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.”
A scheme has been launched to compensate victims of the Post Office Capture IT scandal that saw former subpostmasters forced to repay shortfalls.
The Government said those affected can now apply for redress, with those found to be eligible set to receive £10,000 immediately and final awards potentially reaching up to £300,000 after full assessment by an independent panel, or more in certain cases.
The Capture system pre-dated the now infamous Horizon software, which has been responsible for around 1,000 wrongful convictions.
An independent report into faulty accounting system Capture was commissioned last year after subpostmasters said they had suffered similar problems to those faced by the Horizon victims.
The report by forensic accountants Kroll Associates, which concluded there was a reasonable likelihood that Capture – in use at Post Office branches between 1992 and 2000 – created financial shortfalls for postmasters.
In some cases, postmasters resorted to using their own savings to make up the difference.
The scheme will be not be open to postmasters who have criminal convictions related to Capture.
Those who were given criminal convictions must instead go through the Criminal Cases Review Commission, or its Scottish equivalent.
The Government has said it will “ensure that appropriate redress is given” to those where convictions are overturned by the courts.
The compensation scheme will be tested for the first 150 claimants before being rolled out more widely.
Post Office minister Blair McDougall said: “After over two decades of fighting for justice, postmasters and their families will finally receive recognition and recompense for the lives and livelihoods that Capture destroyed.
“I’d like to thank all of those victims who have helped us to design this scheme, allowing us to deliver on our promise of providing redress today.
“We can’t make up for everything they have lost, but today we begin restoring some of the dignity so cruelly taken away by this scandal.”
The Government said the scheme has been designed “hand in hand” with victims, while also taking lessons into account from redress schemes for the Horizon IT Scandal.
So far, more than £1.2 billion has been paid out in compensation to more than 9,000 victims of the Horizon scandal, it added.
New Delhi: The Central Board of Direct Taxes (CBDT) has extended the due dates for filing audit reports and Income Tax Returns (ITR) for the Assessment Year 2025–26, giving major relief to businesses, professionals, and firms whose accounts require auditing.
Earlier, the deadline to submit tax audit reports was October 31, 2025, and the corresponding ITR filing deadline was also October 31, 2025. However, considering technical delays and representations from taxpayers and professionals, the CBDT has now extended both these dates.
As per the latest circular, taxpayers who are required to get their accounts audited under the Income Tax Act, 1961 can now file their audit reports by November 10, 2025, instead of October 31. Consequently, the due date for filing the ITR for such taxpayers has also been pushed to December 10, 2025.
This extension applies to companies, Limited Liability Partnerships (LLPs), and other entities whose books of accounts need to be audited. It also benefits professionals and small businesses who were facing difficulties due to late availability of ITR forms and software utilities.
The government’s decision aims to provide adequate time for taxpayers and auditors to ensure accuracy and compliance while reducing last-minute rush and filing errors. The extension also reflects the government’s understanding of the challenges faced by the accounting community, especially with overlapping deadlines for GST audits and other financial filings.
Tax experts advise taxpayers to make the most of this extension by completing audits early and verifying data consistency between GST, TDS, and income tax returns to avoid discrepancies during assessment.
In summary, the new deadlines are:
Audit Report Filing: November 10, 2025
ITR Filing for Audited Taxpayers: December 10, 2025
Missing these dates could still attract penalties and interest, so taxpayers are urged to file well before the final deadline.
Gold and silver prices have experienced significant fluctuations recently. The US-China trade deal and the strengthening US dollar are the primary factors influencing these movements. Investors tend to reduce their investments in precious metals when market and global geopolitical conditions appear stable, leading to a decline in prices.
On the Multi Commodity Exchange of India (MCX), gold for December fell by Rs 1,546 to Rs 1,21,905 per 10 grams. Last week, which had fewer trading days due to holidays, saw gold prices drop by Rs 3,557 (2.80%). Similarly, silver for December decreased by Rs 1,964 to Rs 1,45,506 per kg.
During the same week, silver prices fell by Rs 9,134. Many traders engaged in transactions involving 12,428 gold bars and 20,367 silver bars. The progress in US-China trade talks has contributed to the declining prices since Friday.
The recent price decline can be attributed to the two-day meeting between US and Chinese leaders in Malaysia. They reportedly reached a consensus on key issues such as export rules and shipping tariffs. As a result, the US-China trade deal and the strong US dollar have diminished the demand for safe-haven assets, leading to a further decline in gold prices.
This week, central banks are expected to make significant decisions regarding interest rates. The US Federal Reserve is likely to cut rates by 0.25%, while the European Central Bank and the Bank of Japan are expected to maintain their current rates. Traders are closely monitoring these developments.
Expert Darshan Desai commented, “We should be prepared for significant fluctuations in the short term. Gold prices may fall further.”
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