Property developers will have to prove there is no reasonable prospect of a pub surviving before it can be turned into flats or offices, under changes to the National Planning Policy Framework announced by Housing Secretary Angela Rayner, but industry figures have warned the new protections will not stop pubs closing.

At least 1,836 pubs have closed since the start of 2025, according to figures from the Campaign for Real Ale (Camra).

Experts from the construction and hospitality sectors said the reforms would not prevent pub closures in the first place, pointing to rising taxes, alcohol duty and higher wage costs.

Allen Simpson, chief executive of trade body UKHospitality, said the Government would need to go further to reverse the effect of decisions taken by Rachel Reeves, the former chancellor.

He said: “There has been an increase in the closure of hospitality businesses across the board over the last two years because of this Government’s actions.

“The fundamental and core point here is the cost of running the pubs in the first place, and I would encourage the Government to be more concerned about reversing the damage of the past two years than with concerning itself with what happens to the building after that pub has stopped being viable.”

Wet-led pubs make about 3p of profit for every £1 spent at the bar, according to research by comparison website money.co.uk using data from the British Beer and Pub Association. That equates to 16p on an average pint costing £5.17.

Alcohol duty has risen by 3.66 per cent this year, while increases to the National Living Wage and National Insurance contributions are also adding to costs.

Jordan Connachie, managing director of property developer Kori Construction, said the planning reforms would lead to “a load of empty pubs up and down the country”.

“Planning designations don’t touch any of that,” he said.

“If the Government wants pubs to survive, the fix is in duty, business rates relief, and wage cost support – not in stopping a failing building becoming something that actually works economically.”

Steve Hesmondhalgh, a planning consultant, said protecting pubs through the planning system “sounds noble, but it is 20 years too late and aimed at the wrong problem”.

“All tougher restrictions will likely do is leave some buildings empty for longer, while owners wait for a pub use that no longer works,” he said.

“Would we rather have a dead pub or a building with a new life?”

Wyn Evans, founder of planning-feedback company Shared Voices, said that if the Government “genuinely wants to save pubs, it should address the economics of running them – not make it harder to use their empty buildings for something else”.

“These rules can make matters worse for pubs,” he said. “They may trap publicans in unviable businesses, deter investment and prevent adaptations that could keep pubs trading.”

Others backed the changes. Camra praised the reforms for “putting more power into local people’s hands to help them save successful and valued locals from greedy developers trying to cash in”.

The Government has been contacted for comment.

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

Shares of Nike Inc. fell as much as 4.49%, or $1.83, to $38.90 as of 1:15 p.m. EDT Monday, dragging the stock to a fresh 52-week low and pushing it to price levels not seen in nearly 12 years, as investors reacted to disappointing sales guidance from premium athletic footwear rival On Holding AG.

Nike’s intraday decline touched a low near $39.41 earlier in the session before extending further, marking the stock’s weakest trading levels since late 2014, according to historical price data. The shares have declined roughly 38% so far in 2026, including a drop of more than 5% just in August, and now sit nearly 78% below their November 2021 all-time high of $179.10.

The primary trigger for Monday’s decline traced back to competitor On Holding, which reported mixed second-quarter results the prior Tuesday. On Holding posted quarterly earnings of 44 cents per share, topping the analyst consensus estimate of 41 cents, but reported sales of $1.076 billion, falling short of the $1.110 billion analysts had expected. More significantly for the broader athletic apparel sector, On Holding issued full-year 2026 sales guidance of between $4.390 billion and $4.503 billion, below the market’s prior consensus estimate of $4.490 billion, a signal that even one of the industry’s stronger-performing brands anticipates slowing growth ahead.

Nike’s decline outpaced the broader market and its sector Monday. The Nasdaq Composite was up 0.24% and the S&P 500 had shed just 0.15% during the same session, while the Consumer Discretionary sector overall declined roughly 0.8%, meaning Nike’s drop significantly exceeded losses across comparable retail and apparel names. No specific new Nike earnings release or company-specific announcement appeared to trigger Monday’s decline directly, suggesting the sell-off reflected broader sentiment about the athletic apparel category following On Holding’s guidance rather than any fresh Nike-specific development.

Nike’s struggles have been building for months, rooted primarily in persistent weakness in its Chinese market and a broader turnaround effort that has yet to show clear signs of translating into sustained financial improvement. The company’s most recent full-year results showed Greater China revenue of $5.85 billion, representing 12.6% of total company revenue, with reported sales in the region declining 11%, or 13% when excluding currency fluctuations. Direct digital sales within China fell even more sharply, dropping 29%, while earnings before interest and tax from the Chinese market fell 20%.

Nike Chief Financial Officer Matthew Friend addressed the company’s challenges directly following the results, saying the company was “improving the health of our business” while acknowledging that sell-through — the pace at which products actually move off store shelves to consumers — continued to face headwinds. According to analysis of the results, retailers have been restocking Nike merchandise, driving gains in wholesale revenue, but the company’s direct-to-consumer revenue and digital traffic have continued to lag behind, placing greater emphasis on wholesale channel growth and a broader recovery in consumer demand to sustain the turnaround CEO Elliott Hill has been pursuing since taking the helm.

Questions have also emerged regarding the sustainability of Nike’s dividend given the stock’s declining share price and underlying earnings pressure. Nike currently pays a quarterly dividend of 41 cents per share, totaling $1.64 annually. Based on the company’s reported fiscal 2026 earnings per share of $2.10, that dividend represents a payout ratio of roughly 78.1%. However, when excluding a previously disclosed 52-cent fourth-quarter gain tied to anticipated tariff cost recoveries, adjusted earnings per share fall to roughly $1.58, pushing the effective payout ratio to approximately 103.8% of earnings under that stress scenario, a level that would exceed the company’s underlying profitability if sustained.

Wall Street sentiment toward Nike has grown increasingly cautious in recent weeks. On Aug. 4, JPMorgan downgraded Nike to “Underweight” from “Neutral” and cut its price target, citing expectations that the company’s turnaround under Hill would take longer and prove more costly than previously anticipated, extending pressure on earnings into 2028. The downgrade pushed Nike shares lower in the trading session that followed its announcement. Separately, credit rating agency Moody’s downgraded several of Nike’s debt ratings in a prior report, citing cost pressures tied to tariffs and heightened competition within the athletic apparel market, projecting that while Nike’s profit margins would eventually recover, that process would unfold slowly.

Nike has continued pursuing structural changes as part of its broader turnaround strategy. The company is terminating its online distribution agreement with Topsports International Holdings in mainland China by January 2027, a move aimed at giving Nike greater direct control over its digital sales channel in the region and supporting a push toward full-price product sales rather than relying on discounted, third-party distribution arrangements. Nike has also announced leadership changes in key finance roles as part of its ongoing organizational restructuring under Hill.

Despite the stock’s steep decline and mounting near-term challenges, some analysts maintain a longer-term optimistic view of Nike’s prospects. According to earlier analysis compiled before the stock’s most recent slide, Wall Street had maintained an average “Buy” recommendation on the stock with a mean price target well above current trading levels, reflecting continued belief among some analysts in the eventual success of Nike’s turnaround strategy despite significant near-term headwinds, though more recent downgrades, including JPMorgan’s shift to an Underweight rating, suggest that optimism has begun to erode among at least some segments of the analyst community.

Nike’s stock now trades at roughly half of its 52-week high of $80.16, having fallen approximately 50.8% from that peak. Other apparel companies also declined Monday, though Nike underperformed its small peer group by roughly 0.4 percentage points, suggesting the sell-off reflected both broader pressure across the athletic apparel sector as well as company-specific concerns unique to Nike’s ongoing turnaround challenges.

With no clear near-term catalyst expected to reverse the stock’s trajectory and On Holding’s guidance having reinforced broader concerns about slowing growth across the athletic footwear and apparel category, investors are likely to continue closely monitoring Nike’s progress on its China recovery efforts, wholesale channel expansion and overall margin improvement as key indicators of whether the company’s turnaround under Hill can ultimately gain traction in the coming quarters.

The PM made the comments during a surprise visit to the Duchy where he also offered Cornwall Council a devolution deal

The Prime Minister has backed the introduction of an overnight tourism levy in Cornwall, suggesting it could prove transformative for the county. Andy Burnham made a brief visit to the Duchy at the weekend to announce a £65m support package for farmers, following concerns that hot, dry conditions could push up supermarket food prices.

He stopped at the family-owned Colwyn Farm at Perranwell Station, near Truro, as part of his morning itinerary, which also included a visit to The Arborist café at Killiow, also near the city, where we spoke with him.

Mr Burnham had written to Cornwall Council leaders and the county’s six MPs earlier in the week expressing his support for devolution proposals for the Duchy. He mentioned that he was looking forward to finding himself on a beach enjoying a Cornish pasty in the near future.

As it happened, his visit came much sooner than anyone anticipated. He wasn’t on a beach but at the picturesque location of The Arborist, where council leader Cllr Leigh Frost surprised him with a box of Barnecutts pasties, which were promptly and enthusiastically packed away by the Prime Minister’s minions.

Sitting opposite the PM in the café’s reading room, I mentioned attending a Local Democracy Reporter conference at Media City in Manchester last November, where Mr Burnham addressed a room full of political journalists.

During a Q&A session, while he stopped short of explicitly saying Cornwall should join a Devonwall-style combined mayor-led authority with neighbouring South West regions, it was evident he preferred that approach.

Given the current push to establish Cornwall as a single foundation strategic authority, has his view shifted? Is he content for Cornwall to go its own way without the need for a mayor or a political alliance with Devon?

“It’s not my opinion that matters about the form that devolution should take at a local level,” he told me. “It’s got to feel right to people here because if you try and foist something on to people it won’t work. It’s got to be bottom up.

“Personally, I still see the case for a combined authority, but I’m ready to go with a Cornish devolution deal. If the six MPs and the leader of the council are ready to come to me and say ‘that’s what we want’, I’m ready to give you that devolution deal.

“So the offer from me to the leader of the council today will be, if you want it, I would like it cross-party so come together with the MPs, come to No 10 North, let’s get around the table and let’s thrash out a devolution deal for Cornwall.”

Could this mean Cornwall might miss out on some of the advantages that a mayor-led authority could deliver, such as his proposal to allow mayors to retain a portion of income tax?

“I think you have to recognise the form that you take may then have implications in terms of what can be devolved and how quickly, because a bigger authority has that ability to take on more. If you think about policing – obviously policing is dual counties in this part of the world – so the form does have implications, but I’m looking at giving the best I can and I want good growth in every postcode and that is true of every postcode in Cornwall.”

It was at this point that the Prime Minister disclosed his support for the introduction of a ‘tourism tax’ in Cornwall.

“I am prepared to look at an overnight visitor levy for Cornwall. People in the tourism industry might say ‘woah, hang on, what will that mean for us?’ but it’s something that tourists from Britain are paying all over Europe this summer, so actually it could be something of a game changer for Cornwall.

“I don’t think people resent the idea of a few extra pounds on a hotel or Airbnb bill because you’re using the services. It’s not fair, actually, to pay for all of the services and infrastructure from council tax – that’s a burden that residents can’t carry on their own.

“Cornwall wouldn’t have to do it, but it’s just there as a possibility and I’m keen to not just give that power to mayors if there are parts of the coastal and rural economy that want those powers early and are prepared to move early for a devolution deal.”

‘I think Cornwall is a jewel in the UK’s crown’

He has undoubtedly received a clear message in recent weeks from Cornwall Council and local MPs that Cornwall is unique, and is plainly aware of the local authority’s bid for Cornwall to be recognised as the fifth nation of the UK. Does he envisage that becoming a reality during his time in office?

“I think that might be pushing too far from my point of view. There were moments where I thought about declaring independence in Greater Manchester, but it never got to that point.

“I believe in a United Kingdom. I’m not saying you’re going all the way to independence, but let’s get you going properly with a devolution deal. I think focus on that, as that’s practical and here and now. That could change lives in two or three years. That could get growth going in every postcode in a short period of time.”

He went on to say: “I think Cornwall is a jewel in the UK’s crown, we love it and have all got memories of it, but has the UK looked after Cornwall as much as it may? I would say no – the infrastructure isn’t what it should be and there’s a fragility to some of the services down here.”

Mr Burnham believes that devolution would also help address the challenges facing the farming community in Cornwall, as “they’re different from other parts of the country. If you have control of post-16 education, that a massive benefit for the farming industry here”.

Discussing the difficulties confronting the hospitality sector and the 20 per cent reduction in business rates announced for next year, Mr Burnham added: “It’s great to be in this business, The Arborist, in Truro on the old golf course – it’s an amazing business with music nights at a family location.

“It really speaks to what hospitality businesses do – they give life, they give people a lift, they build a sense of community and togetherness, hence they deserve extra support. We need to give them the ability to do more of those good things that benefit society.

“We’ve made a start with the commitment to a 20 per cent business rates cut for pubs, but there’s going to be a stage two and we’re looking towards the budget later this year to see what more we can do. I can’t make firm commitments today because, as you know, it’s tough out there in terms of finances, but hospitality brings something unique to the high street and our communities and it deserves our support.”

Mr Burnham said he wanted people to understand during his visit “that No 10 North is as much at the services of Cornwall as it is of the north of England.

“The point is it’s giving leaders here a single conduit through the centre of government into that Whitehall system and making that Whitehall system come back with a single plan for Cornwall, rather than passing round leaders from pillar to post and all the departments.

“It’s about growth going more quickly and getting power out and down. People are making a mistake if they think of it as a gimmick. No 10 North could make a big difference for Cornwall and do it very quickly. The old way of working through Whitehall silos hasn’t got the growth going in the way it needs to”.

Joined at The Arborist by Truro and Falmouth’s Labour MP Jayne Kirkham, the PM went on to praise Cornwall’s MPs – the two Lib Dem members alongside the four Labour MPs – for doing a “fantastic job in representing the needs of this county back to Westminster and me specifically – they have made representations about issues around second homes and housing prices as it’s particularly felt in this part of the world”.

He concluded by saying: “I come back to the idea of an overnight visitor levy – I think it could be a major game changer in Cornwall, if it’s pitched the right way. Just start with a level that is fair. That is a new revenue stream and then you can borrow against that revenue stream.

“It could be massive for this county. Let’s get into that conversation sooner rather than later. By this time next year I would hope to be coming down where that devolution deal is already in place and delivering benefits for the people of Cornwall.”

He then departed to board a five-hour train back to London, remarking on the need for improved connectivity between Cornwall and the rest of the country as he walked past surprised café customers.

LOS ANGELES — Santos Bravos, HYBE’s first Latin pop group, delivered one of the standout performances of KCON LA 2026’s opening weekend, joining fellow HYBE act &TEAM for a joint tribute to BTS that organizers billed as “two worlds connected by K-Soul,” while also earning individual praise for a vocally demanding solo set on the festival’s Artist Stage.

This year’s KCON festival officially opened Friday, Aug. 14, at the Los Angeles Convention Center and Crypto.com Arena, running under the overarching theme “K-Soul City,” a play on the South Korean capital. Festival producer CJ ENM expanded this year’s convention across K-pop, K-beauty, K-food and K-story programming, including the debut of the Olive Young Festa K-Beauty Playground, featuring 55 different Korean cosmetics brands, alongside the festival’s traditional music-focused lineup.

The standout collaborative moment of the weekend came during KCON’s evening M Countdown concert, held Aug. 14 at Crypto.com Arena, where Santos Bravos and &TEAM joined forces for a three-song tribute to BTS. Santos Bravos opened the special stage with a performance of “Hooligan,” a high-energy track from BTS’ 2026 album “Arirang,” before &TEAM took over with its own performance of “2.0,” another cut from the same record, which spent three consecutive weeks atop the Billboard 200 chart. The two groups then reunited on stage for an energetic joint rendition of “Permission to Dance,” bringing together all 14 members of both acts for the collaboration’s finale.

The pairing marked the latest chapter in an ongoing creative relationship between the two HYBE-affiliated groups. Santos Bravos, formed by HYBE Latin America and based in Mexico City, and &TEAM, managed by Japan’s YX Labels, had previously collaborated earlier this year on a remix of Santos Bravos’ track “Kawasaki,” which incorporated Japanese-language verses into the original song. That earlier collaboration had generated significant anticipation among fans for a live joint performance, anticipation that KCON organizers directly capitalized on in booking Friday’s special stage.

Billboard highlighted the collaboration as a reflection of how HYBE’s broader “multi-home, multi-genre” business strategy operates across different regional markets and musical genres, noting that Santos Bravos, emerging from HYBE Latin America, and &TEAM, operating under HYBE’s Japanese label structure, came together specifically to perform songs by BTS, the group whose global success helped make the formation of both newer acts possible in the first place.

Beyond the collaborative BTS tribute, Santos Bravos also delivered a well-received solo performance during a mid-afternoon set on KCON’s Artist Stage. According to Billboard’s recap of the festival’s standout moments, the group chose to perform “FE,” one of the most vocally challenging songs from their debut EP, “Dual,” released in March. Billboard’s coverage described the track as a slow-burning, Spanish-language ballad whose vocal demands intensify with each chorus, and credited the performance as one of the festival’s best individual moments. “Of all the songs HYBE Latin America’s first global group could have brought out in their KCON LA debut, they picked one of their most vocally challenging — and nailed it,” Billboard wrote, specifically highlighting group members Kauê Penna and Kenneth Lavíll for delivering what the outlet described as impassioned harmonies that “set the standard for the weekend.”

Santos Bravos consists of five members — Alejandro Aramburú, Drew Venegas, Gabi Bermúdez, Kauê Penna and Kenneth Lavíll — drawn from across Latin America and beyond, with members hailing from Peru, the United States, Puerto Rico, Brazil and Mexico. The group was formed in 2025 through a self-titled reality competition series produced by HYBE Latin America, which premiered across multiple platforms including YouTube, Spotify, Vix and Exa TV. The series, which drew 16 competing artists from countries including Brazil, Argentina, Colombia, Peru and Mexico, culminated in the selection of the five current members following an intensive creative development process.

HYBE Latin America CEO Isaac Lee has previously described the Santos Bravos project as an extension of HYBE chairman Bang Si-hyuk’s broader vision for balancing local cultural identity with global artistic ambition, aimed at positioning Latin American music for continued international growth. Bang himself has characterized the group’s mission in similarly expansive terms, previously stating that the goal behind Santos Bravos was “not just to create a group, but to guide young Latin artists through a real transformation — artistically and personally,” and describing the project as centered on “authenticity, emotion, and connection.”

Santos Bravos released its debut single, “0%,” on Oct. 21, 2025, followed by its first extended play, “Dual,” on March 13, 2026. The group made its official live debut with a free concert at Mexico City’s Auditorio Nacional, marking the culmination of the reality competition series that led to the group’s formation.

KCON LA’s opening weekend also featured extensive programming beyond the Santos Bravos and &TEAM collaboration. HYBE America kicked off festivities Wednesday, ahead of the festival’s official opening, with an industry party themed around “K-Pop’s Biggest Weekend,” featuring a red carpet, photo booths and appearances from members of HYBE’s broader artist roster, including &TEAM, Santos Bravos and the label’s pre-debut girl group SAINT SATINE, alongside actors Eric Nam and Ji-young Yoo, both connected to the upcoming Paramount and HYBE America film “K-Pop: The Debut,” slated for a February 2027 theatrical release.

Friday’s evening M Countdown concert brought together an extensive lineup of performers beyond the BTS tribute, including NCT 127, TREASURE, KickFlip, ONE PACT, and the duo from20 & HELLO GLOOM, reflecting the scale and scope of this year’s festival lineup.

Fan reaction to the Santos Bravos and &TEAM collaboration was immediate and enthusiastic across social media platforms, with performance clips highlighting the groups’ tight choreography and confident live vocal delivery circulating widely among fans both inside Crypto.com Arena and following the festival online. Rather than simply recreating BTS’ original performances note-for-note, both acts incorporated elements of their own established performance styles into the tribute, giving the covers what multiple outlets described as a distinct identity while still preserving the spirit of the source material.

The collaboration and Santos Bravos’ broader KCON LA showing come as the group continues building its profile within HYBE’s expanding global artist portfolio, following its formation through a competitive reality series model the company has increasingly applied across different regional markets in recent years, including a parallel effort with Telemundo to develop a regional Mexican band through the competition series “Pase a la Fama.”

As KCON LA 2026 continued through the remainder of the weekend, Santos Bravos’ dual appearances — both in the collaborative BTS tribute and its own solo Artist Stage set — positioned the group as one of the breakout storylines of the festival’s opening days, reinforcing HYBE’s broader strategy of cultivating artists across multiple regional markets and musical genres under a shared global umbrella.