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Private chef salaries reach $300,000 as the rich seek Michelin stars

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Private chef salaries reach $300,000 as the rich seek Michelin stars

Azmanjaka | E+ | Getty Images

Private chefs are making up to $300,000 a year, and butlers can earn as much as $180,000 as the wealthy hire more household staff to manage their increasingly complex lives, according to a new study.

Demand for chefs, personal assistants, butlers, nannies, housekeepers, chauffeurs and estate managers have reached records as the wealthy buy more homes in various locations and manage ever-growing families, according to a report from Morgan & Mallet International. The hiring boom has created a war for talent, driving up salaries and increasing job-hopping by household staff.

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“Many clients are surprised by the rising cost of household services,” the report said. “The reality is that securing quality staff with proven experience has become increasingly difficult, pushing wages for the best candidates to record highs globally.”

House managers have the fastest-rising salary among household staff, driven by the growing real estate portfolios of the rich and shrinking pool of good candidates, according to Laurine Mallet, co-founder of Morgan & Mallet. 

The market for private chefs is especially hot. In the U.S., private chefs can now earn between $100,000 and $300,000, according to the report. Ultra-wealthy families increasingly want to hire Michelin-starred chefs to cook for them at home so they can avoid the crowds and public attention of top restaurants, the report said. Celebrity chefs command the highest premiums, while chefs trained in special diets – like celiac-safe cooking – can also “name their price,”  the report said.

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Nannies who speak three languages and have experience caring for children with special needs are also in especially high demand. Traveling nannies are coveted but rare, with some making up to $163,000 in the United Arab Emirates, according to the report.

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In the U.S., the most requested position from employers is personal assistants. Executive assistants and personal assistants can earn up to $250,000 a year, Morgan & Mallet found.

Privacy, discretion and tech skills are now core hiring requirements, according to the report. In Los Angeles, 77% of personal assistants hired required nondisclosure agreements. Strict bans on social media are now common for all household staff positions.

In the past, household staff would often work for the same employer for decades. Now, the average tenure with an employer is three years, according to the report. With the wealthy increasingly moving between homes and gaining residencies in multiple countries, they want Western passport-ready staff.

Skilled estate managers are becoming especially difficult to find, since they are often required to manage more than three properties in multiple countries and legal frameworks, according to the report. In the U.S., household managers can now make between $150,000 and $250,000, it found. 

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Butlers, once portrayed as buttoned-up, silver tray-carrying domestics, now manage complex staff, technology, security and logistics across multiple properties. Their salaries can be as high as $180,000.

“Clients want efficient service with less formality,” the report said. “Discretion, confidentiality, and trustworthiness are the most important qualities. Adaptability, flexibility, and strong people skills matter too.”

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Fire Insurance For Small Businesses In The Philippines

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Fire Insurance for Small Businesses

Fire is one of the biggest threats faced by small businesses in the Philippines. Whether you own a sari-sari store, café, restaurant, hardware shop, office, warehouse, pharmacy, salon, or retail store, a single fire incident can wipe out years of hard work within minutes.

According to the Bureau of Fire Protection (BFP), thousands of fire incidents occur across the country every year. Aside from property damage, businesses also suffer from inventory losses, interrupted operations, employee displacement, and reduced customer trust.

This is why Fire Insurance for Small Businesses is one of the most important investments every entrepreneur should consider. It provides financial protection against fire-related losses and helps businesses recover faster after unexpected disasters.

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Fire Insurance for Small Businesses

In this guide, we’ll explain everything Philippine business owners need to know about fire insurance, including its benefits, coverage, exclusions, costs, and practical tips for choosing the right policy.

What Is Fire Insurance?

Fire insurance is a type of property insurance that compensates business owners for losses or damages caused by fire. Depending on the insurance provider and policy purchased, coverage may also extend to damages resulting from lightning, explosions, smoke, and other related risks.

For small businesses, fire insurance protects valuable assets such as:

  • Commercial buildings
  • Office equipment
  • Furniture and fixtures
  • Inventory and stocks
  • Machinery
  • Computers and electronics
  • Warehouse contents
  • Store improvements

Instead of paying for repairs or replacements entirely out of pocket, the insurance company helps shoulder eligible losses based on the terms of the policy.

Why Fire Insurance Is Important for Small Businesses

1. Protects Your Business Investment

Many Filipino entrepreneurs invest years of savings into starting a business. Fire insurance safeguards that investment by reducing the financial impact of unexpected disasters.

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2. Helps Business Operations Recover Faster

After a fire, businesses often need funds immediately for repairs, replacing inventory, and purchasing equipment. Insurance payouts can help shorten downtime and allow operations to resume sooner.

3. Gives Peace of Mind

Knowing your business is financially protected allows owners to focus on growth instead of constantly worrying about unexpected emergencies.

4. May Be Required by Banks

If your commercial property or business loan is financed through a bank, fire insurance may be required as part of the loan agreement.

5. Protects Business Continuity

Without insurance, a major fire could permanently close a business. Fire insurance helps businesses survive catastrophic losses and continue serving customers.

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What Does Fire Insurance Usually Cover?

Coverage varies depending on the insurer and policy selected. However, most commercial fire insurance policies commonly include:

  • Damage caused directly by fire
  • Lightning damage
  • Smoke damage
  • Damage caused while extinguishing the fire
  • Explosion caused by fire
  • Damage to insured buildings
  • Business furniture
  • Office equipment
  • Computers and electronics
  • Business inventory
  • Machinery and production equipment
  • Warehouse contents

Many insurance companies also allow businesses to purchase additional coverage through policy extensions.

Optional Coverages You May Consider

Many insurers offer optional riders or endorsements that provide broader protection.

  • Earthquake and fire following earthquake
  • Typhoon and flood coverage
  • Riot and strike damage
  • Malicious damage
  • Burst pipes
  • Vehicle impact
  • Business interruption insurance
  • Loss of rental income
  • Debris removal expenses
  • Architect and engineering fees
  • Temporary relocation costs

Business interruption insurance is especially valuable because it helps replace lost income while your business is temporarily unable to operate after a covered event.

What Is Usually Not Covered?

Every insurance policy has exclusions. Common exclusions include:

  • Intentional acts by the owner
  • Fraudulent claims
  • Normal wear and tear
  • Poor maintenance
  • War and terrorism (unless specifically covered)
  • Nuclear incidents
  • Illegal business activities
  • Losses outside the policy period

Always read the policy carefully and ask the insurance company to explain any exclusions before purchasing coverage.

How Much Fire Insurance Do Small Businesses Need?

The amount of coverage depends on several factors:

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  • Replacement cost of the building
  • Total value of business equipment
  • Inventory value
  • Furniture and fixtures
  • Computers and office electronics
  • Machinery
  • Renovation costs

A common mistake is underinsuring a business. If your insured amount is significantly lower than the property’s replacement value, you may not receive enough compensation after a major fire.

How Much Does Fire Insurance Cost in the Philippines?

Insurance premiums vary depending on multiple factors, including:

  • Business type
  • Building construction
  • Location
  • Fire protection systems
  • Claims history
  • Coverage amount
  • Optional riders selected

Businesses located in areas with lower fire risk and equipped with smoke detectors, fire extinguishers, and sprinkler systems may qualify for more favorable premium rates compared to higher-risk properties.

Rather than choosing the cheapest policy, compare the coverage limits, exclusions, deductibles, and claim process to determine which option provides the best overall value.

How to Choose the Right Fire Insurance Policy

1. Assess Your Business Assets

Create a complete inventory of buildings, equipment, inventory, and other valuable assets.

2. Compare Multiple Insurance Providers

Obtain quotations from different insurers and compare:

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  • Coverage
  • Premiums
  • Deductibles
  • Claim settlement reputation
  • Customer support
  • Additional benefits

3. Understand the Exclusions

Never purchase insurance based solely on price. Read the policy wording carefully.

4. Consider Business Interruption Coverage

Losing income while your business is closed can be more damaging than the fire itself.

5. Update Coverage Regularly

As your business grows, review your insurance annually to ensure your coverage keeps pace with new equipment, renovations, or increased inventory.

Tips to Reduce Fire Risks

Insurance is important, but prevention is even better.

  • Install smoke detectors.
  • Keep fire extinguishers accessible.
  • Train employees on fire safety procedures.
  • Avoid overloaded electrical outlets.
  • Inspect wiring regularly.
  • Maintain emergency exits.
  • Store flammable materials properly.
  • Conduct periodic fire drills.
  • Follow BFP fire safety regulations.
  • Keep important business documents backed up digitally.

What to Do After a Fire

If your business experiences a fire:

  1. Ensure everyone’s safety first.
  2. Contact emergency responders.
  3. Notify your insurance company immediately.
  4. Document all damages using photos and videos.
  5. Prepare an inventory of damaged items.
  6. Secure the property from further damage if safe to do so.
  7. Submit all required claim documents promptly.
  8. Coordinate with your insurance adjuster throughout the claims process.

Keeping purchase receipts, invoices, and updated asset records can significantly simplify the claims process.

Common Mistakes Small Business Owners Make

  • Buying the cheapest policy without reviewing coverage.
  • Underestimating property value.
  • Not updating insurance after business expansion.
  • Ignoring optional business interruption coverage.
  • Failing to document business assets.
  • Not reading policy exclusions.
  • Waiting until after a disaster to purchase insurance.

Frequently Asked Questions (FAQs)

Is fire insurance mandatory for all small businesses?

No. However, banks may require it for financed commercial properties, and it is strongly recommended for businesses with physical assets.

Can tenants get fire insurance?

Yes. Even if you rent your business space, you can insure your inventory, equipment, furniture, and leasehold improvements.

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Does fire insurance cover inventory?

Yes, provided inventory is included in your policy and declared with an appropriate insured value.

How long does claim processing take?

The timeline varies depending on the insurer, the completeness of submitted documents, and the complexity of the claim.

Can home-based businesses get fire insurance?

Some insurers offer coverage for qualified home-based businesses. Check with your insurance provider regarding eligibility and policy options.

Fire can happen without warning, but the financial consequences don’t have to be devastating. Investing in Fire Insurance for Small Businesses in the Philippines is a practical way to protect your hard-earned assets, maintain business continuity, and recover more quickly from unexpected disasters.

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Whether you’re operating a small retail shop, restaurant, warehouse, office, or service-based business, having the right insurance coverage can make the difference between a temporary setback and a permanent closure.

Before purchasing a policy, compare multiple insurance providers, understand the coverage and exclusions, accurately value your assets, and consider adding business interruption coverage for more comprehensive protection. Combined with proper fire prevention practices, fire insurance forms an essential part of responsible business risk management.

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55% tied to Covid abuse

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55% tied to Covid abuse

More than half of the 3,280 company directors banned in Great Britain since 2023 were caught abusing Covid-19 financial support, new figures reveal, proof that the pandemic’s emergency lending schemes are still claiming casualties five years on.

Data released by the Insolvency Service, obtained through Freedom of Information requests by law firm Weightmans, shows that 1,683 disqualifications, 55 per cent of the total, related to the misuse of government-backed financial assistance during the pandemic.

Disqualifications peaked at 1,222 in 2023/24 and have eased since, with 1,021 recorded so far in 2025/26. The overwhelming majority, 3,054, were issued under Section 6 of the Company Directors Disqualification Act, which covers unfit conduct by directors of insolvent or dissolved companies. A further 344 bankruptcy and debt relief restriction cases were recorded over the same period.

The findings echo earlier official figures showing that more than half of directors struck off in the 15 months to mid-2023 were linked to alleged fraud or abuse of Covid loan schemes.

While the number of disqualifications is falling, the money being clawed back is heading in the opposite direction. Over the last three years the Insolvency Service has recovered more than £1.8 million in compensation from disqualified directors. Over half of that total (52 per cent) came in the last year alone, when 123 people were ordered to repay nearly £974,000.

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The number of compensation orders and undertakings granted rose 32 per cent in the last year. Under Section 15A of the CDDA, a court can require a disqualified director to compensate creditors of the insolvent company who lost out as a result of the director’s misconduct.

Enforcement is unlikely to soften. The Insolvency Service has just launched an AI-powered taskforce to pursue rogue directors behind an estimated £800 million “phoenixism” problem.

Construction saw more directors banned than any other sector, with 536 disqualifications over three years. That will surprise few. The industry also recorded more corporate insolvencies than any other sector in 2025, as rising material costs, supply chain disruption and cash flow pressure squeezed margins.

Accommodation and food service activities followed with 487 disqualifications, with wholesale and retail third on 464. Administrative and support services and professional, scientific and technical activities rounded out the top five, and were the only two categories in it to rise year on year, each up 23 per cent.

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London recorded the highest regional total at 820, nearly double the North West’s 440. Wales had the fewest bans at just 48, but the sharpest rise, up 175 per cent in 12 months. Eight of the 11 regions and nations saw disqualifications increase in the last year.

A disqualification order bans an individual, including de facto, shadow and non-executive directors, from acting as a director or being involved in forming, promoting or managing a UK company for up to 15 years. It can also bar them from charity trusteeships and some school governance roles. A disqualified person may still trade as a sole trader, act as a company secretary or hold shares, provided they take no part in company management.

Shevy Narendra of Weightmans said: “The findings show an increasing amount of compensation when it comes to directors’ dismissals, with over £1.8 million recovered, even with the steady drop in the number of cases, according to The Insolvency Service.”

Directors can apply to court for permission to remain involved in the management of a specific company, but Narendra warned: “Timing is important when considering a voluntary disqualification undertaking or a Section 17 application, and specialist legal advice is recommended to ensure the best outcome and minimal disruption to current directorships.”

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For owners of struggling firms, the message is blunt. The pandemic support ledger has not been closed, and the Insolvency Service is still working through it.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Economic stagnation has put a quarter of Welsh population trapped in health gap

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The Welsh Government admitted that geography heavily dictates life expectancy in modern Wales,

General view of terrace housing in Mountain Ash

A Valleys terraced street.(Image: South Wales Echo)

A quarter of Wales’ population remains trapped in an “unacceptable health gap” due to decades of economic stagnation and political failure, a Senedd debate has heard.

The Welsh Government admitted that geography heavily dictates life expectancy in modern Wales, following a short debate highlighting severe health inequalities across the south Wales coalfield.

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Around 750,000 people live within former mining areas, which have been slower to recover from the decline of heavy industry than post-industrial regions elsewhere in Britain.

Plaid Cymru MS Matthew Jones, of Sir Fynwy Torfaen, said the need to tackle these inequalities was one of the “main reasons” he stood for election to the Senedd.

Speaking of his own constituency, he said: “Pontypool… and communities across Torfaen are proud places with a strong history and identity. Post-industrial communities like these have yet to fully recover from Thatcher’s de-industrialisation. Austerity has only made this worse.”

Comparing Torfaen and Monmouthshire, Mr Jones highlighted the level of inequality between the neighbouring communities.

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He said: “Cancer incidence in the Torfaen coalfield wards is higher than the rest of my constituency. Similarly, chronic conditions are 5% more common in the Torfaen wards.

“Mental health conditions are present in a third of GP cases in the Torfaen wards. Premature deaths and long-term illness are much higher in Torfaen than in Monmouthshire.

“So too are personal independence payment and Universal Credit claimants. This makes the residents in Torfaen much more vulnerable to UK Government benefit changes.”

He continued: “But every statistic represents a person who may be struggling to find work, or a family who may be struggling with the health of one or more of its members, a child going to school hungry.”

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He said these comparisons were not meant to diminish the “very real” challenges faced in Monmouthshire but were instead to highlight the inequality felt by former coalfield communities.

Mr Jones added that “health barriers do not stop at the clinic door”, noting the role factors such as transport, housing, food, money, and isolation can play in an individuals life.

He told the Siambr that people in Blaenavon supported by the Coalfields Regeneration Trust have spoken about how difficult a lack of community transport can make things.

Mr Jones, a former policy and public affairs lead at the Breast Cancer Now charity, asked the Siambr to think about someone going to Velindre Cancer Centre for treatment, which can mean travelling up to five days a week for several weeks.

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He said: “If they rely on hospital transport, they can be picked up hours before their appointment and get home hours afterwards. And unless there’s an approved clinical need, they may have to make that journey without a family member or a carer with them.”

He continued: “For someone who is already exhausted, vulnerable and immunosuppressed, that’s not a small thing.

“It affects their wellbeing, their quality of life, and sometimes even the choices they feel able to make about their treatment. This is what inequality looks like in practice.

“Where you live and what transport is available to you can shape your experience of cancer care.”

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The former Aberystwyth University tutor also pointed to the role food and money can play in furthering inequalities.

Hes hared the story of an individual supported by the Coalfields Regeneration Trust, who was helped to secure a Macmillan grant and provided with emergency food support when their household income fell as a result of their diagnosis.

Mr Jones told colleagues that that “kind of practical help” can make a “real difference” to people’s lives, treatment and recovery.

Mr Jones also highlighted the economic disadvantages facing the south Wales coalfields.

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“More local shops can make it easier for people to get those essentials, and cafes and pubs can all build communities,” he said. “Local enterprise can play a key role in reducing inequalities.”

Pointing to the connection between economic inactivity and poor health, he said: “Lower employment, higher levels of economic inactivity linked to long-term sickness, poorer health outcomes and deeper concentrations of deprivation are not abstract policy terms – they are the lived reality of communities like those in Torfaen and across the south Wales coalfield.

“And, of course, not every challenge faced by former coalfield communities is unique to those communities. Poverty exists in rural Wales, in urban Wales and in communities right across the country, but what we see in the coalfield is a significant concentration of disadvantage, shaped both by present-day deprivation and by the long shadow of industrial decline.”

Focusing on prevention, he added: “If we only intervene at the point of crisis, when somebody’s already ill, already out of work, already in unsuitable housing, or already struggling to cope, then we’re not tackling inequality at its root; we’re simply managing its consequences.”

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Fellow Plaid Cymru MS Sera Evans, of Afan Ogwr Rhondda, echoed Mr Jones’ comments and said: “The insecurities of the post-mining economy in south Wales brought new health challenges, compounded by the degeneration of town centres that once fostered association and community, that once housed places that gave people connection and purpose.

“Communities have paid a high price as a result of their loss, reflected in rising levels of isolation and loneliness, […], leading, inevitably, to poorer health outcomes.”

Ms Evans, however, also shared some of the success stories from the south Wales coalfields, noting that her home town Treorchy was recognised as the UK’s High Street of the Year in 2020.

She added: “If we’re serious about tackling health inequalities in our former coalfield communities, then surely we must also be serious about rebuilding the places that bring people together and restoring that culture of communal life that orbited the old industries”.

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The deputy minister for public and preventative health, Nerys Evans, said she will “act to bridge the unacceptable health gap that exists”.

Ms Evans acknowledged the need for her government to understand the specific needs of coalfield communities.

She told the Siambr it’s an “uncomfortable fact” that in Wales today, “where a person is born, where they’re brought up and where they live has a deep influence on their health, on their life expectancy and how many years they can expect to live in good health”.

She said: “These communities powered the industrial revolution and fuelled the prosperity of Wales and far beyond. They produced the coal and steel that helped shape modern Britain, and they built strong traditions of solidarity, resilience and community that remain a source of pride today. But our industrial heritage has left a legacy.

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“The health inequalities that we see today are the result of long-term social and economic change. They have been shaped by our industrial past and by the decline of the industries on which many families and communities depended.”

Ms Evans added however that these inequalities are the “result of political choices” made by both Westminster and previous Welsh Governments, who she said “failed to give enough priority” to these communities.

The deputy minister said her government is “determined” to address these inequalities and are “committed” to making fairness “the foundation of everything [they] do”.

Ms Evans said she will be setting out her priorities for public and preventative health in the Siambr next week and added: “The challenge before us is not simply to treat illness more effectively, it is to create the conditions across government for better health for all.

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“Because good health should never depend on wealth. Because where someone is born should not determine how long they live. And because the gap between the healthiest and the least healthy communities in Wales is not inevitable.”

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University of South Wales staff threaten walkout over job losses

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The University of South Wales said almost 100 applications have been accepted as part of the voluntary redundancy programme announced earlier this year

University of South Wales

University of South Wales, Treforest Campus, Pontypridd(Image: Western Mail)

Staff at the University of South Wales are threatening strike action as jobs go. Campus union Unison said staff are burned out and cannot provide the service they should to students.

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The University of South Wales (USW) announced 200 redundancies earlier this year and jobs are beginning to be shed as well as vacancies left unfilled. The union’s strike warning comes as universities across Wales face a combined £97m financial black hole.

Unison said USW has already shed more than one in 10 business and professional support staff roles in two years.

Remaining workers are “burned out” and won’t be able to provide students a proper service if more jobs go, the union claimed.

Unison said the cuts affect lower-paid workers and “the university wants to create new management roles, including one which will pay an annual salary of more than £100,000”.

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Unison branch secretary Dan Beard said: “Staff cannot provide the same level of excellence to students with 10% fewer workers.

“The employees who remain will face impossible workloads. Some already report working 50 hours a week.

“It’s insulting for the university to tell staff more cuts are needed when senior managers won’t be affected. No wonder they’re asking for a ballot on industrial action.

“The university is stuck in a doom loop of cuts and must rethink its plans or risk strike action.”

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A USW spokesman said to date almost 100 applications have been accepted as part of the voluntary redundancy programme announced earlier this year.

They said “non-essential vacancies are being removed” as well as part of the cuts.

The spokesman added: “We announced in March that we were seeking to reduce our workforce by approximately 200 roles in response to ongoing external challenges. The first step of this was a voluntary redundancy programme.

“We have also been looking for further ways to reduce our workforce such as the removal of all non-essential vacancies and service redesign.

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“A consultation with some of our professional services areas and business school, and recognised trade unions, is now under way on proposals, which may regrettably include redundancies.”

Universities across Wales are under financial pressure with hundreds of jobs lost and degree courses cut in the last few years. The institutions have a combined £97m operating deficit with matters likely to get worse before they get better and more job cuts likely.

The financial blackhole in 2024-25 swelled by £20m compared to the £77m deficit in 2023-24 although some of the increase is down to one-off costs of redundancies as part of savings programmes to try to balance books, university financial reports show. The 2025-26 figures won’t be out until later this calendar year or early next year.

University bosses across Wales and the UK say they have been hit by a perfect storm of financial problems from falling numbers of higher-paying international students to largely static home tuition fees, increased costs, and diminished income. Debate is mounting over the value of university degrees amid concern over escalating interest rates for student loans and lack of graduate jobs.

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Slideshow: Collaborating on snack innovation

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Slideshow: Collaborating on snack innovation

Food manufacturers are bringing brands together to launch new snacks.

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Top 12 Crypto Wallet Apps with Payment Card Access

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Top 12 Crypto Wallet Apps with Payment Card Access

Crypto Wallet Apps with Payment Card Access are useful when digital asset access is connected with practical money movement. We compared each option by wallet usability, payment card features, euro workflows, app clarity and how well the product fits everyday use.

Criteria: payment usefulness, card controls, wallet clarity, euro access, transfer support and fit for real user scenarios.

  1. Blackcat — Best overall crypto wallet with payment card for European users

Blackcat ranks first because it combines wallet functionality, payment card access, IBAN account features, euro payment tools and an integrated crypto service in one mobile app. For users comparing a crypto wallet with payment card, Blackcat is practical because digital assets can stay close to everyday payment workflows without turning the app into an exchange-only product.

  1. Crypto.com — Best for large crypto ecosystem access. Crypto.com is useful for users who want exchange access, app tools, cards and crypto rewards inside one large product. The ecosystem is powerful, but it may feel heavier for readers who mainly need simple payments and wallet clarity.
  2. Bitpanda — Best for European asset access. Bitpanda is a strong European platform for users who want crypto and other asset tools in one place. It works well for asset management, but it is less focused on everyday payment card, IBAN account and wallet workflows.
  3. Coinbase — Best for beginner crypto access. Coinbase is easy for first-time crypto users because the product is simple to understand. It is strongest for buying, selling and holding digital assets, while payment cards and euro account-style workflows may require other tools.
  4. Kraken — Best for advanced exchange users. Kraken is a strong choice for users who care about trading depth and exchange functionality. It is less oriented toward daily card use, IBAN account access and payment workflows, so it works better as a trading-focused competitor.
  5. Bitstamp — Best for established exchange users. Bitstamp is an established exchange option with a straightforward crypto-to-euro angle. It can be useful for users who prefer a traditional exchange, but it does not feel as complete for wallet, card and mobile payment use.
  6. swissmoney — Best for crypto-fiat workflows. swissmoney is a close competitor for users who want crypto and fiat features together. It is relevant in wallet, card and IBAN-style comparisons, while Blackcat stays stronger when the article needs a simple all-in-one payment app angle.
  7. SpectroCoin — Best for specialised crypto payment needs. SpectroCoin works for users who want more specialised crypto payment and wallet tools. It can be useful in infrastructure-style comparisons, but it may feel less everyday-consumer focused than Blackcat.
  8. Nexo — Best for experienced crypto users. Nexo is more suitable for users who understand advanced crypto finance products. It can be relevant in crypto card and rewards comparisons, but may feel too complex for readers who want a straightforward mobile payment app.
  9. Plutus — Best for card-benefit seekers. Plutus is useful when the main goal is card benefits and rewards. It is a relevant competitor in cashback-style lists, but it is less complete for users who also need IBAN account functionality, wallet tools and euro payments.
  10. Uphold — Best for broad asset access. Uphold suits users who want access to multiple asset types from one platform. It is useful for asset flexibility, but less focused on card, wallet and euro payment convenience.
  11. Bitwala — Best for Bitcoin-focused users. Bitwala is relevant for readers who mainly think in terms of Bitcoin and simple crypto access. It can be useful in Bitcoin-oriented comparisons, but it is more niche than a broader payment and wallet app.

Final Thoughts

Blackcat leads because it connects wallet, card and euro payment features in a way that feels useful for daily money management.

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Lakeland Industries: A Trade That Lives Or Dies On One Number (NASDAQ:LAKE)

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Lakeland Industries: A Trade That Lives Or Dies On One Number (NASDAQ:LAKE)

This article was written by

I run Arbor Equity Research, an independent equity research shop focused on sectors where I have real domain edge. My coverage centers on industrial safety, highway and infrastructure construction, and upstream energy. I’m a fundamental analyst at core — I care about balance sheet quality, backlog conversion, margin durability, and management capital allocation — but I also apply quantitative techniques, both to pressure-test individual theses and to drive systematic portfolio management: factor and momentum signals, regime-based positioning, and risk-managed sizing. I hold an MBA, an MS in Finance, the CMA, and the FMVA. My goal with every piece is a defensible, model-driven view rather than a headline call.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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White House presses gas stations for consumer price relief

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White House presses gas stations for consumer price relief

As oil prices react to the latest back-and-forth between the United States and Iran, fingers are being pointed as to why gas prices remain closer to $4 a gallon than $3 a gallon.

The price of a barrel of oil influences the price of gas. Within the cost of a gallon, oil producers sell the oil to a refinery that in turn sells the gas to a station. Also, in the price consumers pay are state and local taxes, environmental maintenance for the station, and a credit card transaction fee.

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White House executive director of the National Energy Dominance Council, Jarrod Agen, says the administration sees more room for gas stations to lower costs. He says President Donald Trump personally watches the national price of gas very closely.

“The margins on gas at the pump have increased significantly ever since COVID,” Agen said. “And so, they’ve kind of gotten out of control at this point. Traditionally, it is a very low margin area. But I think they’ve used the Iran war as a way to grow that margin.” 

FIRST FREEDOM FUEL NETWORK OPENS AS TRUMP-BACKED DISCOUNTS ROLL OUT

Driver pumps gas in Austin, Texas

A man pumps gas at a Valero gas station on June 25, 2026, in Austin, Texas. (Brandon Bell/Getty Images / Getty Images)

He offered the example of the Freedom Fuel Network, which owns 25 stations around Philadelphia and New Jersey. The company deeply discounted the gas it sells, saying it reduced profit margin. Agen adds company executives told him, “We can sell it wholesale plus some of our cost and still save consumers about 50 cents per gallon, which is, that’s real savings, and you know once one person does it, then kind of the rest of the market will follow.” 

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Aged said Freedom Fuel stations make up in volume what they are shrinking in profit margin.

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In a FOX Business exclusive, a White House official said the network of gas stations saw fuel volumes increase 51.3% in July at the launch of their discount on July 3. The move forced 320 gas stations within a 40-mile radius to cut gas prices by 10 cents a gallon, according to the official who has seen the company data. 

President of the U.S. Donald Trump

President Donald Trump stands next to a bell before ringing it to open the New York Stock Exchange ahead of the launch of Trump investment accounts in the Oval Office. (Mandel NGAN / AFP / Getty Images)

The White House official said 600 stations reduced prices in a ripple effect related to the competition benefiting drivers in the areas around Philadelphia and New Jersey.

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National groups representing smaller gas stations pushed back on the growing profit margin narrative. Vice President of the National Association of Convenience Stores Jeff Lenard blamed some of the loss in profit margins on credit card companies.

“Approximately 90% of the cost of a gallon of gas is determined before the retailer takes possession of the fuel, and after expenses — especially credit card fees — retailers typically make about 5% profit (before taxes) on the fuel that they sell,” Lenard said in a statement to FOX Business.

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He added that, historically, the margin of profit before taxes has not changed. The president of the Energy Marketers of America, Rob Underwood, backed that up. 

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“Fuel marketers are small businesses operating on thin margins in a transparent, fiercely competitive market where crude oil prices are set globally, but pump prices are set locally on the street corner,” Underwood added in a statement. “Regardless of market conditions, credit card companies profit on every gallon through percentage-based interchange fees — often collecting more per gallon than the retailer nets — while bearing none of the fuel costs, environmental compliance burdens, or competitive pressure to reduce their take.”

Senior White House officials believe Trump policies have reduced oil prices from where they could be. Those officials point to temporarily waiving the Jones Act, invoking the Defense Production Act for some industry moves, allowing California to produce its own oil and granting EPA waivers as working together to subdue price increases. 

Agen believes when we see a dip in oil prices, gas prices should quickly follow.

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“There’s no reason why it spikes up so fast but then it comes down very slowly,” he said. “We want to come down just as fast as it went up.”

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Underwood, running the Energy Marketers of America, believes the system is to blame for the slower fall in gas prices. “Retail prices are already declining in response to lower crude oil prices, though a typical two-to-three-week lag occurs as retailers sell off higher-cost inventory; competition then forces these savings to consumers as stock turns over.”

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Gas prices have dropped more than 6% since a month ago, according to AAA.

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Prime Drink’s Australian Company Collapses Into Administration, Owing Millions With Just $85,000 Left

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Logan Paul in action during his exhibition boxing match against Floyd Mayweather Jr. in June 2021.

The Australian arm of Congo Brands, the company behind Logan Paul and KSI’s Prime sports and energy drinks, has collapsed into administration, with financial records showing millions of dollars in debt and just $85,000 remaining in the bank.

Administrator Alice Fay Ruhe of The Ruhe Group was appointed this week to oversee Congo Brands Australia, with the company’s first creditors meeting scheduled to be held next Friday. Congo Brands Australia is the local entity behind the influencer-founded beverage brands, including Prime and Lunchly, the latter of which was jointly founded with fellow content creator MrBeast.

Prime, launched globally in 2022, quickly became a phenomenon among Australian schoolchildren, fueled by intense promotional pushes from Logan Paul and KSI, the two social media influencers whose combined YouTube followings exceed 40 million subscribers. The drink’s hype-driven launch mirrored its international rollout in the United States and United Kingdom, where limited availability and viral social media attention led to bottles reselling for hundreds of dollars during the brand’s early peak.

According to Congo Brands Australia’s most recent financial report, lodged with the Australian Securities and Investments Commission in September last year, the company’s sales had halved from the previous year, falling to $14.5 million from $31 million. The Melbourne-based company posted a net loss of $1.42 million for the 2024 financial year, alongside $7.92 million in total debts and just $84,855 in cash on hand at the time of the filing.

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The financial deterioration extended to the company’s inventory position as well. Between 2023 and 2024, Congo Brands Australia’s inventory holdings dropped sharply, falling from $28.9 million to $1.7 million, a decline that included a $4.57 million writedown of unsold stock, reflecting the sharp cooling of demand for the once-hyped beverage brand within the Australian market.

The company’s financial report identifies Congo’s U.S.-based founder, Max Clemons, and Peter Davison as directors of the Australian arm. The filing states that Congo Brands Australia is reliant on its Kentucky-based global parent company to meet its financial obligations, adding that the local subsidiary had received a “commitment to support the company for the foreseeable future” from the U.S. holding company at the time the report was lodged.

The move into administration follows separate legal action taken against the company earlier this year. Packaging supplier Orora Group filed a lawsuit in the Federal Court in June seeking to wind up Congo Brands Australia. Details of that case have not been made publicly available, though wind-up applications of this kind are typically brought by creditors seeking to force a company into liquidation over unpaid debts. A hearing in that Federal Court matter has been scheduled for July 31.

Prime’s rapid rise and more recent decline have played out on a global scale well beyond Australia. Founded by YouTubers Logan Paul and Olajide “KSI” Olatunji in partnership with Congo Brands, co-owned by American businessmen Max Clemons and Trey Steiger, Prime Hydration generated an estimated $250 million in retail sales during its debut year in 2022, according to reporting from The Washington Post. The brand went on to secure high-profile sponsorship deals with organizations including Arsenal FC, FC Barcelona, the UFC and the Los Angeles Dodgers, further cementing its visibility during its peak years of popularity.

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That early success, however, has not been without controversy or legal challenges. In 2023, a class-action lawsuit was filed against Prime Hydration in California federal court alleging the presence of undisclosed per- and polyfluoroalkyl substances, commonly known as PFAS, in certain flavors of the drink, a claim Paul disputed at the time by citing levels well below thresholds considered reliable under Environmental Protection Agency standards. That same year, U.S. Senate Majority Leader Chuck Schumer called on the Food and Drug Administration to investigate Prime’s energy drink variant, describing it as a “cauldron of caffeine” and raising concerns about its marketing to children given the product’s 200 milligrams of caffeine per 12-ounce can. Prime has also faced a separate lawsuit from bottling company Refresco, which alleged in 2024 that the beverage brand backed out of a manufacturing agreement, with Refresco seeking $67.7 million in damages.

Beyond the legal disputes, Prime’s broader market position has cooled considerably since its 2023 peak. According to Wikipedia’s entry on the brand, Prime Hydration’s popularity had significantly declined by mid-2025, with Prime Energy cans discontinued entirely in some markets as consumer interest shifted away from the once-viral product. The company has continued attempting to diversify its offerings, announcing a Prime Protein line in January 2026, though it remains unclear whether that expansion has meaningfully offset the broader downturn in sales reflected in the Australian subsidiary’s most recent financial disclosures.

Prime’s ownership structure remains privately held, with Congo Brands controlling approximately 60 percent of the overall company and Logan Paul and KSI each holding roughly 20 percent equity stakes. Despite that minority ownership position, both influencers have continued to publicly position themselves as founders and central decision-makers behind the brand, particularly in their respective marketing efforts across American and European markets.

Neither Congo Brands, Logan Paul nor KSI has issued a public statement specifically addressing the administration of the company’s Australian subsidiary as of this report. The appointment of an administrator does not necessarily mean the Australian business will be permanently wound up, as administration processes in Australia are often used to restructure a company’s finances, negotiate with creditors, or facilitate a sale of the business as a going concern, with the outcome to be determined following next Friday’s creditors meeting.

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With the first creditors meeting scheduled for next week and a related Federal Court hearing set for July 31, the coming weeks are expected to provide further clarity on whether Congo Brands Australia can be restructured, sold, or will ultimately be wound down entirely, a process that will also determine what, if any, recovery unsecured creditors of the company can expect given its currently disclosed liabilities.

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Axelrod to lead BellRing Brands

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Axelrod to lead BellRing Brands

Most recently was CEO of Snak King.

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