In line with the other nations of the UK it has appointed Exchange for Change for the Welsh scheme that will go live next year

The Welsh Government has appointed the same company that will operate return schemes for plastic bottles and metal cans from October next year across the whole of the UK.

Following a procurement process the Plaid Cymru administration has selected Exchange for Change as its deposit management organisation for the Deposit Return Scheme (DRS) for drinks containers. The scheme will include plastic (PET), metal and glass drinks containers from day one.

Customers will pay a 20p refundable deposit when buying single-use plastic bottles, steel and aluminium cans. They will get the money back when they return the clean, uncrushed container to an approved return point. As well as helping to reduce littering the scheme and support the transition from recycling to reuse.

A four-year transition period will apply to glass drinks containers, during which time they will also be exempt from labelling requirements while carrying a zero pence deposit.

Exchange for Change was appointed to run schemes in England, Scotland and Northern Ireland (which will not include glass) back in May 2025, leaving Wales with a tight window of just over a year to implement the scheme. The drinks industry said that significant work remains to finalise implementation details to ensure the scheme can be delivered effectively in Wales.

Llŷr Gruffydd, Cabinet Minister for Rural Resilience and Sustainability, said: “The appointment follows a robust process to identify a deposit management organisation which will support the establishment of the scheme and work in partnership with producers, retailers, local authorities and other partners to successfully implement the DRS in Wales.

“By applying a deposit which is redeemed when drinks containers are returned, the scheme will tackle litter whilst supporting the collection of high-quality recycled materials. In turn, the DRS will help provide a pathway towards the roll-out of reuseable drinks containers in Wales.

” I look forward to working with Exchange for Change and our delivery partners as we work to establish a DRS that works for Wales, and with those schemes being implemented in the other nations of the UK..”

Director general of the British Soft Drinks Association, Andy Bagnall, said: “The appointment of Exchange for Change in Wales means a single scheme administrator across the United Kingdom – a crucial milestone in delivering a successful Deposit Return Scheme by October 2027 – but there is now no time to lose on implementation.

“With little more than a year until its go live, it is welcome that Exchange for Change can work with the Welsh Government and stakeholders across the supply chain to establish the conditions for delivering the scheme in Wales in a way that avoids unnecessary cross-border complexity.

“However, while preparations are already well advanced for launching the Deposit Return Scheme in October 2027 for England, Scotland and Northern Ireland, delivering the scheme in Wales within such a short timeframe means there can be no further delays. Wales’ decision to include glass from day one also creates significant additional operational complexity, and the Welsh Government must continue to be realistic about what’s possible in the time.

“We look forward to working constructively with Exchange for Change, the Welsh Government and partners across the supply chain to address these challenges and deliver a DRS in Wales that increases recycling, reduces litter, and works for consumers, businesses and the environment.”

Across the UK the soft drinks sector is contributing the majority of the more than £1bn committed to building collection infrastructure and systems.

This investment is expected to support more than 4,300 jobs across the UK’s circular economy.

The Association of Convenient Stores (ACS) said that stores urgently need clarity on the role they will play as return point operators to ensure there is sufficient time to invest in infrastructure, adapt store operations and test the systems required to deliver the scheme successfully from day one.

ACS chief executive Ed Woodall said: “We welcome the appointment of Exchange for Change as the deposit management organisation for Wales and the progress that this represents towards delivering a deposit return scheme on time in October 2027. This decision provides an important foundation for the work that now needs to take place.

” With just over a year to go, it is vital that the Welsh Government and Exchange for Change move quickly to provide clarity on the operational requirements, particularly around glass, that retailers will face and how the scheme will work in practice.”

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NAAS, IRELAND — Upcycling may become more widespread across the food and beverage industry as the process gains recognition as a cost-savings and value-adding measure for more volatile supply chains.

“Upcycling historically has been for sustainability purposes, but I think with the resource challenges that we are seeing upcycling is not just for that,” said Zareena Valappil, PhD, vice president of global citrus at Kerry. “For me, it is an innovation space where we are looking at other side streams, which were historically considered as waste, where we can upcycle them to create value-added products.”

Valappil said Kerry is putting upcycling to the test in the citrus segment, where growing challenges have led to significant reductions in output. For instance, in Florida, one of the main producers of oranges for fruit and juice applications, orange production has declined approximately 92% over the last two decades, according to the US Department of Agriculture’s Economic Research Service. Plant diseases and hurricanes are among the primary causes of the output decline.

“Citrus is very sensitive to weather, so if you get very high temperatures or very short cold seasons during the maturing season of the citrus groves, early fruit drop can happen,” Valappil said. “When (early) drop situations happen, we see the total number of crop that’s available from a certain grove during that year drops as well.”

Infected trees

However, the most important factor in the citrus decline is citrus greening disease, Valappil said. The disease comes from a bacterium that is carried by the citrus psyllid, a small plant-feeding insect.

“When it infects the tree, the citrus grove, the bacterium constricts the phloem,” she said. “That’s the nutritional channel of the tree, so the tree is not able to absorb nutrition and is not able to provide you with mature fruit. So, the citrus fruits that are growing on these groves, they are not fully developed. They are very sour, (there’s) less sweetness, even the flavor profile is not fully developed.”

Amid the various production issues facing the citrus supply chain, Kerry has explored upcycling as a method to improve the supply availability and stability of certain citrus ingredients. The company has identified byproducts and molecules that can be upcycled into natural citrus solutions, such as turning pulp waste into fiber texturing agents in dairy alternatives and sauces or extracting leftover taste molecules from peel waste.

“What we do with our extraction capability is identify what are the good products in there, and we extract those out and concentrate them into upcycled or value-added materials, which can be used in delivering the citrus taste,” Valappil said.

Citrus extenders

One cost-saving measure that Kerry has developed is a line of citrus extenders, a flavor solution that offers a one-to-one replacement for citrus oils.

“Citrus flavors typically depend on a lot of the citrus oils, which comes from processing of the fruit, and with the challenges of greening … the citrus oil quality is declining, availability is declining, as well as the price of these products are high,” Valappil said. “To mitigate that, we have developed these sustainable citrus extenders, which incorporate upcycled materials as well as materials from biotechnology.”

Photo: ©JACKF – STOCK.ADOBE.COM

Another upcycling application is Kerry’s JuiceXcel system. The platform uses an upcycled concentrated juice solution and the company’s existing taste technologies to replicate the mouthfeel, taste, aroma and acidity of citrus juice concentrates. The solution can result in an up to 40% reduction in carbon emissions, 60% less water use, and 40% reduction in sugar and caloric content, according to Kerry.

“JuiceXcel is a very concentrated system, so it’s not like a one-to-one use level as a regular or FTNF (from the named fruit) juice concentrate, and because it’s concentrated, its use level is lower in applications,” Valappil said. “So, if you’re replacing 50% of juice, you only need 5% to 10% of JuiceXcel in that beverage, and therefore it helps in reducing the sugar content of that product, thereby reducing the calorie input into that final beverage.”

Alongside the citrus segment, upcycling has gained momentum in other vulnerable supply chains, such as cocoa.

“We’ve seen that there’ve been other areas where these types of technologies have been used, especially in cocoa, where people have looked at upcycling the byproducts after extraction of cocoa extracts,” Valappil said. “Obviously, it has a broader scope across different other vulnerable crops as well.”

Valappil noted that while upcycling has great potential for alleviating some supply chain issues, the practice is not a full-scale solution to the issues facing citrus.

“Upcycling is a very relevant and powerful and strong tool, but it doesn’t solve all the problems that we have,” she said. “Upcycling is more for improving resource utilization, but it cannot completely offset the challenges of supply shortage or quality impact that’s currently impacting citrus fruits.” 

SYDNEY — Separation can raise difficult questions about children, property, finances, housing and the future of a family. For couples in Australia, the legal process does not necessarily begin with divorce. In many cases, important decisions about parenting and finances need to be addressed while the couple is separated but still legally married.

Australian family law has also changed in recent years. Since June 2025, significant amendments have changed the way courts approach property disputes, including the treatment of family violence and financial abuse.

Understanding what happens after separation can help couples make informed decisions and avoid costly mistakes.

Separation is not the same as divorce

The first point to understand is that separation and divorce are different legal events.

A couple can separate without immediately applying for a divorce. Divorce is the legal ending of a marriage, while separation is the point at which the relationship has ended.

Australia operates under a no-fault divorce system. The Federal Circuit and Family Court of Australia says the court does not consider why a marriage ended when deciding whether to grant a divorce. The key requirement is that the marriage has broken down and there is no reasonable likelihood that the couple will resume married life.

Generally, a person must have been separated for at least 12 months before applying for divorce. In some circumstances, couples can be separated while continuing to live under the same roof, although additional information may be required.

Importantly, couples do not have to wait for a divorce before resolving property or parenting issues.

What happens to the children?

For separated parents, decisions about children are often the most important part of the process.

Parents may agree on arrangements themselves, including where children live, how they spend time with each parent, schooling, holidays, medical decisions and communication.

Australian family law focuses on the best interests of the child. Recent changes have also altered aspects of the parenting framework, including removing the previous requirement for parents and courts to consider equal or substantial and significant time as a particular starting point.

Parents can make their own parenting arrangements, but agreements can take different legal forms.

A parenting plan can record an agreement between parents. Parenting orders, on the other hand, are orders made by a court and can provide an enforceable legal framework.

The Attorney-General’s Department says many separated parents prefer to reach agreement themselves because it can reduce time, expense and stress for both parents and children.

If parents cannot agree, family dispute resolution is generally an important step before going to court. The Family Law Act requires separating and separated families involved in parenting disputes to make a genuine effort to resolve the dispute through family dispute resolution, unless an exception applies. Exceptions can include situations involving family violence, child abuse or urgency.

How is property divided after separation?

Property settlement is another major issue.

The property pool can include the family home, investment properties, bank accounts, shares, businesses, vehicles and other assets. Debts and liabilities must also be considered.

Superannuation can be particularly important. The Attorney-General’s Department says superannuation is treated as property under the Family Law Act 1975 and can be divided between separating couples under superannuation-splitting laws.

There is no automatic rule that says a separating couple must divide everything 50-50.

Where a court determines a property dispute, it must identify the parties’ property and liabilities, assess their contributions, consider their current and future circumstances and determine whether the proposed outcome is just and equitable.

That assessment can involve financial contributions, non-financial contributions, homemaking and parenting contributions, as well as the future needs of each person.

Family violence can affect property settlements

One of the most significant recent developments in Australian family law concerns family violence.

Changes that took effect on June 10, 2025, expressly require the economic effect of family violence to be considered where relevant in property and financial matters. The changes also clarify that economic or financial abuse can constitute family violence.

Economic abuse can take different forms. It may involve controlling a partner’s access to money, restricting their ability to work or controlling spending and financial decisions.

The effect of family violence may be relevant when assessing contributions to the property pool or considering a person’s current and future circumstances.

The changes do not mean that every property dispute involving allegations of family violence will automatically result in a particular percentage division. The circumstances of each case still matter.

Couples have a duty to disclose financial information

Separating couples dealing with property disputes are required to provide relevant financial information and documents.

Since June 10, 2025, the duty of financial disclosure has been included directly in the Family Law Act rather than existing only in the procedural rules. The duty is ongoing and applies to financial and property disputes following separation.

This means a person should not assume that assets or financial information can simply be kept out of negotiations.

Failure to comply can have serious consequences. The Attorney-General’s Department says courts can take non-compliance into account, make costs orders and, in serious cases, impose other sanctions.

For separating couples, gathering documents early can therefore be important. Relevant records may include bank statements, tax returns, property documents, superannuation information, loan records, business documents and other evidence of assets and liabilities.

Do couples have to go to court?

No.

Many separating couples resolve their financial and parenting disputes without a contested court hearing.

For property matters, couples can negotiate directly or use lawyers, mediation or other dispute-resolution processes. Where an agreement is reached, the parties may be able to formalise it through consent orders or another appropriate legal arrangement.

The federal government also provides information about amica, an online dispute-resolution service designed to help some couples reach agreements about property and parenting issues with minimal assistance.

Court proceedings may become necessary when negotiations fail, there are serious disputes about children or finances, or safety concerns require court intervention.

Time limits can become a major issue

Separating couples should not assume they have unlimited time to resolve financial matters.

For married couples, applications for property or financial orders generally must be made within 12 months after the divorce becomes final. For eligible de facto relationships, the usual time limit is two years from the breakdown of the relationship.

A court can grant permission to make an application outside the relevant period in some circumstances, but permission is not guaranteed.

This makes it important to obtain legal advice before assuming that an informal agreement has permanently resolved a couple’s financial relationship.

What about child support?

Child support is generally dealt with separately from a property settlement.

Services Australia administers Australia’s child support system, and parents can make arrangements for financial support of their children through the child support framework.

Child support and parenting arrangements are related but legally distinct issues. Reaching an agreement about where children live does not necessarily determine how much child support is payable.

What should someone do immediately after separation?

There is no single checklist that works for every family, but several practical steps can help.

A person separating from a partner should consider documenting the date of separation, securing copies of important financial records and reviewing bank accounts, debts, property ownership and superannuation.

Parents should also focus on creating stable arrangements for children and avoid involving children in adult disputes.

If family violence is present, safety should come first. Legal and support options can differ depending on the circumstances, and urgent legal advice may be appropriate.

Most importantly, people should avoid signing significant financial documents or transferring major assets without understanding the legal consequences.

The bottom line

Separation in Australia does not automatically mean going to court or immediately getting divorced.

For many couples, the process involves resolving several separate issues: parenting, child support, property, debts, superannuation and, eventually, divorce if the parties are married.

The law has also changed. Since June 2025, courts must apply a revised framework to property disputes, including considering the economic effect of family violence where relevant and applying a statutory duty of financial disclosure.

For couples who can reach a safe and informed agreement, negotiation and dispute resolution may provide a faster and less expensive alternative to litigation. Where agreement is not possible, legal advice can help a person understand their options and the deadlines that may apply.

Family law is highly dependent on individual circumstances. Anyone facing separation should consider obtaining independent legal advice before making major decisions about children, property or finances.

More than £310,000 has been given to help families with back to school costs, the government has said.

Its Back to School Bonus was offered as a one-off payment of up to £150 towards uniforms,  stationery and other essentials for children from reception to Year 11 for families which earn less than £75,000.

The Social Security department said it had approved 2,552 payments for 1,450 primary school pupils and 1,102 secondary school pupils for the start of the upcoming term.

The bonuses come at the same time as a new school uniform policy, which limits States schools to five branded uniform items per child, to help parents save money.

Shares of Sandisk Corporation climbed 3.49%, or $54.82, to $1,623.69 as of 10:46 a.m. EDT Thursday, extending a historic rally that has made the flash memory maker the best-performing stock in the S&P 500 this year, even as the shares remain volatile day to day amid one of the most dramatic single-year runs in recent market history.

Sandisk’s stock has surged roughly 653% so far in 2026, according to FX Leaders, a run driven primarily by surging demand for NAND flash memory used in artificial intelligence data center infrastructure. The stock touched a 52-week high of $2,354.39 on June 22 before pulling back, and even after Thursday’s gains remains nearly 20% to a third below that peak, illustrating both the scale of the rally and the significant volatility that has accompanied it in recent weeks.

The company’s transformation from a traditional NAND flash supplier into what investors increasingly view as core AI infrastructure has been central to the stock’s re-rating. According to FX Leaders, the combination of a bullish Investor Day presentation, new U.S. restrictions on Chinese memory suppliers, and continued confidence in AI infrastructure spending has driven the shift in how the market values the company. Sandisk’s high-bandwidth flash technology has drawn particular attention from analysts; a five-star-rated Bernstein analyst described the technology as a “game changer for AI” in comments reported by TipRanks earlier this month, helping fuel a 3.5% jump in the stock at the time.

At its 2026 Investor Day, Sandisk outlined an ambitious long-term financial roadmap, projecting mid-to-high-teens annual revenue growth from fiscal 2028 through fiscal 2030, alongside a targeted non-GAAP gross margin of approximately 80% and a non-GAAP operating margin near 75%, according to Investing.com. The company also disclosed fiscal fourth-quarter 2026 revenue of $8.965 billion on Aug. 5, with full-year data center revenue surging 437% year over year. Earlier this month, Sandisk added $14 billion to its share repurchase authorization, bringing its total exercisable buyback limit to $15.5 billion, a significant capital return commitment that has further reinforced investor confidence in the company’s cash flow generation.

Wall Street analysts have responded to the company’s improving fundamentals with a wave of price target increases. According to FX Leaders, J.P. Morgan resumed coverage of Sandisk with an Overweight rating and a $2,250 price target, while Wedbush maintained an Outperform rating with a $2,000 target. Some 81% of analysts covering the stock now rate it a buy, according to the same report, marking the highest proportion of buy ratings the company has received since its spin-off from Western Digital. Separately, Investing.com reported that 20 analysts currently recommend buying the stock, against just one sell recommendation, with an average 12-month price target of $2,107.70, implying meaningful additional upside from current trading levels, though individual analyst targets vary widely, ranging as high as $3,600 and as low as $1,000.

Despite the bullish analyst consensus, some market observers have flagged the stock’s elevated valuation as a source of caution. FX Leaders noted that Sandisk, trading around $1,786.85 earlier in the week, carried a market capitalization of $280.5 billion on a price-to-earnings multiple of roughly 62 times, a valuation the report characterized as reflecting “excessively high expectations” alongside the market’s enthusiasm for the company’s structural shift toward AI infrastructure.

The stock’s day-to-day trading has remained highly volatile even amid its dramatic year-to-date gains. According to StockAnalysis, Sandisk and fellow memory chipmaker Micron Technology both fell sharply in premarket trading earlier this week, reversing a powerful rally from the prior session as investors trimmed exposure to what has become one of 2026’s hottest trading themes. CNBC’s Jim Cramer has pointed to a broader structural shift underpinning the volatility, arguing that the AI boom has transformed the historically cyclical memory chip industry, with surging demand and greater supply-side discipline among manufacturers supporting stronger and more durable profits than in past memory cycles.

Institutional investor interest in Sandisk has also drawn attention. According to StockAnalysis, Leopold Aschenbrenner’s investment fund, Situational Awareness, built stakes exceeding $5 billion combined in Sandisk and Micron before the fund encountered difficulties in July, an episode that nonetheless underscored the scale of institutional capital that has flowed into the memory chip trade this year. Separately, Morgan Stanley has offered a comparative analysis contrasting Sandisk with Nvidia, characterizing the two stocks’ respective ownership positioning within institutional portfolios as reflecting different stages of investor conviction in the broader AI trade.

Sandisk’s rise has been remarkably steady in its trajectory, if not always smooth session to session. The stock began 2026 trading around $235, following a strong 2025 in which the company’s shares had already returned 105% year-to-date by mid-February, according to earlier coverage from Barchart, driven at the time by expectations that Sandisk would double the price of its high-capacity 3D NAND memory devices amid surging AI-driven demand. By late February, the stock had climbed to $650, up 142% for the year at that point, according to TIKR’s analysis of the company’s blowout fiscal second-quarter results, which showed revenue of $3.03 billion, up 31% sequentially and 61% year over year, comfortably surpassing analyst estimates of $2.69 billion at the time.

As Sandisk approaches its next scheduled earnings report on Nov. 5, according to TradingView, investors are likely to continue closely watching whether the company’s aggressive long-term growth targets, robust data center demand, and expanded share buyback program can sustain the stock’s extraordinary valuation, particularly given the significant volatility that has periodically punctuated its rally throughout the year even as the broader upward trajectory has remained largely intact.

The company has issued half year results showing a 42% rise in revenues

Pharmaceutical firm Shield Therapeutics has turned a multimillion-dollar loss into a small operating profit as more markets adopt its main iron deficiency product.

The Gateshead-based maker of iron deficiency-fighting tablets has operations in the North East and the US, and has been involved in partnerships to bring the products to customers elsewhere around the globe. The tablets are sold in Europe as Ferracru and all other territories as Accrufer, with a main focus on the US.

In its latest note to investors, covering results for the six months to June 30, the pharma firm said group revenues had risen by 42% to $30.4m, with Accrufer revenues rising by 5% to $20.1m.

It said its goal is to identify new opportunities to bring Ferracru/Accrufer to patients with iron deficiency across as many markets as possible, and that during the first half of its 2026 financial year, royalty and milestone revenues from global partners were $10.3m, up from $2.2m, comprising a $7.9m development milestone payment from ASK Pharma in China, $2.1m of royalty income from Norgine in Europe, and $0.3m in royalty from Kye in Canada.

The previous period’s operating loss of $5.8m was converted to profit of $209,000, and the overall loss off for the year of $9.5m was significantly narrowed to $2.3m, which it said was driven primarily by higher group revenues alongside the continuance of streamlining business expenditures. Directors said the group remains on track for full year operating profitability in 2026.

Anders Lundstrom, CEO of Shield Therapeutics, said: “We are pleased with our H1 2026 results showing growth in revenue and prescriptions over Q1 2026, despite the Medicaid changes in New York.

“Since May, we have retained roughly 5% of NY Medicaid-approved prescriptions. The adaptability of our sales force is especially encouraging given how quickly we pivoted to commercially insured patients, our largest segment, at two-thirds of total revenue which grew 27% and drove strong overall prescription growth in H1 2026.

“Our earlier experience in Texas, where we successfully shifted from Medicaid to commercially insured patients, gives us continued confidence in applying the same strategy in New York and in sustaining ACCRUFeR’s growth.

“In the US, we are also excited about our first GPO contract, which opens access to over 400 additional clinics, and our newly launched paediatric indication. Globally, we continue to make good progress: pediatric extensions in Europe, strong growth in Canada and the UK, and 2027 targets launch in both China and Korea.

“The company is also excited to welcome Michael Jensen as our new chief financial officer, joining on 1 September 2026. His experience will strengthen our leadership team as we drive toward operating profitability in 2026.”

NEW YORK — The Dow Jones Industrial Average fell 349.23 points, or 0.65%, to 53,113.82 as of 10:02 a.m. EDT Thursday, as disappointing sales guidance from retail giant Walmart, a rebound in Treasury yields and rising oil prices tied to escalating tensions with Iran combined to pressure markets in early trading.

Walmart shares tumbled nearly 6% in premarket trading despite the retailer beating Wall Street’s second-quarter earnings estimates, as investors focused instead on comparable sales growth that fell short of expectations. According to data compiled by LSEG and cited by TheStreet, Walmart’s quarterly U.S. same-store sales rose 2.6%, well below the 3.8% increase analysts had projected. Average ticket, or spending per transaction, grew just 1.1%, a sharp deceleration from the 3.1% increase recorded a year earlier. CNBC reported a similar shortfall relative to FactSet’s consensus estimate of 3.5% comparable sales growth. Earnings per share guidance for both the fiscal third quarter and the full year also came in below expectations, according to CNBC’s coverage.

Brian Jacobsen, chief economic strategist at Annex Wealth Management, offered a pointed characterization of what Walmart’s soft guidance might signal about the broader health of American consumer spending. “For the consumer economy, this is like Nvidia posting a slowdown,” Jacobsen told Reuters. “Walmart has been winning the trade-down trade, but that tailwind may be fading.”

Thursday’s declines extended a choppy stretch for U.S. equities that has been dominated by a tug-of-war in the bond market over the past several sessions. Treasury yields advanced Thursday, reversing the decline seen a day earlier after the Treasury Department announced plans to at least double its repurchases of 10-year, 20-year and 30-year government debt over the coming months, a move aimed at easing pressure on longer-dated bonds following a spike in the 30-year Treasury yield to its highest level in nearly two decades earlier in the week. Wednesday’s rally, driven by that buyback announcement alongside a dramatic surge in Moderna shares following positive cancer vaccine trial results, had briefly snapped a three-day losing streak across the major indexes, with the Dow and S&P 500 each closing up roughly 0.2% that session.

Rising oil prices added further pressure to Thursday’s trading, fueled by escalating tensions between the United States and Iran following the expiration of a 60-day negotiating window earlier in the week. Continued attacks on shipping in the Strait of Hormuz and broader uncertainty over the conflict’s trajectory have kept crude prices elevated, a dynamic that has weighed on broader market sentiment throughout the week even as individual stock-specific catalysts have periodically driven sharp counter-moves in either direction.

SpaceX shares fell 1.61% to $137.40 ahead of Thursday’s opening bell as the aerospace and artificial intelligence company’s second major post-IPO insider share unlock took effect, with up to 319 million restricted shares becoming eligible for sale, according to TheStreet.

Alibaba’s U.S.-listed shares fell nearly 3% Thursday after the Chinese technology giant reported a 75% drop in profits for its June quarter, a decline the company attributed to a sharp jump in spending on artificial intelligence infrastructure, according to CNBC.

Not every sector faced pressure Thursday. Cryptocurrency-related stocks moved higher, extending a rally in Bitcoin and ether tied to President Donald Trump’s continued push for Congress to pass crypto-friendly legislation. Coinbase and Mara Holdings each rose 6%, Strategy jumped roughly 10%, Circle Internet gained 5%, and American Bitcoin climbed nearly 7%, according to CNBC’s tracking of premarket movers.

Looking ahead to the coming week, investors are turning their attention to Federal Reserve Chair Kevin Warsh’s upcoming speech at the Jackson Hole economic symposium. According to commentary from market strategist Hathorn cited by TheStreet, that speech represents “the next major test” for markets, with investors looking for clues on “whether the hawkish discussion revealed in the minutes translates into his own policy message, and whether he offers greater detail on his broader plans for the Fed.” The Fed’s meeting minutes, released Wednesday afternoon, showed several Federal Open Market Committee members had favored raising interest rates at the central bank’s most recent policy meeting, with some officials suggesting further rate increases could become necessary if inflation fails to moderate, according to Yahoo Finance’s coverage of the minutes.

Thursday’s economic calendar also includes the Conference Board’s Leading Economic Indicators reading for July, alongside earnings from a broad slate of companies including Walmart, Chinese e-commerce giant Alibaba, agricultural equipment maker Deere, Chinese internet company NetEase and off-price retailer Ross Stores, according to Charles Schwab’s investor calendar.

The broader retail earnings picture heading into Thursday had shown some more encouraging signs a day earlier, with Target posting solid results and President Trump delaying planned tariffs against Canada, developments that had helped lift major indexes during Wednesday’s session even amid the ongoing bond market volatility, according to Schwab’s market commentary.

Full-year 2026 earnings growth estimates for the S&P 500 now exceed 30%, according to FXEmpire’s market analysis, with upward revisions broad-based across technology, commodity-related and economically sensitive sectors, and all sectors expected to post positive earnings growth for the year. That broader earnings optimism has provided a degree of underlying support for markets even as individual sessions, including Thursday’s, have shown significant volatility tied to specific company results and macroeconomic developments.

With Walmart’s disappointing guidance adding to a mixed picture painted by this week’s retail earnings season, alongside continued uncertainty in both the bond market and the geopolitical situation surrounding Iran, investors are likely to remain focused in the coming days on how the combination of consumer spending trends, Federal Reserve commentary and oil price volatility shapes market direction heading into next week’s Jackson Hole symposium, an event that has historically served as a significant venue for signaling shifts in U.S. monetary policy.

The Duke and Duchess of Sussex’s reported return to Britain has prompted claims that the couple have picked the perfect moment to move for tax reasons, but a specialist has warned there is “no magic date in August” that allows anyone to come home without facing UK tax.

Harry and Meghan are expected to set up a private home outside London while keeping their properties in California and Portugal. Arriving partway through the tax year could offer some advantages, but Molly Monks, an insolvency specialist at Parker Walsh, said the move was far from a simple tax masterstroke.

“There is no magic date in August that allows someone to return to Britain without facing UK tax,” she said. “The rules consider how many days you spend here, where your homes and family are based and several other connections with the country.”

The UK tax year runs from 6 April to 5 April, and anyone who spends at least 183 days in the country during that period will normally be treated as UK-resident. If the couple arrived in late August and stayed continuously until 5 April, they would pass that threshold. UK residents are generally liable for tax on their worldwide income and gains, which could bring American earnings, investments, royalties and overseas property income into scope.

People who move to Britain partway through a year can sometimes qualify for split-year treatment, which divides the tax year into an overseas part and a UK part so that certain foreign income arising before the move stays outside the UK tax net. HMRC’s guidance on the statutory residence test sets out eight cases in which a year can be split, each with its own conditions, all of which must be met.

“Split-year treatment may be what has prompted some of the claims about perfect timing, but it is not automatic,” Monks said. “The couple’s precise movements, homes, working arrangements and future intentions would all need to be examined.

“Moving in August rather than at the beginning of the tax year could reduce the portion of the year treated as UK-resident, but that is very different from avoiding UK tax altogether.”

Based on the publicly known timeline, the couple are also unlikely to benefit from the four-year foreign income and gains regime, which replaced the remittance basis on 6 April 2025. The scheme can provide relief on eligible overseas income and gains, but HMRC guidance says a claimant must be within their first four years of UK residence following a period of at least ten years as a non-UK resident. Harry and Meghan left Britain around six years ago.

“The new regime sounds generous, but the ten-year absence requirement is crucial,” Monks said. “On the information currently available, it would be unsafe to assume that either of them qualifies.”

Meghan is an American citizen and would generally remain subject to US tax reporting on her worldwide income after moving. Tax treaties and foreign tax credits can help prevent the same income being taxed twice, but they do not remove the need for careful reporting in both countries.

Buying an English home while keeping overseas properties could also trigger a substantial stamp duty land tax bill. On a £10 million purchase, Parker Walsh calculates that the bill would be approximately £1.61 million if additional-property rates applied, rising to around £1.81 million if the surcharge for non-UK residents also applied. The final position would depend on the couple’s circumstances at completion.

Timing could matter again if they decided to sell their Montecito mansion, since disposing of an overseas property after becoming UK-resident could create UK capital gains tax considerations alongside any American liability.

Inheritance tax adds a further layer. Since April 2025, whether overseas assets fall within its scope has been based largely on long-term UK residence, broadly measured by residence in at least ten of the previous 20 tax years. Harry and Meghan may therefore have very different positions because of Harry’s long history of British residence. The switch to a residence-based test was part of the non-dom overhaul that preceded steel magnate Lakshmi Mittal’s decision to move his tax residency to Switzerland.

“Their return may have been perfectly timed for the school year or for family reasons, but calling it perfectly timed for tax is premature,” Monks said. “Maintaining homes and income across several countries can produce overlapping obligations rather than an easy loophole.”

She said anyone in a similar position would need specialist cross-border tax advice before selling an asset, buying a British home or changing where income is received. “With sums this large, getting the timing wrong could be extremely expensive,” she said.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.