The £100m plans include a new hydrogen powered furnace at 7 Steel in Cardiff

Owners of Cardiff-based steel maker 7 Steel have confirmed £100m investment plans.

The investment, up to 2030, includes £30m for a new hydrogen-ready furnace, which would be the first large scale industrial application of hydrogen in steel manufacturing in the UK.

Czech investment company Sev.en Global Investments acquired the business from Spanish firm Celsa last year. The business makes steel from scrap steel through its electric arc furnace mill operation.

The £100m investment also covers plant upgrades, technology improvements and wider operational development.

The new furnace will be operational next year but will not initially be using hydrogen.

The Cardiff plant, which also serves as the firm’s UK headquarters, recycles domestic scrap into low-carbon steel for construction, infrastructure, transport and energy projects. Its products, such as rebar and mesh, have gone into some of the UK’s most recognisable buildings and infrastructure, including The Shard, Wembley Stadium, the Heathrow Terminal 5 extension, Hinkley Point C nuclear power station and rail’s HS2.

The investment arrives at an important moment for British steel. The UK Government, which is nationalising the last remaining heavy steelmaking plant in Scunthorpe, has set out plans to build 1.5 million new homes and upgrade infrastructure, both of which will require significant volumes of steel. Sev.en GI says the new policy direction reinforces its case for long-term investment in the sector.

Alan Svoboda, chief executive of Sev.en Global Investments, said: “As the long-term owners of 7 Steel UK, we recognise the strategic importance of a robust independent British steel sector.”

“Steel is a strategic industrial opportunity which requires continuity and a willingness to invest through the cycle. That is exactly how we invest.”

Beyond capital investment, Sev.en GI has said it is committed to the workforce. 7 Steel UK pays 1.5 times the UK median salary and continues to train the next generation of engineers, helping to keep skilled industrial jobs in Cardiff and across the UK.

7 Steel employs over 1,600 people across the UK, with 1,050 based in Wales, of which 800 are in Cardiff. It has 14 sites including four fabricator sites in Neath, Newport, Crumlin, and Whiteheads in Newport, which employ 250. The Cardiff site produces more than one million tonnes of steel a year, making it the UK’s third biggest steel producer.

The operation in the Tremorfa area of Cardiff has been owned and operated by some of the biggest names in British industry such as Guest Keen & Nettlefolds (GKN) before becoming British Steel in 1970.

The blast furnace side of the operations closed in 1978 with the remaining works going through a variety of owners. Previous owners Celsa acquired it in 2003.

Key Manchester Airport link could boost links across the North West and Yorkshire

A small piece of HS2 in Greater Manchester is being resurrected – and it could unlock a wave of future transport improvements across the north.

When former Tory Prime Minister Rishi Sunak confirmed that the northern leg of HS2 was all but dead in late 2023, it sparked huge backlash and frustration.

The move, announced during the Conservative Party conference being held in Manchester at the time, killed hopes of a faster train link from Greater Manchester to London.

Mr Sunak told Tory conference in October 2023: “I say to those who backed the project in the first place, the facts have changed and the right thing to do when the facts change is to have the courage to change direction.

“I am ending this long-running saga. I am cancelling the rest of the HS2 project and in its place, we will reinvest every single penny – £36 billion – in hundreds of new transport projects in the North and the Midlands.”

But now one small section of HS2 in the north – which includes a link between Manchester Airport and Manchester Piccadilly station – is being brought back.

It forms part of the High Speed Rail (Crewe – Manchester) Bill, relating to phase 2b of HS2, which is being ‘repurposed’ with a focus on improving rail connections across the north.

The move is expected to feature in the King’s speech on Wednesday, which sets out the new laws being planned by the government.

Creating the new link in Greater Manchester is a crucial part of wider transport plans across the north, insiders say, and would pave the way for a new Manchester to Liverpool line in phase two of the £45 billion Northern Powerhouse Rail programme.

One source described a new Manchester Airport to Piccadilly connection as the ‘key part’ of the future Manchester to Liverpool connection – a piece of the puzzle which is ‘non-negotiable’ and needs to happen to unlock the rest of the project.

So the High Speed Rail (Crewe – Manchester) Bill featuring in the King’s speech on Wednesday could signal a major step forward for a raft of planned railway improvements in northern England.

Henri Murison, chief executive of the Northern Powerhouse Partnership, told the Local Democracy Reporting Service: “We’re expecting there may be good news on Wednesday, this is critical because it will enable not just to be connected to Manchester city centre as part of the wider Manchester-Liverpool scheme, but also will in the end connect Yorkshire better to the airport.”

It’s understood that the government decided to repurpose the current High Speed Rail (Crewe – Manchester) Bill rather than creating a new one to save the time and money that has already been put into the plan.

Transport secretary Heidi Alexander outlined the plan in Parliament in February.

She told MPs that the High Speed Rail (Crewe – Manchester) Bill ‘has been refined’ with a new purpose, and that the Bill itself is the ‘mechanism by which planning consent for the eastern part of the new route between Liverpool and Manchester can be granted.’

She added: “The Bill will have the necessary powers to deliver the section of Northern Powerhouse Rail into Manchester via Manchester airport, including new stations at Manchester Piccadilly and Manchester airport itself.

“We are now seeking to progress the Bill to make the best use of the significant progress it has already made.”

A new Manchester-Liverpool railway line has long been touted as essential to boosting connectivity across the north, as well as keeping the economy in good health.

READ MORE: Why business must back Piccadilly underground plans: Manchester leaders push ‘transformational’ scheme as they prepare for MIPIMREAD MORE: Biggest rail boost in a generation: £45bn Northern Powerhouse Rail scheme confirmed with plans for new Manchester-Birmingham line

The plan for a Manchester-Liverpool route could cut journey times between the north west’s two biggest cities to as little as 35 minutes, alongside increasing the number and frequency of trains – something Andy Burnham previously said could turn Piccadilly Station into the ‘King’s Cross of the North’.

Part of the wider project includes plans for an underground Piccadilly station. As Greater Manchester Mayor Andy Burnham said at the start of this year: “Finally, we have a government with an ambitious vision for the North, firm commitment to Northern Powerhouse Rail and an openness to an underground station in Manchester city centre.

“Today marks a significant step forward for Greater Manchester. We’ll now work at pace to prove the case for an underground station and work up detailed designs for the route between Liverpool and Manchester.”

The transport secretary said of the High Speed Rail (Crewe – Manchester) Bill in February that it is ‘important to crack on and get it done’ given the wider ambitions for the north of England.

This small section of HS2 in Greater Manchester set to be resurrected in the King’s speech on Wednesday could be the key to unlock it all.

SYDNEY — Australia’s annual inflation rate cooled to 4.3% in the 12 months to May 2026, down from 4.6% in March, offering the first clear sign that the recent surge driven by global energy shocks may be peaking. The Australian Bureau of Statistics released the May Consumer Price Index data on Wednesday, showing headline CPI rising 0.8% in the month, with easing fuel prices providing some relief even as underlying pressures in housing and services remain sticky.

The trimmed mean measure of underlying inflation held at 3.4%, still well above the Reserve Bank of Australia’s 2-3% target band. While the modest decline in headline inflation was welcomed by markets and households, economists caution that progress toward the target will likely be gradual, with the central bank expected to hold rates steady at 4.35% for the foreseeable future.

The data comes as the RBA navigates a complex environment of lingering global uncertainty from the U.S.-Iran conflict, domestic capacity constraints, and a resilient labour market. Governor Michelle Bullock has repeatedly stressed that inflation is “likely to stay above target for some time,” a message reinforced in the central bank’s latest Statement on Monetary Policy.

Key Drivers in May CPI

Fuel prices, the main culprit in the earlier spike, began to moderate in May as global oil markets stabilised somewhat following diplomatic efforts around the Strait of Hormuz. Petrol contributed a smaller 6.8% year-on-year increase compared with 8.9% in March. However, housing costs remained elevated at 6.7%, driven by rents and construction materials, while food inflation ticked up slightly to 3.4%. Services inflation eased marginally to 3.5%.

The quarterly CPI rose 1.3% in the three months to May, slightly softer than expected but still highlighting persistent price pressures in non-tradable sectors of the economy.

RBA Policy Stance

Markets now assign only a low probability of further rate hikes in 2026, pricing in the first cut possibly in early 2027. The RBA has signalled it will remain data-dependent, watching closely for signs that second-round effects from higher energy and wage costs are embedding. Economists at major banks forecast headline inflation to trend toward 3.8% by year-end before slowly returning to the target band by late 2027.

Cost-of-Living Impact on Households

For Australian families, the May figures bring modest relief after months of painful increases at the pump and in grocery aisles. However, real wages continue to lag inflation in many sectors, and higher interest rates are squeezing mortgage holders. Consumer confidence remains subdued, with retail spending growth slowing and many households tightening budgets.

The federal government’s cost-of-living relief measures, including energy rebates and targeted welfare adjustments in the 2026-27 Budget, are providing some buffer, but Treasurer Jim Chalmers has acknowledged that inflation remains a “live challenge” for ordinary Australians.

Sector and Market Reactions

The ASX 200 reacted positively to the softer-than-feared inflation print, with rate-sensitive sectors such as real estate and consumer discretionary posting gains. The Australian dollar eased slightly against the greenback as traders adjusted expectations for the RBA’s near-term path. Bond yields dipped modestly, reflecting lower rate-hike probabilities.

Business groups welcomed the cooling trend but warned that prolonged high inflation and interest rates could weigh on investment and hiring. Small business owners, in particular, report difficulty passing on costs without losing customers.

Outlook for Coming Months

Economists will watch the June and July CPI releases closely for confirmation that the disinflation trend is taking hold. Key risks include renewed oil price volatility from the Middle East, persistent rental inflation, and wage growth that could fuel services prices. On the positive side, global supply chain normalisation and moderating demand could help ease goods inflation further.

The RBA’s next meeting in early July will be closely scrutinised. Most forecasters expect the bank to hold rates steady while continuing to monitor incoming data. Any signs of renewed acceleration could prompt a hawkish shift, while sustained cooling would open the door for eventual easing.

Broader Economic Implications

Australia’s inflation challenge in 2026 reflects a global story of post-pandemic supply adjustments compounded by geopolitical energy shocks. The country’s relatively strong labour market and commodity export strength have provided some insulation, but the cost to households has been significant. Policymakers face the difficult task of engineering a soft landing without tipping the economy into recession.

For consumers, the message remains one of cautious optimism. While May’s data shows the worst of the recent surge may be behind us, returning to the RBA’s target will take time and continued vigilance on both monetary and fiscal fronts. Families are advised to continue monitoring budgets, locking in fixed rates where possible, and watching upcoming CPI releases for further direction.

As Australia moves through the second half of 2026, the inflation trajectory will play a central role in shaping interest rates, household spending, business investment and overall economic growth. The May figures mark an encouraging step, but the journey back to price stability is far from over.

Economists and markets will now turn their attention to June data and the RBA’s July meeting for the next important signals on the path ahead.

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The company’s revenue from operations in Q4FY26 was down 12% to Rs 7,516 crore versus Rs 8,506 crore in the corresponding quarter of the previous financial year.

The company’s board recommended a final dividend of Rs 8 per equity share for the financial year 2025-26, subject to approval of shareholders at the ensuing Annual General Meeting. The company has set the record date for determining eligible shareholders on July 10, 2026.

The profit after tax (PAT) was down 81% on a sequential basis from Rs 1,190 crore in Q3FY26 while topline declined 14% quarter-on-quarter from Rs 8,727 crore in the October-December quarter of FY26.

However, revenue increased 3% for the full year ended March 31, 2026 to Rs 33,593 crore from Rs 32,553 crore in the year ago period.

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Growth was broad-based across key markets, except for North America which declined primarily on account of lower Lenalidomide sales and a one-time Shelf Stock Adjustment (SSA) of Rs 450 crore related to the product. Favourable foreign exchange rate movements further supported overall growth.
Excluding the one-time SSA, consolidated revenues were at Rs 7,970 crore billion in Q4FY26, a decline of 6.3% YoY and 8.7% QoQ and Rs 34,050 crore in FY26, a growth of 4.6% YoY.Gross Margin for Q4FY26 at 44.8%, a decline of 1,074 basis points (bps) YoY and 881 bps QoQ. For FY26 it stood at 52.8%, a decline of 573 bps YoY.

The YoY decline for the quarter was primarily on account of reduced sales of Lenalidomide, price erosion in North America and Europe Generics and a one-time SSA impact indicated earlier. FY26 was further impacted by one-time new Labour Code related provision in Q3FY26.

Excluding the one-offs related to SSA and new Labour Codes, gross margin for Q4FY26 at 48% and FY26 at 53.5%.

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Dr. Marty Makary is out as FDA commissioner, President Donald Trump said Tuesday, ending a controversial tenure at the health agency.

Makary is “a wonderful man and he’s going to be off, and the assistant, the deputy, is taking over temporarily,” Trump told reporters on Tuesday.

He added, “He’s going to go on, and he’s going to lead a good life.”

Several news outlets reported that Makary resigned on Tuesday, which followed days of reporting that the White House was planning to fire him.

Kyle Diamantas, who previously worked as the top food official at the FDA, will step in as acting commissioner, according to reports. Trump on Tuesday did not name Diamantas.

Makary, a surgical oncologist known for criticizing the government’s handling of the Covid pandemic, had reportedly fallen out of favor with both FDA staff and the White House in recent months. He served as head of the agency responsible for regulating food, drugs and medical devices for more than a year. 

His tenure was marked by internal dysfunction and leadership turmoil at the FDA, along with mounting backlash from drugmakers, physicians and patient groups on regulatory decisions, including high-profile rejections of some rare disease treatments. At the same time, the White House reportedly grew increasingly impatient with what it viewed as his slow movement on Trump’s key policy initiatives, such as legalizing flavored vapes. 

Makary has touted his accomplishments as commissioner, including his priority voucher program that accelerates review times for certain drugs. 

But staff morale at the agency plummeted after layoffs and departures of career agency scientists, including longtime cancer regulator Dr. Richard Pazdur, who cited Makary’s leadership as his reason for leaving. Meanwhile, distrust of leadership has reportedly grown among the staff that remained. 

Among Makary’s most polarizing appointees was Vinay Prasad, who served as a key agency official overseeing vaccines and biotech treatments before stepping down at the end of April. Prasad, an outspoken academic and podcaster, left the agency after mounting criticism of the FDA within the biotech and pharmaceutical industries and among former health officials.

For example, the FDA initially refused to review Moderna’s flu shot – a decision that the biotech company said was inconsistent with previous agency guidance and specifically stemmed from Prasad. The FDA later reversed course on the vaccine.

Prasad also faced backlash earlier this year for his rejection of a Huntington’s disease gene therapy from uniQure, which claimed the FDA was requiring it to perform fake brain surgery to evaluate whether the treatment works. In a CNBC interview in March, Makary appeared to criticize that treatment without naming it. 

In April, the FDA rejected Replimune’s drug candidate for melanoma a second time after an initial rejection in July. The agency cited insufficient evidence of effectiveness and took issue with the single-arm trial design. 

In an interview with CNBC in May, Makary said three independent teams have arrived at the same conclusion around the drug and that the FDA has not made “corrupt sweetheart deals.”

“I don’t work for Replimune, I work for the American people, and I stand by the scientists at the FDA,”  Makary said in the interview with CNBC’s David Faber. 

In March, Sen. Ron Johnson, R-Wisc., announced an investigation into the FDA’s rejection of rare disease treatments.

President Donald Trump is set to travel to China this week for a summit with Chinese President Xi Jinping that comes as the relationship between the world’s two largest economies is disrupted by ongoing trade disputes and emerging technology.

Trump’s meeting with Xi in Beijing on May 14–15 comes amid the Iran war affecting global energy markets, while the trade tensions between the U.S. and China continue to simmer amid tariff disputes, the artificial intelligence (AI) race and potential export deals.

The two countries may negotiate new commitments by China to purchase American farm goods and jetliners, with restrictions on the sale of advanced AI chips a potential sticking point.

Derek Scissors, a senior fellow at the American Enterprise Institute whose focus includes U.S. economic ties with China, told FOX Business that the “president wants to announce a bunch of purchases” of U.S. goods following the talks and sees China as having flexibility to make public commitments to that effect.

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President Donald Trump’s last trip to China to meet with Chinese President Xi Jinping was in November 2017, which was the last visit by a U.S. president. (Evelyn Hockstein/Reuters)

“Xi Jinping can just say, ‘we are going to do this.’ It doesn’t mean they actually do it – they didn’t do it in the phase one deal – but he can say that, and they can announce that China will buy this many Boeings and this many soybeans, so I think they’re going to negotiate a purchase deal,” Scissors said.

He said that he views a public deal involving Chinese purchases of U.S. energy as unlikely due to political sensitivities stemming from the Iran war, but China may seek a deal allowing it to purchase advanced AI chips.

“On the Chinese side, they, of course, want more advanced technology. One of the reasons they have not bought any H200 Nvidia chips is that they want to put pressure on the company to sell them better chips,” Scissors said. “They’ll even eventually acquire H200 chips, and probably already have indirectly, but what they want is an agreement to sell more advanced chips.”

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Nvidia’s advanced AI chips have been a major point of contention in U.S. trade with China. (Jakub Porzycki/NurPhoto)

“That’s the basic economic trade: the Chinese make, or at least announce, large-scale purchases of U.S. items that we sell to China, which is aircraft and farm goods in the lead if you’re not going to count energy, and then we agree to sell them more advanced chips than the H200,” he said.

Scissors added that he’s unsure whether Trump is interested in selling the advanced chips to China, given the tension between his stated desire for more U.S. exports and the restrictions that have been put in place on the sale of those chips.

Kyle Chan, a fellow at The Brookings Institution’s John L. Thornton China Center, expressed a similar sentiment and told FOX Business that Beijing’s approach to export controls will be a big question ahead of the summit.

“Trump allowed the sale of Nvidia H200 chips to China subject to certain conditions. Beijing, however, has not been eager to allow the import of these chips. While Chinese AI companies would like to access stronger AI chips, Beijing is keen to support domestic AI chipmakers instead,” Chan noted. “Will Trump see this as a technology issue or a trade issue?”

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President Donald Trump last met with Chinese President Xi Jinping in October 2025 in Busan, South Korea. (Evelyn Hockstein/Reuters)

Chan added that the investment deals that have been reached between the U.S. and Japan and South Korea, two regional rivals of China, may be appealing to Chinese leadership – though he cautioned it isn’t clear the U.S. would be receptive.

“Beijing is quite interested in increasing Chinese investment in the U.S. They look around and see U.S. investment deals with other countries like Japan and South Korea and wonder whether this might be an easy win-win. The real question is whether the U.S. would find this attractive or see this as a source of greater risk and dependency,” Chan said.

A spokesman for the Chinese Ministry of Foreign Affairs said that the two presidents will exchange their views on “major issues concerning China-U.S. relations and on world peace and development.”

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“China stands ready to work with the U.S. to expand cooperation and manage differences in the spirit of equality, respect and mutual benefit, and provide more stability and certainty for a transforming and volatile world,” the spokesman added.