Sumitomo Corporation has acquired a third stake in the Gwynt Glas project

A Japanese corporate has taken a third stake in a planned huge floating offshore windfarm off the coast of Pembrokeshire.

Having secured an option to develop a 1.5 gigawatt windfarm in the Celtic Sea from the Crown Estate last year, joint venture partners in the Gwynt Glas project, EDF power solutions and Irish Government-owned ESB, have sold a third stake to Sumitomo Corporation

The value of the deal, which gives the three parties an equal third ownership interest, has not been disclosed.

The floating offshore windfarm is one of three in the Celtic Sea being taken forward via the Crown Estate’s offshore wind leasing licensing round five. The other straddles Welsh and English waters, with a third solely in English waters.

Once all three are operational in the mid 2030s they will have combined capacity for 4.5 gigawatt of clean energy that would generate the electricity needs for more than four million homes and create more than 5,000 direct and supply chain jobs – creating a £1.5bn economic boost.

Gwynt Glas said its project continues to make “strong progress “having submitted its scoping report for the project to the Planning Inspectorate this summer

Matthieu Hue, chief executive of EDF power solutions UK and Ireland said “We are delighted to welcome Sumitomo Corporation to the Gwynt Glas team. Their extensive global experience in offshore wind development and investment complements our own and ESB’s, creating a powerful partnership dedicated to delivering this vital project for Wales and the UK. We look forward to working closely with our new and existing partners.”

Jim Dollard, executive director, generation trading at ESB said:“We are delighted to welcome Sumitomo Corporation to the Gwynt Glas project, and are looking forward to working with them together alongside our longstanding partners, EDF power solutions UK and Ireland.

“This marks another significant step at this stage of the project – one which is so important to us at ESB as offshore wind will be a cornerstone of the delivery of our net zero carbon emissions strategy.

Jun Minase, general manager, Overseas Energy Solutions SBU at Sumitomo Corporation, said: “We are delighted to join the Gwynt Glas project. As a large-scale floating offshore wind development being advanced by EDF power solutions UK and Ireland and ESB, the project represents an important opportunity to contribute to the energy transition.

“Leveraging our experience and expertise in both the UK market and the offshore wind sector, Sumitomo Corporation will work closely with its partners to support the successful development of the Project and enhance its long-term value.

“The United Kingdom remains an important strategic market for market for Sumitomo Corporation. Through this investment, we aim to contribute to the UK Government’s Net Zero 2050 ambitions while supporting the energy transition and the realisation of a more sustainable society.”

All three floating offshore windfarm projects in the Celtic Sea will seek contract for difference support, which will ensure energy produced will be commercially viable, from the UK Government. Turbines could be as high as the Shard building in London at 300 metres on floating platforms similar in size to a football pitch. They will be anchored to the seabed via huge chains.

SEOUL — South Korea’s benchmark Kospi index closed higher Monday, snapping a two-session losing streak, as bargain hunters moved into semiconductor-related shares following a record-setting rally on Wall Street, even as foreign investors continued heavy selling and the won weakened against the dollar.

The Kospi rose 40.89 points, or 0.65%, to close at 6,299.66 after a volatile session that saw the index swing between strong early gains and a more subdued afternoon. The index opened 0.76% higher at 6,306.33 and briefly surged as much as 2.16% in early trading before paring most of those gains as the day wore on, ultimately settling just shy of the psychologically significant 6,300 level.

The secondary Kosdaq market fared considerably better, jumping 6.97% to close at 854.47, a gain of 55.66 points, as smaller technology and growth-oriented stocks attracted heavy buying interest.

Trading volume on the main board was moderate, with 629.9 million shares changing hands worth a combined 29.09 trillion won, or roughly $20.5 billion. Advancing stocks outnumbered decliners by a wide margin of 695 to 183, suggesting broad-based buying even as the index’s overall gain remained modest relative to the number of stocks that moved higher.

Foreign investors extended their selling streak, offloading a net 1.48 trillion won worth of shares during the session. Institutional investors and retail traders both stepped in on the other side of those trades, purchasing a net 567.4 billion won and 899.8 billion won, respectively, helping cushion the market against the scale of foreign outflows.

Large-cap technology names were mixed. Samsung Electronics slipped 0.43% to 230,000 won after opening in positive territory, while SK Hynix edged down 0.14% to 1.42 million won, also having started the session higher before losing ground. The pullback in the two chip giants came after reports that Apple is considering sourcing memory chips from Chinese manufacturer CXMT, a development that weighed on sentiment toward Korea’s dominant semiconductor exporters even as the broader market advanced.

Lee Kyung-min, an analyst at Daishin Securities, said the reports around Apple’s potential shift toward Chinese memory suppliers pressured large-cap chip stocks during the session, even as “bargain hunters moved into semiconductor equipment and materials stocks” elsewhere in the sector, helping offset losses in the biggest names.

Other major stocks fared better. LG Energy Solution gained 2.08% to 367,500 won, while automaker Hyundai Motor rose 3.16% to 408,000 won, both benefiting from renewed investor appetite following the strong close on U.S. markets at the end of last week.

Monday’s rebound in Seoul followed a rally on Wall Street on Friday, when U.S. job data eased concerns over further interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average rose 0.28% and the S&P 500 added 0.62% to close at a fresh record, while the tech-heavy Nasdaq Composite jumped 1.3%. The improved sentiment on U.S. markets carried into Asian trading Monday, with Japan’s Nikkei 225 also posting solid early gains alongside the Kospi as investors across the region responded to easing rate-hike fears and renewed optimism around artificial intelligence-related spending.

The Korean won weakened by 2.3 won from the previous session to trade at 1,418.4 won against the dollar as of 3:30 p.m. local time, reflecting continued pressure on the currency even as local equities advanced. The won’s slide came against a backdrop of persistent foreign selling in Korean equities, a dynamic that has kept currency traders watchful in recent weeks even as the stock market itself has shown resilience.

Monday’s gains came after the Kospi closed lower for two consecutive sessions last week, weighed down by a bout of foreign selling that had interrupted what had otherwise been a strong year for Korean equities. The index remains sharply higher than year-ago levels, having been lifted over the past year by sustained investor enthusiasm for semiconductor stocks and optimism around artificial intelligence-related capital spending across the technology sector, even as the market has periodically seen sharp pullbacks tied to swings in global risk appetite and volatility linked to leveraged retail trading products.

The session also unfolded against a broader domestic political backdrop, with South Korean President Lee Jae Myung facing declining approval ratings amid concerns over policy execution and debate around the administration’s approach to prosecutorial investigative powers. While the political developments have drawn attention domestically, Monday’s market action appeared to be driven primarily by the shift in global sentiment following Friday’s Wall Street rally rather than by local political news.

Looking ahead, investors in Seoul are likely to continue watching developments in the global semiconductor supply chain closely, particularly any further signals on whether major U.S. technology companies might diversify their chip sourcing away from established Korean suppliers. Market participants are also expected to keep a close eye on upcoming U.S. inflation data and any further signals from the Federal Reserve on the path of interest rates, both of which are likely to continue shaping sentiment in Seoul in the sessions ahead.

For now, Monday’s advance offered some relief to investors after a choppy stretch for Korean equities, even as the modest size of the Kospi’s gain — relative to both its early intraday surge and the much larger rally in the Kosdaq — suggested that sentiment toward the market’s largest constituents remained cautious.

Operator

Good morning, everyone, and welcome to the Second Quarter 2026 Analyst Briefing of Globe Telecom.

So we will begin with a video presentation of our performance and a few updates on the digital platform businesses, to be followed by the Q&A session.

Unknown Executive

Welcome, everyone, and thank you for joining us for Globe’s Second Quarter 2026 Analyst Briefing.

To begin the presentation, we are pleased to report that notwithstanding external headwinds, Globe sustained its growth momentum and achieved a record-breaking quarter. Consolidated gross service revenues climbed to a new all-time high of PHP 85.4 billion for the first 6 months of 2026, growing by 6% year-on-year. Data-driven revenues accounted for 91% of consolidated service revenues, reinforcing Globe’s continued transformation toward a more diversified, higher-quality and sustainable revenue base. The robust first half results were further supported by Globe’s highest quarterly service revenues on record.

Consolidated GSR amounted to PHP 43.4 billion in the second quarter up 3% quarter-on-quarter and exceeding the previous record set during the seasonally strong fourth quarter of 2025. The quarter’s performance was driven by broad-based growth across Globe’s core connectivity businesses. Globe’s EBITDA reached PHP 44.9 billion in the first 6 months, increasing 6% year-on-year, while EBITDA margin remained resilient at 52.6%, well above the company’s full year guidance. Top line growth more than offset the increase in operating expenses and subsidy, generating operating leverage that enabled Globe to invest in its network and digital infrastructure.

In the second quarter, EBITDA increased 2% from the previous quarter to

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UK gilt yields are expected to fall over the remainder of the year, analysts and investors have said, a shift that would help restore the £10 billion to £12 billion of fiscal headroom lost to rising borrowing costs since February before the budget on 28 October.

The forecasts come weeks after Andy Burnham’s new government took office and ahead of John Healey’s first budget as chancellor.

Analysts and investors said the UK’s inflation outlook supports the chances of interest rate cuts. Concerns about the credibility of Kevin Warsh, the new chairman of the US Federal Reserve, and a more expansionary fiscal environment in Japan are other factors they said could lead investors to choose gilts over other assets.

Daniel von Ahlen, a strategist at TS Lombard, said bond investors should “double down on gilts” in the coming months, and said UK bond prices would rise relative to peers in Japan, the US and Germany.

Markets are pricing in two Bank of England rate rises over the next year, but Von Ahlen said there was a higher likelihood that borrowing costs would be cut “as the labour market remains in the doldrums”.

The stakes for the Treasury are set out in the arithmetic of the public finances. The rise in gilt yields since February, when the US-Iran war broke out, has removed about £10 billion to £12 billion from the headroom the government holds against its fiscal rules. A 1 percentage point increase in the ten-year gilt yield adds £12 billion to £15 billion to the government’s debt interest bill.

Gilts have been among the worst-performing government bonds this year, with the UK economy the most exposed to the energy price shock caused by the Middle East conflict. But the past three inflation readings have undershot the Bank of England’s estimates, suggesting the spillover from higher oil prices into the rest of the economy has been limited.

That improvement showed up in July, when gilts outperformed their peers. Total monthly returns on UK bonds were flat, compared with a fall of 1.2 per cent for US treasuries and a 0.7 per cent decline for German bonds, according to Deutsche Bank.

Mark Dowding, chief investment officer at RBC Blue Bay Asset Management, who has had a pessimistic view of gilts this year, said he was no more “constructive on the near-term outlook” for UK government debt after the Bank of England’s latest meeting.

“The doveish bias of the monetary policy committee may encourage investors to add exposure [to gilts],” Dowding said.

Analysts at BlackRock, the world’s largest asset manager, said they had a “neutral” position on gilts, compared with underweight, or reduced, exposure to Japanese government debt and long-term US government bonds.

Japanese government bonds have been the worst-performing significant debt class this year, as the world’s third-largest economy prepares to raise interest rates from record lows and a new government maintains expansionary fiscal policy through tax cuts and investment spending. The US intervened last week to support Japan’s weakening currency and warned that the sell-off in Japanese bonds could spill over into US treasuries.

The UK’s borrowing costs could fall further this year as the Bank of England is expected to reduce the pace at which it sells gilts on its balance sheet back to investors. Analysts at Bank of America said the Bank would cut its annual pace of quantitative tightening from £70 billion to £50 billion from September.

The wealth manager is headquartered in Bristol

The UK’s largest DIY investment platform is requiring staff to return to the office from the beginning of next year. Hargreaves Lansdown will mandate employees attend the workplace three days a week, shortly after it relocates to its new Bristol headquarters.

The company announced plans last year to move its 2,000-strong workforce to the new site by Temple Meads station after 40 years on Anchor Road.

The wealth manager, which was bought by private equity firms including CVC Capital Partners in 2024 for £5.4bn, has not previously imposed a minimum office attendance requirement, according to reports in the Financial Times.

The compulsory office days will follow the firm’s strategy to transition employees into its new premises in phases from September, giving them time to adjust to the new environment.

The move comes as some staff seldom visit the office, according to one person with knowledge of the decision, making collaboration between employees more difficult.

Hargreaves Lansdown, which employs 2,400 people, confirmed the arrangements and said there remained “flexibility” for its workforce, as reported by City AM.

The investment platform’s decision to bring staff back to the office mirrors that of other organisations.

Companies have been choosing to recall workers in an attempt to end the widespread remote working that emerged during the Covid pandemic.

This includes British lender TSB, which is requiring staff to return to the office three days per week from April next year, up from the current two, to align with Santander’s policy following its acquisition by the Spanish bank.

JPMorgan Chase also instructed all staff to return to the office last week, though thousands of employees worldwide signed a petition opposing the decision.

Conversely, some City institutions have been easing office requirements amid the UK’s succession of heatwaves.

In June, JPMorgan Chase was amongst the organisations letting employees off the hook, alongside ING and Deutsche.

Lloyd’s of London also permitted staff to work remotely from its historic City headquarters in late July as the Square Mile prepared for another week of soaring temperatures.

Hargreaves Lansdown has encountered substantial competition in recent years, as digital upstarts and cheaper, rapidly expanding competitors, including AJ Bell and Interactive Investor, attracted customers away.

The platform is seeking to modernise its technology and revamped its fee structure earlier this year, reducing costs for the majority of clients. However, this resulted in a small proportion facing higher charges.