside chat with Evolution Petroleum’s Chief Executive Officer, Kelly Loyd; Chief Financial Officer, Ryan Stash; and Chief Operating Officer, Mark Bunch.

Before we begin, I would like to remind participants that our discussion could contain forward-looking statements as of today, June 10, 2026. Disclosures regarding forward-looking statements can be found under the Investor Relations tab of Evolution’s homepage.

Evolution’s asset base includes a diverse mix of producing properties located in multiple regions, including Northeast Louisiana, North Texas, the Mid-Continent, the Permian Basin, Wyoming and in North Dakota. The company’s strategy is built on growing its long-lived asset base through producing property acquisitions and low-risk organic investment while maintaining a conservative balance sheet and returning cash to shareholders. For the fiscal third quarter, which ended March 31, Evolution reported adjusted EBITDA of $3.1 million and average production of approximately 6,700 BOEs per day.

Kelly, Ryan, Mark, thanks for joining us today.

Ryan Stash
Senior VP, CFO, Secretary, Compliance Officer & Treasurer

Yes. Thanks, Jeff. Good to see you.

Here are some key details:

* The company, which ‌did not ⁠disclose ⁠a medium for the raise, said the board will ​deliberate further on options for raising funds

* The fundraise comes ​days after the broadcaster struck a deal with FIFA to broadcast the 2026 World ​Cup in India, ending uncertainty over ⁠the tournament’s ‌availability in one of ​the last major ​markets where rights had remained ⁠unsold.

* The deal covers 39 FIFA events ​over eight years through 2034 and ​also includes the next World Cup in 2030. Financial terms were not disclosed.

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* The company has expanded its presence in sports broadcasting by launching a dedicated portfolio of ‌sports channels.
* The company previously invested in new businesses, including micro-drama app Bullet ​and visual-effects ​studio PhantomFX, as ⁠it seeks to expand beyond traditional television broadcasting.

* Zee Entertainment reported a loss for the March quarter ​on May 19, as margins were pressured by higher expenses and tighter advertising budgets following the Middle East crisis.