Yum Brands announced on Tuesday that it is selling Pizza Hut to private equity firm LongRange Capital for $2.7 billion.

The transaction would mark a significant shift for one of America’s most recognizable pizza chains and underscores growing consolidation across the restaurant industry as operators navigate slowing consumer demand and higher costs.

A Pizza Hut restaurant in New York. (Michael Nagle/Bloomberg via Getty Images)

Yum said last year it was evaluating strategic alternatives for Pizza Hut, including a potential sale, as the chain worked to reverse a prolonged sales slump.

This is a breaking news story. Please check back for updates.

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WASHINGTON — The United States and Iran have signed a memorandum of understanding to end their conflict, with President Donald Trump announcing the immediate lifting of the naval blockade and the full reopening of the Strait of Hormuz by Friday, marking a significant de-escalation after more than three months of fighting that disrupted global energy markets.

The agreement, signed electronically, was confirmed by both sides on Monday. It ends military operations on all fronts, including in Lebanon, and sets the stage for 60 days of technical talks on Iran’s nuclear program and potential sanctions relief. The deal was mediated with assistance from Pakistan and is scheduled for formal signing in Switzerland on Friday.

Trump described the agreement as complete in a statement, authorizing the immediate removal of the blockade. “The deal with the Islamic Republic of Iran is now complete,” he posted on Truth Social. “Congratulations to all! I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the Naval blockade. Ships of the world, start your engines. Let the oil flow!”

US officials told Reuters and AFP that the MoU was signed by Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. The document is described as a general framework, roughly a page and a half long, focusing on ceasefire implementation and initial confidence-building measures.

Key Provisions and Areas of Agreement

Iran’s National Security Council stated that the deal ends fighting across all fronts and lifts the US naval blockade on Iranian ports. Both sides have indicated that follow-up negotiations on the nuclear program and sanctions relief will occur during the 60-day period after the formal signing.

Vance emphasized in interviews that there has been no immediate sanctions relief or release of frozen assets. “There hasn’t been a single dollar of sanctions relief or unfrozen assets” from Washington or its allies, he told US media. He also confirmed there would be no tolls on traffic in the Strait of Hormuz during the initial 60-day window.

Iranian officials framed the agreement as a victory for Tehran following what they described as “historic resistance.” Ghalibaf wrote on X that the country had taken a “great step toward final victory.” Iranian media reported that at least three oil tankers and other ships carrying goods for Iran had already crossed the strait following the announcement.

Reactions in Iran, US and Israel

In Iran, the deal has been portrayed positively by state media, with officials highlighting the end of the blockade and the prospect of restored oil exports. However, some analysts note that full recovery of shipping through the strait may take time due to mine clearance, insurance costs and the need for incident-free transits.

In the United States, reactions have been sharply divided along partisan lines. Republicans have largely welcomed the agreement as a diplomatic success, while Democrats have criticized it. Senator Richard Blumenthal likened the outcome to the UK’s Suez Canal crisis, suggesting it represented a strategic setback. Republican Senator John Thune said he expected Congress to be briefed and potentially vote on aspects of the deal.

Israel has expressed reservations. Prime Minister Benjamin Netanyahu stated that Israeli troops would continue to occupy southern Lebanon despite the broader agreement. Members of his cabinet have called for continued operations against Hezbollah, indicating that Israel does not consider itself bound by the US-Iran framework on all issues.

In Lebanon, the ceasefire has been welcomed, though Israeli attacks continued on Monday, killing at least one person. Thousands of displaced Lebanese have begun returning to southern areas amid ongoing exchanges of fire.

Global and Economic Repercussions

Ukrainian Foreign Minister Andrii Sybiha welcomed the MoU, hoping it would encourage renewed US efforts to end the war with Russia. Japanese officials expressed concern about continued Israeli actions in southern Lebanon.

Oil prices rose modestly following the announcement, with Brent crude gaining 0.3% to $83.42 per barrel and West Texas Intermediate rising 0.3% to $81.12 per barrel. Traders remain cautious, noting that full resumption of shipping could take weeks due to logistical challenges.

The International Energy Agency and shipping experts have warned that undersea mines, elevated insurance premiums and the need for verified safe passages mean recovery will be gradual rather than immediate. Saman Rezaei, head of Iran’s merchant marine union, told Al Jazeera that the transit system “will never return to its pre-war condition,” emphasizing the need for sustainable peace.

Path to the Agreement and Next Steps

The conflict, which began more than 100 days ago, involved direct US and Israeli actions against Iran. Back-channel diplomacy intensified in recent weeks, leading to the current framework. The MoU serves as an initial step rather than a comprehensive settlement, with 60 days allocated for deeper negotiations on nuclear issues.

Questions remain about the handling of nuclear material, the timeline for sanctions relief and verification mechanisms. Both sides have expressed cautious optimism, but implementation will require sustained engagement and international oversight.

For the United States, the deal represents a foreign policy achievement amid domestic political considerations. For Iran, it offers relief from economic isolation and the prospect of normalized trade. Regional actors, particularly Israel and Lebanon, will continue to influence the stability of the agreement.

As the world watches the situation unfold, the focus shifts to the formal signing in Switzerland and the critical 60-day period that follows. Success in these talks could mark a turning point for Middle East stability, while any setbacks risk renewed tensions in a region long plagued by conflict.

The US-Iran memorandum of understanding brings a tentative end to active hostilities, but its long-term impact will depend on the commitment of all parties to the follow-up process. For now, the reopening of the Strait of Hormuz offers hope for economic recovery and reduced global energy risks, though challenges remain in translating the agreement into lasting peace.

CapitalandCentric, the developer behind the multimillion-pound Albion Square regeneration in Hull city centre, says the project could be the first of many schemes it delivers in the city

The ambitious transformation of Hull city centre’s Albion Square could hopefully prove the “first of many” regeneration schemes by a well-regarded developer, according to one of its founders. Last month, social regeneration specialists CapitalandCentric, co-founded by Tim Heatley and Adam Higgins, were confirmed as the preferred lead development partner for the sweeping overhaul of Albion Square by Hull City Council.

North West-based CapitalandCentric is currently advancing 14 neighbourhood schemes across the UK, having already delivered 11 projects in major cities including Liverpool, Manchester and Sheffield. The firm boasts an impressive pipeline of regeneration developments comprising more than 6,000 homes, with a combined value of nearly £2bn — including ambitious multimillion-pound proposals for Hull city centre.

The developer has built a formidable reputation for breathing new life into areas, creating thriving destinations in which people can live, work and socialise. Co-founder Tim Heatley confirmed the firm is eager to deliver hundreds of homes — in excess of 200 properties available for rent — alongside a range of other amenities as part of the Albion Square development.

He said: “It probably seems like this has happened all of a sudden but we’ve actually been looking to try and do something in Hull for a long time. Hull suits our strategy of investing and thinking long-term about how we can transform often overlooked, or under-invested, places.

“Hull definitely is on that list – it’s punching below its weight in some ways. It could be much more than it currently it and it hasn’t had the benefit of some of the core cities’ investment. The scale of project was important and an ability to be able to move at pace as well to make something happen, and it’s got a huge public area, so Albion Square had the right hallmarks for us of a CapitalandCentric project.”, reports Hull Live.

“It’s in excess of 200, possibly up to 300 homes and there will be other other things around them – restaurants, bars and cafes. We’re not necessarily looking at additional retail because we feel places are often over-retailed. I think there’s lots of opportunities for retail that exists in the square and around it, but as we are an operator as much as a developer, we’re going to provide additional facilities to the residents.

“So that will include things like a mini cinema space, a gym and a residents’ lounge area and things like a yoga and pilates studio, and other similar sorts of things. There will perhaps be some roof terraces, public squares and public spaces, and perhaps some private gardens as well.”

CapitalandCentric keeps its rental values at lower, more accessible levels in towns and cities requiring regeneration, compared to those in more established urban centres such as Leeds. It is this business model that enables the Manchester-based firm to deliver its developments.

Mr Heatley added: “In terms of demographics and rental values, Stoke on Trent is a good example. Rents are much lower than they are in core cities, such as Manchester and Leeds. We have to think long term about how we can make it viable. How is it feasible to do these sorts of scale of projects and to that kind of quality, especially with super energy efficient, and great amenities, great facilities and all the furnishings? That’s the challenge.

“We think about it over several years. Rather than build it and then flog it off to highest bidder or separate them out, we’re going to keep all of the completed project together, and we will rent them out, with rents that are affordable to local working people, and hopefully attract new people to live in Hull as well.

“It’s important to attract new people, to want to live in Hull. So if we can keep the rent affordable, and focus on people that might be downsizers, young professionals or young families, then we can start to change the perception of that part of Hull a lot and make it feel like a great place to live.

“For our business to succeed, we’ve got to make sure that it is accessible in terms of pricing. Over time, if we’ve done a good job of regeneration, I think the rent will improve and over several years, a profit for us will emerge – because we do have to make a profit if we’re going to do this.”

Mr Heatley is eager for Albion Square to mark only the beginning of the firm’s involvement with Hull. The company already has two developments in Liverpool, while Manchester is home to six.

He added: “Wherever we have started, whatever city we’ve started to develop, we have continued to develop and still are now. That’s a really good test of ‘are we doing a good job?’ Do people like what we do? And is it successful? So hopefully it’s the first of many things we will do in Hull.”