The Gables Best Western was previously owned by West Midlands-based Webb Hotels

A hotel near the M5 in South Gloucestershire has been sold off for an undisclosed sum. The Gables – a Best Western on Bristol Road – was acquired in a joint venture by family-run Castlewood and the Vine Group.

The deal for the 46-bed property was arranged by Solihull-headquartered Enterprise Hotels & Hospitality and Simon Steven Associates.

The property was previously owned by Webb Hotel Group – a collection of family-owned and run properties in the Midlands, including Moor Hall Hotel & Spa in Sutton Coldfield, and the George Hotel and Cathedral Hotel in Lichfield.

Gavin Wright, founder of Enterprise Hotels & Hospitality, said the deal reflected “the ongoing confidence” of investors in the UK hotel sector and the “competitive appeal” of properties in well-connected locations close to major cities.

The Gables is located on a 1.8-acre site off the A38, 20 minutes from Bristol, with 104 parking spaces. The venue has meeting rooms for up to 200 people, a civil wedding licence for up to 150 guests, and reception space for 200 guests.

It also has a Marco’s New York Italian restaurant and bar, with seating for 80 guests, a refurbished bar accommodating 40, and a patio area.

Simon Stevens, founder of Simon Stevens Associates, said: “Following a competitive marketing process, we witnessed purchasers’ selective approach to the market, as investment yields continue to soften and price expectations continually come under scrutiny.

“In this instance, investors identified a clear strategic value-added opportunity and operational upside with the property and business that ultimately secured Vine Hotels’ commitment.”

Vine Hotels is a hotel management, consultancy and development business with a UK-wide portfolio of owned and operated hotels and venues. The acquisition of The Gable follows an announcement last month that Hotel Collingwood in Bournemouth had also joined Vine Hotels’ growing portfolio.

Garin Davies, chief executive of Vine Hotels, said: “The expansion of hotel and venue ownership and management is a key aim for us this year, and so the acquisition of The Gables Hotel has come during a busy and exciting period.

“I am delighted that we have been able to add two new hotels in two months, showing our commitment to growth. The Gables has great business development potential, with an ideal location for UK and international travellers visiting the Cotswolds and nearby tourist towns, while also serving commercial travellers commuting to Bristol and the wider south-west region.”

Angela Burns, chief executive of Webb Hotel Group, added: “I am pleased we have been able to secure the sale of The Gables and pass the hotel into the hands of experienced hoteliers who share our commitment to excellence in hospitality. We wish them every success and look forward to seeing the hotel prosper in the years ahead.”

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The MP for Makerfield has made his first major policy speech since launching a bid to become PM

Labour leader hopeful Andy Burnham has pledged to create a ‘No 10 North’ if he becomes Prime Minister, claiming it will help power flow into regions including the West Country.

The newly elected MP for Makerfield, who is currently the party’s frontrunner to take over from Sir Keir Starmer, unveiled plans on Monday (June 29) to devolve more powers to the UK’s regions and nations.

In his first major policy speech since launching his leadership bid, the former Greater Manchester mayor said he would deliver the “biggest change in our lifetime to the way the country is run” while remaining “consistent” to Labour’s 2024 manifesto.

“We will create a more streamlined state with a clearer purpose to power up all parts of the country and put a laser-like focus on growth and regeneration,” he said.

“The change will be driven through the prime minister’s office in an extended operation based here in Manchester. But here’s the important thing; it will only be based here. The job of No 10 North will be to make power flow into the Midlands, into the South West, into the East of England and yes, into London.”

Burnham said his proposals would help regional leaders gain “greater public control” in areas such as transport, housing, energy and water.

“No 10 North will be the nerve centre for a rewired Britain,” he said. “It will be the conduit through which we redistribute power and resources across the UK. It will coordinate all parts of government, at national and local level, to agree a long-term economic strategy and help all places set new growth ambitions.”

He also called for “good growth in every British postcode” adding that he wanted “more joined up decisions” with Westminster and the UK’s regions and nations.

He said No 10 North would support the regions in three areas: reform of essential utilities; reindustrialisation; and the regeneration of places.

“We are such an inventive country and, going forward, we can be the world’s leading innovation nation,” he said. “This is the key to higher growth.”

West of England’s mayor Helen Godwin responded to the comments by calling for “more power and more funding” as the UK’s only expanding combined authority.

The West of England Combined Authority (Weca) currently covers Bristol, Bath and North East Somerset, and South Gloucestershire, but could soon also be joined by North Somerset.

“The West Country has to be at the heart of places getting more powers and more funding,” said Ms Godwin.

“That must be the case as the only expanding combined authority, with North Somerset joining, and as we push towards Established Strategic Authority status.”

Ms Godwin said she was “glad to see” that devolution was “front and centre” of the national conversation following Burnham’s speech.

“As the country’s fastest-growing regional economy over the last five years, we can help power a bright future,” she said.

“We have seen historic steps forward on devolution over recent months, with commitments to enable mayors to introduce overnight visitor levies and to retain some of the taxes raised from our communities.

“In this new chapter, our region now has a proper seat at the table. Our voice is now being heard. But more is needed to give people hope.”

According to Weca, since 2019 the economy across the Bristol and Bath region has grown four times faster than the national average. In 2023, the West grew by almost three per cent – outperforming every other combined authority area and London.

In May, Weca set out its growth potential – said to be worth some £17bn – at a major UK investment summit in Leeds. It followed the unveiling of a 10-year growth strategy last year which the mayor said could create tens of thousands of jobs in the West of England and drive major investment in the region.

She added: “Over the months ahead, we will be proudly making the case in Westminster and beyond at every opportunity to secure the investment that our region deserves – with a new £17bn Investment Prospectus – and make a difference for communities.

“Together, we can deliver change that people across the West of England can really see and feel.”

If no other Labour MP makes a leadership bid, Burnham could replace Sir Keir as Prime Minister as soon as July 20.

The AI investment boom is unlikely to end in a single dramatic crash; instead, Macquarie argues it will deflate through a series of “rolling bubbles” as different parts of the AI ecosystem surge and then lose steam.

Global AI-related investment is now running at about $850 billion in 2026, roughly $500 billion above the pre-AI trend, making it larger and faster than historic manias such as railways, canals, and the dot‑com boom, said Macquarie analyst Viktor Shvets in a report.

Corporations, especially US hyperscalers, are rapidly exhausting internal cash, with debt issuance expected to reach around $180 billion and capex-to-revenue ratios climbing above 50%, underlining how aggressively AI is being funded. Yet, annualised AI revenues are already estimated at close to $175 billion, enough to cover current operating expenses and depreciation, and growing roughly three times faster than previous IT waves, suggesting the boom is not purely speculative.

Also Read | Chris Wood’s big warning: The specific risk that will finally trigger the end of AI trade

BIS warning: overextended but not empty

The Bank for International Settlements has warned that AI now exhibits classic bubble characteristics, with extremely rapid capital deployment and increasingly complex off‑balance sheet vehicles and circular investment structures, which Macquarie says likely make current investment figures understated and more fragile than they appear. “AI is a bubble that could suddenly derate, with considerable consequences for markets and economies,” the note cautions, framing the current cycle as historically extreme in both scale and speed.
However, Macquarie stresses that adoption is running ahead of typical bubble patterns, with a $2 trillion contract backlog and heavy spending on data centres, memory and logic chips already visible in hard orders rather than just hype.
Economic impact still small, labour strains rising
Despite its market prominence, AI still accounts for a relatively modest share of overall economic activity, even as it increasingly shapes expectations for GDP growth and productivity. Macquarie warns that the real pressure points are emerging in labour markets, where lower hiring rates, declining education premia and signs of rising social polarisation point to early evidence of AI-related disruption that is not yet fully captured in official statistics.

The report argues that AI risks driving “declining marginal utility and compensation of labor,” with job insecurity and wage pressures likely to intensify as automation scales.

China’s cost shock: commoditisation is coming
Macquarie sees a major structural threat in China’s push to commoditise the AI stack, much as it did in solar, electric vehicles and batteries. On the latest data, China’s Z.ai and Tulongfeng systems are now matching the cybersecurity features of leading US model Mythos, with the US technological lead potentially narrowed to around 10–15%. Given China’s structurally lower cost base, this helps explain the rapid proliferation of its open‑weight models, which are being deployed primarily as cost‑efficiency tools, and underpins Macquarie’s view that pricing power in large language models – and ultimately in chips – will erode sharply.

‘Rolling bubbles’: from LLMs to applications
Macquarie’s central thesis is that the AI cycle will break not through one big burst but via a sequence of overlapping bubbles across the value chain. “We view AI as a sequence of ‘rolling bubbles’: LLMs to facilitators and applications. As one bubble deflates … others will pick up the mantle, until these bubbles also deflate,” the report says, noting that the market’s leadership is already rotating.

The so‑called Magnificent Seven have fallen from 36% of US market capitalisation to about 32%, while broader indices such as the S&P 500 and NASDAQ are showing phases where relative performance periodically shifts as leadership passes between segments.

In Macquarie’s view, periods between bubbles and shifts in monetary policy – for example when the US Federal Reserve tightens – may briefly broaden equity returns, but these will be “exceptions not the rule” in a cycle characterised by persistent concentration. Against that backdrop, the house outlines three broad approaches for investors navigating the AI boom: “day trade around headlines”, “go passive” or “go thematic”, reflecting a market environment where timing, diversification and exposure to structural themes may matter more than traditional stock‑picking. With no “reset button” in what it describes as an “age of extremes”, Macquarie concludes that investors should expect elevated volatility and serial repricing rather than a single, definitive end to the AI story.

Rail-focused multimodal logistics company Pristine Logistics and Infraprojects has confidentially filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi under the regulator’s pre-filing route, taking a key step towards a proposed IPO.

Founded in 2008, Pristine Logistics operates an integrated rail-focused multimodal logistics platform, offering transportation and infrastructure solutions for both containerised and non-containerised cargo. Its operations combine long-haul rail transportation with first- and last-mile road connectivity through strategically located logistics terminals serving domestic and export-import (EXIM) corridors.

The company has emerged as one of India’s fastest-growing rail-focused multimodal logistics players in terms of revenue and EBITDA growth between FY23 and FY25. During the period, it expanded its terminal network from eight to 12 terminals, while container volumes increased from 402,049 TEUs to 506,447 TEUs and non-containerised cargo volumes rose from 1.92 million metric tonnes to 2.51 million metric tonnes.
Aastha Spintex IPO opens for subscription. Check GMP, brokerages review and other detailsPristine offers a diversified portfolio of services including EXIM and domestic container logistics, rail transportation, bulk rail logistics, warehousing, container maintenance and repair, and mining logistics following its acquisition of Sical Logistics. As of December 31, 2025, the company operated more than 5,000 domestic rail containers and around 455 specialised 40-foot dwarf containers, besides managing a warehousing network of approximately 1.2 million square feet across India.

The company is also expanding its logistics footprint with new terminals at Bhurkunda (Jharkhand), Haldia (West Bengal) and Bengaluru (Karnataka). The Haldia facility will mark its entry into port-based liquid cargo logistics, while the Bengaluru project is being developed as a rail-linked inland container depot near major industrial hubs.
Adding to its growth pipeline, Pristine recently secured a long-term overburden excavation and removal contract worth Rs 3,422 crore (excluding GST) from South Eastern Coalfields Limited, providing significant long-term revenue visibility.

BSE Ltd on Monday said it will directly manage the licensing of its market data products for international clients starting January 1, 2027, a function currently handled by Deutsche Borse AG.

International clients will continue to receive BSE Market Data Products from BSE starting January 1, 2027, with no interruption in service, the exchange said in a statement.

BSE and Deutsche Borse AG are working together to ensure a smooth transition throughout the migration process. There will be no change for clients based out of India, who will continue to access market data products directly from BSE.
In October 2013, BSE and Deutsche Borse AG entered into a market data service agreement for licensing BSE market data products to all international clients. Under this agreement, Deutsche Borse AG was responsible for sales and marketing of all BSE market data products to customers outside of India, while BSE serves all the domestic clients directly.