Business
Belfast: New wave of US investment to create up to 1,000 jobs
Barry O’ConnorBBC News NI
AFP via Getty ImagesBelfast, along with London, Edinburgh and Manchester, is set to benefit from a wave of new US investment into the financial services sector.
Bank of America intends to create up to 1,000 new jobs in the city, marking its first operation in Northern Ireland.
Citigroup has also pledged investment across its UK sites, including a further commitment to growing its presence in Northern Ireland.
The US firms, which also include PayPal and S&P Global, have announced the investments, worth more than £1.25 billion, ahead of President Donald Trump’s state visit to the UK next week.
Belfast ‘centre of excellence’
The opening of the new Bank Of America facility is set to establish Belfast as “a key hub”, reinforcing the city’s position as a “centre of excellence for financial technology and security operations”, the UK’s Department for Business and Trade (DBT) said.
The department added the investment is a “major milestone that underscores the region’s growing role in global financial services”.
In 2023, the bank announced it would fund a three-year digital skills and employability programme, delivered by Belfast Met, for 600 people from socially and economically disadvantaged backgrounds.
On Saturday, a Bank of America spokesperson told BBC News NI there will be a “gradual build up” of its new Belfast operation.
Recruitment for the first roles “will start soon” and the bank “will also shortly conclude on location”, he added.
Getty ImagesChief Executive Brian Moynihan said Bank of America was “pleased” to extend its investment in the UK “with the creation of a new Belfast operations facility to support our global business”.
“The early US-UK trade agreement that the president and the prime minister began discussing in February has provided the business community with the certainty and framework it needs to strengthen transatlantic commerce,” he added in a statement.
‘International confidence’
The Bank of America facility in Belfast “will house cutting-edge anti-money laundering systems and cyber security operations”, and is expected to create “high-skilled jobs in Northern Ireland’s growing fintech sector”, a DBT spokesperson told BBC News NI.
The investment “underscores international confidence in Belfast’s talented workforce and advanced digital infrastructure”, strengthens the city’s reputation as an “international financial services destination” and supports economic growth, they added.
PA MediaDeputy First Minister Emma Little-Pengelly said the Bank of America investment “is a hugely significant sign of confidence in Northern Ireland, building on a “growing, global reputation for highly skilled and professional services for big international companies”.
“Highly skilled jobs and a real show of faith and confidence in our economy,” she wrote on social media.
“The bank has referenced the new UK-USA trading agreements and arrangements as a facilitator for this investment. It is hugely welcome that Northern Ireland will get a significant benefit from this UK-wide investment. Exciting times ahead.”
Getty ImagesIn a statement, Chancellor Rachel Reeves said the commitment from “America’s leading financial institutions” demonstrates “the immense potential of the UK economy, our strong relationship with the US and the confidence global investors have in our plan for change“.
The investments “will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom”, Reeves added.
Business and Trade Secretary Peter Kyle said the announcements “reinforce the UK’s position as the world’s leading investment destination”.
“Our financial services sector is at the heart of a modern, dynamic industrial strategy.
“Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance… These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners.”
Citigroup also investing in NI
US banking giant Citigroup has also confirmed it is investing an additional £1.1bn across its UK operations, alongside “a further commitment to growing its presence in Northern Ireland”, the DBT added.
“The bank is already one of the top employers in Belfast now employing over 4,000 people – firmly establishing Belfast as a major technology powerhouse.”
Donal McCannCitigroup Chief Executive Jane Fraser added: “Citi’s commitment to the UK runs deep. This is home to many of our most senior leaders and nearly 14,000 colleagues across London, Belfast, Edinburgh and Jersey.
“We’re proud to be serving 85% of the FTSE 100 and to have stood beside UK companies through every market cycle, raising capital, financing growth and helping them compete on the world stage.
“The UK isn’t simply one of our largest markets; it is core to Citi’s foundation as a truly global bank.”
People walk in front of Cinderella’s Castle at the Magic Kingdom Park at Walt Disney World on May 31, 2024, in Orlando, Florida.
Gary Hershorn | Corbis News | Getty Images
All is well in the Magic Kingdom — and all of Disney’s other theme parks, too.
The company’s experiences division, which includes its parks, cruise ships, hotels and consumer products, posted record revenue for the fiscal first quarter, topping $10 billion for the first time in Disney’s more than 100-year history. It also reported operating income of $3.3 billion, a 6% bump from the same period a year ago.
Growth in this segment has supercharged in the wake of the Covid pandemic. It often accounts for the lion’s share of the company’s profits. For the period ended Dec. 27, experiences represented 38% of Disney’s total revenue, yet generated a whopping 71% of its operating income.
Company executives expect those good times to continue, forecasting high-single-digit growth in operating income for the segment for fiscal 2026.
“When you look at the footprint of the business today, it’s never been more broad or more diverse,” Bob Iger, CEO of Disney, said during Monday’s earnings call. “And the projects that we have underway are going to make it even more so.”
The strong parks performance comes against the backdrop of a CEO succession competition that could see Chairman of Disney Experiences Josh D’Amaro step in for Iger. The Disney board is meeting this week and is expected to vote on its next CEO, according to people familiar with the matter who spoke on the condition of anonymity about internal matters.
Industry insiders and Disney sources expect D’Amaro to be appointed Iger’s successor, though the decision ultimately lies with the Disney board and won’t be final until directors vote.
“The board has not yet selected the next CEO of The Walt Disney Company and once that decision is made, we will announce it,” a Disney spokesperson said in a statement, declining to comment on the timing of the next board meeting.
Parks expansion
Much of the experiences division’s success comes from major investments to expand the footprint of Disney theme parks, refurbish existing rides and themed areas of its parks, add cruise ships to its fleet and grow its digital gaming presence. This new evolution of the segment is being fueled by Disney’s library of franchises and iconic intellectual property.
Disney has long pulled from its portfolio of content. Disneyland opened its doors more than 70 years ago with rides based on “Alice in Wonderland,” “The Adventures of Ichabod and Mr. Toad,” “Peter Pan” and “Snow White.”
While those classic attractions remain, the company’s more recent developments have been fueled by Iger’s strategic acquisitions of four major film studios — Pixar in 2006, Marvel in 2009, Lucasfilm in 2012 and 20th Century Fox in 2019. This brought coveted franchises under the House of Mouse roof, including Star Wars, Toy Story, the Avengers and Avatar.
“As we added IP to our stable … we gained access to intellectual property that had real value in terms of parks and resorts, and enabled us to lean into more capital spending because of the confidence level we had in improving returns,” Iger said.
Having the film and television rights to these properties allows the company more control over production and how that translates into rides, experiences and merchandise.
And that work continues as part of a 10-year, $60 billion investment effort that launched in 2023.
“We have expansion projects underway at every one of our theme parks,” Iger said.
He touted the upcoming opening of the World of Frozen in Disneyland Paris and the launch of a new cruise ship, the Disney Adventure, which will make berth in Asia.
On the horizon is also a new villains land coming to Magic Kingdom as well of the reshaping of “Rivers of America,” “Tom Sawyer Island” and the “Liberty Square Riverboat” into an area called “Piston Peak” — a second Cars-themed land modeled after America’s natural parks. At Hollywood Studios there will be a new “Monsters Inc.” land while the Muppets will take over the Rock ‘n’ Roller Coaster attraction. Animal Kingdom will host an “Encanto” ride and a new Indiana Jones ride.
At Disneyland, Avengers Campus, the Marvel-themed area, will get two new attractions, guests will get a glimpse at the Land of the Dead from “Coco” and Disney will build a new Avatar area inspired by the scenery in “Avatar: Fire and Ash.”
Internationally, Disney has struck a deal to bring a new park and resort to Yas Island in the United Arab Emirates.
International headwinds
The company’s commitment to bringing beloved IP into its parks is paying off, according to Iger, particularly outside the U.S.
“The percentage of people that go to Shanghai Disneyland just to go to Zootopia Land is very, very high,” he said Monday.
Revenue from international theme parks and experiences grew 7% during the fiscal first quarter, to $1.75 billion.
Of course, the company is still facing headwinds from the decline of international visitors to its domestic parks.
It’s a trend that many theme park destinations in America are contending with, as overall tourism to the United States fell 6% in 2025. Industry analysts point to higher travel costs and fees, ongoing trade frictions and geopolitical unease for the drop in demand for travel stateside.
Despite this, domestic theme park and experiences revenue grew 7% during the quarter, to $6.91 billion.
New offerings at Disney’s international parks, the launch of a cruise ship that services Asia and the new Abu Dhabi park are all ways that Disney can tap into that foreign market and engage with consumers that are not making the trek to the company’s domestic destinations.
— CNBC’s Julia Boorstin and Alex Sherman contributed to this report.
The annual tradition of “Dry January” turned into “Damp Monday” at one supermarket, with shoppers returning to alcohol consumption in the middle of the month.
Waitrose said that the month was “not so dry after all,” identifying January 12 as “Damp Monday” after sales of wines, beers, and spirits surged by 11 per cent compared to the week before.
The grocer noted a “significant softening” of the Dry January trend over the past five years, suggesting a more balanced “Damp January” approach is now prevalent.
While alcohol sales in January 2022 were 42 per cent lower than other months, this year saw a reduced drop of just 25 per cent.
Notably, Argentinian and Chilean wine sales experienced a considerable boost last month, rising by 25 per cent and 27 per cent respectively compared to the previous year.
Compared to this time last year, searches on Waitrose.com for “Argentinian wine”, “red wine” and “Chilean wine” were up 300%, 63% and 18% respectively.
Pierpaolo Petrassi, head of beers, wines and spirits at Waitrose, said: “Damp is the new dry, as we’re seeing customers move away from the ‘all-or-nothing’ mentality and instead look towards more mindful, ‘damp’ moderation rather than quit entirely.
“This shift sees the likes of a luxury Argentinian Cabernet sitting comfortably alongside premium non-alcoholic spirits as sophisticated sips, proving that the modern palate values flavour profiles and social connection over the buzz alone.
“No doubt the no and low trend skyrocketed in 2022 as the result of the ‘pandemic reset’ transitioning out of the final lockdowns, as well as the ‘sober curious’ movement going mainstream on social media.
“Now, 2026 is the ‘lifestyle’ year, with customers finding balance as part of a more tempered, year-round approach to drinking.”
Data reported by The Spirits Business trade publication from early this year suggested that while 58% of the UK public aimed to cut back, a significant portion – roughly 31% – had opted for a “damp January” – reducing intake rather than cutting it out entirely.
Business
Budget eases PF, ESI deduction rules for employers, allows relief for delayed deposits – The Times of India
In a move expected to bring relief to employers and reduce routine tax disallowances, the finance bill has proposed a key change to the treatment of employees’ provident fund (PF), ESI and similar contributions, allowing deductions even where there is a delay in deposit, provided the amount is deposited by the employer entity with the relevant welfare fund authorities before the due date of its Income-tax return.At present, employers can claim deduction for employees’ PF and ESI contributions only if the amounts are deposited within the strict timelines prescribed under the respective welfare laws. Even a minor delay permanently disqualifies the expense for tax purposes, a position that had been settled by the Supreme Court (SC) after years of litigationUnder the proposed amendment to Section 29 of the Income-tax Act, 2025, the definition of “due date” for claiming deduction of employees’ contributions is set to be aligned with the due date for filing the income-tax return by the employer entity.Explaining the shift, Deepak Joshi, a SC advocate said employers are currently held to a rigid standard. “The law, as interpreted by the SC, meant that if employee contributions were not deposited within the due date under the relevant welfare fund laws, no deduction was allowed — even if the payment was made before filing the income-tax return,” he said.“The proposed amendment substitutes the definition of ‘due date’ to mean the due date of filing the income-tax return. The positive impact is that even if there is a slight delay in depositing employees’ contributions, so long as the amount is deposited before the return-filing deadline, the employer will be allowed the deduction,” Joshi added. Experts view the move as part of the government’s broader effort to soften compliance rigidities and reduce avoidable litigation.
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