Reeves fixated on 'dysfunctional' borrowing rules, says IFS

Published

5 hours ago

19 February 2026

NewsAdmin

Reeves fixated on 'dysfunctional' borrowing rules, says IFS

The think tank suggests the chancellor’s fiscal rules need to shift the focus from one key figure.

Stocks Are Lower. The S&P 500’s 3-Day Win Streak Is on the Line.

Published

3 minutes ago

19 February 2026

NewsAdmin

Stocks Little Changed After Fed Decision

The stock market’s three-day winning streak was in jeopardy early on Thursday.

The S&P 500 was down 0.2%. The Dow was off 163 points, or 0.3%. The Nasdaq Composite was down 0.1%. The S&P and Dow had risen in the prior three sessions.

Only 163 S&P 500 stocks were positive. The Invesco S&P 500 Equal Weight ETF was off 0.4%.

US-RSPE details latest sustainability report, framework

Published

9 minutes ago

19 February 2026

NewsAdmin

US-RSPE details latest sustainability report, framework

The association released the newest information during the 2026 IPPE.

Council urged to sell rugby stadium and spend cash on roads instead

Published

18 minutes ago

19 February 2026

NewsAdmin

Salford Council Conservative leader says stadium is “burning” cash but leaders say there is clear vision for venue’s future

Declan Carey and Local Democracy Reporter

16:00, 19 Feb 2026

Salford Community Stadium, home to Salford Red Devils and Sale Sharks(Image: LDRS)

Salford council is facing calls to sell the CorpAcq Stadium – amid claims it is ‘burning’ cash – and spend the money on fixing roads instead. The stadium company, CosCos, is controlled by the town hall after it completed a £7.7m deal with former co-owners Peel in late 2024.

It is home to rugby union club Sale Sharks as well as Salford’s phoenix rugby league team. The Conservative opposition group at Salford council said ownership of the stadium is costing £1.6m a year, according to the council’s finance department.

The Tories are calling for the council to begin the process of selling the ground and to put £1.6m a year towards a ringfenced fund to fix roads and pavements across the city.

The demand has been submitted as an amendment to the council’s budget which is being discussed at a meeting on February 25.

Coun Bob Clarke, leader of Salford Conservative group, said: “It’s outrageous, we couldn’t believe it when we saw the figures.

“I think the mayor had good intentions and wanted to do something for everybody, but if it’s burning through the best part of £1.6m a year, that’s not credible, especially when you ask for more money from the residents [through council tax] and they see this being burned.

“It’s an extra £6,500 a month per ward that we could spend on making things better for everybody, not just the few people that use the stadium. It doesn’t make sense, it’s £1.6m, it’s over £100,000 a month gone.”

A Salford Labour spokesperson defended the party’s move to take full ownership of the ground and surrounding land, which is also known as the Salford Community Stadium.

They said: “Salford Labour was re-elected in 2024 on a manifesto commitment to deliver a rugby strategy for the whole city. Taking full control of Salford Community Stadium is a key part of this vision, helping ensure that professional clubs from both codes continue to play in Salford.

“The stadium was also a key venue for the Women’s Rugby World Cup last year, and as part of our ownership we will continue to explore opportunities to use the stadium for other prestige events.

Salford Mayor Paul Dennett at Salford Community Stadium

Salford Mayor Paul Dennett pictured at Salford Community Stadium (Image: Salford council)

“The stadium also provides the foundation for improving the surrounding facilities to support greater grassroots participation in rugby. This will enable residents across the city to benefit from the sporting, social, health and economic advantages the sport brings.”

During the budget meeting next week councillors will also vote on proposals to increase council tax in Salford by 4.99 per cent, adding more than £100 to annual bills for people living in band D properties.

This is part of the council’s revenue budget used to pay for services across the city.

The Conservative group leader said he believes residents will be unhappy at how much the stadium is costing.

He added: “I’m sympathetic to the place the council is in with money after 14 years of cuts which I think went on too long, I was never a fan of it and I do sympathise, but when you see £1.6m a year being wasted something has to be done.

“When people find out what the stadium is losing they’ll be upset.”

When Salford council bought the stadium at the end of 2024, it was expected that land around the ground would be sold for development to finance the purchase.

The move was also seen as a lifeline for former rugby league club Salford Red Devils, but the club ended up being liquidated in 2025 over unpaid debts, ending 152 years of history.

Salford’s phoenix rugby league club continue to play at the stadium, but chief executive Ryan Brierley said in January that there is currently no deal in place with the council and that talks were ongoing.

The Conservative group amendment being debated next week states: ‘Salford City Council owns Salford Community Stadium, which continues to operate at a significant ongoing cost to our residents.

‘The stadium is currently estimated to make a loss of approximately £1.2 million, in addition to approximately £420,000 per year in lost interest on the amount of debt in relation to the stadium, resulting in a total annual cost to the Council of approximately £1.62 million.

‘This represents a substantial recurring financial burden at a time when residents face a 4.99pc increase in council tax, and when the council faces ongoing financial pressures.’

The amendment adds that the council could only sell the stadium in 2028 due to ‘existing financial and contractual arrangements’ in place, but called preparations to sell the ground to ‘begin immediately’.

Business

Stifel raises TFI International stock price target on strong earnings

Published

25 minutes ago

19 February 2026

NewsAdmin

Stifel raises TFI International stock price target on strong earnings

Business

‘The Law Must Take Its Course’

Published

33 minutes ago

19 February 2026

NewsAdmin

King Charles III has broken his silence regarding the arrest of his brother, the former Prince Andrew, on Thursday.

Andrew was arrested over allegations of misconduct in public office.

King Charles III Reiterates Support for Police Probe

According to the live updates of NBC News, King Charles released a statement expressing “deepest concern” over the allegations against his brother.

“I have learned with the deepest concern the news about Andrew Mountbatten-Windsor and suspicion of misconduct in public office,” the King said in his statement. “What now follows is the full, fair and proper process by which this issue is investigated in the appropriate manner and by the appropriate authorities.”

Charles emphasized, “In this, as I have said before, they have our full and wholehearted support and co-operation. Let me state clearly: the law must take its course.”

“As this process continues, it would not be right for me to comment further on this matter,” he said in conclusion. “Meanwhile, my family and I will continue in our duty and service to you all.”

Andrew Mountbatten-Windsor Arrested

On what is his 66th birthday, Andrew Mountbatten-Windsor was arrested just after 8 a.m. on Thursday in Sandringham.

The former prince is being accused of sharing confidential information with disgraced pedophile Jeffrey Epstein while he was a trade envoy, according to The Guardian.

He has also been the subject of intense scrutiny over the years, particularly over allegations that he had sexual relations with young, underaged women he met through Epstein.

The Thames Valley police released a statement on the arrest but refused to name Andrew in compliance with UK law.

“We have today (19/2) arrested a man in his 60s from Norfolk on suspicion of misconduct in public office and are carrying out searches at addresses in Berkshire and Norfolk,” the police said in the statement. “The man remains in police custody at this time.”

The whereabouts of the former prince have not been made public as of press time.

Business

(VIDEO) Rapper Lil Poppa, Jacksonville Hip-Hop Artist, Dies at 25; Cause Under Investigation

Published

40 minutes ago

19 February 2026

NewsAdmin

Rising Florida rapper Lil Poppa, known for his raw storytelling and emotional lyrics about street life, loss and resilience, has died at age 25. The Fulton County Medical Examiner’s Office in Georgia confirmed the death of Janarious Mykel Wheeler — the artist’s real name — on Wednesday, Feb. 18, after he was pronounced dead around 11:23 a.m. ET.

The medical examiner told multiple outlets, including TMZ, News4Jax and Newsweek, that Wheeler’s manner and cause of death remain pending investigation. No official details have been released, and authorities have emphasized that speculation should be avoided until autopsy and toxicology results are complete, a process that could take weeks.

The news shocked fans and the hip-hop community, coming just days after Lil Poppa released his latest single, “Out of Town Bae,” on Feb. 13. The track, accompanied by an official music video, showcased his signature blend of melodic flows and introspective verses, drawing streams across platforms.

Lil Poppa, born in Jacksonville, began rapping at age 7, honing his craft amid personal hardships. He gained wider recognition in the late 2010s with his “Under Investigation” mixtape series, including projects like “Almost Normal” and “Evergreen Wildchild 2.” His 2018 track “Purple Hearts” went viral, inspired by surviving a real-life drive-by shooting that left lasting scars.

In 2022, he signed with Yo Gotti’s CMG label, releasing “Heavy Is the Head” and “Under Investigation 3.” Hits like “Love & War,” “Mind Over Matter” and “Happy Tears” highlighted his ability to fuse pain with hope, often reflecting on grief, mental health and loyalty.

Lil Poppa openly discussed his battle with sickle cell anemia in interviews and his documentary “Blessed, I Guess,” drawing attention to the chronic illness that disproportionately affects certain communities. While some online speculation has linked his death to complications from the condition or other factors, including unverified rumors of suicide or overdose, no evidence supports these claims. Fans and observers have urged patience for official findings.

Tributes poured in across social media. One X user reflected on the loss in connection to broader hip-hop themes, while others expressed disbelief and sorrow. “Lil Poppa death got me sooo guh,” one fan posted. Jacksonville media outlets reported local mourning, with friends calling him “a star” for his tireless work ethic and candid lyrics.

“He was a star,” a First Coast News report quoted those close to him. “His music touched so many because it was real.”

Lil Poppa had upcoming performances scheduled, including a March show at The Fillmore in New Orleans, adding to the sense of tragedy.

The hip-hop world has lost several young talents in recent years, underscoring ongoing challenges like mental health, violence and health disparities. Lil Poppa’s story — from Jacksonville streets to label success — inspired many facing similar struggles.

His family and CMG have not issued public statements. Fans are encouraged to stream his catalog to honor his legacy.

As investigations continue, the music community remembers Lil Poppa as an authentic voice who turned pain into powerful art. Rest in peace.

Business

Furniture retailers face existential threat

Published

46 minutes ago

19 February 2026

NewsAdmin

Furniture retailers face existential threat

How tariffs are pushing America's furniture industry to the brink

President Donald Trump’s so-called “reciprocal tariffs” could be struck down by the U.S. Supreme Court as soon as this week. Regardless of the ruling, there’s little comfort to be found for the furniture industry.

Furniture importers are facing steep, and in some cases stacking, import duties after the industry was hit with higher tariffs on items such as couches, kitchen cabinets and vanities last fall under section 232 of the Trade Expansion Act.

While Trump’s country-specific “liberation day” tariffs imposed under the International Emergency Economic Powers Act and announced in April are under review by the nation’s highest court, the duties specific to furniture importers, of around 25%, are not.

Compounding the issue is a constant thread of uncertainty plaguing the industry, said Peter Theran, CEO of the Home Furnishings Association, the trade group representing furniture retailers.

The 25% duty on certain furniture imports was supposed to rise to 50% in January, but at the end of December, that plan was pushed back to 2027. Its also become common over the past year for Trump to threaten new tariffs on various imports that never end up getting enacted.

“This is a very, very difficult time to manage your business,” said Theran. “The No. 1 driver of the difficulty of managing your business is unpredictability and an inability to make alternative plans and invest in those plans, because you don’t know what tomorrow will be.”

Rising distress

Tariffs and the uncertainty they’ve brought are the latest blow to the furniture industry, which has been struggling for the past four years and was under pressure well before Trump’s trade war.

During the Covid-19 pandemic, when people were stuck at home and flush with cash, many Americans took the opportunity to refresh their spaces and buy new furniture and decor. Then, low interest rates brought a surge in demand for new homes, which served as a catalyst for furniture buying.

The result was outsized growth across the home goods industry and boom times for furniture.

But as inflation and interest rates began to creep up in 2022, the sector started to sputter, and it later declined for the first time in at least seven years, according to data from Euromonitor.

By the time tariffs came around, home sales had slowed and some furniture companies were already struggling to keep operations afloat and couldn’t manage the sudden increase in fixed costs.

American Signature Furniture, the parent company behind Value City Furniture, declared bankruptcy late last year after nearly 80 years in business. It began liquidation sales at its 89 remaining stores last month.

In a court filing, the company said the aftermath of the Covid pandemic, subsequent shifts in consumer spending and rising costs led to a 27% decline in sales between 2023 and 2025. Net operating losses ballooned from $18 million to $70 million during the same time period, it said.

By the end of 2024, the company was facing “significant liquidity constraints,” which were then “further exacerbated and accelerated by the introduction of new tariff policies,” the company said in the filing.

Over the last year, at least 10 other furniture businesses have declared bankruptcy, with some liquidating and ceasing operations altogether, according to a CNBC review of federal bankruptcy filings.

Most of the companies are smaller businesses, which have been hit harder by tariffs because they have fewer resources than their larger competitors.

“The smaller players are definitely the ones that will be the hardest hit because they don’t necessarily have deep pockets, they don’t have the economies of scale, they don’t have the huge sourcing teams that can suddenly look to pivot the destination or the origin of the products,” said Neil Saunders, retail analyst and managing director at GlobalData. “So they are under a lot of pressure, and we probably will see more failures in that independent space.”

Joseph Cozza, whose small furniture business East Coast Innovators supplies retailers such as Macy’s and Raymour & Flanigan, told CNBC he was forced to raise prices between 15% and 18% to offset higher tariff costs, leading to a slide in demand over the holidays.

For now, Cozza said he can keep his business running but is hoping for an interest rate cut, a jolt to the housing market and larger-than-expected tax returns to spur sales.

“I’m praying for that,” he said.

If not, he might have to move his business from Philadelphia to North Carolina, where operating costs are lower, he said.

“I have a nice company with nice employees, and I pay them all a really good wage, and I’m being penalized,” said Cozza. “I’m being penalized for what I do, and I just don’t think that’s fair.”

Market share grab

The advent of tariffs has created a market grab opportunity for larger businesses, which are better equipped than smaller businesses to weather policy changes and keep prices lower.

Over the last year, some large and publicly traded furniture companies have actually been growing profits and sales despite higher costs from tariffs.

During Ikea’s fiscal 2025, it was able to keep prices relatively steady and revenue about flat compared with 2024, it said in a news release. It did report higher operating expenses but attributed the increase to an acquisition it made in the Baltics, not tariffs.

RH, Williams-Sonoma and Wayfair have all grown sales and margins even as they faced higher import costs.

In the nine months ended Nov. 1, RH saw sales grow almost 10% as margins expanded. At Williams-Sonoma, sales grew about 4% in the 39 weeks ended Nov. 2 while operating margins grew slightly. Wayfair, which reported fourth-quarter results on Thursday, saw revenue grow 5.1% in fiscal 2025 as gross margin stayed steady and operating expenses fell.

Wall Street has yet to see the full impact of furniture-specific tariffs on these companies because most of them last reported results right around the time the tariffs were enacted.

But they already faced a wide array of duties throughout 2025. Most U.S. furniture imports come from China and from Vietnam and other parts of southeast Asia, which have seen a range of higher tariffs before furniture-specific levies were introduced. At one point, imports from China were tariffed as high as 145%, while Vietnam faced tariffs of around 20%.

Most of those country-specific duties have come under review by the Supreme Court. At the heart of the case is whether Trump had the legal authority to impose what he calls reciprocal tariffs, which critics say infringes on the power of Congress to tax.

Any ruling the court makes is poised to bring even more uncertainty to the industry.

If the justices rule against the duties, there will be questions over how they will be refunded and whether the administration will come up with new ways to implement tariffs. If the justices rule in Trump’s favor, there will be questions over whether tariffs could get even higher.

“A CEO of one of the largest furniture retailers in the country said to me, ‘Even if tariff strategy ended up with the worst possible outcome for my business, I would then create a plan, invest in that plan, execute under that plan and create the best outcome that’s available,’” said Theran of the Home Furnishings Association.

“No one can do that,” he said. “No one can invest in a plan now, because the tariff strategy has not stabilized. It keeps changing, and the looming Supreme Court decision almost certainly will cause change after that decision is rendered.”

Business

New Balance 2025 sales jump 19% as brand takes share from Nike

Published

53 minutes ago

19 February 2026

NewsAdmin

New Balance sales grew 19% last year to $9.2 billion as the legacy sneaker giant continued to outperform the global footwear market and take share from floundering competitors like Nike.

The 120-year-old Boston-based footwear brand, which is private, exclusively shared its 2025 results with CNBC. In addition to the sharp 2025 growth, the retailer said it could reach its goal of $10 billion in annual revenue by the end of the year.

“We’re competitive. No question about it. But we want to make sure that as we get there and surpass it, that the quality of our business is first and foremost,” CEO Joe Preston told CNBC in an interview. “We don’t want empty calories here. We want to make sure that we are delivering upon the premise that we have, which is to become a premium brand. Over the past five years, we’ve done exactly that around the globe.”

Jeremy Moeller | Getty Images News | Getty Images

Since 2020, New Balance has grown sales by a staggering 180%, placing it among a handful of standout competitors that supersized their businesses as Nike changed its business model and lost significant market share.

During the Covid-19 pandemic, Nike doubled down on its direct selling strategy that cut off longtime wholesale suppliers so the sneaker giant could grow through its own website and stores. While the strategy briefly boosted sales and promised higher margins, it opened up critical shelf space at strategic retailers that companies like New Balance, Brooks Running, On and Deckers rushed to fill.

With so much focus on building out a direct selling model, which can be more complex than distributing to wholesalers, Nike also fell behind on innovation and lost its edge in the performance footwear market. That created further opportunity for competitors like New Balance.

Nike’s former CEO, John Donahoe, previously blamed remote work during the pandemic for the retailer’s innovation slowdown, but Preston said the global crisis created an opportunity for his team to come together in ways they hadn’t previously to implement new strategies.

“We met every Tuesday morning at 7:30 a.m., we still have that meeting weekly today, and it allowed us to get on a global offense … we came out of Covid stronger than any other company in our industry,” said Preston. “The marketplace disruption that’s been taking place, the examples of Nike, sure, all that stuff is real and at the same time, I don’t think it’s the reason that we have begun to emerge.”

Preston said the company has stood apart from competitors and taken market share by focusing on “staying in front of the consumer” and how, when and where people want to shop.

The chief executive said New Balance’s growth came across a range of regions and categories, and was fueled by an aggressive store-opening plan that saw 80 new doors opened in 2025 alone.

While they are a critical revenue driver, store openings are costly and take time to show a return. When asked, New Balance declined to share details about its profitability, so it’s unclear how much these investments are weighing on its bottom line, and whether it’ll be able to keep up the high growth it has enjoyed.

To build up its business after more than 100 years on the market, New Balance took a few cues out of Nike’s playbook. The company said a key driver of its growth has been its ability to position itself as a premium brand, which was critical to Nike’s ability to become a roughly $50 billion powerhouse.

That has meant New Balance being selective with both distribution and discounting. The move has allowed it to increase its average selling price by about 30% over the last five years at a time when many competitors have had to lean on promotions to drive sales.

There was also some good timing at play, too. Coming out of the Covid-19 pandemic, New Balance leaned on its heritage as a 1990s “dad shoe” when styles from the ’90s were extremely popular with younger shoppers. That allowed it to win over a younger consumer base that didn’t grow up with the shoes and shoppers who chose sneakers as a fashion statement – not just for sports or working out.

At the same time, it partnered with key athletes, including Los Angeles Dodgers two-way superstar Shohei Ohtani, tennis star Coco Gauff and Buffalo Bills quarterback Josh Allen, which has fueled growth in its performance footwear business.

For the year ahead, New Balance said it plans to grow its existing product lines, build out new products and put a bigger emphasis on performance sales.

It also wants to continue growing its direct-to-consumer sales through store openings in strategic areas. While the direct selling strategy didn’t go so well for Nike, Preston said he’s taking a different approach.

“One of the things we’re not doing is establishing a [DTC] target internally,” said Preston. “We want to make sure that our goal is to show up the best and not have it be the biggest part of our business. I don’t want to get in the way with how the consumer wants to shop. We want to make sure that we are enabling the consumer to shop how they want to shop. We just want to show up great.”

Business

Allegion at Barclays Conference: Strategic Growth and Challenges

Published

1 hour ago

19 February 2026

NewsAdmin

Allegion at Barclays Conference: Strategic Growth and Challenges

Business

Prime Newcastle office The Spark signs up university as final tenant

Published

1 hour ago

19 February 2026

NewsAdmin

Arden University is moving into three floors at the building, taking it to full occupancy

The Spark office at Newcastle Helix(Image: Avison Young)

A prime Newcastle office will be at full occupancy this year after a private university struck a deal to take over all of its remaining space.

Arden University, which has its head office in Coventry, has agreed a deal with property agents to move into 27,095 sq ft on the ground, first, second and third floors in early spring this year.

Based in the Helix development, The Spark forms part of a 24-acre mixed-use innovation hub which has been delivered through a partnership between Newcastle City Council, Legal & General and Newcastle University. The science and business park brings together office, residential and scientific uses, creating an internationally recognised cluster for research, education and business.

The Spark is already home to businesses including the region’s largest law firm Womble Bond Dickinson and National Audit Office (NAO). The agreement was struck by real estate advisor Savills, together with joint agents Avison Young, on behalf of landlord Legal & General.

Greg Davison at Savills, joint letting agents for Legal & General, said the introduction of Arden University to Newcastle Helix builds on the growing cluster and introduces a new education offer to the city, while also underlining the strong demand for best-in-class office accommodation in Newcastle city centre.

He said: “Completing the final letting at The Spark is a fantastic result and demonstrates the depth of occupier demand for high-quality workspace at Newcastle Helix. Securing Arden University as the final occupier is a fitting conclusion to the successful leasing of this flagship building.”

Arden University started life in 1990 as part of moves to give all people equal opportunities for higher education. It began as the chosen online delivery partner for traditional universities, and in 2014 earned taught-degree awarding powers, and now awards its own degrees.

In 2015 it officially became Arden University, one of a handful of specialist online learning universities to launch in the last 50 years, and now provides flexible online and blended learning degree courses. Arden University was advised by James Andrew International.

Carl Lygo, CEO and vice chancellor at Arden University, said: “We’re excited to launch our new campus in Newcastle. This opening reflects an exciting next step in the expansion plans of our fast-growing university, providing a modern, welcoming space for those looking to develop the skills they need to advance their careers in the city.

“Newcastle is a real hotbed for talent, and we look forward to welcoming students from across the city and wider region into our new campus.”

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