Trump says JP Morgan boss ‘mistaken’ over Fed defence; Miliband hails file windfarm public sale – enterprise reside

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TGI Fridays closes 16 eating places in administration deal Sarah Butler Waiter serving individuals consuming at TGI Fridays restaurant, the O2 area, London UK. {Photograph}: Kumar Sriskandan/Alamy TGI Fridays has closed 16 UK eating places with the lack of 456 jobs however the informal eating chain will survive with 33 shops below an organization managed by the model’s US proprietor.

Sugarloaf Holdings, a bunch led by Ray Blanchette a former boss of TGI Fridays who and returned as a part of a rescue of the US proprietor of the worldwide model in 2025, has purchased again the UK enterprise in a pre-pack administration deal. Sugarloaf first acquired the UK enterprise from its non-public fairness homeowners in October.

The newest insolvency course of for the UK arm comes lower than 18 months after the UK enterprise was rescued out of administration by two non-public fairness corporations, Calveton UK and Breal Capital, which personal upmarket eating places together with Le Pont de la Tour, Quaglino’s and Coq d’Argent. That deal concerned the closure of about 35 eating places.

Ryan Grant and Will Wright, the joint directors to the UK restaurant chain mentioned the newest rescue deal introduced on Tuesday would safeguard 1,384 jobs.

Grant mentioned:

Whereas these have been troublesome instances for hospitality operators usually, this marks a pivotal step in TGI Friday’s wider turnaround plan, putting in secure foundations upon which it might start to maneuver ahead.”

Phil Broad, the worldwide president of TGI Fridays, mentioned:

We have now been working intently to discover all out there choices for securing the long-term way forward for TGI Fridays within the UK, and imagine that that is the very best consequence for the enterprise, preserves jobs, and provides a robust platform for achievement and development.

TGI Fridays has a protracted historical past within the UK, and I imagine that the way forward for the model is in sturdy palms - centered on reinvigorating the model whereas persevering with to ship the daring flavours, welcoming ambiance, and high-energy eating expertise that outline TGI Fridays.”

TGI Fridays was based by the restaurateur Alan Stillman in New York in 1965 because the world’s first informal cocktail bar and restaurant, and now has 360 eating places in 40 nations, a lot of that are run by franchisees.

The Dallas-based bar and grill chain has been struggling each at residence and overseas with about half its company-owned US areas closing throughout insolvency proceedings there in 2024.

Blanchette, who ran TGI Fridays father or mother firm within the US for 5 years till 2023, returned in January 2025 to steer a rescue deal.

TGI’s difficulties within the UK come amid heavy stress on the hospitality business from rising prices of labour, power and tax in addition to lacklustre shopper spending. Households have been reining in spending on nights out amid excessive inflation on important payments.

Share Largest growth in wind farms 'breakthrough second' for clear energy by 2030 The business is hailing the bumper offshore wind public sale as a breakthrough second for the UK’s ambition for clear energy by 2030.

Dr Douglas Parr, coverage director for Greenpeace UK, mentioned:

The North Sea could also be working out of fuel, but it surely gained’t be working out of wind any time quickly. It's the finest gasoline to cut back the excessive power costs fuel firms have inflicted on UK houses. With new wind being cheaper than new fuel, new nuclear or new biomass crops and decreasing costs in electrical energy and fuel markets, this public sale retains the clear ower 2030 goal, the federal government’s most bold local weather dedication, on observe.

“These new wind farms will decrease our payments once they come on-line, and protect us towards the risky fossil gasoline costs pushed by the actions of unreliable petrostates.

He added the federal government ought to act additional by growing funding in ports and essential infrastructure that wind builders depend on, in addition to lowering the price of borrowing by way of mortgage ensures.

James Alexander, chief govt of the UK Sustainable Funding and Finance Affiliation, mentioned:

The outcomes of the federal government’s offshore and floating offshore wind public sale symbolize a major step ahead in delivering the UK’s evolution to wash power.

This has the capability to draw billions of kilos of personal capital into our low-carbon industries, supporting long-term development and jobs throughout the UK financial system. It is usually a vote of confidence within the Contracts for Distinction mannequin as an important driver of funding in our power system.

Sustained progress will rely on future allocation rounds delivering the dimensions and consistency wanted to speed up the rollout of renewable infrastructure. The federal government’s help for credible clear power insurance policies stays essential for guaranteeing the UK’s attractiveness as an investable market.”

Jess Ralston, an power analyst on the Power and Local weather Intelligence Unit (ECIU), says this might be a breakthrough second within the UK’s power independence, and for stabilising power payments.

Wind lowered the wholesale energy worth by round a 3rd final yr by squeezing out fuel era, which has a direct profit on electrical energy payments. At at this time’s public sale worth, it's predicted to pay again just a little through levies on payments too.

Each wind turbine we construct means we'd like much less fuel from overseas because the North Sea continues its inevitable decline, so we’ll be much less reliant on the actions of international actors like Putin. As soon as we’ve constructed British renewables, we don’t must pay one other nation for the wind and solar. With jobs being misplaced from oil and fuel within the North Sea for a few years, the speedy ramp up of offshore wind is required to supply new alternatives for staff and communities throughout the UK.

Evaluation by the ECIU has discovered the common worth of electrical energy traded on day-ahead markets final yr was round £83 per megawatt-hour (MWh), however might have been as excessive as £121 per MWh, with out British windfarms limiting the position of fuel energy crops in setting costs.

Share Introduction: Trump says JP Morgan boss ‘mistaken’ over Fed defence Good morning and welcome to our rolling protection of enterprise, the monetary markets and the world financial system.

President Donald Trump has hit out at Jamie Dimon, the billionaire boss of JPMorgan, saying he was “mistaken” to recommend he was undermining the independence of the US central financial institution.

He mentioned:

I believe it’s superb what I’m doing. And now we have a nasty Fed individual”.

It comes after Dimon, who leads the largest financial institution within the US, expressed concern concerning the investigation into Fed Chair Jerome Powell on Tuesday. The Justice Division has opened a probe into the price of the renovation of the central financial institution’s headquarters and Powell’s testimony concerning the undertaking.

Dimon advised reporters on Tuesday he had “huge respect” for the Fed chair.

He mentioned throughout an earnings name:

Everybody we all know believes in Fed independence. And something [that] chips away at that's most likely not an ideal concept, and for my part, can have the reverse penalties. It’ll elevate inflation expectations and doubtless improve [interest] charges over time.”

Central banks all over the world have additionally rallied to defend the Fed and its chair.

When requested about Dimon’s remarks, Trump mentioned:

I believe he’s mistaken.”

Trump additionally mentioned yesterday he would proceed with plans to announce a substitute for Powell, who he appointed in 2018, inside “the following few weeks”.

Elsewhere this morning, power secretary Ed Miliband has hailed a file public sale for offshore windfarm contracts in Nice Britain.

12 new offshore tasks had been awarded contracts after ministers elevated the quantity of funding out there to builders to assist them ship their plans with out elevating payments for customers.

The funding was awarded to eight.4 gigawatts (GW) of offshore windfarm capability, or sufficient to generate clear electrical energy for greater than 12m British houses earlier than the top of the last decade. They had been awarded a contract worth of between £89.49 and £91.20 a megawatt-hour (MWh) in 2024 costs.

Miliband mentioned:

We’ve secured a record-breaking 8.4GW of offshore wind, sufficient to energy the equal of over 12m houses. That is the most important quantity of offshore wind procured in any public sale ever in Britain or certainly Europe.

With these outcomes, we're taking again management of our power sovereignty. It’s a historic win for individuals who need Britain to face on our personal two ft, controlling our personal power fairly than relying on markets managed by petrostates and dictators.

It's a important step in the direction of clear energy by 2030. The worth secured on this public sale is 40% decrease than the choice price of constructing and working a brand new fuel plant. Clear, homegrown energy is the proper option to convey down payments for good, and this public sale will create hundreds of jobs all through Britain.”

The agenda

8:00am GMT: Financial institution of England’s Alan Taylors speech on the Nationwide College of Singapore

9:00am GMT: Launch of the World Financial Discussion board’s World Dangers Report 2026

11:00am GMT: Wells Fargo full yr outcomes

11:45am GMT: Financial institution of America full yr outcomes

1:00pm GMT: Citigroup full yr outcomes

Share Up to date at 03.03 EST

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Trump says JP Morgan boss ‘mistaken’ over Fed defence; Miliband hails file windfarm public sale – enterprise reside | Enterprise

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