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RLF Agtech appoints Upton as CEO

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RLF Agtech appoints Upton as CEO

RLF AgTech has appointed Stuart Upton as its chief executive, effective immediately.

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Korean Air takes emergency action as fuel prices soar

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Korean Air takes emergency action as fuel prices soar

Many airlines are taking measures to deal with the economic impact of the Iran war.

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SEALSQ advances post-quantum chip certification programs

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SEALSQ advances post-quantum chip certification programs

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Cairnspring Mills earns climate label certification

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Cairnspring Mills earns climate label certification

Company sources grain exclusively from Pacific Northwest farmers committed to regenerative methods.

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Family offices stall deal-making during Iran conflict

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Family offices stall deal-making during Iran conflict

Azim Premji, Founder Chairman of Wipro, speaks during the inauguration of the Wipro Hydraulic Plant in Jaipur, Rajasthan, India, on Aug. 22, 2024.

Vishal Bhatnagar | Nurphoto | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

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Investment firms of ultra-wealthy families dialed back their deal-making in March as the Iran conflict rattled the market.

Family offices made 39 direct investments in companies last month, a 25% drop from February when adjusted for month length, according to data provided exclusively to CNBC by Fintrx, a private wealth intelligence platform.

That said, the family offices that are still inking deals are making bold bets. A quarter of last month’s investments were part of mega-rounds, or fundraises in excess of $100 million, according to Fintrx.

In March, Jeff Bezos‘ namesake family office co-led a $1.03 billion seed round for Advanced Machine Intelligence. Also known as AMI Labs, the new startup is training artificial intelligence models on real-world sensory data, rather than text.

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Other boldface-name billionaires such as ex-Google CEO Eric Schmidt and serial entrepreneur Mark Cuban also participated in the fundraise.

This trend of making fewer but larger deals is also playing out with corporate investors.

This past quarter, the total value of global mergers and acquisitions activity rose by 26% compared with the same quarter last year to $1.2 trillion, but the number of deals fell by 17%, according to data from LSEG. The second week of March was the worst week for global M&A in over a year, falling below $33 billion, LSEG found.

However, some family offices continue to be prolific dealmakers.

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In March, Indian billionaire Azim Premji’s family office made at least four direct investments in companies, according to Fintrx. Premji Invest’s largest round, which it also led, was a $450 million Series A for Rhoda AI, another startup developing novel ways to train artificial intelligence models. Rhoda AI aims to train industrial robots on hundreds of millions of videos. Kleiner Perkins billionaire John Doerr also backed the round.

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'I sent eight letters': Drivers hope for payout from car finance redress scheme

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'I sent eight letters': Drivers hope for payout from car finance redress scheme

Millions of motorists could be entitled to compensation with the financial regulator setting out how to apply

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Sargent Electrical Services starts work on 60-job Beverley factory

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Construction begins on 85,000 sqft advanced manufacturing centre for motorhome and caravan electrical systems

Sargent Electrical hopes to create new jobs for the new factory.

Ian Sargent and Neil Sargent at the Sargent Electrical Advanced Manufacturing Centre site where construction has begun on Grovehill, Beverley

Construction has begun on a new factory for electrical equipment manufacturer Sargent Electrical Services in Beverley. Building crews are now on site at the Grovehill location which will house the company’s Advanced Manufacturing Centre.

Groundworks are currently in progress as part of an initial construction phase for the 85,000 sq ft facility which has been designed to operate predominantly off grid. Crews from Triton Construction are now readying the site for the building’s steel framework, which is anticipated to arrive within weeks.

Family-run Sargent describes the project as a substantial investment and says it will underpin plans to expand its workforce from roughly 140 to 200 employees. The business hopes the new facility will become operational from April next year.

The factory will provide Sargent with additional capacity for its production of electrical systems for motorhomes and caravans. It will also deliver new office accommodation and employee amenities.

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Triton has been named as principal contractor and will oversee the entire project, managing all specialist subcontractors and building services using its track record of delivering industrial, logistics and manufacturing developments throughout the North of England, reports Hull Live.

Sargent Electrical is a family-owned business.

The Sargent Electrical Advanced Manufacturing Centre site where construction has begun on Grovehill, Beverley

Paul Clarkson, managing director at Triton Construction, said: “This is a fantastic project for our team and an important investment in advanced manufacturing in East Yorkshire. Triton Construction is ready to deliver this facility and showcase our expertise in the industrial, logistics and manufacturing sectors.

“Having successfully delivered industrial developments across the region for clients including Mileway, Marshalls CPD, Chancerygate and Hanson Logistics, we look forward to bringing that experience to the Sargent Advanced Manufacturing Centre.”

James Burgess, contracts manager at Triton Construction, added: “With construction now underway our focus is on maintaining a safe, well-coordinated programme. We will be working diligently with local residents and other neighbours to be a considerate constructor.”

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Ian Sargent, managing director of Sargent Electrical Services, said: “The Advanced Manufacturing Centre represents a major step forward for our business. It will allow us to expand manufacturing capacity, improve efficiency and create a modern facility that reflects our commitment to innovation and sustainability. We are delighted to be working with Triton Construction to deliver this important investment in the future of our business.”

The £14.8m turnover Sargent specialises in constructing intricate wiring systems and, alongside its established niche in motorhomes and caravans, has also achieved notable success on large-scale projects, including several prominent London landmarks. The firm has also developed telemetry-based systems utilised in precision farming, providing farmers with valuable data on soil conditions and other key variables.

Sargent secured planning permission last year for the Grovehill site, which formerly housed a care home. The company currently operates from a unit at Tokenspire Business Park.

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Denby appoints administrators in 'necessary step'

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Denby appoints administrators in 'necessary step'

The 217-year-old firm says it appointed FRP Advisory as administrators on Tuesday.

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Starbucks to award bonuses to baristas, expand tipping

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Starbucks to award bonuses to baristas, expand tipping

A Starbucks barista fulfills an order in a South Philadelphia store.

Mark Makela | Reuters

Starbucks will award baristas and shift supervisors quarterly bonuses of $300 if their stores hit certain targets to aid the coffee chain’s turnaround efforts, the company said Thursday.

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The program will begin in July, with the first payout coming in the fall to store employees who meet or exceed specific sales, operational and customer service metrics, Starbucks Chief Operating Officer Mike Grams and Chief Partner Officer Sara Kelly wrote in a memo to employees on Thursday.

However, baristas at locations represented by Starbucks Workers United likely will not see the quarterly bonuses until Starbucks and the union reach a collective bargaining agreement.

“This new program, at the approximately 5% of U.S. locations where partners have a union, will be subject to collective bargaining as required by federal law,” Grams and Kelly said in the letter.

Negotiations between Starbucks and union have been at a standstill for more than a year. In March, the company said that it had proposed to resume in-person bargaining with Workers United. Talks between the two parties are expected to resume this month.

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Under CEO Brian Niccol, Starbucks has been undergoing a turnaround focused on getting “back to Starbucks.” Much of the strategy has centered on improving the customer experience, from making its cafes cozier to requiring baristas to write messages on cups.

But the turnaround plan also hinges on its baristas and their willingness to carry out Niccol’s vision. Starbucks has tried to improve barista turnover, with improved staffing and plans to add assistant managers to most North American locations this year.

More changes are ahead for baristas. The company also announced on Thursday that it will give customers more methods to tip their baristas. Anyone who orders and pays through the mobile app will be able to tip, as well as customers who scan the app at the register to pay.

Combined with the new bonuses, baristas could see their pay rise as much as 8% as a result, according to the company.

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Additionally, all Starbucks U.S. employees will be paid on a weekly basis, starting in August.

So far, the “Back to Starbucks” strategy is starting to pay off for for the company. Last quarter, the chain reported traffic growth for the first time in two years.

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The states facing the highest gas prices as the Iran war drives oil up

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The states facing the highest gas prices as the Iran war drives oil up

Gas prices are climbing fast nationwide, adding pressure to already strained household budgets as conflict with Iran drives up global oil costs.

Prices are rising across nearly every region, with some states already well above the national average.

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As of April 1, the national average for regular gasoline stood at $4.06 per gallon, according to AAA – up $1.08 from a month earlier. 

On the West Coast, drivers are seeing the highest costs, with prices reaching $5.89 per gallon in California and $5.35 in Washington. 

TRUMP PROMISED LOWER COSTS; THE IRAN CONFLICT NOW THREATENS THAT PLEDGE

On the East Coast, gas prices are approaching or exceeding $4 in several areas, including $4.19 in Washington, D.C., and $3.98 in New York. 

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In the Midwest, Illinois stands out at $4.25 per gallon, while much of the region remains in the mid-$3 range. Southern states remain cheaper overall, though prices are rising. Texas averages about $3.77 and South Carolina at $3.90, while Florida is higher at $4.21.

A man is seen pumping gas into his truck at a fuel station.

A man pumps gas into his truck at a fuel station. (M. Scott Brauer/Bloomberg via Getty Images)

Meanwhile, diesel is outpacing gasoline due to its link to freight and industry, meaning increases can ripple through supply chains and raise costs across the economy.

Diesel currently stands at $5.49 a gallon, up $1.73 from a month ago, according to AAA, surpassing $5 for the first time since December 2022 as the war in Iran continues to disrupt global energy supplies.

BEFORE-AND-AFTER SATELLITE IMAGERY OFFERS A RARE LOOK AT DAMAGE INSIDE IRAN

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A person is seen grabbing the nozzle for diesel fuel at a gas station.

More closely tied to freight and industry, diesel is rising faster than gasoline, amplifying the risk of higher costs across supply chains and the broader economy. (Rebecca Noble/Bloomberg/Getty Images)

“Gas prices could indeed fall, but are highly unlikely to go back to their pre-war levels for months, in part due to the amount of time needed for global inventories to build back,” wrote Patrick De Haan, head of petroleum analysis at GasBuddy.

De Haan said seasonal factors are also working against drivers. Demand typically rises heading into the summer months, while refinery maintenance and the switch to summer gasoline blends can further push prices higher.

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With the midterm elections approaching, the rise in energy and housing costs could pose a challenge for President Donald Trump, who has pledged to make life more affordable for American families.

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2026 ProCon Awards seek best new buildings

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ProCon Leicestershire Award 2025 winners (l-r, back) Adam Longbottom (Jewry Wall), Dan Danaher (Watkin Road Bridge), Gosia Khrais, (Charnwood Campus), James McCosh (Leicester Cathedral Revealed) and Jospeh Silva (Rising Star) with (front) Kirsty Mokha (Kiln House), Tim Adams (Lutterworth Golf Club), Catherine Haward (Barons Pastures) and Sunny Raju (Archerfield Grange)

ProCon Leicestershire Award 2025 winners (l-r, back) Adam Longbottom (Jewry Wall), Dan Danaher (Watkin Road Bridge), Gosia Khrais, (Charnwood Campus), James McCosh (Leicester Cathedral Revealed) and Jospeh Silva (Rising Star) with (l-r, front) Kirsty Mokha (Kiln House), Tim Adams (Lutterworth Golf Club), Catherine Haward (Barons Pastures) and Sunny Raju (Archerfield Grange)(Image: Lionel Heap)

The 2026 ProCon Awards are seeking the best new buildings and other construction projects in Leicestershire and Rutland, plus a rising star of the industry.

Entry for the 23rd annual ProCon Awards is open and again free of charge, with a closing date of July 8. Finalists and winners will be celebrated at a ceremony on November 12 at Leicester City’s King Power Stadium.

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Tickets for the event sold out in under three minutes, guaranteeing a full house of 620 attendees. There are tables of ten tickets held back for businesses keen to sponsor one of the categories still available.

There are eight categories, covering residential and non-residential schemes of various sizes, regeneration projects and the third year of the Rising Star category for those making a trailblazing start to their property and construction careers.

The 2026 ProCon Awards are already backed by two corporate sponsors: Salus and Unique Window Systems. The Leicester Mercury’s Business Live is the media partner.

Stuart Power and Paul Meadows, directors at Salus (Building Control & Fire Safety Consultants), said: ““We are proud to continue our support as a corporate sponsor of this outstanding celebration of our industry.

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“The continued success of the ProCon Awards is a significant achievement, particularly in a challenging climate of regulatory change and evolving compliance requirements.

“This year is especially meaningful for Salus as we celebrate our transition to an employee-owned company — a milestone that secures our long-term future and ensures we remain fully independent as Building Control Approvers and Building Regulation and Fire Safety Consultants serving Leicestershire.

“We look forward to joining colleagues from across the sector to recognise and celebrate excellence within our industry.”.”

Sunil Patel, joint-managing director at Unique Window Systems, said: “Unique is currently celebrating our 20th anniversary and a belief in maintaining the highest standards in everything we do has been instrumental in our continued success.

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The 2026 ProCon Awards logo and the award sponsors Salus and Unique Window Systems

(Image: ProCon Awards)

“Our appreciation of the very real difference a commitment to excellence can make means we are only too happy to advocate this quality in others and our ongoing sponsorship of the ProCon Leicestershire Awards reflects that.

“Good luck to all those entering this year and thank you for making our region such a beacon of best practice for the built environment sector across the wider UK.”

Details of the awards are at: procon-leicestershire.co.uk/procon-awards/2026

Companies still keen to attend the ceremony are welcome to join a reserve list. To do so, or to enquire about sponsorship opportunities, contact Allyson Jeffrey on 0116 278 1443 or via email: info@procon-leicestershire.co.uk

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