The proposed development will provide an extra 25,833 sq ft (2,400 sq m) to the breakfast cereal facility.
Cereal Partners UK has been operating in the Trowbridge area since the mid-20th century.
The company says the development will help it return to the peak levels of production seen in 2020.
In March, the company announced the closure of its plant in the Wirral with the loss of more than 300 jobs, blaming changing consumer habits.
“Sales of breakfast cereal are in significant decline owing to the changing habits of UK and Irish consumers and greater competition from alternative breakfast options,” said a spokesperson.
In November, the firm applied for planning permission to install ‘flood resilience measures’ following a “significant flooding event” in November 2024, where flood waters almost breached the building, risking safe production.
According to the Local Democracy Reporting Service, a council report stated that as part of its 2025-26 budget, it had made a commitment to release a number of buildings to generate a targeted £5m.
“The disposal of this property is therefore critical to contributing to this target,” it said.
An auction was the quickest way of disposing of the building and getting the best price, the council said.
The report added: “While no guarantees can be given, it is anticipated a new owner will refurbish or redevelop the property into productive uses, adding to the local economy.”
The Stocks Hill Hub was closed as part of plans to reduce the number of sites offering the council’s Day Opportunities service from six to three, saving £500,000.
As part of those plans, the Lovell Park hub would move to Wykebeck Complex Needs Centre and Vales Circles in Beeston would join Laurel Bank Complex Needs Centre in Middleton.
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As we enter a new year, politicians at every level of government are promising to make your lives more affordable.
Now’s your chance to decide how they’re doing. Here’s how federal, provincial and municipal taxes will change for residents of Manitoba and Winnipeg in 2026.
Federal tax changes
Basic personal income amount (non-refundable tax credit): Total income under $16,452. This rises $323.
Taxation rate on the first personal income tax bracket: Down one percentage point (from the start of 2025) to 14 per cent. This will save the average Canadian who files a tax return $190, according to the parliamentary budget officer.
First personal income tax bracket (income taxed at 14 per cent): $16,452 to $58,523. The ceiling on this bracket rises $1,148.
Second personal income tax bracket (income taxed at 20.5 per cent): $58,253 to $117,045. The ceiling on this bracket rises $2,295.
Third personal income tax bracket (income taxed at 26 per cent): $117,045 to $181,440. The ceiling on this bracket rises $3,558.
Fourth personal income tax bracket (income taxed at 29 per cent): $181,440 to 258,482. The ceiling on this bracket rises $5,068.
Highest personal income tax bracket (income taxed at 33 per cent): Any income higher than $258,482.
Canada Pension Plan: Maximum pensionable earnings increase by $3,100 to $74,600. This increases the maximum employee and employer contribution for the year by $196.35 to $4,230.45
WATCH | Here’s how your taxes are changing in 2026:
Here’s how your taxes are changing in 2026
CBC Manitoba rounds up the changes to federal, provincial and municipal taxes and fees coming in 2026.
Employment Insurance: The EI tax rate drops 0.01 percentage points to 1.63 per cent, but the maximum insurable amount increases by $3,200 to $68,900.
Industrial carbon tax: On the rise from $95 a tonne to $110 per tonne, though it’s unclear how this will be passed down to consumers.
Consumer carbon tax: Carbon taxes? We ain’t got no carbon taxes. We don’t need no carbon taxes. I don’t have to pay you any stinkin’ carbon taxes.
Manitoba tax and fee changes
Cloud computing tax: Starting on Jan. 1, provincial sales tax will apply to computing services such as internet-based subscriptions to software, data servers and storage, and online platforms that provide tools to develop apps.
Hydro rates: Up four per cent on Jan. 1 in a move that will cost the average Manitoba household that uses electricity only for power an additional $50.40 in 2026, according to Manitoba Hydro. The average household that uses electricity for heating as well as power will pay an additional $96.60, Hydro estimates.
Campground fees: The nightly cost of publicly owned cabin rentals in selected provincial parks will rise in the new year to a range of $45 to $85 from the current $38 to $69. Yurt rentals will increase to $65 a night from $56. There are also nominal fee increases for campsite rentals as well as a new $10 fee for cancelling campsite reservations.
An end to provincial income-tax bracketing: The province will stop sliding income tax thresholds to keep pace with inflation in 2026. The Canadian Taxpayers Federation says the resulting bracket creep will cost Manitobans who file income taxes $82 million next year.
Provincial income tax brackets: The basic basic personal income amount — also known as the non-refundable tax credit — will remain $15,780. Income between $15,780 and $47,000 will continue to be taxed at 10.8 per cent. Income between $47,000 and $100,000 will continue to be taxed at 12.75 per cent. Income over $100,000 will continue to be taxed at 17.4 per cent.
Manitoba Premier Wab Kinew, foreground, and Finance Minister Adrien Sala brought in a budget this spring that calls for the PST to be applied to software subscriptions and data storage, starting Jan. 1. (Bryce Hoye/CBC)
Provincial property taxes (also known as education taxes): The maximum credit rises $100 to $1,600. Since this is the second year of a flat education tax credit, there won’t be anywhere near as many wild fluctuations in the paper property tax bills that present the combined tab for provincial and municipal property taxes.
Credits for renters: Up $50 to $625.
Winnipeg tax and fee changes
Property taxes: Up 3.5 per cent. This hike will add $75 to the municipal portion of a tax bill for a property assessed at $371,000.
Winnipeg Transit: Adult fares up 10 cents to $3.45.
Most city fees: Up 2.5 per cent across the board, with some exceptions. The fee hike in 2025 was five per cent.
Winnipeg Mayor Scott Gillingham’s fourth budget calls for a 3.5 per cent property tax hike. (Tyson Koschik/CBC)
Waste management fee (for garbage and recycling collection): Up $10 per detached household to $264. For units in multi-family buildings, the fee rises $7 to $134.
Water rate: Up eight cents per cubic metre, to $2.17.
Sewer rate: Up 13 cents per cubic metre, to $4.53.
Sources: City of Winnipeg, province of Manitoba, government of Canada
Take action early and seek good advice when it comes to transferring the family farm, writes Ruth Fennell, Collaborative Farming Specialist, who discusses how the O’Connor family from Roscommon are availing of reliefs that will allow the family farm to pass between generations with minimal or even no tax burden whatsoever.
Transferring the family farm is often approached with nervousness and hesitation, largely due to fears of triggering substantial tax liabilities. As a result, some families choose to postpone the process. The bad news is that putting something on the long finger rarely helps. The good news is that with early planning and the right financial and legal guidance, there are several valuable tax reliefs available for the transfer of agricultural assets. These reliefs can allow many family farms to pass between generations with minimal or even no tax burden whatsoever.
The case of the O’Connors shows what can be achieved. The family have been farming at Cloonfad, Willsbrook, Co. Roscommon for generations. Currently, the farm is owned by Gerard O’Connor. It was transferred to him as a lifetime gift from his father John when Gerard was in his early 20s. The farm is all in grass and has been run by Gerard as a successful suckler beef farm for decades. Gerard has three children. His son Shane had always shown a keen interest in the farm and was identified early on as the likely successor.
Shane has been actively involved in the running of the farm, even during his many years in education. He initially completed a diploma in degree in planning in Edinburgh. He is currently completing a Master’s degree in Spatial Planning in Dublin. Despite his education, Shane maintained his strong interest in farming and went on to complete the Green Cert at the local Teagasc office in Roscommon in 2012. At the time, Ireland was in a deep recession, and Shane began making plans to develop the farm. By generating more output and income he hoped ultimately to be able to return to farming, at least part-time.
Aidan, Shane and Evelyn O’Connor with Colm Murray, Teagasc advisor
Plans on hold
Initial discussions began regarding the farm transfer from Gerard to Shane, but as the economy improved and construction work became more available, the plans were put on hold. In 2015, with the launch of a new CAP funding round, Shane was added to Gerard’s herd number, forming what is commonly known as a joint herd number or joint venture. This was the minimum requirement for Shane to qualify for the Young Farmers’ Scheme that was available at the time.
While the land transfer was paused due to Shane’s career uncertainties, he remained actively involved in farm operations alongside Gerard. “Alternatively, they could have considered a Registered Farm Partnership and potentially, a Succession Farm Partnership at this stage that would have allowed Shane to qualify for the Young Farmers’ Scheme and it would have also provided additional TAMS funding and significant tax reliefs to the partners,” says Ruth Fennell.
At the outset of the joint venture, suckler cow numbers were in the high 20s and progeny were sold as weanlings. The system evolved over time; with Gerard now less involved in day-to-day tasks, Shane has simplified operations due to his full-time, off-farm job. “We reduced cow numbers and decided to keep all progeny up to the forward store stage,” he says. “The system is working well and allows us to maintain a closed herd.”
Plans are now well advanced to transfer the farm from Gerard to Shane. It is expected that Shane will transfer the herd number into his sole name and that the 2026 BISS application will be submitted under his name rather than through the current joint venture. When assessing the tax implications of this lifetime transfer, several issues must be addressed. As it is a gift rather than an inheritance, both Gerard and Shane must consider taxes and potential reliefs.
From Gerard’s perspective – as the disposer of the asset – the relevant tax is Capital Gains Tax (CGT). This is calculated based on the asset’s value when Gerard received it from his father and its value now. Any increase is subject to CGT at 33%. However, Retirement Relief may apply. As Gerard has owned and farmed the land for over 10 years, is under 70 at the time of transfer and is transferring it to his son, he can claim this relief. Under Retirement Relief, up to €10 million in agricultural assets can be transferred tax-free. This should ensure Gerard avoids CGT on the transfer. If Gerard was over 70 when transferring, the Retirement Relief would be capped at €3 million when disposing to a son/ daughter. For Shane – the beneficiary – two taxes are relevant. The First is Stamp Duty, currently 7.5% of the value of non-residential land. Had this been an inheritance, Stamp Duty would not apply.
Thresholds
Since Shane is over 35, he doesn’t qualify for Young Trained Farmer Relief, which would have reduced the rate of Stamp Duty to 0%. To avail of the Young Trained Farmer 0% relief, the applicant must be under 35 and also hold a recognised agricultural qualification and actively farm the land themselves. However, Shane does qualify for Consanguinity Relief, as he is receiving the farm from a blood relative and will actively farm it. This reduces the Stamp Duty rate to 1%, a significant saving.
The second relevant tax for Shane is Capital Acquisitions Tax (CAT). This applies to the value of the gifted asset. Under a Category A relationship (parent to child), Shane can receive up to €400,000 tax-free. Anything above that is liable for CAT at a rate of 33%. Agricultural Relief may apply, and this reduces the value of the agricultural asset by 90% for CAT. To avail of this, two conditions must be met:
At least 80% of Shane’s total assets on the date of the gift must be agricultural assets.
He must hold a relevant qualification and/or spend at least half of his time farming, or alternatively lease the land to someone who does for a minimum of six years.
Where the conditions for Retirement Relief or Agricultural Relief cannot be met, there are alternatives such as Entrepreneurial Relief and Business Asset Relief. These possibilities should be discussed with a financial advisor. In addition to these tax considerations Shane will need to submit an ER1 form to the local District Veterinary Office to transfer the herd number to his sole name as it is currently in joint names with his father. Shane must also complete an ‘Auth’ form to grant his advisor access to the DAFM online system and complete a transfer of entitlements from the joint venture to the new sole herd number.
Careful planning is essential to ensure a successful and tax-efficient transfer of farm assets. Professional legal and financial advice should be sought, and the Succession Planning Advice Grant (SPAG) can help finance this support. “If you get good advice you can negotiate the transition without too much hassle or cost,” says Shane who now looks forward to continuing the O’Connor family farming tradition for many years to come.
This article first appeared in the November/ December 2025 edition of Today’s Farm
Featured image: Gerard, Evelyn, Aidan, Alisha, Shane, and Memie O’Connor. Included in the photo is their Teagasc advisor, Colm Murray.
January 01, 2026 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $12.6 million or 0.08% WoW to $15.92 billion during the week ended on December 26, 2025, data released by State Bank of Pakistan showed on Thursday.
On the other hand, the country’s total reserves decreased by $10.4m or 0.05% WoW to $21.01bn.
The reserves held by commercial banks fell by $23m or 0.45% WoW to $5.1bn.
In the current fiscal year, SBP-held reserves have increased by $6.85bn or 75.58%.
Meanwhile, the current calendar year has seen an increase of $4.2bn or 35.9%.
Summary of Holding and Weekly Change
Foreign reserves held by
December 26, 2025
December 19, 2025
Change
% Change
State Bank of Pakistan
15,915.1
15,902.5
12.6
0.08%
Net Foreign Reserves Held by Banks
5,097.1
5,120.1
-23.0
-0.45%
Total Liquid Foreign Reserves
21,012.2
21,022.6
-10.4
-0.05%
Amount in USD Million
The State Bank of Pakistan also released monthly data showing its foreign exchange reserves increased in November 2025, with SBP-held reserves rising by $85.9m to $14,588.8m, compared to $14,502.9m in October 2025.
On a year-on-year basis, SBP’s reserves rose by $2,551m, or 21.19%, from $12,037.9m in November 2024.
Net foreign reserves held by commercial banks stood at $4,548.3m, down from $4,671.1m a month earlier, showing a decline of $122.8m.
Compared to $4,090.6m in November last year, commercial banks’ reserves increased by $457.7m, or 11.19%.
Total liquid foreign exchange reserves held by the country at the end of November 2025 stood at $19,137.1m, compared to $19,174m in the previous month, reflecting a net decrease of $36.9m.
On a yearly basis, Pakistan’s total reserves increased by $3,008.6m, or 18.66%, from $16,128.5m in November 2024.
Looking at the fiscal year trend, reserves have shown significant recovery from $15,598.7m in January 2025, marking an improvement of $3,538.4m, or 22.71%, over the ten-month period ending November 2025.
Hartford HealthCare has named Adam C. Steinberg, DO, MBA, FACOG, FACS, as President of the newly formed Greater Manchester Region, a role that will focus on strengthening care, access and services for patients across the Manchester and Vernon area and surrounding communities.
Dr. Steinberg brings nearly 20 years of experience as a physician leader at Hartford Hospital, where he most recently served as Vice President of Medical Affairs. In that role, he helped guide clinical teams, supported quality and safety initiatives and worked closely with physicians and caregivers to improve patient care.
For the ninth consecutive year, Hartford Hospital earned an “A” Hospital Safety Grade for Fall 2025 from the Leapfrog Group, a national nonprofit watchdog. Hartford Hospital also was named a Leapfrog “Top Teaching Hospital” for the fifth consecutive year. It is one of only 73 hospitals nationwide to earn the honor in 2025.
“I am grateful for the opportunity to lead this new region and support the care teams who serve these communities,” Dr. Steinberg said. “Hartford HealthCare is known for strong patient care, safety and community partnerships. We are excited to build on that foundation to better meet the needs of patients here.”
As President of the Greater Manchester Region, Dr. Steinberg will help lead efforts to support caregivers, strengthen quality and safety and guide investments in services, technology and facilities. His leadership will play an important role as Hartford HealthCare works to expand access to care and meet the evolving needs of patients and families in the region.
Dr. Steinberg is a board-certified specialist with extensive clinical and operational experience. He is widely respected for his collaborative leadership style and commitment to patient-centered care. During his tenure at Hartford Hospital, he played a key role in advancing quality and safety initiatives and supporting care teams through complex challenges, including the COVID-19 pandemic.
Hartford HealthCare has named Adam C. Steinberg, DO, MBA, FACOG, FACS, as President of the newly formed Greater Manchester Region, a role that will focus on strengthening care, access and services for patients across the Manchester and Vernon area and surrounding communities.
Dr. Steinberg brings nearly 20 years of experience as a physician leader at Hartford Hospital, where he most recently served as Vice President of Medical Affairs. In that role, he helped guide clinical teams, supported quality and safety initiatives and worked closely with physicians and caregivers to improve patient care.
For the ninth consecutive year, Hartford Hospital earned an “A” Hospital Safety Grade for Fall 2025 from the Leapfrog Group, a national nonprofit watchdog. Hartford Hospital also was named a Leapfrog “Top Teaching Hospital” for the fifth consecutive year. It is one of only 73 hospitals nationwide to earn the honor in 2025.
“I am grateful for the opportunity to lead this new region and support the care teams who serve these communities,” Dr. Steinberg said. “Hartford HealthCare is known for strong patient care, safety and community partnerships. We are excited to build on that foundation to better meet the needs of patients here.”
As President of the Greater Manchester Region, Dr. Steinberg will help lead efforts to support caregivers, strengthen quality and safety and guide investments in services, technology and facilities. His leadership will play an important role as Hartford HealthCare works to expand access to care and meet the evolving needs of patients and families in the region.
Dr. Steinberg is a board-certified specialist with extensive clinical and operational experience. He is widely respected for his collaborative leadership style and commitment to patient-centered care. During his tenure at Hartford Hospital, he played a key role in advancing quality and safety initiatives and supporting care teams through complex challenges, including the COVID-19 pandemic.
The excitement around artificial intelligence led to a record year for certain types of fundraising.
Silicon Valley’s AI companies secured record funding in 2025, even as investors advised startups to shore up as much capital as possible before a potential AI bust.
The largest private U.S. companies raised a record $150 billion in 2025, overshadowing the previous high of $92 billion raised in 2021, according to a report by the Financial Times, citing private market data provider PitchBook.
Private investors allocated the majority of the capital to the biggest AI companies, such as OpenAI and Anthropic. The companies need an unprecedented amount of money to launch as they scramble to build the expensive infrastructure and hire the thought leaders that AI requires.
Companies are creating cash cushions — also known as fortress balance sheets — to protect themselves from a possible downturn.
Much of the funding was flowing to the largest companies in the largest deals. The top four deals accounted for more than 30% of the total deal value.
In 2025, OpenAI raised $40 billion, the largest private round in history, Anthropic raised $13 billion, Elon Musk’s xAI raised $10 billion and Meta acquired data labeling startup Scale AI for nearly $15 billion.
The concentration of capital could be bad for the industry, Kyle Stanford, a PitchBook analyst covering the venture capital industry, wrote in a report.
“Market value concentration indicates an increase in long-term systemic risk to venture capital, as that value has proven difficult to realize, even while private market values keep growing and revenue multiples reach unsustainable levels,” he said in the report.
Companies including SpaceX, OpenAI and Anthropic could list their shares as early as 2026.
Several other AI companies surpassed the $2-billion funding mark over the year, including Jeff Bezos’ Project Prometheus and Databricks.
The AI hype has taken over the public market as well. Nine of the top 10 most valuable companies in the world are tech companies riding the AI wave. Companies including Nvidia, Microsoft and Alphabet are worth more than $3 trillion each now.
The productivity gains from AI automating tasks have started affecting early career jobs, and sparked political pushback against automation. Yet, the 2026 promise rests on the wider adoption of “AI agents” — systems that can understand user intent and autonomously do tasks such as shopping, planning holidays and executing complex decisions — becoming a larger part of the economy.
To will that future into reality, Big Tech companies are projected to invest more than $500 billion in 2026 to build AI infrastructure, including networks and data centers.
“The risks then become not in the potential loss of capital should these companies fail, but in the market-wide losses if underlying technologies can’t live up to the hype and generate meaningful impact on the economy,” Stanford of PitchBook wrote.
