market

‘I visited dismal UK market town and was shocked by what I saw within 10 minutes’

Adam Toms visited a classic British market town and was left shocked shortly after arriving.

Some UK towns can feel like they are in a state of decay, leaving locals feeling their taxes are little better than money down the drain. Many high streets have become ghost towns, with only large chains or resilient independent businesses managing to survive.

Burgess Hill, once renowned for its thriving brick and tile-making industry and an annual St. John’s Sheep Fair, is nestled just north of the affluent coastal city of Brighton in Sussex. However, some locals claim it’s now a town in decline, teetering on the brink of oblivion.

The story they tell is one that will be familiar to many: once a bustling hub with its own market, attracting shoppers from far and wide to its array of local shops, it has since fallen into disrepair. And shortly after arriving in the town and paying for parking, journalist Adam Toms was confronted with what he described as a scene more reminiscent of The Last of Us than a typical English provincial town.

A desolate patch of land, eerily reminiscent of Margaret Thatcher’s infamous “walk in the wilderness”, was flanked by vacant retail units, their interiors hauntingly empty. Messages left by former staff were scrawled on the doors.

Adam went on to share: “A piece of barren land – which put me in mind of the famous photos of Margaret Thatcher’s ‘walk in the wilderness’ – was surrounded by empty retail units with ghostly, empty interiors. On their doors were messages written by staff who had since moved elsewhere.”

Signs declared “STORE CLOSING. EVERYTHING MUST GO” and “SALE 50%”. Windows had been boarded up after apparently being smashed by local youths, rainwater leaked from pipes, and metal fencing and red plastic barriers cordoned off a particularly dismal passageway.

He continued: “It wasn’t all this bad. Burgess Hill has a number of shops operating in its actual high street, and an amazing Creative Community Hub, which is run by volunteers and puts on skill-sharing activity sessions, including sewing and pottery.”

Run by volunteers, the hub hosts skill-sharing activities such as sewing and pottery. However, the locals he chatted with seemed somewhat embarrassed and disheartened, feeling their hometown was being eclipsed by more prosperous areas like Horsham.

“One woman, Susan Truran, 68, a retired revenue analyst, asked if I was lost when I explained who I was. People added that they have been let down by promises to improve the area,” said Adam.

The latest proposal aims to revamp the shopping district into a contemporary, lively retail and leisure hotspot, while also creating new homes and jobs. Developer New River is collaborating with Mid Sussex District Council on this project.

Planning permission has been granted for 50,000 square feet of fresh retail space, including a 21,000 square foot food store, 172 new residences and a 102-room hotel.

Jo Homan, a volunteer at the creative hub, stressed that Burgess Hill isn’t the only UK town facing challenges. She commented: “It’s pretty much the same everywhere, isn’t it? A lot of towns are like it.”

This is certainly accurate, and numerous other local authorities are pledging to spruce up their areas. Adam said that he has also visited Margate and Weston-super-Mare, where locals spoke of their towns’ urgent need for regeneration.

Folkestone in Kent presented a unique scenario, with businessman Sir Roger De Haan sharing details of his £100million investment that’s rejuvenating the area. And over in Hampshire, locals expressed their disappointment at the current state of Aldershot.

Back in Burgess Hill and Andrew Griffin, 56, an employee at an insurance firm, highlighted to Adam that it has room for growth, being home to major employers like American Express.

Last week, Prime Minister Sir Keir Starmer discussed Labour’s Pride in Place plan, announcing that around 40 new areas across England will have the power to decide where up to £20million is invested in their localities: “It is the same story in towns across the country. Youth clubs that have been abandoned, shops boarded up and high streets decimated,” he said.

“We must reverse the devastating decline in our communities and give power, agency and control to the very people who want to improve their community – those who have skin in the game. Through the Pride in Place Programme, communities – backed by the state and fired up by pride – will join the fight for national renewal and a Britain built for all.”

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Understanding the value of gold: Prices, global reserves, and market trends | Business and Economy News

Interest in gold has skyrocketed in recent weeks, with the price of one ounce hitting an all time high of $5,600 on January 29 before settling back to just under $5,000 on Sunday.

As economic conditions fluctuate and geopolitical tensions rise, more individuals are seeking gold as a secure investment.

In this visual explainer, Al Jazeera breaks down how gold value is determined, the prices of gold coins in different markets, and the countries holding the largest reserves.

How is the value of gold measured?

Understanding the value of a gold item requires knowing its weight in troy ounces alongside its purity in karats.

INTERACTIVE - How is gold value measured-1770547787
(Al Jazeera)

Weight (in troy ounces)

The weight of gold and other precious metals like silver and platinum is commonly measured in troy ounces (oz t). One troy ounce is equal to 31.1035 grammes.

At $5,000 per troy ounce, 1 gramme of gold is worth about $160, and a standard 400-troy-ounce (12.44kg) gold bar costs $2m.

Troy ounces are different from regular ounces, which weigh 28.35 grammes and are used to measure everyday items including foods.

Purity (in karats)

Karat or carat (abbreviated as “K” or “ct”) measures the purity of a gold item. Pure gold is 24 karats, while lower karats such as 22, 18, and 9 indicate that the gold is mixed with less expensive metals like silver, copper, or zinc.

To determine the purity of gold, jewellers are required to stamp a number onto the item, such as 24K or a numeric value like 999, which indicates it is 99.9 percent pure. For example, 18K gold will typically have a stamp of 750, signifying that it is 75 percent pure.

Some typical values include:

  • 24 karat – 99.9% purity – A deep orange colour, is very soft, never tarnishes and is most commonly used for investment coins or bars
  • 22 karat  – 91.6% purity – A rich orange colour, moderate durability, resists tarnishing and most often used for luxury jewellery
  • 18 karat – 75% purity – A warm yellow colour, high durability, will have some dulling over time and most often used in fine jewellery
  • 9 karat – 37.5% purity – A pale yellow colour, has the highest durability, dulls over time, used in affordable jewellery

Other karat amounts such as 14k (58.3% purity) and 10k (41.7% purity) are often sold in different markets around the world.

When you buy jewellery, the price usually depends on the day’s gold spot price, how much it costs to make, and any taxes.

If you know the item’s exact weight in grammes and the gold’s purity in karats, you can calculate the craftsmanship cost on top of that.

You typically cannot negotiate the spot gold price, but you can often haggle over the craftsmanship costs.

The price of gold has quadrupled over the past 10 years

Gold has been valued for thousands of years, serving various functions, from currency to jewellery. The precious metal is widely regarded as a safe haven asset, particularly in times of economic uncertainty or market volatility.

Up until 1971, the United States dollar was physically defined by a specific weight of gold. Under the classical gold standard, for nearly a century, from 1834 until 1933, you could walk into a bank and exchange $20 for an ounce of gold.

In 1933, amid the Great Depression, the price was raised to $35 per ounce to stimulate the economy.

In 1971, under President Richard Nixon, gold was decoupled from the dollar, and its price began to be determined by market forces.

Over the past 10 years, the price of gold has quadrupled from $1,250 in 2016 to around $5,000 today.

INTERACTIVE - Timeline of price of gold-1770547790
(Al Jazeera)

How is the price of gold determined in different countries?

Gold is priced globally based on the spot market, where one troy ounce is traded in US dollars on exchanges such as London and New York. Local prices vary as the dollar rate is converted into domestic currencies, and dealers add premiums for minting, distribution and demand.

Taxes and import duties further influence the final cost: India adds 3 percent GST, while the United Kingdom and United Arab Emirates impose none on gold investments.

Different countries produce unique gold bullion coins and bars, each with its own distinct features and cultural significance. Notable examples include the Gold Eagle from the US, the Gold Panda from China, and the Krugerrand from South Africa.

INTERACTIVE - The gold price in different countries-1770551461

Which countries have the most gold reserves?

The US leads global gold reserves with 8,133 tonnes, nearly equal to the combined total of the next three countries. Germany is in second place with 3,350 tonnes, and Italy comes in third with 2,451 tonnes.

The graphic below shows the top 10 countries with the largest gold reserves.

INTERACTIVE - Which countries have the most gold-1770549820
(Al Jazeera)

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The thriving market town with 80 independent shops ‘so good entire families move here’

it might not be on many people’s must-visit lists but people love it here.

It might not be on many tourists’ must-visit lists but locals in this town say they can’t think of anywhere they’d rather live. Just half an hour from Sheffield, and around 90 minutes from Manchester, it’s home to a thriving community, a stunning market and a huge range of independent shops.

Meeting with residents and shop owners on a grey day, life in the town bustles on despite the gloomy weather. Chesterfield is known for its historic crooked church spire which dominates its skyline. In recent years, the town has begun to grow, with plenty more on the horizon.

Alec Chapman-Taylor, 32, works at the Cheese Factor. The business has become a core part of the town with people travelling into Chesterfield to purchase its cheese. There’s a constant flow of customers despite the dull weather.

He says: “There’s a new market square, that’s going to be like the new event square. It’s fantastic. It looks a lot better. I think it’s hard to be an independent business these days. I really do think it’s hard. Luckily for us, Simon, who owns the place, has been here since the 60s with his dad.

“I’ve worked in the town now for probably the last maybe 10 or 15 years. Chesterfield has this kind of unique position where we have the heritage here. So the town hall is quite old. Again, I’d say the market’s quite old and traditional. It’s been going on for a long time. A lot of people have family connections to the market too which makes it really special.”

He says one of the town’s strengths is its quirky independent shops and he estimates there are around 80 in Chesterfield.

He adds: “The Davidson family have been running a cheese store since the early 60s, I’ve only been working here for two years but I’ve lived in Chesterfield since the mid-90s and I love it. I really love it. I’ve lived in quite a few places including Manchester, but I always came back to Chesterfield. It’s the perfect size and it’s got anything you want. I just really enjoy it, the people are really nice. It’s got some fantastic bars. I’m bringing up a family here. All my brothers and sisters all live here too – we’ve moved our family from elsewhere to Chesterfield.”

In terms of improvements, he says he has always wanted to see more events – and those have started to be put on now too. He explains: “We had an animatronic dinosaurs day which was great for the kids and we had a 1940s market which people loved too.”

Out on the high street, plenty of shoppers are milling around, dipping in and out of shops. Janice Wallhead, 72, is out shopping for the day. She says: “I’ve lived here for 40 years and I like it here. I can walk into town and I do think the high street is good but I would like to see a bit more variation. We have lost a few things over the years – a few of the fashion shops. There’s been some money spent on improving the market but I still think there’s other things that need to be improved in town other than just the market.”

Bringing new life to a well-known pub, The Royal Oak, Patrick Hopman, 30 and Meg Hopman, 29, say they think Chesterfield has a lot to offer. The couple have become known among local business owners for defying the odds and making a success of the pub despite the current economic climate.

The two former school teachers say the pub has been a great success – and stepping inside, it’s not hard to see why. Walking through a small door on a side street, the building opens up once you’re inside. Bright orange walls are adorned with memorabilia which the pair have collected. From decorative plates to signs and posters, it’s a feast for the eyes.

At the other side of the bar is a church-like setting, not too dissimilar from the set of a film. There’s stained glass windows, high ceilings and dried flowers.

The couple have clearly established the pub as a place to visit and a destination in the town. Pat says: “We took a bit of a punt by buying this pub but we’ve been really pleasantly surprised. We’ve had it for a year but we reopened it in April last year.

“Chesterfield has a few really unique buildings, the Spire is the main one. But after that, our pub is on the list for sure – school trips actually come and sit outside on our benches.”

Pat grew up in London and Meg grew up in Devon but they say they now feel at home in Chesterfield. They both agree that, at first, they wanted to live in Sheffield but due to Chesterfield being cheaper, they opted for the town instead – with the thought that Sheffield is just a short drive away.

But after living in Chesterfield, they say that everything they need is there, and they find themselves visiting Sheffield less and less. Pat says: “We’re about five minutes’ drive from the Peak District. We’re perfectly situated for Sheffield, Derby and Nottingham. It’s less than two hours into London. We even went to Newcastle last weekend which is only two hours away as well. Location wise, it’s great.”

Pat adds: “There’s quite a lot of negativity around, especially when I’ve been to loads of meetings where everyone says the town centre’s dead. I think it’s complete rubbish – certainly from what we’ve seen.”

Locals say the town is one filled with creativity and life. Emily Bowman, 44, managing director at Junction Arts, which is a community based arts charity based in the town, is keen to have an array of artists paint murals on some of the town’s buildings to add colour and vibrancy.

Arriving at its new home, there’s paintings and sculptures dotted around as we head to the conference room to talk about Chesterfield’s future. On February 1, a total of 11 local creatives took up a spot in the building.

Emily says she has high hopes for the town. She told the Express: “All of our work is grassroots and up so we work really closely with our community and there’s a real sense of pride in where people are from, what our communities have been through.

“We’re an ex-mining community and ex-industrial so there’s been quite a lot of change but there is a real sense of history in our town. It echoes across our business and across the community.”

Emily says that in May, she is looking forward to the Chesterfield Make-Off which will see around 40 artists “making and creating”. She adds that it’s an opportunity for locals to get involved and “see what we’ve got on our doorstep and how brilliant it is”.

She adds: “It’s really important to recognise the huge ambition for the future of Chesterfield.” Chesterfield might not be your first thought for a day out, but it’s a place that is definitely putting itself on the map. With affordable homes and great transport connections to larger cities nearby, it’s no surprise that so many people don’t want to leave.

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The gorgeous market town with UK’s best high street and celebrity fan who says it’s ‘best of the best’

It looks like something out of a fairy tale.

It’s easy to see why this was named the best place to live in the UK. It’s got cobbled streets, Tudor buildings, colourful timber-framed houses, bustling market square, and range of independent businesses.

After several days of rain, the sun appeared just as I arrived to walk through the town chatting with locals enjoying the sunshine in the market square, exploring independent shops and admiring the timber-framed houses. This historic Essex town was named the best place to live in the UK by The Sunday Times in March 2025, topping a shortlist of 72 locations. Judges considered schools, transport, broadband speeds, mobile signals, access to green spaces, and the quality of the high street.

In stark contrast to so many dwindling high streets found across the country, Saffron Walden appears to be thriving with its bustling twice-weekly markets and a town centre that is estimated to be home to over 200 independent shops, cafés and restaurants. In 2024, the high street was also named among Britain’s top 32 by experts from Cheffins estate agents.

The town hosts its market on Tuesdays and Saturdays, a tradition dating back to 1141, and it’s a favourite spot for celebrity chef Jamie Oliver and his son River, with the celebrity chef having spoken in the past of visiting every Saturday. The TV star spoke highly of the community spirit and variety of produce at Saffron Walden Market, which was voted Best Small Outdoor Market in 2018.

He previously said: “I’m so lucky to have one of the best markets right on my doorstep. Saffron Walden is an absolute treasure trove of artisan suppliers, from Dan at Crystal Waters fishmongers to Saffron Wholefoods making incredible ingredients.

“Going every Saturday morning is the highlight of mine and River’s week – he loves it even more than me! We look at what’s in season, what looks good and what’s crying out to be cooked up! It’s a great way to connect with the local community and support the best of the best. I couldn’t love my local market more, make sure you go out and support yours.”

Felicity Norton, who has lived in Saffron Walden for more than 35 years, said the town’s charm has never faded. She said: “I’ve always loved Saffron Walden. It’s changed over the years, but it’s still a lovely, quiet little town.”

The town’s sense of place is rooted in both its history and stunning surroundings, from the grand stateliness of Audley End House and Gardens to peaceful walks through Bridge End Garden, a beautiful restored Victorian garden. The market town’s roots stretch back to at least the Neolithic period, evolving through a Roman-oBritish settlement and an Anglo-Saxon community before expanding under the Normans into a thriving medieval market centre, later gaining wealth and its distinctive name from the flourishing saffron industry of the 15th and 16th centuries.

Despite challenges facing high streets nationwide, Saffron Walden continues to attract a mix of independent retailers alongside well-known names such as Holland & Barrett. While some much-loved businesses and banks have closed over time, the town has welcomed a wave of new ventures bringing fresh energy.

Locals highlighted beloved stores including Between the Lines, Harts Bookshop, Talents gift shop and a number of independent clothing boutiques. Organic coffee shops like Esquires and Chater’s, a bakery, restaurant and cafe which even has its own on-site distillery, are among the places to stop and linger.

We were told by many local business owners that Chater’s must not be missed and that Oliver often goes there. It is known for its bold, seasonal cooking using the best local ingredients.

Among Ms Norton’s favourite spots is Neon Leo, described as “such a fun shop – they sell really different things in there”. Neon Leo is a rental and pre-loved fashion store founded by best friends Mandy Weetch and Abigail North in 2023. Located on Market Row, the shop is truly a world of its own, filled with colour, laughter and positivity. When entering the store, customers are greeted with a beautiful selection of clothing, sequins, glitter balls and art. Ms Weetch told the Express: “Saffron Walden’s got a huge amount of independent businesses.”

Ms North added: “The community is really active. People want to be part of it, whether you’re a business owner or a customer. We’ve never experienced that anywhere else.”

The pair said the town’s collaborative atmosphere sets it apart, with independent shops actively supporting one another and they also highlighted how Oliver comes every weekend to support local traders. Neon Leo hosts events emphasising confidence and self-expression through fashion, a movement they’ve dubbed “fashionism,” celebrating the power of women dressing how they want and defying outdated style rules, whether through small accessories or statement pieces.

“Ultimately, you should wear what you want, wear what you love,” Ms Weetch said.

Burtons Butchers is also beloved by local residents. The longstanding family-run shop serves premium meat products to customers, restaurants, hotels, and catering companies across East Anglia.

Since 2010, more than 1,000 butchers have closed across the UK, and the number of butchers in the UK has generally been shrinking in recent years, according to data sources such as Statista. The town also has a fishmongers, a beautiful independent bookshop and a library. Burtons Butchers was established in 1984 and serves a range of meats including venison sausages and local pork, beef and chicken sausages.

Andrew Northrop, manager of Burtons Butchers, said on market days there’s a great bustle, a “great energy” and “enthusiasm” from people for their town. “People like to see it do well and wish to support,” he added. Jamie Oliver often buys meat from the butchers and comes in with his family. They are proud to be his supplier and enjoy seeing him and having a chat.

Mr Northrop added: “You have to enjoy what you do, and when you’re passionate about it and enthusiastic people respond to that, and enjoy coming in here and the experience of coming in.”

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Walmart hits trillion dollar market cap for the first time | Retail News

Walmart has reached a $1 trillion market valuation, a first for the big-box retailer.

The company’s shares hit a high on Tuesday morning trade as the stock continues to soar on the news of a new CEO and looming trade negotiations with India, where the Arkansas-based company maintains a large presence both in supply chain and domestic markets within India. The stock was up 2.1 percent from the market open in midday trading.

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Walmart, which has 11,000 stores in 19 countries, joins a slate of nine corporate giants in the so-called trillion dollar club, including Nvidia, Apple, Alphabet, and Microsoft, among others. Amazon is the only other retailer that has broken the barrier and is now valued at $2.6 trillion.

Trade deal bump

On Monday, United States President Donald Trump announced a trade deal with India that would slash tariffs to 18 percent from 50 percent and that impacts Walmart, which has strategically shifted supply chain operations to India and away from China.

On Tuesday, in an interview with CNBC, US Trade Representative Jamieson Greer said that the White House is still ironing out the details of the deal, but that still hasn’t slowed Walmart’s stock from popping on the looming deal.

“We have an announcement of an India deal, but still no timeline about when it comes into effect and whether the secondary tariffs, the 25 percent linked to India’s purchase of Russian oil, when those would be removed, so I think there’s still a lot of questions,” economist Rachel Ziemba, founder of Ziemba Insights, told Al Jazeera.

While there are limited details on the specifics of the deal, markets are responding to tariffs likely to come down.

“Markets are, of course, forward-looking. I think this sort of reinforces a view in the marketplace that incremental tariffs will be less this year,” Ziemba said.

The big box retailer jumped from 2 percent of its global exports coming from India in 2018 to 25 percent in 2023, according to a Reuters review of import data in 2023. Walmart hopes to source $10bn in goods from India by next year.

At the time, the company also decreased its percentage of goods from China to 60 percent from 80 percent.

Walmart did not respond to Al Jazeera’s request for comment.

The Federation of Indian Export Organisations (FIEO), a lobby for exporters, said the cut in US tariffs will significantly boost Indian exports, including textiles and apparel, putting them on par with Asian peers, such as Vietnam and Bangladesh.

According to data from ImportYeti, a platform that tracks import contracts for major companies, Walmart’s biggest import areas are in home fabrics, apparel and toys.

“Those are the products facing the highest tariffs, while consumer electronics and other categories have largely been shielded. If the India–US deal becomes a reality, it would put tariffs on Indian goods entering the US at roughly the same level as those from Southeast Asia, making that supply-chain realignment more attractive. You also highlight the importance of the Indian market,” Ziemba added.

While the trade deal is in focus, Walmart has also invested significantly in India domestically, as well, and holds an 80 percent stake in India’s e-commerce giant Flipkart.

C-suite changes

The surge also comes concurrently with a shake-up in the C-suite. On Monday, John Furner took over as Walmart’s chief executive, succeeding longtime CEO Doug McMillion who announced his retirement late last year.

Furner, who started at the company in a job stocking shelves, has climbed up the ladder. Most recently, he served as the CEO of Walmart US, where he focused on key initiatives driving growth, including curbside pick-up. Prior to that, he served as the CEO of Sam’s Club, Walmart’s wholesale chain.

Furner’s appointment comes as the company grows as an e-commerce giant and intends to double down in AI tech, healthcare services, e-commerce, and hybrid options with its brick-and-mortar footprint.

“As AI rapidly reshapes retail, we are centralizing our platforms to accelerate shared capabilities, freeing up our operating segments to be more focused on and closer to our customers and members,” Walmart said in a statement last month.

“Walmart is masterful at brick-and-mortar retail and remains highly competitive with Amazon. I love that because it shows consumerism is still alive and well. Five years ago, the narrative was the fall of the mall and the decline of retail. This confirms the opposite. Walmart also has a clear strategy for retaining consumers and managing the customer experience,” Brett Rose, CEO and founder of United National Consumer Suppliers (UNCS), a distributor that focuses on excess inventories, which it provides to more budget-friendly retailers, told Al Jazeera.

The tech-centric focus comes as e-commerce has grown for the company, which reported a 28 percent jump in e-commerce sales compared with the previous quarter. Walmart is slated to release its next earnings report on February 19.

“What you need to look at is that Walmart has successfully become a marketplace, not as big as Amazon, but big enough to give it a run for its money,” said Rose.

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Scotiabank’s Global Head Of FICC On Staying Agile In A Volatile Market

Stephanie Larivière, managing director and global head of Fixed Income, Currencies, and Commodities (FICC) Sales at Scotiabank—which was named the Global winner of Best FX Derivatives Provider—explains how a client-first philosophy and advanced structured solutions enable businesses to proactively manage uncertainty, effectively diversify risk, and maintain agility in fast-moving currency markets.

Global Finance: Last year began with elevated G7 foreign exchange volatility driven by US election results, followed by a spike in volatility tied to the Trump administration’s tariff announcements. Implied volatility eventually subsided. Against this backdrop, how has client demand evolved for structured FX solutions and derivatives that combine FX with interest rate and other exposures?

Stephanie Larivière: Tariffs and the resulting uncertainty around international trade were top of mind for clients throughout 2025. In the first half of the year, the US Dollar Index vaulted back toward the highs we saw during the pandemic, and there were fears that it would be driven even higher as we grappled with the prospect of a global recession, given the US administration’s push for increased global tariffs. We saw increased interest in hedging and the need for structured solutions from clients in these early months as US dollar buyers worried about a sustained surge in the index and the impact on their cash flows. 

The outlook for exports to the US remains no less murky moving forward. As a result, client demand for structured FX solutions has only increased. Clients have focused on cost management and have incorporated flexibility into hedging programs via options-based solutions. By protecting existing profit margins while retaining the ability to participate in favorable moves in FX markets, these strategies have allowed clients to remain agile and adapt quickly to changing market conditions. 

GF: Have you observed currency diversification strategies or increased activity in non-dollar crosses from your customer base?

Larivière: The uncertain outlook for international trade and dissenting views on the Federal Reserve Open Market Committee have led to increased demand from clients to protect against further potential dollar weakness. As we settle into a lower-volatility regime, we have seen interest in expressing views in non-dollar crosses and some rotation into international and emerging-market equity exposure. 

One example was a strengthening Mexican peso as clients returned to expressing views via carry trades. We have also seen a weak Canadian dollar against other majors, driven by uncertainty over Canada’s budget, the size of the Carney government’s deficit, and questions about how the new US and Canadian administrations will work together. That said, the US dollar remains the dominant base currency in most commodities and currency trading.

GF: OTC interest rate derivative volumes have surged, nearly doubling for euro-denominated contracts and rising significantly for yen- and sterling-denominated contracts. How are clients adapting their strategies in response to this increased activity?

Larivière: There are a couple of factors at play here. Greater volatility in rates has caused volumes to surge. Central banks were also more in play over the second half of last year, which further contributed to this phenomenon. Both factors are responses to overexposure to the dollar and a shift to hedge against some of that exposure. We could see this continue to increase as larger institutional names right-size their exposure to the US.

GF: Are clients’ expectations changing around reporting transparency, multi-currency liquidity, and access to customized derivatives products?

Larivière: Clients are seeking bespoke hedging solutions built on a full suite of derivatives products across asset classes. These customized solutions are tailored to their unique company requirements, allowing clients to express market views while hedging underlying exposures. In addition to the increased flexibility these products provide, clients expect proactive advice that leverages expertise from sales, trading, strategy, and structuring teams.

At Scotiabank, we strive to provide thoughtful, well-coordinated ideas that help clients navigate the uncertainty of operating global businesses across borders in an uncertain international trade environment.

GF: What trends do you expect will shape FX and derivatives markets this year, particularly regarding volatility, market structure, and regulation?

Larivière: The Fed has embarked on a cutting cycle, though it remains unclear how deep the cuts will be. If yields continue to decline, we expect increased pressure on the dollar, leading to higher volatility. The FX market typically grows during periods of volatility; the shift away from yield-enhancement strategies toward a pickup in volatility should drive an increase in FX in 2026.

Another theme we are watching is the shifting regulatory landscape for digital assets. Regulatory changes that favor these assets will facilitate more interest and investment in the products.

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Charming market town home to the ‘finest house and garden’ you can visit for free

Surrounded by the picturesque countryside and boasting a lively market centre, this charming mill town offers no shortage of activities for those keen to explore its many attractions.

A charming market town in Lancashire boasts what’s been dubbed the ‘finest house and garden’ in the entire county – and the best part is, entry won’t cost you a penny.

Accrington, Lancashire’s well-kept secret, is packed with culture, stunning natural landscapes, and rich heritage, guaranteeing something special for every visitor who makes the journey. Nestled amongst rolling countryside and featuring a thriving market at its centre, this historic mill town offers no shortage of activities for those keen to explore its many attractions.

Among the standout destinations in Accrington is an art gallery housing the spectacular Tiffany Glass Collection, which art enthusiasts simply cannot miss.

The Haworth Art Gallery and Museum is an essential stop for lovers of art and history alike, and according to Visit Lancashire, it’s also where you’ll find ‘Lancashire’s finest house and garden’, reports Lancs Live.

Originally known as Hollins Hill, the Haworth Art Gallery and Museum was first constructed for siblings William and Anne Haworth, and has been carefully ‘designed in the Arts and Crafts style’.

Bequeathed by the brother and sister to serve as a museum, art gallery and public park for Accrington’s residents, this historically important building welcomes visitors throughout the year, with absolutely no admission fee.

Bursting with elaborate details and stunning features, every corner of this remarkable building has been ‘inspired by nature and made with a love of materials and craftsmanship’.

In its current incarnation, the property’s historic stables and coach house have been transformed into Artists’ Studios, providing workspace for numerous skilled artisans who create and sell their pieces on the gallery-museum’s prestigious premises.

Spanning nine acres of parkland, this historic site provides refuge in its rose garden, room to relax on sweeping lawns, or chances to wander through the woodland encircling this house-turned-gallery.

Guests can also enjoy a genuine dining experience at the venue’s licensed Gallery Kitchen, located in Haworth’s original Arts and Crafts dining room.

However, the standout attraction of the Haworth Art Gallery and Museum is arguably its stunning Tiffany Collection.

This assemblage of beautiful American glassware was presented to the town by Accrington-born Joseph Briggs, who, following an apprenticeship as an engraver, relocated to New York at just 17 years old.

Joseph worked at Tiffany for roughly 40 years, starting out as an errand boy before eventually ascending to managing director of the world-famous company.

This glassware collection, produced by the legendary designer Louis Comfort Tiffany, was dispatched by Joseph to Accrington in 1933. The iconic works remain on permanent public display throughout four themed galleries within the art venue.

One review of the art gallery and museum on Tripadvisor reads: “Beautiful art gallery with a wonderful collection of tiffany glass. The surrounding gardens are very pretty. Had a fantastic lunch in the cafe.”

Another satisfied visitor shared their experience: “Most interesting place which still has the feel of a large family home in the Arts and Crafts style with superb Tiffany exhibits and other items of interest. Excellent tea room and gift shop with pleasant gardens . We will definitely come again.”

Key information for visitors

Entry to the Haworth Art Gallery and Museum in Accrington, including parking at the gallery, is absolutely free. For 2026, the attraction welcomes visitors from January 1 to December 20, Wednesday through Sunday from 12pm to 4.30pm.

The Gallery Kitchen operates on the same days and dates, but timings differ slightly, with service starting from 11.30pm to 4.30pm. Last admission to the house is at 4pm and the building is closed over Christmas and New Year.

Must-see attractions in Accrington

For those keen to delve deeper into Accrington, Oswaldtwistle Mills is another must-see attraction in the town. This historic cotton mill played a crucial role during the Industrial Revolution and is the birthplace of the spinning Jenny.

Accrington also offers an array of splendid green spaces, including Oak Hill Park and Memorial Park situated in Great Harwood.

Those passionate about history and architecture shouldn’t miss the Victorian Market Hall during their stay – a landmark that opened for business in 1869 and continues to serve as the community’s beating heart – along with the Town Hall, a favourite venue for weddings and celebrations.

This delightful market town is also renowned for its yearly celebrations including the Soapbox Challenge and The Accrington Food Festival, offering visitors a delicious insight into the area’s culture and culinary scene.

Whether you’re a history enthusiast, art aficionado, or someone simply wanting to enjoy the natural surroundings and local character, Accrington provides plenty to suit every preference, allowing guests to discover the town’s enchantment for themselves.

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