Researchers at Swansea University in major semiconductor breakthrough

Swansea University have made a significant breakthrough in semiconductor research by establishing the first four inch thin film gallium oxide capability in the UK. This is a type of next generation semiconductor material that can more efficiently support the high voltages, power densities, and frequencies required for applications in electric vehicles, renewable energy sources, and 5G communications. The breakdown, has come via its Centre for Integrated Semiconductor Materials (CISM). The eignificant milestone is key to the development of more efficient, compact, and cost-effective electronic devices, and also demonstrates the increasing semiconductor manufacturing and innovation capabilities of the South Wales advanced semiconductor cluster CSconnected with globally leading semiconductor manufacturing companies such as Vishay, KLA, Microchip and IQE. The achievement comes after a recent £250m investment by US firm Vishay Intertechnlogy, supported by the UK Government’s Automotive Transformation Fund, at its Newport plant which will dramatically expand advanced wide band gap power semiconductor component manufacturing. Over the next few years Vishay plans to take investment at its Newport facility to £1bn and create hundreds of high-skilled jobs. The advancement achieved at Swansea University was througha newly commissioned AIXTRON close-coupled showerhead deposition system, that can precisely produce or ‘grow’ high-quality crystalline thin film gallium oxide on four inch substrates, known as wafers. The capability is housed in the new Oxide and Chalcogenide Metalorganic Chemical Vapor Deposition (MOCVD) Laboratory at CISM, which is now set to become a national hub for thin film gallium oxide research. Professor John Heffernan of the National Epitaxy Facility, which supports semiconductor research in UK universities, said:“Swansea University’s MOCVD capability is now accessible to researchers through direct collaboration. Researchers can also gain access to feasibility studies through Swansea partnering with the UK National Epitaxy Facility’s pump priming scheme. This initiative ensures that academic and industrial partners can leverage Swansea’s expertise in epitaxial thin film growth to accelerate their research and technology development.’ Dr Dan Lamb, research lead at the Oxide and Chalcogenide MOCVD Centre at Swansea University said: "This new facility represents a major step forward for our research, and I’m incredibly excited about the possibilities it unlocks for novel materials and device development. With this advanced equipment, we can push the boundaries of our existing work while also creating new opportunities for collaboration with research groups across the UK and beyond.” Sam Evans, director of quality assurance and external affairs, Vishay Newport, said:“This is a major step forward for wide band gap materials innovation in our South Wales semiconductor cluster, underpinning efforts to grow regional manufacturing in advanced power electronics such as our recent annoucement of a £250m investment in SiC (silicon carbide) component expansion.” First Minister Eluned Morgan, said:“Compound semiconductors are small but vital bits of our everyday lives and Wales is leading the way in their production and manufacture. “I welcome the additional investment from the UK Government, which builds on the Welsh Government’s work over the last decade in supporting the growth of the semiconductor cluster. We are now reaping the rewards of our commitment, which we will continue to drive forward.” Mary Ann Brocklesby, leader of Monmouthshire Council and chair of Cardiff Capital Region, said: “This significant investment into the South East Wales compound semiconductor sector displays great confidence and shows the value of investment in the region. “We welcome the news of this investment to develop the cluster, which has been a priority of Cardiff Capital Region, Welsh and UK Governments for several years. “It is tremendous to see the benefits this will bring to the region in creating highly skilled jobs, accelerating our progress in the UK Automotive industry, and positioning us as a competitor in not only UK investment, but also globally.”

Editor’s letter: Andrew Tuck on the best cities to call home

Jennifer Jones 

In the summer of 2007, Monocle launched its inaugural Quality of Life Survey as we searched for the best cities in the world to call home. Though other city-ranking indexes existed, we felt that they came to some poor conclusions. Had their compilers, we wondered, ever looked up from their spreadsheets of metrics to ask a few simple questions: is this city, which sounds good on paper, a fun place to live? Is it accepting of outsiders? Can you go to a bar at 01.00? Is it easy and pleasant to get around by foot, tram or bicycle? We were suspicious that the authors of these reports, well-meaning statisticians, hadn’t visited all of the cities that they lauded. So we saw an opportunity to create a survey that homed in on true liveability – what it was really like to reside in a place. Yes, we would gather statistics but we would also ask our network of correspondents and editors to tell us what was really happening in their hometowns.Not surprisingly, some cities have always flourished in our survey – often medium-sized metropilses that have invested wisely in infrastructure for generations, have nature on their side and sit in wealthy nations. So, this year, we wanted to put more cities in the spotlight – places that might struggle to get to the front of the pack if you take in every data point but are clear winners when you consider one key metric. I won’t spoil all of the fun here but for 2025 we have chosen 10 winners – yes, we have an overall champion but also nine more cities that deserve to be garlanded for their safe streets (without having your every move watched on CCTV), start-up culture and nightlife. Congratulations to all of the upstarts that made the podium this year.While we’re on the topic of Quality of Life, are you coming to our annual conference on this very subject? It’s taking place in Barcelona from Thursday 4 to Saturday 6 September. There’s a welcome reception on the first day, followed by a day of talks and panels looking at how we can improve our cities, retail, hospitality and the world of work – and a fun dinner that night. Then, for the final day, after breakfast, we have organised trips to ateliers, galleries and more, all with special access. There’ll be no lanyards; you’ll be looked after by Monocle staff; and, by the end of the event, you will have met numerous people with ambitious ideas and great perspectives on the world. You can sign up atmonocle.com/eventsor email my colleague – and head of events – Hannah Grundy athg@monocle.com.In 2023 we organised another one of our talk series, The Weekender, in Asheville, North Carolina. We had a great few days exploring the city as we met chefs, campaigners and ceramicists, and we had a pop-up shop at Citizen Vinyl. Being in this lush outpost in the Blue Ridge Mountains was a special experience. It’s why last September’s news that whole parts of the city had been washed away in the floods that followed Hurricane Helene really hit home at Monocle. For this issue, Alexis Self visited the city to see how it has responded and how the determination of people to rebuild has come to the fore, even as huge challenges remain. Perhaps that’s something else we should evaluate when creating our city survey: the ability of a community to come together, to find common purpose.This being summer – in the northern hemisphere, at least – we have also ensured that this issue has plenty of moments of pure joy. We have dedicated our Expo to 21 things to make your summer pop (from the perfect sliders to the best outdoor cinema) and, in our culture pages, have compiled a sunny checklist of music, books and films to entertain you on your poolside lounger.And there’s one final story, also in culture, that’s important to highlight: our report on kiosks. Magazines such as Monocle only thrive in cities that care about having an informed and entertained citizenry. It’s painful to watch as city halls hand the licences for their kiosks to people who just want to use them to sell soft drinks. The reason why kiosks fail is that they don’t have inspirational owners. If you don’t believe me, meet the people who keep their city’s kiosks thriving. We need these media stars.Finally, thank you for reading Monocle – whether purchased from a newsstand or as a subscriber (well, you do get a discount on your conference ticket). As always, feel free to drop me an email –at@monocle.com– with ideas, feedback or just your Barcelona confirmation.

Current refi mortgage rates report for Nov. 21, 2025

John Brown 

The current average refinance rate on a 30-year, fixed-rate home loan is 6.38%, according to data from the popular real estate marketplace Zillow. If you’re a homeowner hoping to refinance your mortgage for a lower rate or perhaps to tap home equity, read on to see average refi interest rates for a variety of loan types and terms. You can also see the prior day’s report here.Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 11, 2025.Discover the highest CD rates, up to 4.18% for December 11, 2025.Discover the current mortgage rates for December 11, 2025.Discover current refi mortgage rates report for December 11, 2025.Discover current ARM mortgage rates report for December 11, 2025.Discover the current price of gold for December 11, 2025.Discover the current price of silver for December 11, 2025.Current refi rates dataConventional mortgages30-year6.38%20-year6.20%15-year5.63%10-year5.42%Jumbo mortgages30-year6.97%15-year6.13%FHA loans30-year6.05%15-year5.25%VA loans30-year6.09%15-year5.77%Note thatFortunereviewed the most recent Zillow data available as of Nov. 20.How mortgage refinancing worksBoiled down to the basics, a mortgage refinance replaces your existing home loan with a new one. As when you applied for a mortgage to purchase your home, you’ll need to apply and meet lender criteria regarding your credit profile, proof of income, your debt-to-income (DTI) ratio, and more. This process typically results in a small hit to your credit score due to a hard inquiry. And, be aware there’s a risk of denial if you don’t meet the lender’s requirements.What’s happening with mortgage rates in the market?Some market watchers had hoped that mortgage interest rates would fall as the Federal Reserve made several cuts to the federal funds rate late last year. However, that didn’t happen, and mortgage rates remained stubbornly near the 7% mark—considering the nationwide average for 30-year, fixed-rate loans—for months. Rates have long remained well above the pandemic-era lows, when some homeowners were able to get rates in the 2% or 3% ranges. A report from Redfin showed that as of the third quarter of 2024, 82.8% of homeowners with a mortgage had a rate below 6%. Many have been essentially locked in with their existing home loans, unable or unwilling to move or refinance in the current environment.But homeowners finally got a little relief starting in late August and early September of 2025. Mortgage rates dropped in a noticeable way ahead of the Sept. 16-17 Fed meeting, where the central bank delivered a widely anticipated rate cut of a quarter percentage point. Then, the Fed followed up with a second cut of a quarter percentage point at the end of October.When it might make sense to refinance your mortgageAs we’ll cover more in the section below this one, it’s not free to refi your home loan. So, when does it make sense to accept the upfront costs and refinance? One rule of thumb many experts use is that if you can get a new rate a full percentage point lower than the one you have right now, it’s probably worth refinancing. Using recent market conditions as an example, someone who took out a home loan at 7% should strongly consider a refi if market conditions are in a place where that homeowner could now get a 6% rate.It may also be strategic to refinance if you want to tap your home equity through a cash-out refi. Be aware you’ll typically need to have at least 20% equity in your home to be able to do this. So, for those who got into their home with the 5% minimum down payment generally available on conventional mortgages, it could take a while before you’re in a place to leverage a cash-out refi. Yet another case where a refi can help is to change your loan term. For example, maybe you applied for a 15-year mortgage when you bought the home, knowing that in exchange for higher monthly payments you’d save a boatload on interest charges over time. But then, your circumstances changed and now your monthly payments are stretching your budget. Refinancing to a 30-year loan might give you much-needed flexibility to make lower payments in that situation.You may also wish to refi if you’re hoping to switch loan types. Maybe you have an FHA loan with lifetime mortgage insurance (called MIP on this type of loan) requirements, and you want to switch to a conventional loan to get rid of this. Or perhaps you took out an adjustable-rate mortgage (ARM) but now you’ve decided to stay in the home for a longer time and don’t want to deal with the chance of rate hikes during the adjustment period. In that case, refinancing to a fixed-rate home loan could make sense. Costs to refinance your mortgageMuch like the traditional home loan you likely took out to buy your house, refinancing a mortgage involves closing costs that can run about 2% to 6% of the loan amount. For instance, if you do a rate-and-term refi on a $300,000 loan, you might pay anywhere from $6,000 to $18,000 in refi closing costs.Here are some costs you might see listed on your refinance loan estimate:Lender origination fees.Appraisal fees.Title search and insurance fees.Loan application fees.Survey fees.Attorney fees (if required in your state).Recording fees.Prepayment penalties (if your current loan servicer charges one).Different types of mortgage refi loansThere are many types of mortgage refinance loans available, and the one you need will depend on your goals and also on your existing mortgage. Here are some common refi options to consider:Rate-and-term refinance:This is likely the most popular refi option and offers a chance to lower your interest rate and/or get a different loan term. Just know if you opt for a shorter loan term, while that typically earns you a lower rate and also hefty lifetime interest savings, you’ll be committing to higher monthly payments.Cash-out refinance:With a cash-out refi, you tap your home’s equity by replacing your existing loan balance with a larger one and taking the difference in cash. You can use the money for home improvements, consolidating high-interest debt, or virtually any other financial goal.No-closing-cost refinance:With this type of refi, the lender covers closing costs but charges you a higher interest rate. If you don’t have cash upfront for closing costs and think you could otherwise benefit from a refinance, this option may be worth a look. But approach it with careful scrutiny.Streamline refinance:These are generally available to existing FHA, VA and USDA loan borrowers, and will typically involve less documentation and a more straightforward application and approval process.Refinancing with your existing lender vs. a new oneYou’re not obligated to stick with the lender you got your original mortgage from when you refi. In fact, it’s probably worth shopping around for the lowest rate and best service you can find. However, some lenders may offer incentives if you stay with them, such as waiving a portion of the closing costs. Since these upfront charges can be something of a barrier to those who want to refinance, incentives can make a refi more feasible, and it’s worth broaching the conversation with your lender.Lastly, know that if your mortgage was purchased by Fannie Mae or Freddie Mac, you might be eligible for programs like Refi Now and Refi Possible.Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Northumberland expansion for successful university spin-out Microbritt

A successful Newcastle University tech spin out is expanding into a new base in Northumberland on the back of a £400,000 investment. Microbritt, which was spun out of the university in 2021, has developed a precision service which micro-manufactures products from brittle materials such as glass, silicon, polymers and ceramics. The company has developed a patented process for the production of high value prototypes and complex products which are created from brittle materials, and its technology has can be used in sectors including semiconductors, healthcare, photonics and defence. Last year the firm sealed the six-figure investment led by the North East Innovation Fund, which is supported by the European Regional Development Fund, and managed by Northstar Ventures, alongside business investor Angel Groups. The funding has enabled Microbritt to move into its new base in Cramlimgton where it can scale its micro-milling techniques, expand its production capabilities, and invest in advanced technologies and creating new jobs. Dr Carl Dale, CEO and co-founder of Microbritt, said: “The relocation to our new facility in Cramlington marks a major milestone for Microbritt. Expanding our operational footprint by ten times allows us to significantly enhance our manufacturing capabilities, accommodate cutting-edge equipment, and drive further innovation in precision microfabrication. “Brittle materials, like silicon used in the semiconductor industry, have previously been difficult to machine because of their fragility. Microbritt’s new patented process makes this possible and brings established CNC machining technology into a new manufacturing domain.” The firm said the decision to move to Cramlington’s industrial hub was driven by a desire to get closer to key partners, suppliers and the infrastructure to support its growth ambitions. As well as boosting its production capacity, to meet the rising demand for its products, it will also carry out new research and development, to ramp up product innovation and expand its portfolio. New skilled jobs within engineering, research and operations will also be created.