The five-star hotel will shut on September 30 after unsafe concrete was discovered in the historic building

The Grosvenor Estate has said that securing the long-term future of the historic Chester Grosvenor Hotel is now its “priority” after the shock announcement that the famous hotel will close in September. A spkesperson said proposals are being drawn up to renovate the landmark Eastgate Street hotel and to appoint a new operator.

Bespoke Hotels, which presently runs the Grade II hotel, told Cheshire Live on Thursday afternoon that it will close the hotel on September 30. The decision follows the discovery of potentially unsafe concrete above the function suites of the building, which dates from 1865.

A representative for Grosvenor, which holds the freehold of the hotel, said: “We are sorry to acknowledge that Bespoke Hotels has taken the decision to cease operating the hotel following its summer closure, and for the impact this will have on those whose roles may be affected. Our priority now is to ensure the long-term future of the hotel given its importance to Chester.

“As an organisation steeped in the history of (the) city and that is deeply committed to its long-term success, we are developing plans for a major refurbishment supported by significant investment and the appointment of a new operator. The refurbishment will protect the future of Cheshire’s only five-star large hotel, strengthening Chester’s tourism and hospitality economy.”

Cheshire Live reported yesterday afternoon that Bespoke Hotels had told staff about the closure plans, with one member of staff telling the title that the team was “heartbroken”.

Bespoke Hotels told Cheshire Live: “Following the recent discovery of RAAC above the function suites, the scale and complexity of the works required to put a long-term solution in place, alongside necessary refurbishment works, we have taken the very difficult decision to cease operating The Chester Grosvenor.

“As a result, it is our intention to close the hotel on 30th September 2026. Our immediate focus is on supporting our colleagues in the weeks ahead.

“We closed our conference suites after the discovery of Reinforced Autoclaved Aerated Concrete (RAAC) during recent surveys. The safety of our guests and colleagues is of the utmost importance and the affected area will remain closed as a precaution. All other public areas of the hotel, as well as the car park, are unaffected and continue to operate as normal.”

A letter sent to staff by chief operating officer Richard Grove, which was seen by Cheshire Live, said: “Following the recent discovery of RAAC (reinforced autoclaved aerated concrete) above the function suites, the scale and complexity of the works required to put a long-term solution in place, alongside necessary refurbishment works, we have taken the very difficult decision to cease operating The Chester Grosvenor.

“As a result it is our intention to close the hotel on 3oth September 2026. We recognise that this decision will be deeply upsetting and may lead to the loss of jobs for many colleagues, and will impact our customers and guests, that you have given great service to over many years.

“This is not a decision we have taken lightly, and it is in no way a reflection of the performance of the team. We fully appreciate the impact it will have on you and your families. Our immediate focus is on supporting you through this process, and we will be sharing further information shortly about what this means for you and support available.”

Uber is doubling down on autonomous mobility with plans to invest up to $1.25 billion in electric vehicle maker Rivian as part of a long-term strategy to launch a global robotaxi network.

The ride-hailing giant will initially commit $300 million, with the total investment potentially rising to $1.25 billion by 2031, contingent on Rivian meeting key performance milestones tied to the reliability and safety of its autonomous driving technology.

The partnership will see Uber, alongside fleet partners, purchase at least 10,000 autonomous Rivian R2 vehicles, which will be deployed exclusively through the Uber platform. The first robotaxi services are expected to launch in San Francisco and Miami in 2028, before expanding across the United States, Canada and Europe.

The deal represents one of Uber’s most significant moves yet in the rapidly evolving autonomous transport sector, as it seeks to position itself as the primary commercial gateway for robotaxi services rather than a developer of the underlying technology.

Having sold its own self-driving division in 2020, Uber has pivoted to a partnership-led model, aligning itself with a growing roster of autonomous vehicle developers. The company has now struck agreements with more than 20 self-driving firms, including Waymo and Zoox, as it races to build scale ahead of widespread adoption.

Under the Rivian agreement, Uber will also pay licensing fees for access to Rivian’s proprietary autonomous software, while retaining the option to expand the fleet to as many as 50,000 vehicles from 2030 onwards.

If all milestones are achieved, the companies expect to deploy thousands of fully driverless vehicles across more than 25 cities globally by the end of the decade.

For Uber, the strategy is clear: control the customer interface and demand layer, while outsourcing the capital-intensive and technically complex elements of autonomy to specialist partners. The company is also experimenting with owning or co-owning fleets, giving it more direct exposure to the economics of autonomous transport as it explores financing partnerships with banks and private equity investors.

The move comes as competition intensifies in the robotaxi space, with Tesla, Lucid and a host of technology-led entrants all vying for dominance in what many see as the next frontier of mobility.

Tesla has already begun limited robotaxi deployments in Austin and San Francisco, while Lucid is exploring expanded collaborations with Uber and other partners to scale its own autonomous ambitions.

For Rivian, the deal marks a significant strategic pivot towards software and autonomy at a time when the electric vehicle market is facing slowing demand, policy uncertainty and margin pressure.

The company acknowledged that accelerating its autonomy roadmap would come at a financial cost, warning it no longer expects to meet its previously stated profitability targets by 2027 due to increased research and development spending.

Nevertheless, investors initially responded positively to the announcement, with Rivian’s shares rising sharply before paring gains later in the session.

Rivian has been investing heavily in its in-house autonomous stack, including a proprietary chip, lidar systems, high-definition cameras and radar sensors, all of which are expected to be integrated into its upcoming R2 platform from 2027.

The company is also developing software for both commercial fleets and private vehicle ownership, with ambitions to enable fully autonomous everyday use cases such as school runs and airport pickups.

Industry analysts view the Uber–Rivian partnership as emblematic of a broader shift in the sector, where success is likely to depend less on individual technological breakthroughs and more on the ability to integrate hardware, software and distribution at scale.

Uber’s global network of riders and drivers provides a ready-made marketplace for autonomous services, while Rivian brings manufacturing capability and a vertically integrated approach to vehicle and software development.

However, significant hurdles remain. Regulatory approval, safety validation, infrastructure investment and public trust will all play critical roles in determining how quickly robotaxis move from pilot programmes to mainstream adoption.

The timeline itself reflects this reality. While Uber aims to operate robotaxis in 15 markets by the end of this year through various partnerships, meaningful scale is not expected until 2027 and beyond.

In the meantime, the deal underscores a growing consensus across the mobility sector: that autonomy is no longer a distant ambition, but an increasingly central battleground for the future of transport, and one that will require deep capital, long-term commitment and strategic collaboration to win.

Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

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FTSE 100 giant Unilever has confirmed it received an offer from US firm McCormick for its foods business, which includes Hellmann’s and Marmite

FTSE 100 giant Unilever has confirmed it is in discussions to sell off its foods division, which includes iconic brands like Hellman’s and Marmite.

The mayonnaise-maker said it has received an approach from US seasoning manufacturer McCormick and is now in talks with the company.

The firm has been focusing on its €13billion (£11.2billion) beauty and personal care brands following the appointment of new chief executive Fernando Fernandez, as the business undergoes a cost-cutting programme.

Unilever said: “The board believes Foods is a highly attractive business, with a strong financial profile led by market-leading brands in growing categories and is confident in the future of the Foods business as part of Unilever.”

Addressing “media speculation” surrounding a potential deal, the firm said: “There can be no certainty that any transaction will be agreed”.

Shares in the company rose one per cent following the announcement, to 4,631p, leaving the stock down four per cent in the year to date, as reported by City AM.

Unilever announced plans last year to spin off its Ben & Jerry’s ice-cream brand and chose to list in Amsterdam, in a setback to the London Stock Exchange.

The company had been mulling further spin-offs of some of its most recognisable brands including Marmite in recent days, according to Bloomberg.

Unilever had also held discussions with Kraft Heinz, according to reports, over a deal which would have brought together mayonnaise and ketchup, but has since abandoned any agreement. The megamerger – between Unilever’s food brands and Heinz’s condiments division – would have created a new entity worth billions of dollars, the Financial Times reported.

Despite cost-reduction measures which had resulted in thousands of redundancies, the firm reported a decline in turnover over the past year, falling four per cent to €50.5bn.

Unilever’s beauty and wellbeing division experienced the smallest decline in turnover, dropping 2.3 per cent, whilst its foods and home care segments witnessed larger falls of 3.2 and 6.4 per cent.

Fernandez had stated that “slowing markets” were responsible for the underwhelming results, as he maintained that his transformation was producing a “simpler, sharper and faster Unilever”.

The business invested €599m in its reorganisation over the past year, 1.2 per cent of turnover, though this was lower than the €710m allocated in the previous year.

The food and consumer goods behemoth was established in 1930 following a merger between Dutch margarine manufacturer Unie and British soap maker Lever, and is based in London.

The U.S. Mint is moving forward with a gold commemorative coin featuring President Donald Trump after a federal arts commission approved a design Thursday, with Treasury officials citing a legal authority that allows the inclusion of a sitting president despite longstanding restrictions.

FOX Business confirmed with a source familiar with the Commission of Fine Arts that the design shown is the mockup approved by the panel, clearing a key step toward production of the coin.

The move is notable because federal law traditionally bars living individuals from appearing on U.S. currency, but Treasury officials say a separate statutory authority allows the minting of gold coins that can feature the sitting president, setting up a potential break from long-standing precedent.

“As we approach our 250th birthday, we are thrilled to prepare coins that represent the enduring spirit of our country and democracy, and there is no profile more emblematic for the front of such coins than that of our serving President, Donald J. Trump,” U.S. Treasurer Brandon Beach said in a statement provided to FOX Business.

TRUMP WAIVES JONES ACT FOR 60 DAYS IN BID TO FREE UP THE FLOW OF OIL TO US PORTS

A Semiquincentennial commemorative gold coin design featuring U.S. President Donald Trump, in this undated handout image. The black and white sketch shows what one side of the coin is expected to look like. (U.S. Mint/Handout via REUTERS  / Reuters)

Beach added that the proposed commemorative gold coin would be separate from circulating currency and fall under the Treasury secretary’s discretion.

“The Secretary has sole discretion on final design selection,” the statement said, noting the process followed review opportunities presented to advisory bodies.

The move would mark a rare instance of a sitting U.S. president appearing on a government-issued coin.

Treasury officials pointed to a provision under federal law, 31 U.S.C. § 5112, that allows the secretary to authorize bullion and proof gold coins with specifications, designs and inscriptions determined at their discretion.

FED’S POWELL SAYS IT’S ‘TOO SOON TO KNOW’ IRAN WAR’S IMPACT ON ECONOMY

People view the portrait of U.S. President Donald Trump, taken by official White House photographer Daniel Torok which is the basis of a proposed U.S. Mint semiquincentennial commemorative gold coin design, on display at the Smithsonian National Port (REUTERS/Jonathan Ernst / Reuters)

The authority allows coins to be issued “in accordance with such designs… and inscriptions as the Secretary… may prescribe from time to time,” according to the statute cited by Treasury officials.

The Treasury statement also noted that the Citizens Coinage Advisory Committee (CCAC) declined to review the proposed designs, while the Commission of Fine Arts (CFA) “has taken every opportunity to review thus far.”

Officials said the Mint fulfilled its statutory obligation to seek CCAC input despite the panel opting not to weigh in on the designs.

The approved design features Trump in a suit and tie with a stern expression, leaning forward with his hands resting on a desk in a forceful pose, according to materials presented to the commission.

BESSENT RULES OUT GOVERNMENT INTERVENTION IN OIL FUTURES MARKET DURING IRAN WAR

President Donald Trump speaks during a press conference at Trump National Doral in Miami, Florida, on March 9, 2026.  (Saul Loeb/AFP via Getty Images / Getty Images)

The coin includes “LIBERTY” along the top and the dates “1776–2026,” marking the nation’s semiquincentennial.

The reverse side is expected to depict a bald eagle in flight alongside traditional inscriptions including “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM.”

The Associated Press first reported that the Commission of Fine Arts approved the design without objection during its March meeting on Thursday.

The effort represents a departure from traditional practice, as U.S. currency has historically avoided depicting living individuals, though commemorative and bullion coins operate under different rules.

Officials said the coin will be part of a limited production run, with final details on size and denomination still under consideration.

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The coin is tied to the nation’s 250th anniversary celebrations in 2026, with Treasury officials framing the effort as part of a broader initiative to mark the milestone.

The White House did not immediately respond to FOX Business’ request for comment.

Q4: 2026-03-19 Earnings Summary

EPS of -$0.30 misses by $0.09

 | Revenue of $22.20M (-24.66% Y/Y) misses by $196.00K

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The charitable status centre said it is positive on its long-term funding prospects

The Alternative Centre for Technology (CAT) in Powys is facing what it describes as a short-term funding gap, but is confident on its long-term financial outlook. It comes as its 2024/25 financial accounts being lodged with the Charity Commission are now 48 day overdue.

In its 2023/24 financial year it secured a total income of just over £4m, which included £2.41m from its charitable activities and £979,300 in donations and legacies. Its total expenditure exceeded income by just over £200,000.

The centre, located near Machynlleth, has been pioneering sustainability for more than 50 years, combining leading research with education Its postgraduate degrees and professional training equip individuals with expertise in renewable energy, sustainable building and environmental science.

READ MORE: Swansea Civic Centre regeneration plans secures £20m funding boostREAD MORE: Anglesey Freeport receives £25m of seed funding for projects

CAT were not able to disclose the level of its current financial shortfall, but that a fundraising appeal is focused on bridging a short-term funding gap before the end of March to help maintain day-to-day operations.

A spokesman said: “Because donations arrive at different times and sit alongside various other income streams, there isn’t a single figure that determines success.

“We anticipate the appeal to adequately bridge this gap. Unlike many other charities, CAT doesn’t receive any regular statutory funding from Welsh or UK government and relies on its income streams, generous supporters and grants. Many science and discovery centres are in a similar position.”

On its funding outlook the spokesman described it as being “very positive.” He added: “The next financial year is looking strong for grant funded projects.”

CAT said that a £13.1m investment from the Mid Wales Growth, for its Cynefin development project, remains on track. The capital funding has been earmarked to enhance its learning facilities, accommodation and reopen as a visitor attraction. To access the funding, CAT is seeks to raise 48% match funding from various sources and remains confident of achieving this over the duration of the project.

Chair of the charity’s board of trustees Ben Summers has confirmed that after four years, joint chief executives Eileen Kinsman and Paul Booth, are stepping down. Mr Booth will return back to his previous role as finance director.

Mr Summers, in an update to staff, also confirmed that a interim CEO will be appointed to “guide the charity through this period of transition.” He added; “I, alongside other members of the board of trustees, will work closely with the senior management team to ensure strong continuity across all areas of CAT’s work.”

Montgomeryshire Glyndwr Labour MP Steve Witherden praised the work of CAT during a recent Westminster Hall debate on the role that science and discovery centres play in delivering the UK’s national science and technology priorities.

He said they reach millions of people each year – including thousands of schoolchildren – and help address the UK’s critical STEM skills shortage, which is estimated to cost the economy £1.5bn a year.

The debate formed part of a campaign spearheaded by the Association for Science and Discovery Centres (ASDC), which is calling on the UK Government to provide £19.5m match-funding to address urgent infrastructure risks and secure the future of these centres.

Mr Witherden said: “CAT is truly the jewel in the crown of Montgomeryshire – a centre that has always been ahead of its time in pioneering a more sustainable and environmentally friendly world.

“I cannot overstate the depth of my connection to this amazing place. My father, an agricultural economist, moved here to be a founding member in the 1970s – that is the very reason I am Welsh and, by extension.

“CAT is one of the most forward-thinking institutions in Wales – always ahead of the curve. In offering qualifications and courses, it is the closest thing our constituency has to a university.

“Our species gravely needs to learn to respect the natural world. To that end, CAT continues to lead the way. It is of huge value to the constituency, the region and the world.”

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WASHINGTON — The average rate on the 30-year fixed mortgage climbed to 6.22% for the week ending March 19, 2026, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. The increase of 11 basis points from the prior week’s 6.11% marks the second consecutive weekly rise, pushing rates back toward levels seen earlier in the year while remaining below the 6.67% average from the same period in 2025.

Freddie Mac’s weekly benchmark, based on applications from conforming loans, showed the 15-year fixed-rate mortgage averaging 5.54%, up 4 basis points from 5.50% last week. A year ago, the 15-year averaged 5.83%. The modest uptick follows a period of relative stability in the low-6% range, with rates dipping below 6% in late February before rebounding.

The rise aligns with broader market movements. The 10-year Treasury yield, a key influence on mortgage pricing, has fluctuated amid persistent inflation concerns and Federal Reserve signals of caution on further rate cuts. The Fed held its benchmark federal funds rate steady in recent meetings, emphasizing data-dependent decisions. Higher energy costs and geopolitical tensions have added upward pressure on yields, indirectly lifting mortgage rates.

Daily surveys from other sources showed variation. Bankrate reported a national average 30-year fixed rate of 6.32% as of March 20, with a refinance average of 6.60%. Mortgage News Daily’s index pegged the 30-year at 6.43% on March 19, reflecting lender-specific pricing. Zillow data from mid-March cited averages around 6.12% for purchases and higher for refinances, illustrating how rates can differ by lender, credit profile and location.

For borrowers, the current environment means monthly payments on a typical $400,000 loan at 6.22% would total about $2,450 in principal and interest, compared to roughly $2,430 at 6.11%. The difference equates to roughly $20 more per month, or $7,200 over the loan’s life. Shorter-term 15-year loans at 5.54% offer lower overall interest but higher monthly payments — around $3,270 on the same amount — appealing to those prioritizing faster equity buildup.

Refinancing activity remains subdued. Many homeowners locked in rates below 4% during the pandemic-era lows and see little incentive to refinance at current levels. The refinance share of applications has hovered low, though experts note that even modest drops could spur activity among those with rates in the high-6% to 7% range.

Housing market implications are mixed. Purchase applications have shown improvement in recent weeks, with existing-home sales edging up in February per some reports. Freddie Mac Chief Economist Sam Khater noted that rates near 6% position buyers for a more affordable spring season compared to last year. Lower rates year-over-year have helped pending sales and applications trend positively despite the recent uptick.

Forecasts for the remainder of 2026 vary but generally point to stability or gradual easing. Fannie Mae’s earlier outlook projected rates ending 2026 around 5.9%, with averages in the mid-6% range through much of the year. The Mortgage Bankers Association and National Association of Realtors anticipate similar trajectories, with potential for sub-6% averages if inflation cools and the Fed resumes measured cuts. However, sticky inflation or stronger economic data could keep rates elevated.

Experts caution that mortgage rates don’t move in lockstep with Fed actions. They track long-term bond yields more closely, influenced by investor expectations for growth, inflation and global events. Recent weeks illustrated this: rates rose despite no Fed hike, driven by Treasury market dynamics.

For prospective buyers and refinancers, shopping multiple lenders remains key. Rates can vary by 0.25% or more depending on credit score, down payment, debt-to-income ratio and lender competition. Points — upfront fees to buy down the rate — can also lower effective costs for those planning long-term stays.

As spring homebuying ramps up, affordability challenges persist in many markets due to elevated home prices and rates above historical norms. The long-term average 30-year rate since the 1970s exceeds 7%, but recent years’ volatility has kept buyers cautious.

Industry watchers monitor upcoming data releases, including inflation reports and employment figures, for clues on the next move. If yields stabilize or decline, rates could ease back toward the low-6% territory seen earlier in March. Conversely, renewed inflationary pressures could push them higher.

For now, at 6.22%, the 30-year fixed remains competitive relative to recent history while signaling ongoing caution in the borrowing environment. Borrowers are advised to lock rates when offers align with budgets, as daily fluctuations can alter costs significantly.