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Starbucks's UK retail arm secured a significant £13.7m corporation tax credit last year, even as it reported a 6% increase in sales to £556.3m and added over 90 new stores, bringing its total to 1,304. The tax credit, which can be used to offset future tax bills, follows losses widening to £41.3m in the 12 months to September.The company's financial performance was impacted by £40m in royalty and licence fees paid to its parent company, Starbucks Emea. These fees, which are paid to a UK-based entity that collects similar fees from across Europe, the Middle East, and Africa, significantly contributed to the losses.Despite the losses, Starbucks UK's sales growth was driven by price increases, new loyalty schemes, and the introduction of “freshly baked in-store food”. The company also shifted its workforce towards full-time staff, reducing overall staff numbers by 244 to 5,352.Critics, such as the Fair Tax Foundation, argue that this situation highlights a recurring issue where large corporations like Starbucks use complex financial structures to minimize their tax liabilities. “This all feels so very Groundhog Day,” said Paul Monaghan, chief executive of the Fair Tax Foundation. “As per a decade ago, Starbucks UK reports annual growth in income and store numbers, whilst at the same time declaring a loss due to the payment of hefty royalty fees to other Starbucks subsidiaries. The end result, no corporation tax is paid.”In response, a Starbucks spokesperson emphasized the company's commitment to paying all taxes due, stating that it “manages its global tax responsibilities in keeping with its mission and values.”The company's financial challenges are expected to continue, with Starbucks UK citing a “challenging consumer environment” characterized by inflationary pressures, reduced discretionary spending, and increased competition. The company has received financial support from its parent group, including £30m in cash to keep the business afloat and a further £60m in February.

A Network Rail worker has emerged victorious in a race harassment case after his colleagues left an anti-Islam English Defence League (EDL) leaflet in his locker. Parmjit Bassi, based at Eastleigh depot in Hampshire, was found to be a victim of a racist attack when a co-worker stuffed the EDL leaflet in his locker, questioning what individuals were doing to protect their children from Islam.The leaflet, produced by the far-right group EDL, asked questions that implied a threat to the worker, regardless of his religious background. Bassi, who is not a Muslim, was also accused of committing a high-profile stabbing when colleagues placed a newspaper page in his locker about a knife attack.The Southampton employment tribunal ruled that the incidents were 'clear slights' against Bassi's race and that Network Rail managers had a 'laissez-faire attitude' towards them. The tribunal concluded that the company's inaction was 'weak management' that only strengthened the bullies' position at the expense of Bassi.Bassi successfully sued Network Rail and is now in line to receive compensation. The case highlights the importance of addressing workplace bullying and racial harassment. The tribunal's decision emphasizes that racial harassment can occur even if the victim does not belong to the targeted group, in this case, Islam.The incidents led to Bassi being moved to a different team and eventually dismissed in April 2021. He appealed against the decision but it was upheld, leading him to take Network Rail to the employment tribunal with claims of racial harassment and unfair dismissal, both of which were successful.

The United States is reportedly contemplating a daring military operation to confiscate Iran's reserves of highly enriched uranium, a move that experts warn would be fraught with significant challenges and risks.Ensuring Iran does not possess nuclear weapons or the capability to produce them using enriched uranium has been a primary objective for the US during negotiations with Iranian officials over the past year. This goal was also cited as a justification for the US bombing of Iranian nuclear facilities during last year's 12-day war with Israel and for initiating the ongoing conflict in February, despite ongoing talks with Iran at the time.Iran possesses approximately 440 kilograms (970 pounds) of uranium enriched to 60 percent, a level at which it becomes considerably easier to reach the 90 percent threshold required to produce a nuclear weapon. This amount theoretically could be used to produce more than 10 nuclear warheads, according to International Atomic Energy Agency chief Rafael Grossi.Iran asserts that its nuclear program is exclusively for civilian energy purposes, despite enriching uranium far beyond the required threshold. Iranian officials have expressed openness to discussing a reduction in the level of enrichment during past negotiations but have refused to dismantle the country's nuclear program entirely, citing national sovereignty concerns.In 2015, the former Obama administration negotiated the Joint Comprehensive Plan of Action (JCPOA) with Iran and other nations, under which Iran agreed not to enrich uranium to high levels and to undergo frequent inspections. However, Trump withdrew the US from this agreement during his first term as president.Challenges in Accessing and Transporting the UraniumAny military ground operation to extract the uranium would face substantial chemical, logistical, and tactical hurdles. Isfahan, where about half of the enriched uranium is believed to be stored, is over 480 kilometers (about 300 miles) inland, far from the nearest US naval ships. This would necessitate transporting US forces, possibly alongside Israeli troops, over a long distance through an active warzone, accompanied by heavy equipment.Securing a substantial perimeter around the site and holding that territory for the duration of the operation would be required, all while mitigating the risk of constant fire from Iran. Experts describe this as a risky and infeasible operation.Storing and Handling the UraniumIf the US were to successfully extract the uranium, it would likely be stored in the form of hexafluoride gas, which is difficult to handle and reacts with water to produce extremely toxic chemicals. The uranium hexafluoride must be stored in small, separated canisters to prevent neutrons from multiplying out of control.Any damage to these canisters could trigger the release of toxic chemicals, posing a radiological hazard. An alternative would be to destroy the cylinders on the spot using Army Nuclear Disablement Teams, but this would result in chemical contamination and environmental hazards.Previous Operations and Potential AlternativesIn 1994, US forces undertook a secret operation dubbed Project Sapphire to remove weapons-grade uranium from Kazakhstan. A similar operation for Iran is being considered, but it would require coordination with Iranian authorities and the IAEA, and a cessation of hostilities.A less risky approach would be for the US to negotiate a deal with Iran, resulting in the stockpile being left in place but under international oversight, being downblended, or being removed with Iranian agreement.

Thames Water is reportedly close to securing a pact with England and Wales’ water regulator, Ofwat, that would prevent the imposition of fresh fines for the next four years, contingent on a substantial commitment to upgrade its infrastructure.The proposal, first tabled in June 2025, originates from the utility’s creditors, who are keen to avoid a scenario where the struggling company is temporarily renationalised. These lenders had already injected £3 bn of emergency financing last year to keep the business afloat.Having amassed a £17.6 bn debt burden since privatisation, Thames Water has been battling potential insolvency for over two years. A previous attempt to sell the firm collapsed when the preferred bidder, KKR, pulled out at the last minute.Under the contemplated agreement, Ofwat would accept “undertakings” from Thames Water, meaning the company would focus on rectifying the underlying service failures rather than paying penalties to the government. However, the deal would not shield the utility from possible sanctions by the Environment Agency or from ongoing legal actions.Pressure is mounting as Thames Water is projected to run out of cash in October, intensifying the urgency of reaching a resolution. Any settlement must undergo a three‑month public consultation, a process likely to attract criticism given that customer water bills are set to rise by more than a third by 2030, before accounting for inflation.Creditors have pledged that all outstanding fines will be settled and that regulators will gain greater transparency and accountability over the company’s efforts to curb pollution, leakage, and other performance targets introduced a year ago.Thames Water itself emphasised a “market‑led solution” that delivers swift improvements for both customers and the environment while progressing its operational and financial turnaround plan. The utility highlighted that it has launched its largest upgrade in 150 years, allocating a record £1.26 bn in capital investment—a 22% year‑on‑year increase in the first half of the 2025‑26 financial year—focused on fixing leaks, reducing pollution, and enhancing water quality.An Ofwat spokesperson noted that the regulator is carefully reviewing the creditors’ plans to ensure they produce a genuine turnaround in performance and bolster the company’s financial resilience for the benefit of both customers and the environment.

The UK defence industry is in a state of crisis as a long-delayed military spending plan has left firms 'bleeding cash' and in 'paralysis'. The six-month delay to the defence investment plan (DIP) has resulted in some companies going bust, while others are struggling to stay afloat.Industry groups have warned that the delay has left the UK behind Germany and the US in attracting investment from global investors. The DIP, originally expected last autumn, has been repeatedly postponed amid warnings that the military faces a £28bn funding gap over the next four years.Samira Braund, the defence director of the ADS Group trade body, described the situation as 'paralysis', stating that the government has not put effective mitigation plans in place. The boss of BAE Systems, Europe's biggest defence contractor, has urged ministers to publish the plan, while some smaller firms have been forced out of business.One such company was MTE Heat Treatment, a Yorkshire-based manufacturer with just over 30 employees that helped make turbine blades for jet engines. It fell into administration in February. Andrew Kinniburgh, the head of the trade body Make UK's defence arm, warned that the delay risks deterring investment in the UK at a time when the US and Europe are also raising military spending.The DIP will show how the government plans to fund its strategic defence review, the blueprint for transforming the military amid growing threats from Russia, rising commitments to Nato and against the backdrop of the US-Israel war on Iran. Ministers accepted all the review's recommendations when it was published last June, but the head of the military, Air Chief Marshal Sir Richard Knighton, told MPs in January that defence cuts would be needed without more funding.