The North East winners include Palintest, Express Engineering Group, Inflo Group, Openworks Engineering and Forfusion

A handful of North East businesses are among those in the UK to be handed King’s Awards for Enterprise.

The prestigious awards, now in their 60th year, are rigorously judged and single out outstanding businesses from across the UK and Channel Islands for their contribution to economic growth and improving lives. They span the categories of international trade, innovation, sustainability and promoting opportunity.

The North East firms are this year among 186 recipients, representing a broad range of sectors. Regional winners include Gateshead-based electrochemical water testing firm Palintest, their Team Valley neighbours and subsea equipment maker Express Engineering Group, North Shields-based audit software business Inflo Group, Prudhoe-based drone capture tech creator Openworks Engineering and IT specialist Forfusion, based at Cobalt Park.

Express Engineering Group, which includes Express Engineering in Gateshead and QA Weld Tech in Middlesbrough, was recognised in the International Trade category for outstanding short-term growth. The maker of precision-engineered equipment for the offshore industry was founded in 1973 by the late Keith Thompson and has grown into a £60m turnover business employing about 330 highly skilled people across seven advanced manufacturing facilities in Gateshead and Middlesbrough.

Chris Thompson, chairman of Express Engineering Group, said: “I have dedicated more than 50 years to this business, and growing the company my father founded into a world-leading exporter has been an immense privilege. This King’s Award is a testament to our people, from those team members who have been with us for decades to the talented apprentices who are the future of our trade.

“Our growth has always been built on a foundation of technical expertise and a global reputation for excellence. I am incredibly proud of what we have achieved together, and I know that the business is in a stronger position than ever to continue flying the flag for North East engineering on the world stage.”

Openworks was founded in 2015 by five friends who shared a passion for engineering. The Prudhoe firm now employs 100 people who help produce its range of products for detection, tracking, identification and targeting of threats such as drones and uncrewed vessels. The Prudhoe-based business was recognised in the international trade category for its global reach, with exports accounting for about 90% of its sales.

Chris Down, chief executive officer at OpenWorks Engineering, said: “OpenWorks has scaled rapidly in the last three years to meet global demand for systems that can detect, track, identify and effectively target nuisance and malicious drones. Receiving the King’s Award for Enterprise in the international trade category is a huge achievement and a great honour; it recognises our team’s dedication to developing and supporting solutions that make a real difference to NATO and its allies.

“I’m really proud of what we’ve all achieved together, and of what we continue to build to provide enhanced situational awareness through AI to defence and security forces. Exporting isn’t straightforward, but it has certainly exposed us to many different forces that have built strength and experience into OpenWorks.”

Water testing innovator Palintest won an award in the Innovation category for its Kemio sensors. The Gateshead-developed technology was launched in 2019 and is the product of three years of in-house research and development. It is now used in more than 30 countries, in locations such as food production sites in the UK to naval vessels in Australia and desalination plants in Qatar. The method simplifies a previously complex process and delivers results in about a minture.

The firm’s research and development manager Kevin McDermott, who led the development programme, said: “Kemio is a Gateshead success story—developed entirely in the North East and now trusted worldwide in safety‑critical applications. Above all, it stands as a major achievement for Palintest’s engineering and scientific teams, whose skill, dedication, and collaboration made it possible.”

Technology and IT business Forfusion was successful in the Promoting Opportunity category for its work in developing talent and its support of Armed Forces personnel. The North Tyneside firm’s Civilian Work Attachment scheme helps ex-forces people transition into civilian employment, giving them hands-on experience across technical and operational teams, along with mentoring and career support.

Steven Forrest, chief executive officer and founder at Forfusion, said: “Receiving a King’s Award for Enterprise is a moment of real pride for everyone at Forfusion. Being recognised for how we champion opportunity, particularly through our work supporting veterans into civilian careers, reflects our belief that innovation and growth are strongest when people come first.

“We’ve built this business in the North East, and we’re proud that it now operates nationally while continuing to create meaningful pathways for talent to thrive across the sector. We’re proud of the business we’ve built, and we’re just as proud of the people who make it what it is.”

Inflo Group – recognised in the International Trade category – was founded in 2016 by four experienced auditors who saw a gap in the market to simplify processes for other auditors. The North Shields firm is active in the US market with its product that aims to automate more of the audit process and allow professionals to concentrate on value-adding activities.

Blair McDougall, minister for Small Businesses and Economic Transformation said: “A huge congratulations to every business receiving awards this year, who once again have illustrated the best of British innovation and talent. These awards show that right across the UK, there are small businesses that are thriving, growing and succeeding and it’s only right that we champion these successes.”

MSCI’s gauge for Asian equities climbed 1% to a record with technology shares leading the gains on renewed optimism for the artificial intelligence trade. South Korea, a poster child for AI investments, jumped 5% to an all-time high, with Samsung Electronics Co. reaching $1 trillion valuation.

Brent, the global crude oil benchmark, fell 1.3% to about $108 a barrel following Trump’s comments. The dollar, which emerged as the haven of choice during the Middle East conflict, weakened.

Contracts for the S&P 500 Index advanced 0.3% and those for the Nasdaq 100 climbed 0.7% after Trump’s comments, as cheaper oil bolstered expectations for easing inflation and stronger growth. The Wall Street gauges closed at a record high on Wednesday and the tech rally appeared to have more to run, with strong earnings from Advanced Micro Devices Inc. and Super Micro Computer Inc.

With geopolitical risk premiums easing, the prospect of lower energy costs and reduced uncertainty improves the outlook for global growth, reinforcing support for equities even at record levels. The backdrop also dovetails with a revival in the artificial intelligence trade, as easing inflation pressures and improved sentiment bolster expectations for stronger corporate earnings.

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“Our base-case for markets and the economy has been that there will be a near-term resolution between the US and Iran, allowing for energy prices to fall after the Strait of Hormuz is reopened,” said Chris Senyek at Wolfe Research.
Trump said he would pause a US-led effort to help stranded ships exit the Strait of Hormuz to see if an agreement with Iran to end the war could be finalized.“Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” Trump said in a social media post on Tuesday.

Cheaper oil lifted the debt market with US long bonds rebounding during the New York session, sending the 30-year yield back below 5%. Even so, bond traders are boosting wagers that the Federal Reserve’s next policy move could be an interest-rate hike rather than a cut.

Elsewhere, the yen strengthened 0.1% to about 157.70 per dollar. Gold rose 0.8% to about $4,590 an ounce.

The rebound in global stocks from their Iran war lows has been so narrow that the market is primed for broader gains triggered by even slightly positive news, according to strategists at JPMorgan Chase & Co. led by Mislav Matejka.

“Many investors are trying to read the tea leaves on the next shoe to drop with the Iran war and oil prices, but stocks have historically moved on quickly from geopolitical events, and we believe this current issue is no different,” said Julian Koski at New Age Alpha.

A baby formula brand has recalled three batches after a toxin was discovered, according to the U.S. Food and Drug Administration (FDA).

According to the FDA’s report on Saturday, The a2 Milk Company (a2MC) voluntarily recalled its imported a2 Platinum Premium USA label infant formula for children between 0 and 12 months after additional testing found cereulide.

The recall highlights potential safety risks tied to cereulide contamination, a toxin that can cause vomiting and is difficult to eliminate once present in food products, raising concerns for parents of infants who rely on formula.

Cereulide is a heat-stable toxin produced by the bacterium Bacillus cereus that is primarily responsible for the “emetic” or vomiting type of food poisoning. It is notoriously difficult to eliminate because it can withstand high cooking temperatures and the acidic environment of the human stomach.

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The a2 Milk Company voluntarily recalled its imported a2 Platinum Premium USA label infant formula. (FDA / Unknown)

A total of 63,078 units were affected, with an estimated 16,428 units sold to consumers. 

The affected batches were only sold in the U.S. through the brand’s website, Amazon and Meijer stores.

“Importation rights expired on December 31st, 2025, and the Product has been discontinued and removed from sale prior to the initiation of the recall,” the FDA’s report read.

The recalled formula was sold in 31.7 oz tins with use-by dates of July 15, 2026, January 15, 2027, and January 21, 2027. Batch numbers include 2210269454, 2210324609 and 2210321712.

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No illnesses have currently been reported as a result of the formula. (Getty Images / Getty Images)

A representative for a2MC did not immediately respond to FOX Business’ request for comment.

No illnesses have been reported, but consumers are urged to throw out affected batches or return them to their place of purchase for a full refund.

Customers are urged to either discard the affected formula or to return it to its place of purchase in exchange for a full refund. (iStock / iStock)

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This recall follows a similar incident earlier this year, when Nestle, Danone and Lactalis pulled infant formula products over potential cereulide contamination, according to a prior FOX Business report.

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An investment banker is offering up about $8 million in Bay Area real estate, including a nearly $5 million house, in exchange for stock options for AI giant Anthropic ahead of the company’s potential initial public offering (IPO).

Storm Duncan, the founder of tech investment bank Ignatious, is proposing a deal that would see him exchange a four-bedroom, five-bath estate in Mill Valley in exchange for Anthropic shares, as the company reportedly explores an IPO this year, Realtor.com reported.

Duncan’s 4,372-square-foot home was built in 2005 and has views across San Francisco Bay as well as of the surrounding, while also featuring an infinity pool and chef’s kitchen area. Realtor.com’s automated valuation models put a $4.8 million price tag on the home, while Duncan says his 11-acre property next door is worth about $4 million and would be included in a deal.

Anthropic, the creator of AI assistant Claude, is looking to secure financing based on a valuation of close to $1 trillion, according to reports, though Duncan is basing his proposed deal on an $800 billion valuation for the tech startup.

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A Bay Area tech investor is looking to swap about $8 million in real estate for Anthropic stock ahead of a possible IPO. (Brandon Sloter/Getty Images / Getty Images)

Duncan is hoping to make a deal with an Anthropic employee who has a large number of shares in the company that are currently illiquid, as the company hasn’t gone public and transfers of shares are subject to restrictions. While he already holds about $1 million in Anthropic shares, he wants to increase his exposure to the company.

He told Realtor.com that he sees the deal as potentially appealing to a younger Anthropic employee who could be on track to have a large amount of valuable stock in the AI company that they want to diversify out of, adding that ahead of the IPO it would allow them to lower their tax basis. 

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Anthropic is the creator of the Claude AI assistant. (Jaque Silva/NurPhoto via Getty Images)

Duncan told the outlet that it’s a “diversification play for me, too. Less exposure to real estate, more exposure to AI. And I think Anthropic is demonstrating that it will have the most fundamental value.”

The property hasn’t been listed with agencies or the multiple listing service, according to the report, but launched a LinkedIn page for it and has received some genuine inquiries so far that haven’t led to a sale.

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Duncan’s multi-million dollar property he’s offering in the swap is located in the Bay Area. (Justin Sullivan/Getty Images)

Duncan said in the report that he would structure the deal so that shares would be transferred after the lockup period concludes.

He said that he’s realistic about the possibility of finding the right buyer who has Anthropic shares worth millions of dollars, but he thought it’s worth a shot, explaining that he thinks “it’s a less than 50% chance that something happens,” in part because a “home is a very emotional purchase.”

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