Greggs, the renowned UK bakery chain, has reported a significant decline in profits for the first half of 2023. The company attributed this downturn to unusually hot weather and a shift in consumer behavior, with many shoppers opting to save rather than spend.

In its latest financial report, Greggs revealed a profit of £50 million, down from £75 million in the previous year. The hot summer months saw a reduction in foot traffic, impacting sales of its popular baked goods. According to the company, the combination of high temperatures and economic uncertainty has led consumers to prioritize savings over discretionary spending.

Consumer Behavior Shifts

Roger Whiteside, Chief Executive of Greggs, indicated that the company is facing an evolving retail environment. He noted that many consumers are feeling the pinch of rising costs, prompting them to be more cautious in their spending habits. “People are saving rather than spending,” Whiteside stated. This mindset has made it challenging for retailers, particularly those in the food sector, to maintain previous sales levels.

Despite the challenges posed by external factors, Greggs remains committed to its growth strategy. The company plans to expand its store footprint, aiming to open an additional 150 locations by the end of the year. This ambitious plan stems from the belief that the demand for affordable, convenient food options remains strong, even in turbulent economic times.

Greggs has also been adapting its menu to cater to changing consumer preferences, introducing more refreshing items suited to warmer weather. However, the hot spells have led to a drop in demand for traditional baked goods, impacting overall profitability.

Looking Ahead

As the food retail landscape continues to shift, Greggs is focusing on innovation and sustainability. The company is exploring new product lines and enhancing its digital presence to attract a broader customer base. With the economic outlook remaining uncertain, Greggs aims to navigate these challenges while maintaining its position as a staple of the high street.

In conclusion, while the hot weather and cautious consumer behavior have impacted Greggs’ profits, the company’s strategic initiatives and commitment to growth could position it for recovery in the upcoming months. As local economies stabilize, Greggs hopes to regain customer confidence and drive sales back to previous levels.

Dubai’s luxury real estate market is evolving, with 2025 marking a significant transformation in what high-net-worth buyers value in their properties. Traditionally associated with opulence, the concept of “premium” is now shifting towards attributes that reflect personal values, including health, innovation, and sustainability. Buyers are increasingly interested in homes that not only look good but also support their lifestyles, prioritizing security, privacy, and a sense of community.

According to property specialists in Dubai, there is a growing demand for features that enhance comfort and wellness. This trend is influencing developers to rethink their strategies, moving beyond aesthetics to create homes that promise long-term value and meaningful living experiences.

Smart Home Technology Becomes Essential

By 2025, intelligent home technologies are expected to be the norm rather than a luxury. Buyers are seeking complete control over their living environments, desiring systems that can manage lighting, climate, security, and entertainment through voice commands or mobile applications. Properties featuring biometric entry systems, AI-powered assistants, and energy-monitoring tools are gaining traction in the market. Additionally, future-proof features, such as 6G compatibility, are becoming critical considerations for affluent buyers. Automation, efficiency, and seamless management have transformed from luxury amenities into essential components for contemporary lifestyles.

Sustainability Reflects Personal Values

The trend towards sustainable design is emerging as a key selling point in Dubai’s luxury real estate sector. Buyers are now favoring properties that align with eco-friendly living, driven by a desire to contribute positively to the environment. Features such as solar panels, LEED certification, water-saving fixtures, and energy-efficient HVAC systems are increasingly valued over extravagant designs. Developers focusing on eco-friendly construction and low-carbon materials are finding a receptive audience among buyers, for whom sustainable luxury is not just a preference but a reflection of their values and global perspectives.

Wellness is becoming central to buyer expectations in the luxury market. Properties that offer amenities like spas, hiking trails, yoga spaces, meditation gardens, and fitness areas with air purification are on the rise. Designs that minimize noise and incorporate EMF-safe principles resonate with individuals who prioritize physical and mental well-being.

Personalization has also become paramount in this evolving landscape. Buyers are looking for homes that reflect their unique preferences rather than standardized layouts. Features such as flexible floor plans and custom-designed interiors are significant draws. At the same time, privacy remains a critical concern. Homes equipped with private lobbies, soundproofing, and biometric security provide the level of seclusion that affluent buyers expect.

Furthermore, luxury is redefining itself through the quality of service offered. Today’s buyers seek properties that include concierge-level services, enhancing everyday convenience. Services like personal chefs, wellness consultants, housekeeping, and travel assistance are becoming commonplace. Some properties even offer pet-friendly amenities and private event planning, creating an exclusive lifestyle that transforms a house into a personal sanctuary.

In conclusion, Dubai’s luxury real estate market in 2025 will be shaped by deeper motivations. Today’s buyers are informed and globally aware, seeking experiences that resonate with their identities. The focus on innovation, sustainability, wellness, privacy, and customized living will set the foundation for the future of high-end properties. Developers who understand and meet these evolving standards will not only thrive in a competitive market but also help shape a vision for the future of living in Dubai.

Plans for a small modular reactor nuclear power plant in the Llynfi Valley have received a significant boost following the completion of a preliminary design review (PDR) by UK regulators. The US-based firm Last Energy has announced an investment of £300 million aimed at constructing four microreactors, each with a capacity of 20 megawatts electric, on the site of the former coal-powered Llynfi Power Station in Bridgend, which ceased operations in 1977.

The development is poised to deliver clean energy equivalent to the annual power needs of approximately 244,000 homes. With a design lifespan of 42 years, the microreactors will not only provide continuous energy but also play a vital role in the UK’s ongoing transition towards sustainable power sources.

Regulatory Progress and Future Plans

Last Energy’s PWR-20 plant design has become the first in the UK to successfully pass the PDR, which was conducted by the Office for Nuclear Regulation (ONR), the Environment Agency, and Natural Resources Wales (NRW). The joint summary report from these regulators marks a crucial step for Last Energy as it seeks to establish the first commercial microreactor operation in the UK.

The completion of the PDR follows over a year of early engagement with the regulators and five months of detailed review, which included design workshops and technical submissions. This progress equips Last Energy with tailored regulatory guidance as it advances to the next phase of assessments concerning design, safety, security, and environmental impact.

Chief Executive of Last Energy UK, Michael Jenner, stated, “As the first micronuclear developer to complete a preliminary design review, we applaud the UK’s nuclear regulators for establishing a clear, flexible and direct regulatory pathway for micronuclear technologies to engage in nuclear licensing and environmental permitting.”

The regulators have indicated that Last Energy’s goal to secure a site license decision by December 2027 is feasible, provided the company meets the agreed standards and timelines established during the PDR process. This review addressed key topics, including organizational plans, environmental assessments, and safety analysis.

Economic Impact and Community Benefits

In support of financing the project, Last Energy has secured a letter of intent for approximately £81 million in debt funding from the Export-Import Bank of the United States. The company aims to source at least 10% of its supply chain locally in South Wales, which is expected to generate an estimated economic impact of £30 million beyond business rates. The project is projected to create around 100 jobs in the region.

Last Energy has also accepted a grid connection offer from National Grid Electricity Distribution for 22 megawatts of export capacity. The small nuclear plant will consist of a series of modules that can be assembled quickly, requiring land roughly equivalent to a third of a football pitch. The design allows for fabrication, transportation, and assembly within a 24-month timeframe.

The company has stated that the limited nuclear waste produced will be securely contained, stored, and transported offsite upon decommissioning. All nuclear components, including used fuel, will be housed within an underground containment structure featuring a 500-tonne metal shield.

As this project is classified as a development of national significance, the final planning decision will be made by ministers from the Welsh Government, following an assessment by its planning body, Planning and Environment Decisions Wales (PEDW).

The advancement of Last Energy’s plans signals a progressive move towards integrating small modular reactors into the UK’s energy landscape, potentially reshaping the country’s approach to nuclear energy and sustainability.

Shareholders of Wise have overwhelmingly approved a plan to move the company’s listing from London to New York, despite significant controversy surrounding the conditions of the vote. The proposal received strong backing, with nearly 91% of class A shares and 84.5% of class B shares voting in favor of the special resolution.

Controversial Dual-Class Share Structure

The move to relocate Wise’s listing is accompanied by the contentious decision to extend the company’s dual-class share structure until 2036. When Wise went public in London in 2021, it implemented this structure to ensure control remained in the hands of a small group of investors. Originally, this arrangement was set to expire in 2026, but the recent vote tied its extension to the transition to a New York listing.

Co-founder Taavet Hinrikus, who holds over 5% of the company through his investment vehicle, Skaala Investments OÜ, criticized the “all or nothing” nature of the vote. He argued that the proposal forced shareholders to choose between supporting the listing move and maintaining the dual-class structure. This sentiment was echoed by Pirc, a proxy advisory firm that lobbied against the resolution.

Management’s Response

Despite the backlash, Wise’s management expressed satisfaction with the outcome. David Wells, chair of Wise, stated, “We’re pleased that our owners have overwhelmingly approved the proposal, giving us a strong mandate to proceed.” This approval marks a significant step for Wise as it seeks to enhance its market presence in the United States.

The decision to relocate the listing is seen as a strategy to tap into a larger investor base and increase visibility in one of the world’s leading financial markets. As Wise prepares for this transition, the focus will be on navigating the complexities associated with the dual-class share structure while ensuring shareholder interests remain a priority.

In summary, Wise’s shareholder vote reflects a decisive move towards a New York listing, albeit with ongoing debates over governance structures. The next steps for Wise will involve implementing the transition and addressing the concerns raised during this voting process.