Business

Formula 1 is expected to cancel the Bahrain and Saudi Arabian Grands Prix as the escalating conflict in the Middle East continues to destabilise the region, with the decision likely to reduce the 2026 calendar to 22 races.

The two races, scheduled to take place in April, were due to form the fourth and fifth rounds of the championship. The Bahrain Grand Prix had been planned for 10–12 April before the sport was set to travel to Jeddah for the Saudi Arabian Grand Prix on 17–19 April.

However, both Bahrain and Saudi Arabia are among several Gulf states that have been targeted by Iranian strikes in retaliation for US and Israeli military operations in the region. The deteriorating security situation has raised serious concerns across international sporting bodies, airlines and logistics operators, with Formula 1 now expected to formally call off both events.

Sources indicate that the announcement could be made before the end of the weekend as the sport assesses the rapidly changing geopolitical landscape.

Safety remains the overriding priority for both Formula 1 and motorsport’s governing body, the Fédération Internationale de l’Automobile (FIA). With tensions escalating across the Gulf and no clear signs of de-escalation, the championship’s organisers are understood to have concluded that staging races in the region in April would present unacceptable risks.

Business Matters, which is currently in China with the Aston Martin Aramco Formula 1 team ahead of the Chinese Grand Prix weekend in Shanghai, understands that the races will likely be removed entirely from the calendar rather than postponed.

If confirmed, the cancellations will leave a notable gap in the early-season schedule. Following the Japanese Grand Prix, which takes place from 27–29 March and serves as the third round of the championship, Formula 1 would not return to action until the Miami Grand Prix on 1–3 May.

That would create an unusual five-week break in the racing calendar during April, a period that normally features several Grands Prix as the season builds momentum.

While Formula 1 has occasionally rearranged or replaced cancelled races in previous seasons, sources suggest that the already packed March-to-December calendar makes it unlikely that replacement venues will be found at short notice. As a result, the 2026 championship is expected to run over 22 race weekends instead of the originally planned 24.

The Middle East has become a key region for Formula 1 over the past two decades, with races in Bahrain, Saudi Arabia, Qatar and Abu Dhabi forming an important part of the championship’s global expansion strategy.

Bahrain first joined the calendar in 2004 and traditionally hosts the opening race of the season, while the high-speed street circuit in Jeddah made its debut in 2021 as part of the sport’s growing presence in the Gulf.

Both races have become major sporting and commercial events, attracting large international audiences and significant investment from host governments.

However, the current conflict has already begun to disrupt global transport networks, energy markets and commercial shipping routes across the region, raising broader concerns about the feasibility of large-scale international events.

Teams, logistics partners and broadcasters also face complex operational challenges when transporting equipment and personnel across a region experiencing heightened military activity.

The situation is being monitored closely by Formula 1 Management, the FIA and race organisers, who are expected to issue formal confirmation once final discussions conclude.

In the meantime, attention remains on the Chinese Grand Prix weekend in Shanghai, where Mercedes driver George Russell is aiming to build on his opening-race victory and extend his early lead in the championship standings.

With the season potentially losing two races, the fight for points could become even more intense as drivers and teams compete across a shorter calendar in what is already shaping up to be a highly unpredictable year in Formula 1.

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F1 set to cancel Bahrain and Saudi Arabian Grands Prix amid Middle East conflict

The UK and Ireland have strengthened their economic partnership as leaders gathered in Cork for the second UK-Ireland Summit, where Prime Minister Sir Keir Starmer announced £937 million in new Irish investment expected to create around 850 jobs across the United Kingdom.

The investment comes from 15 Irish companies operating in sectors ranging from artificial intelligence and renewable energy to telecommunications and corporate services. The projects will support economic growth in communities across the UK, including London, Doncaster, South Wales and Scotland, and form part of a broader push to deepen economic and strategic cooperation between the two countries.

Speaking ahead of the summit, Starmer said closer collaboration between the UK and Ireland was essential at a time of global economic uncertainty and rising cost-of-living pressures.

“As people on both sides of the Irish Sea feel the cost-of-living squeeze, we are investing in partnerships that make us better off and more secure,” he said. “The UK’s close friendship with Ireland is going from strength to strength, and this new investment is part of a much bigger picture of flourishing cultural, commercial and security ties.”

The Prime Minister added that strengthening relationships with key partners would help the UK navigate global challenges while supporting economic stability for families and businesses.

The new investment is also being framed by the government as a vote of confidence in the UK’s Modern Industrial Strategy, which aims to attract high-value international investment and drive productivity and sustainability across key industries.

Many of the investments have been supported by Enterprise Ireland, the Irish government’s trade and innovation agency, which recently published data showing that the UK remains Ireland’s most important export market. According to the agency, almost two-thirds of Irish companies already maintain a physical presence in the UK and the majority plan to increase their investment over the next 12 months.

A business roundtable held in Cork ahead of the summit brought together senior figures from UK and Irish companies across energy, infrastructure and technology sectors to discuss investment opportunities and economic collaboration.

Robert Adams, president of FOCUS Capital Partners, said London’s position as a global financial centre made it a natural base for international investment firms expanding into the UK.

“The UK is a highly attractive market for investment,” Adams said. “Expanding our presence in London allows us to work more closely with ambitious UK companies and support Irish and international investors seeking opportunities in the market.”

Irish engineering services firm Ayrton Group also confirmed plans to expand its UK operations, citing the size and diversity of the British market as key reasons for its investment strategy.

Managing director Kieran Linehan said the company had long viewed the UK as its most strategic expansion destination.

“The UK market has always been a natural fit for us,” he said. “Its scale, the strong cultural and business relationships between our countries and the shared language make it easier for Irish companies to grow here compared with many other international markets.”

Alongside economic investment, energy security has emerged as a key focus of the summit. Both governments welcomed progress toward the development of two major energy interconnectors linking the UK and Ireland.

One project will connect Wales and Ireland, delivering enough electricity to power around 570,000 homes and representing at least £740 million in private investment across both countries. A second interconnector between Northern Ireland and the Republic of Ireland is expected to help reduce electricity costs and strengthen energy resilience on both sides of the border.

Interconnectors allow countries to share electricity across national grids, helping balance supply and demand. They can enable the UK to export surplus renewable energy to European markets while importing lower-cost electricity when needed.

The projects are also part of broader efforts to strengthen energy cooperation across the Irish Sea as governments seek to accelerate the transition to cleaner power sources while maintaining stable energy supplies.

Beyond energy, the summit also addressed growing security concerns around critical infrastructure. The UK and Ireland agreed to enhance cooperation on protecting subsea fibre optic cables, which carry vast volumes of digital communications and underpin economic activity and national security for both nations.

Both countries will conduct joint exercises to test responses to potential incidents affecting these cables, reflecting concerns about the vulnerability of underwater infrastructure to sabotage or disruption.

In addition, the two governments have refreshed their defence memorandum of understanding to strengthen collaboration on maritime security, cyber threats and defence procurement.

The updated agreement includes measures to improve information-sharing and coordination in response to hostile activity in the Irish and Celtic Seas, including threats posed by Russian vessels and so-called “shadow fleet” shipping networks used to evade sanctions.

The investments announced at the summit span a wide range of sectors and regions across the UK. Irish technology firm Version 1 plans to create around 400 new roles in Northern Ireland in fields such as artificial intelligence, engineering and digital transformation. Aviation technology specialist Amach has announced a £45 million investment to create 150 high-skilled jobs across the UK over the next three years.

Telecommunications infrastructure company Step Telecoms will invest £25 million in a new 200-kilometre fibre optic cable linking the Welsh coast to major data centre hubs in Newport.

Meanwhile, Irish investment firm Elkstone has launched a €200 million venture capital fund, with around 20 per cent of the capital earmarked for startups and scale-ups in Northern Ireland.

Several companies are also expanding in the property and infrastructure sectors. The O’Flynn Group is continuing its investment in the UK’s student accommodation market, including a £35 million development in Manchester that will deliver 173 new student beds.

Other projects include Johnston Fitout Group’s new showroom and office expansion in Doncaster and a £170 million investment by Gas Networks Ireland to decarbonise compressor stations in Scotland.

Together, the projects reflect deepening economic ties between the UK and Ireland, with both governments seeking to strengthen collaboration across industries critical to long-term growth, energy security and digital infrastructure.

Starmer said the strengthening partnership between the two countries was delivering tangible benefits for workers and businesses on both sides of the Irish Sea.

“The action this government has taken to reset relationships and deepen partnerships with our closest allies is paying off,” he said. “It will help us withstand global challenges and protect money in the pockets of families up and down the country.”

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UK and Ireland strengthen economic partnership as £937m investment set to create 850 jobs

Global shipping giant Maersk has suspended operations at the Port of Salalah in Oman after a drone attack struck oil storage facilities at the strategic logistics hub, intensifying concerns about global trade disruption as the conflict involving Iran spreads across the Gulf.

The Danish shipping group said it had paused activity at the port “until further notice” following what it described as an ongoing security incident near the facility’s general cargo terminal. The move comes as the war in the region increasingly threatens major shipping routes and energy infrastructure across the Middle East.

The Port of Salalah, located on Oman’s southern coast, is one of the region’s most important maritime gateways and had been widely regarded as a relatively safe alternative for shipping companies seeking to avoid the escalating risks around the Strait of Hormuz and the Red Sea.

The port sits at a critical intersection of global trade routes linking southeast Asia with Europe, Africa and the Americas. Since opening in 1998 it has handled more than 50 million containers and over 100 million metric tonnes of cargo, and it recently completed a $300 million upgrade to its container terminal designed to increase capacity and efficiency.

Historically, Oman has promoted the port’s location in a politically neutral country as a major advantage for global shipping operators. The country has long positioned itself as a diplomatic mediator in regional disputes, maintaining working relationships with both Western governments and Iran.

However, the drone strike has now brought the conflict directly to Oman’s shores, raising fears that the war is expanding to new fronts and threatening infrastructure that had previously been viewed as relatively insulated from the fighting.

Images from the port showed thick plumes of smoke rising from fuel storage facilities after the attack triggered a fire in oil tanks. Omani authorities confirmed they were working to contain the blaze but said oil supply continuity had not been disrupted.

The incident is the latest in a series of attacks targeting energy infrastructure and maritime assets across the Gulf region. Earlier this week, falling debris from an intercepted drone sparked a fire that damaged storage infrastructure at Fujairah, a major ship refuelling hub in the United Arab Emirates.

Container shipping has also been affected directly. The Japan-flagged vessel One Majesty sustained minor damage after being struck by an unidentified projectile approximately 25 miles northwest of the UAE.

Maersk said the escalating instability has forced it to adapt operations across its network. The company confirmed that it was redistributing maritime fuel supplies to ensure vessels can continue to refuel and operate despite the growing disruption to storage facilities and fuel distribution infrastructure in the region.

A spokesperson for the company said the measures were designed to ensure that its global shipping network could continue functioning.

“We are proactively redistributing fuel to ensure vessels can continue to bunker where needed and keep our ocean network running without interruptions,” the company said.

The conflict has already left large numbers of ships stranded across the Gulf. Maersk alone has ten vessels currently trapped in the region, while industry estimates suggest roughly 100 container ships are unable to move through key routes.

German shipping group Hapag-Lloyd has also reported that a number of its vessels remain stuck in the Strait of Hormuz as tensions escalate.

In response to the heightened risks, Maersk and other carriers have suspended most new cargo bookings to and from several Gulf countries, including the United Arab Emirates, Oman, Qatar and Saudi Arabia.

The escalation comes as Iran continues its blockade of the Strait of Hormuz, one of the most critical maritime chokepoints in the global energy system. Roughly one-fifth of the world’s oil exports typically pass through the narrow waterway, which connects the Persian Gulf with the Indian Ocean.

Iran’s leadership has signalled that it intends to maintain pressure on global shipping lanes as the conflict intensifies. Mojtaba Khamenei, Iran’s new leader, said this week that Iranian forces would continue enforcing restrictions on traffic through the strait.

Analysts believe the strategy is designed to maximise economic pressure on Western and Gulf nations by disrupting oil and commercial shipping flows.

Danny Citrinowicz, a fellow at the Atlantic Council and a former Israeli military intelligence officer specialising in Iran, said Tehran was likely to escalate further attacks on infrastructure.

“They will raise the bar by targeting more infrastructure,” he said. “The goal is to inflict economic damage and demonstrate that countries supporting the war will face serious consequences.”

The attacks have now affected every member state of the Gulf Cooperation Council as well as Iraq, which has already been forced to shut down parts of its oil production infrastructure due to security concerns.

Oman itself has taken precautionary measures by moving vessels away from its key oil export terminal at Mina al Fahal while authorities assess the security situation.

Another Omani port, Duqm, located roughly 500 kilometres south of the capital Muscat, was also struck during the early stages of the conflict.

Despite Iran’s increasingly aggressive strategy, Iranian officials have denied responsibility for the attack on Salalah. Tehran described Oman as a “friend and neighbour” and suggested that the strike could have been carried out by other actors seeking to widen the conflict and frame Iran.

However, the expansion of attacks across multiple countries has heightened fears among global shipping companies that the war could effectively choke off two of the world’s most vital maritime corridors.

In addition to the disruption in the Strait of Hormuz, Iran’s Houthi allies in Yemen have previously attacked shipping in the Red Sea during the Gaza conflict. Analysts warn they could resume those attacks if the conflict escalates further.

If that occurs simultaneously with the closure of Hormuz, the global shipping industry could face unprecedented disruption to both oil and container trade flows between Asia, Europe and the Americas.

For global logistics networks already strained by geopolitical tensions and supply chain volatility, the suspension of operations at Salalah underscores how rapidly the conflict is spreading beyond traditional battle zones and into the infrastructure that underpins international trade.

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Maersk halts operations at Oman port after drone strike widens Iran conflict disruption

The UK economy stalled at the start of the year as households cut back on discretionary spending, with restaurants and food services experiencing a sharp decline in activity.

New figures from the Office for National Statistics (ONS) show that gross domestic product (GDP) recorded zero growth in January, falling short of economists’ expectations and marking a slowdown from the modest 0.1% growth recorded in December. Analysts had forecast that output would expand by around 0.2% over the month.

The disappointing performance highlights the fragile state of the UK economy even before the latest geopolitical shock from the escalating US-Israeli conflict with Iran, which economists warn could further dampen growth by pushing energy prices higher and fuelling inflation.

The ONS said the overall economic picture remained “subdued”, with consumer-facing sectors particularly weak. Within the dominant services sector, which accounts for around 80% of UK economic activity, there was a notable 2.7% drop in food and drink service activity as households curtailed spending on eating out.

This contraction in hospitality suggests that the pressure on household finances continues to weigh heavily on consumer behaviour. Restaurants and pubs are often among the first sectors to feel the impact when consumers begin tightening their budgets.

More broadly, the services sector showed no growth overall during the month, underscoring the cautious spending environment facing businesses.

Other parts of the economy also delivered mixed results. Industrial production slipped by 0.1% during January, while construction activity provided one of the few bright spots, expanding by 0.2% over the month.

The flat reading follows a period of slowing economic momentum during the second half of 2025, when uncertainty over tax changes, rising unemployment and lingering cost-of-living pressures led many consumers to reduce spending.

Although the monthly GDP figure showed stagnation, the three-month measure of economic activity, which is typically less volatile, indicated modest growth. In the three months to January, the UK economy expanded by 0.2%, slightly stronger than the 0.1% recorded in the previous three-month period.

However, economists say the underlying picture remains weak, particularly as global developments threaten to worsen inflation and slow economic activity further.

The latest data was compiled before the outbreak of hostilities involving the United States, Israel and Iran, which has sent global energy prices sharply higher. Oil prices have surged and wholesale gas markets have become increasingly volatile, raising concerns about a renewed cost-of-living squeeze for British households.

Prime Minister Sir Keir Starmer warned earlier this week that the longer the Middle East conflict continues, the more likely it is to have a tangible impact on the UK economy.

Higher energy prices are already feeding through to petrol and diesel costs, while households covered by Ofgem’s energy price cap will remain shielded from immediate increases until the next adjustment period in July.

Nonetheless, economists warn that sustained energy price rises could quickly push inflation higher again. Before the conflict erupted, inflation had been expected to fall to the Bank of England’s 2% target by the spring. A renewed surge in energy costs could derail that trajectory.

The shift in the inflation outlook has already affected financial markets. Expectations that the Bank of England would begin cutting interest rates as early as March have largely evaporated, with economists now widely anticipating that policymakers will hold rates steady when they meet next week.

This change in interest rate expectations has had an immediate impact on the mortgage market. Hundreds of mortgage deals have been withdrawn by lenders in recent days, while average mortgage rates have climbed back to levels not seen since last spring.

If the geopolitical tensions persist, analysts say higher borrowing costs and weaker consumer confidence could undermine Labour’s central economic priority of accelerating growth.

Chancellor Rachel Reeves acknowledged the challenges facing the economy, saying the government remained committed to its long-term economic strategy.

“Our economic plan is the right one, but I know there is more to do,” she said.

“In an uncertain world, we are building a stronger and more secure economy by cutting the cost of living, reducing national debt and creating the conditions for growth so that all parts of the country can prosper.”

Opposition figures were quick to criticise the government’s economic performance. Shadow chancellor Sir Mel Stride said Labour had left the economy exposed to external shocks.

“Labour’s economic mismanagement has left the UK vulnerable to the potential consequences of the Iran conflict,” he said.

“They must now take urgent action, including cutting fuel duty, supporting North Sea oil and gas production and putting forward a credible plan to reduce the deficit and bring down the benefits bill.”

Looking ahead, economists believe growth is likely to remain subdued throughout much of the year.

The Office for Budget Responsibility recently downgraded its forecast for UK economic growth in 2026 to 1.1%, down from its earlier estimate of 1.4%.

Yael Selfin, chief economist at KPMG UK, said the latest GDP figures suggested the economy had begun the year on weak footing and could struggle to regain momentum.

“The UK economy started the year on the back foot and activity is expected to weaken further amid sharply rising energy prices,” she said.

Selfin added that government borrowing costs have increased in recent weeks as financial markets reassess the outlook for interest rates. Higher borrowing costs could act as a headwind for businesses and households alike.

“With expectations for weaker growth combined with rising costs, businesses are likely to scale back investment plans,” she said.

For policymakers, the challenge now lies in navigating a fragile domestic economy while responding to external shocks that threaten to push inflation higher and delay any relief from elevated interest rates.

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UK economy stalls in January as hospitality slowdown drags growth to zero

Savills has agreed a deal worth close to $1 billion to acquire US property investment bank Eastdil Secured, marking a significant strategic move aimed at strengthening the British real estate group’s presence in the lucrative American market.

The London-listed property adviser will pay approximately $921 million for the business in a transaction combining both cash and shares. Around $553 million will be paid in cash, while roughly $369 million will be settled in Savills shares issued to existing Eastdil investors, including Singapore’s sovereign wealth fund Temasek, Guggenheim Partners and a group of senior staff shareholders.

The acquisition represents the first major deal under Savills’ new chief executive Simon Shaw, who took over from Mark Ridley at the start of 2026. Shaw described the combination as a “marriage made in heaven”, highlighting the longstanding relationship between the two companies in global real estate transactions.

Eastdil Secured is widely regarded as one of the most influential advisers in the global property capital markets sector. The firm specialises in advising major landlords, developers and institutional investors on high-value property sales, financing arrangements and complex investment transactions. Its client base includes some of the largest global real estate investors and private equity firms.

By bringing Eastdil into the group, Savills aims to significantly deepen its foothold in the United States, the world’s largest property investment market, where the company has historically had a more limited presence compared with Europe and Asia.

Shaw said the acquisition fills a strategic gap in Savills’ global platform. While the firm enjoys strong market positions across many international property markets, the US had remained the most significant region where its capabilities were comparatively underdeveloped.

He said: “We’ve got great market share in many parts of the world, but the one hole in our network has been the US. Eastdil is the leading capital markets operator in the largest real estate investment market in the world and provides direct access to the deepest pools of capital.”

Savills believes the combined organisation will enable it to compete more aggressively for high-value real estate advisory mandates, including mergers and acquisitions involving property portfolios, large-scale financing deals and global investment transactions.

The acquisition was announced alongside Savills’ latest financial results, which showed the company continuing to grow despite a challenging global economic environment marked by geopolitical tensions, tariffs and macroeconomic uncertainty.

For the year ending December 2025, Savills reported revenue of £2.55 billion, up from £2.40 billion the previous year, representing growth of 6 per cent.

Pre-tax profits rose by 14 per cent to £101 million, compared with £88.3 million in 2024. The company attributed the increase partly to stronger demand for its non-transactional services, including investment management, consultancy and property management.

These divisions now account for the majority of Savills’ earnings, reflecting a broader industry shift away from reliance solely on property transactions toward advisory and asset-management services that provide more stable revenue streams.

Income from these less transactional activities increased by 8 per cent over the year, while revenues linked directly to property transactions rose by 4 per cent.

Savills said the middle part of 2025 had been particularly challenging for deal activity as investors delayed decisions amid global tariff disputes and uncertainty surrounding fiscal policy ahead of the UK government’s autumn budget.

However, the company experienced a sharp rebound in activity toward the end of the year. Shaw described December as “astonishing”, suggesting that many investors returned to the market once political uncertainty had eased and the budget had been delivered.

He said investors were increasingly adjusting to a world characterised by geopolitical tension and economic volatility.

“Both occupiers and investors have started to accept that geopolitical change is now a constant,” Shaw said. “There comes a moment where you simply have to continue investing and doing business despite that backdrop.”

Savills also reported that the stronger momentum seen late in 2025 had continued into the opening months of 2026. Although the firm acknowledged that it remains difficult to assess the full impact of the ongoing conflict in the Middle East, it said there had been little immediate disruption to global property investment activity.

According to Shaw, London could potentially benefit from increased investor interest if global instability persists, as capital historically flows toward markets perceived as stable and secure.

“I think there is a likelihood that capital will tilt slightly towards traditional safe havens,” he said. “It would be logical that investors feel more comfortable placing money in markets where legal systems and institutions are well established.”

Savills’ board has also approved a higher shareholder payout following the improved financial performance. The company increased its final dividend by 8 per cent to 15.7p per share, payable in May, while also announcing a supplemental dividend of 10.7p per share.

Despite the strategic rationale for the Eastdil acquisition, investors initially reacted cautiously to the announcement. Savills shares fell 7.2 per cent, closing down 72p at 930p on the day the deal was unveiled.

Founded in 1855 by surveyor Alfred Savill, the company has evolved from a traditional land agency serving wealthy landowners into one of the world’s largest property advisory groups.

Although widely recognised by the public as a residential estate agent, the residential business accounts for only about a tenth of Savills’ overall operations. The majority of its income now comes from commercial real estate services such as advising investors, leasing office space, managing buildings and providing consultancy to institutional clients.

Savills has expanded internationally through a series of acquisitions over the past three decades, establishing operations across Europe, Asia, the Middle East and Australia. However, the United States has remained the final major real estate market where its presence lagged behind competitors.

The purchase of Eastdil Secured is therefore expected to play a central role in Savills’ long-term strategy of building a truly global real estate advisory platform capable of competing with the largest property consultancies and investment banks in the sector.

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Savills agrees $1bn deal to buy Eastdil Secured in major US expansion push

Entrepreneur and television personality Trinny Woodall has said artificial intelligence could become a powerful tool for women looking to advance in their careers, after pausing operations at her cosmetics company to train staff in AI skills.

Woodall temporarily halted normal activity at her Trinny London business for two days earlier this year so that around 150 employees could take part in an intensive artificial intelligence workshop, aimed at helping staff understand how emerging technologies could support both their current roles and future careers.

The training programme was delivered by Lichen AI, which introduced employees to the fundamentals of working with AI systems and how they can be integrated into everyday business processes.

Woodall said she believes leaders have a responsibility to ensure staff are prepared for the technological shifts reshaping the modern workplace.

“AI is a way women can get ahead,” she said. “It gives us knowledge at our fingertips when we need it. When you have that access to information and insight, you walk into conversations with more confidence and authority.”

The two-day programme was structured around practical exercises rather than theoretical discussion. On the first day, employees were taught how to prompt and interact with a range of leading AI tools including Gemini, Claude and Midjourney, learning how to apply them to marketing, product development, customer engagement and operational tasks.

The second day focused on experimentation and innovation. Staff were divided into 25 teams and tasked with developing AI-powered applications that could potentially enhance different areas of the business. The teams presented their ideas to senior management, with the winning group receiving a prize voucher for Selfridges.

Woodall said the initiative reflects a broader strategy to embed AI more deeply within the company’s operations as it expands internationally.

Trinny London, which reported annual turnover of around £70 million and EBITDA of approximately £4 million in 2025, has grown rapidly in recent years and opened 20 physical retail locations during 2025. The brand is now combining physical retail growth with digital innovation, including the use of predictive AI technology to personalise customer experiences.

The company has begun implementing Dynamic Yield across its online platforms, enabling website content to adapt automatically to individual users. The system analyses browsing patterns and purchasing behaviour to tailor product recommendations and marketing messages in real time.

Woodall believes this technology will help maintain customer loyalty in an industry where trends shift rapidly and brands must constantly engage consumers.

“Beauty is incredibly trend-driven,” she said. “Understanding your customer and being able to serve them the right message at the right moment is critical. AI helps us do that in a way that is far more precise.”

The company is also using AI-powered translation and localisation tools to expand into new markets without the heavy costs traditionally associated with international content production.

By automating translation workflows and adapting marketing content to local audiences, the technology allows the brand to scale its digital presence across regions including Europe, Australia and the United States.

Beyond the operational benefits, Woodall sees AI as an opportunity to address broader gender gaps in the technology sector.

Women remain underrepresented in many areas of AI development and digital leadership, yet are increasingly expected to work with AI systems in a wide range of industries. Woodall believes gaining practical experience with these tools could help women strengthen their professional confidence and competitiveness.

“There’s an opportunity here like never before,” she said. “If women learn how to use these technologies well, they can leap forward.”

The training initiative forms part of a wider effort by Woodall to support female entrepreneurship and professional development. Earlier this year she hosted a networking and mentoring event at Beaverbrook Estate, bringing together around 60 female founders and influencers for workshops on confidence building, business growth, nutrition and AI.

Woodall said she remains passionate about helping other women navigate the challenges of building businesses and careers.

“I don’t have time for any woman who doesn’t support another woman,” she said. “We have to help each other. Seeing women change how they feel about themselves is incredibly powerful.”

The former What Not to Wear presenter returned to television last year when she appeared as a guest investor on Dragons’ Den, where she jointly invested £50,000 with Deborah Meaden in sustainable cleaning brand Seep.

Although she enjoyed the experience, Woodall said she prefers mentoring entrepreneurs outside the pressure of television.

Her longer-term ambition is to establish Trinny London as the leading premium beauty brand for women over 40, a demographic she believes remains underserved in the global cosmetics industry.

“We’ve gone through a lot in life by the time we reach 40,” she said. “We know more about what we want, and what we don’t.”

By combining technology, personalisation and a focus on older consumers, Woodall believes the company is positioning itself for long-term growth in an increasingly competitive beauty market.

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Trinny Woodall says AI can help women gain an edge in the workplace

Just Eat Takeaway.com is expanding its push towards sustainable food delivery packaging by introducing a new range of plastic-free takeaway boxes across ten European markets, using a plant-based coating designed to replace conventional plastic linings.

The food delivery giant confirmed that the packaging will be rolled out across Austria, Belgium, Bulgaria, Switzerland, Germany, Italy, the Netherlands, Poland, Slovakia and Spain, following earlier launches with its German brand Lieferando in Germany and Austria.

The initiative is part of a partnership with sustainable packaging manufacturer Huhtamaki and UK materials technology company Xampla, whose Morro Coating technology provides a plastic-free alternative to the thin polymer layers traditionally used to make takeaway containers resistant to grease and moisture.

Unlike conventional takeaway boxes, which rely on plastic coatings to prevent leaks and maintain structural integrity, the new packaging uses a coating derived from natural plant proteins that has not undergone chemical modification. The coating provides the same barrier performance required for takeaway food packaging while remaining fully recyclable within standard paper recycling systems.

The rollout reflects growing pressure on the food delivery and hospitality sectors to reduce reliance on single-use plastics, particularly as regulations tighten across Europe under measures such as the EU’s Single Use Plastics Directive (SUPD).

According to the companies involved, the Morro-coated boxes have been verified as plastic-free by the UK’s National Physical Laboratory, making them one of the first takeaway packaging solutions capable of delivering high-performance food protection without plastic barriers.

The packaging is made from sustainably sourced corrugated paperboard, designed to retain heat and maintain rigidity even when used with greasy or moisture-heavy dishes that traditionally require plastic-lined containers.

Industry experts say solving this challenge is key to reducing plastic waste across the food delivery sector, where millions of takeaway boxes are used daily and often end up in landfill because plastic coatings prevent recycling.

Alexandra French, chief executive of Xampla, said the European expansion demonstrates that natural materials are increasingly capable of replacing plastic in high-volume commercial applications.

“Europe is moving fast on packaging regulation, and the demand for materials that can genuinely replace plastic has never been stronger,” she said.

“There is strong environmental ambition across these markets and a willingness to adopt new materials when they work. For us, this rollout is about scale. We’ve proven Morro Coating works and now we’re bringing it to millions of takeaway meals across Europe.”

French added that large-scale adoption in sectors such as food delivery is critical if sustainable materials are to meaningfully replace plastic packaging.

“If we want to replace plastic, we need to do it in the most demanding environments, where packaging needs to perform under heat, grease and moisture. This expansion shows that natural materials can compete in exactly those conditions.”

Huhtamaki, which manufactures the packaging, said the technology integrates seamlessly with existing foodservice supply chains and recycling infrastructure, enabling restaurants to transition to more sustainable packaging without requiring changes to waste management processes.

Because the coating is free from plastic, the containers can be processed through established paper recycling streams without needing separation of materials, addressing one of the major barriers to recycling takeaway packaging.

The rollout also supports businesses navigating evolving environmental regulations, including extended producer responsibility (EPR) rules that are increasingly placing financial responsibility on companies for the environmental impact of their packaging.

For Just Eat Takeaway.com, the expansion is part of a broader sustainability strategy aimed at reducing plastic waste across the fast-growing food delivery industry.

A spokesperson for the company said the move would allow thousands of restaurant partners across Europe to adopt packaging that meets both environmental and regulatory expectations.

“We’re excited to work with innovative partners who share our vision of reducing single-use plastic waste and creating more responsible packaging solutions,” the company said.

“Expanding our collaboration with Xampla represents a significant milestone in accelerating the adoption of plastic-free packaging across the on-demand delivery industry.”

The announcement comes as food delivery platforms face increasing scrutiny over the environmental impact of takeaway packaging, which contributes significantly to urban waste streams across Europe.

By introducing recyclable, plant-based coatings capable of replacing plastic in food containers, the companies involved hope to demonstrate that large-scale alternatives to plastic packaging are both commercially viable and operationally practical.

With millions of takeaway orders processed across its European markets every week, Just Eat Takeaway.com’s adoption of plastic-free containers could represent one of the most significant real-world deployments of plant-based packaging technologies in the food delivery sector to date.

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Just Eat Takeaway.com rolls out plastic-free takeaway boxes across Europe

The UK economy unexpectedly stalled at the start of the year, intensifying concerns that escalating geopolitical tensions and rising energy prices could derail growth in 2026.

New figures from the Office for National Statistics (ONS) show that gross domestic product (GDP) recorded no growth in January, following a modest expansion of 0.1 per cent in December. Economists had forecast a stronger start to the year, predicting a monthly increase of around 0.2 per cent.

The latest data suggests that the UK economy entered the year with little momentum, even before the economic impact of the escalating conflict between the United States, Israel and Iran began to filter through global markets.

On a rolling quarterly basis, the economy grew by just 0.2 per cent in the three months to January, only slightly stronger than the 0.1 per cent recorded in the previous quarter and below analysts’ expectations of 0.3 per cent.

The figures reinforce growing fears among economists that the UK’s fragile recovery could stall further as rising oil and gas prices feed through into higher inflation and weaker consumer spending.

Liz McKeown, director of economic statistics at the ONS, said the latest figures highlighted the subdued nature of the recovery.

“The overall picture remains subdued,” she said, noting that several key sectors struggled to gain traction during the month.

The services sector, which accounts for roughly 80 per cent of the UK’s economic output, recorded no growth during January. Production output declined by 0.1 per cent over the same period, while construction activity provided the only positive contribution, rising by 0.2 per cent.

Economists warned that the stagnation in January leaves the economy vulnerable to external shocks, particularly the surge in global energy prices triggered by the widening conflict in the Middle East.

Martin Beck, chief economic adviser at consultancy WPI Strategy, said the disappointing GDP figures showed the economy had already begun losing momentum before geopolitical tensions escalated.

“The UK economy was already losing steam before the latest war-related shock,” he said.

Fergus Jimenez-England, associate economist at the National Institute of Economic and Social Research (NIESR), described the figures as a worrying signal for the months ahead.

“This is a worrying start to the quarter, given that the early-year improvement in business confidence is likely to be short-lived as global disruption linked to the Iran war hits the UK economy,” he said.

Financial markets have already begun adjusting their expectations for monetary policy as energy prices surge. Oil prices have climbed sharply in recent weeks amid fears of prolonged disruption to shipping routes in the Strait of Hormuz, one of the world’s most important oil transit corridors.

Brent crude remained above $100 a barrel on Friday, a level not seen since the energy shocks that followed Russia’s invasion of Ukraine.

The surge in oil and gas prices has complicated the outlook for the Bank of England, which had previously been expected to cut interest rates later this year as inflation gradually eased.

Before the outbreak of the conflict, markets had predicted at least two interest rate reductions in 2026, with investors assigning a roughly 90 per cent probability to a first cut at the Bank’s next meeting. However, rising energy prices have sharply reduced those expectations.

The Bank of England is now widely expected to keep its base rate unchanged at 3.75 per cent when policymakers meet next Thursday, as officials assess whether the energy shock could push inflation higher again.

Although UK inflation fell to 3 per cent in January and is forecast to decline further in the spring, analysts warn that higher energy costs could add as much as one percentage point to inflation later this year depending on how long the conflict persists.

Some economists have warned that household energy bills could rise by as much as £500 in the summer if wholesale gas prices remain elevated.

Government borrowing costs have also risen sharply as investors reassess inflation risks. The yield on benchmark UK government bonds climbed again on Friday, increasing by 0.10 percentage points to 4.78 per cent.

The weaker economic data adds further pressure on Chancellor Rachel Reeves, who has repeatedly emphasised the government’s focus on economic growth while maintaining fiscal discipline.

Responding to the latest GDP figures, Reeves acknowledged the economy faced significant challenges but insisted the government remained committed to strengthening growth.

“I know that there is more to do,” she said. “In an uncertain world we are building a stronger and more secure economy by cutting the cost of living, cutting national debt and creating the conditions for growth to make all parts of the country better off.”

Business groups have also urged ministers to take action to support investment and productivity.

Muniya Barua, deputy chief executive of BusinessLDN, said the latest figures were disappointing following a weak end to 2025.

“After a sluggish end to last year, it’s disappointing to see the economy start the year on the back foot again,” she said.

She warned that geopolitical tensions could undermine both business confidence and consumer spending while pushing inflation higher.

“The war in Iran threatens to hit business and consumer confidence while also pushing up inflation, so it’s vital that the government acts quickly to remove barriers to growth that are within its gift,” Barua added.

She called on ministers to accelerate major infrastructure projects, unlock sites for new housing and review changes to the business rates system that could deter investment.

The latest economic indicators already point to growing strains across the labour market. Unemployment has climbed to its highest level since the pandemic, driven largely by a sharp increase in youth joblessness, which has reached its highest point in more than a decade.

Combined with rising energy costs and slowing economic growth, the data suggests policymakers face a difficult balancing act in the months ahead.

For now, economists say the January figures confirm that the UK economy began 2026 on fragile footing, and that the unfolding geopolitical crisis could make the path to sustained growth even more uncertain.

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UK economy stalls in January as growth fears mount amid Iran conflict

The UK government has unveiled a new online tool designed to help households and businesses track the rollout of gigabit-capable broadband across the country, offering greater transparency over when faster connectivity will reach local communities.

The new address checker allows users to enter their postcode and see whether their property is scheduled to receive an upgrade through the government’s Project Gigabit programme or through separate commercial full-fibre deployments. Officials say the tool is intended to provide rural communities and businesses with clearer visibility of broadband infrastructure plans, particularly in areas where connectivity improvements have historically been slow.

The launch forms part of the government’s wider effort to accelerate the delivery of high-speed broadband across the UK, with particular emphasis on rural and hard-to-reach regions that have traditionally struggled with poor digital infrastructure.

According to the Department for Science, Innovation and Technology, more than 750 homes and businesses are now gaining access to gigabit-capable broadband every day through Project Gigabit. The programme is designed to deliver full-fibre connectivity to areas that are unlikely to be served by commercial investment alone.

Officials estimate that more than one million additional premises will benefit from live government contracts currently being rolled out across rural England and Wales. These include major infrastructure agreements with broadband providers aimed at expanding fibre networks into remote towns, villages and agricultural communities.

The government argues that improving digital connectivity is critical to supporting economic development outside major cities. Faster broadband access is expected to enable remote working, improve access to digital public services and strengthen sectors such as agriculture, tourism and rural small businesses.

However, campaigners warn that improving infrastructure alone will not eliminate the UK’s digital divide.

Elizabeth Anderson, chief executive of the Digital Poverty Alliance, said that while expanding gigabit broadband coverage is an important milestone, affordability remains a major barrier for millions of people.

“The continued rollout of gigabit-capable broadband and improved mobile coverage in rural communities is a welcome step towards closing long-standing connectivity gaps across the UK,” she said.

“However, infrastructure alone will not solve digital poverty. Around 19 million people in the UK experience some form of digital exclusion, and government figures show that around 1.6 million people are still living entirely offline.”

She added that the cost of broadband services and suitable devices continues to prevent many households from accessing digital services.

“We estimate around two million people lack connectivity because of affordability, and gigabit broadband is frequently out of reach due to higher costs,” Anderson said.

“While faster networks are important, they only make a difference if people can afford to use them. Connectivity must be not only available, but affordable and accessible for everyone.”

Alongside fibre expansion, the government is also investing in improved mobile connectivity through the Shared Rural Network, a joint initiative between government and the UK’s major mobile network operators.

The programme aims to extend 4G coverage into rural “not-spots”, areas where reliable mobile signals have historically been unavailable. Recent upgrades have already expanded coverage significantly across parts of the UK countryside.

Industry leaders say these improvements are essential as demand for digital services continues to grow rapidly across both consumer and business sectors.

Jennifer Holmes, chief executive of the London Internet Exchange (LINX), said the continued expansion of gigabit broadband and mobile coverage represents a key step in strengthening the UK’s digital infrastructure.

“As demand for online services continues to grow, the networks that underpin the internet must be resilient, efficient and capable of supporting increasing volumes of data,” she said.

“Strong infrastructure is essential not only for everyday connectivity, but also for supporting innovation, economic growth and the UK’s wider digital ambitions.”

Holmes added that modern digital networks now underpin almost every part of the economy, from cloud computing and artificial intelligence to e-commerce and public services.

“Investment in faster and more reliable connectivity will help ensure that businesses, public services and communities can fully participate in an increasingly digital economy,” she said.

The new postcode tool is intended to give consumers and businesses clearer information about when gigabit broadband will reach their homes or workplaces, particularly in areas where rollout timelines have previously been unclear.

By providing greater transparency over rollout plans, ministers hope the tool will help local communities better plan for the future and encourage businesses to invest in rural areas with improved connectivity.

Project Gigabit remains one of the UK government’s flagship infrastructure initiatives, aimed at ensuring that the vast majority of UK premises have access to gigabit-capable broadband by the end of the decade.

But as rollout accelerates, policymakers and campaigners alike warn that bridging the digital divide will require more than infrastructure alone. Ensuring that connectivity is affordable, accessible and supported by digital skills programmes will be crucial if the benefits of the UK’s digital transformation are to be shared across every community.

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Government launches postcode checker to track gigabit broadband rollout across UK

A former Royal Bank of Scotland (RBS) manager has admitted accepting more than £600,000 in bribes from struggling business owners while working in the bank’s controversial Global Restructuring Group (GRG), a division previously accused of mistreating thousands of small companies.

Stuart Holloway, 48, who worked as a manager in the GRG unit, pleaded guilty to bribery charges at Edinburgh Sheriff Court after prosecutors said he exploited vulnerable business customers by demanding payments in exchange for favourable treatment.

The offences took place between 2012 and 2016 at RBS’s office in St Andrew Square, Edinburgh, during a period when the restructuring unit was already facing intense scrutiny from regulators, politicians and the media.

GRG was designed as a “turnaround division” intended to help financially distressed businesses recover. However, the unit became notorious after allegations that it pushed viable companies into financial distress, imposed punitive fees and exploited struggling firms.

Prosecutors told the court that Holloway abused his position by offering to reduce or remove company debts, prevent loan facilities from being withdrawn or help businesses move their banking arrangements away from GRG in exchange for personal payments.

In one case outlined in the indictment, Holloway threatened a customer that unless they paid a significant sum, their account would be passed to other managers — implying that this would likely lead to the collapse of their business. The customer subsequently paid £366,100 in order to leave the division.

In another instance, prosecutors said Holloway extorted £154,447 from a separate customer and demanded the use of a golf club membership, exploiting the individual’s fear that their company would otherwise fail.

Prosecutors described how the banker placed customers in a state of “alarm and apprehension”, with victims fearing the loss of their livelihoods if they refused to comply.

Holloway had joined RBS in 2005 and began working within GRG in 2010. He entered guilty pleas earlier this week to two charges of bribery, while prosecutors accepted not guilty pleas on several other charges. The Crown Office and Procurator Fiscal Service confirmed that there were no further outstanding charges against him.

Sentencing is scheduled for 22 April.

The revelations revive scrutiny of the GRG scandal, which has cast a long shadow over the bank, now operating as NatWest Group, and its relationship with small business customers.

The controversy first came to public attention in 2013, when entrepreneur and government adviser Lawrence Tomlinson published a report alleging that GRG was deliberately pushing viable businesses into distress in order to profit from their difficulties.

A subsequent investigation commissioned by the Financial Conduct Authority (FCA) found that many companies had been “systematically mistreated” by the unit. The report, released publicly in 2018 after pressure from MPs, concluded that thousands of businesses had suffered poor treatment and that some had experienced serious financial harm.

Victims have long argued that GRG’s practices destroyed otherwise viable companies and cost entrepreneurs their livelihoods.

Following the scandal, RBS issued a public apology and established a redress scheme to compensate affected businesses.

Holloway was suspended by RBS in 2016 and later left the bank with a voluntary redundancy package in May of that year. The allegations surfaced after a business customer informed the bank in 2017 that Holloway had demanded cash payments in return for favourable treatment. Five months later the bank referred the case to Police Scotland.

A spokesperson for NatWest said the conduct was entirely unacceptable and outside the bank’s internal procedures.

“This criminal activity is totally unacceptable and relates to the unauthorised, private behaviour of an individual, which fell entirely outside the bank’s policies and processes for the treatment of customers,” the bank said.

NatWest added that it would review the evidence presented at sentencing before deciding whether any further action was required, but declined to comment on whether compensation would be paid to those affected by Holloway’s actions.

The case first came to light following reporting by The Times in 2018, which revealed that police had been alerted to the allegations months before RBS executives appeared before Parliament to answer questions about the GRG scandal.

At the time, then-chief executive Ross McEwan told MPs he was unaware of any criminal investigations involving bank staff. The subsequent revelation that the bank had already referred Holloway’s case to the police prompted criticism from the Treasury Select Committee, whose then chair Nicky Morgan said the bank had fallen short of the transparency expected by Parliament.

McEwan later apologised for what he described as “any confusion”, saying he believed the bribery allegations were unrelated to the issues being examined by the committee.

The GRG scandal ultimately triggered a broader crisis of confidence in the bank, led to renewed scrutiny of the regulator’s handling of the affair and prompted questions about the government’s oversight of RBS at the time, when it remained majority-owned by taxpayers following the financial crisis bailout.

Investigations into the division found that nine in ten small and medium-sized companies handled by GRG experienced some form of mistreatment, while one in six viable businesses suffered “material financial distress” as a result of its actions.

Although the unit was presented as a restructuring arm intended to help companies recover, only around one in ten businesses returned intact to mainstream banking after passing through GRG, according to the FCA report.

The case against Holloway now represents one of the clearest examples of alleged criminal behaviour connected to the division that was at the centre of one of the UK banking sector’s most controversial scandals.

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Former RBS manager admits taking £600,000 in bribes from struggling business customers