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.”
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.
Baby boxes are being delivered to expectant families in some of Wales’ most deprived areas.
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