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☆ Kids thought they were going to meet Bluey at a restaurant in Vegas. Instead, they got a long line and a man in a onesie.
▼ + stars: | 2024-05-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Read previewA restaurant in Las Vegas hosted what parents described as an "extremely disappointing" "Bluey" meet-and-greet event which left kids upset and their parents angry. one person wrote on Facebook. "Bluey is a guy in Bluey pajamas," one person wrote. Some people said they wouldn't return to the restaurant after their experience at the Bluey event. one Facebook user wrote.

Persons: —, FOX5 Vegas, Taj Wilder, FOX5, …, Instagram, Ludo Studio, Richard Haigh, Willy Wonka Organizations: Service, Facebook, Business, Staff, Sams Club, Costco, Brand Finance, Bloomberg Locations: Las Vegas, Glasgow

☆ Tech's earnings bonanza this week shines spotlight on growing troubles at Tesla, Google
▼ + stars: | 2024-04-22 | by ( Hayden Field | ) www.cnbc.com time to read: +10 min

Justin Sullivan | Getty ImagesAs tech's behemoths get set to report earnings this week, they do so facing a mountain of drama. Tesla kicks off tech earnings season after the close of trading on Tuesday, with shares of the electric vehicle maker trading at their lowest since January 2023. When it comes to AI, Meta debuted its assistant — Meta AI — on WhatsApp, Instagram, Facebook and Messenger last week. Loren Elliott | Bloomberg | Getty ImagesOn a busy Thursday for tech earnings, Alphabet is likely to capture the most attention. On Thursday, Alphabet CEO Sundar Pichai announced a consolidation of the company's AI teams, including responsible AI and related research teams, under the Google DeepMind umbrella.

Persons: Sundar Pichai, Justin Sullivan, tech's behemoths, Tesla, Microsoft's, Lip, CNBC's, we've, Brandon Bell, Drew Baglino, Rohan Patel, Musk, John Murphy, Meta, Mark Zuckerberg, Wall, OpenAI's ChatGPT, Joe Biden, Republican Donald Trump, Loren Elliott, Ruth Porat, Thomas Kurian's, livestreamed, Pichai, that's, Satya Nadella, Sam Altman, Altman, OpenAI, chatbot, MSFT Organizations: Inc, Government, Society, Google, Big Tech, Nvidia, BakerAvenue Wealth Management, Tech, Meta, Microsoft, Getty, Elon Musk's EV, Bank of America, Reality Labs, Facebook, Republican, Bloomberg, CNBC, Google Cloud, Union, Apple, Guggenheim Locations: Stanford , California, Austin , Texas, New York, Sunnyvale , California, Sunnyvale, Seattle, San Francisco , California, OpenAI, Mistral, U.S

☆ Cash App: Safety Features to Help Protect You From Scams
▼ + stars: | 2024-04-11 | by ( Business Insider | Cash App | ) www.businessinsider.com time to read: +5 min

Popular payment app scamsAccording to Cash App, some of the most common payment app scams include:Giveaways — Look out for giveaways that require you to complete a "test transaction" on a mobile payment app, especially using hashtags like #cashappgiveaway and #cashappfriday. Based on the specifics, they along with Cash App can advise you on what to do next. Don't forget, payments on Cash App are immediate and you should use caution when sending payments to individuals that you don't know. Can you reverse a Cash App payment you've already made? If your Cash App payment has already been completed, it can't be reversed.

Persons: it's, Cash, you've Organizations: Paypal, Security, Federal Trade Commission

☆ Trump tells wealthy donors he wants to extend his 2017 tax cuts. Here’s why they’d benefit the most
▼ + stars: | 2024-04-10 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

While the Tax Cuts and Jobs Act reduced taxes for most Americans, the rich benefited far more than others. Those who earn $1 million or more would enjoy an average tax cut of about $50,000, raising their after-tax incomes by 2.3%. Their tax cut would be $100, on average, which would bump up their after-tax incomes by 0.5%. The wealthy have already been served well by the Tax Cuts and Jobs Act, which also included multiple corporate tax changes. “Most everybody in every income group got a tax cut, but the highest-income people got by far the biggest tax cut,” said Howard Gleckman, a senior fellow at the center.

Persons: Donald Trump, John Paulson, Trump, Joe Biden, ”, he’ll, ” Sarafina, Howard Gleckman Organizations: CNN, Trump, Biden, White House, Congress, Tax, Center

☆ Biden’s Budget Calls for Tax Increases on Corporations and the Wealthy
▼ + stars: | 2024-03-11 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

For Mr. Biden, tax policy has been at the center of his efforts to make the economy more equitable and to counter Republican tax proposals that Democrats deride as giveaways to the wealthy. “Does anybody really think the tax code is fair?” Mr. Biden asked during his address last week. Overall, Mr. Biden is proposing $5 trillion in additional taxes on corporations and high earners over the next decade. Here’s what those increases would entail:Corporate tax increasesThe budget employs a mix of approaches to make American corporations pay more in federal taxes. Mr. Biden also calls for increasing what’s known as the corporate minimum tax to 21 percent from 15 percent.

Persons: Biden, Donald J, Trump, deride, Mr Organizations: Mr, White

☆ Premarket: Investors are obsessed with this AI stock you may never have heard of
▼ + stars: | 2024-03-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Nvidia isn’t the only stock capturing the attention of AI enthusiasts these days. Nvidia closed above a $2 trillion market cap on March 1, joining an elite cohort including Apple and Microsoft. Supermicro’s stock gained even more momentum in January, after the company reported second-quarter results that blew past expectations and raised its full-year revenue forecast. Supermicro’s stock was one of the most popular names bought by Charles Schwab clients in February, according to the firm’s latest trading activity index. New York Community Bank gets $1 billion ‘lifeline’Beleaguered regional lender New York Community Bank is receiving a more than $1 billion equity investment, reports my colleague Elisabeth Buchwald.

Persons: Charles Schwab, ChatGPT, “, ”, Supermicro, Wells Fargo, Goldman Sachs, Elisabeth Buchwald, Steven Mnuchin’s, NYCB, ” David Chiaverini, Joseph Otting, Alessandro DiNello, DiNello, Read, Jeremy Hunt, Hanna Ziady, Hunt, ” Hunt, Rishi Sunak’s Organizations: CNN Business, Bell, New York CNN, Nvidia, Apple, Microsoft, Micro, Devices, Federal Reserve, Victoria Bills, Banrion Capital Management, Bank of America, Goldman, New York Community Bank, New, Community Bank, Liberty Strategic Capital, Citadel Global, Street Journal, Wedbush Securities, CNN, Bank of England, International Monetary Fund, Hunt’s Conservative Party, Labour Party Locations: New York, San Jose, United States, Hudson Bay, NYCB

☆ UK Budget: Jeremy Hunt set to cut taxes for workers as election looms
▼ + stars: | 2024-03-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

A cut to national insurance — a levy paid by people who work — costing around £10 billion ($12.7 billion) is likely, according to multiple UK media reports. But soaring government debt, crumbling public services and a lackluster economy leave the chancellor with very little room for further substantial giveaways. Christopher Furlong/Getty ImagesOther so-called “unprotected” areas of the national budget, such as social care and the police force, are also at risk. “That seems unlikely when public services are creaking,” they added. OBR chair Richard Hughes said in January that the government had provided no detailed breakdown of departmental spending plans beyond March next year, giving only headline figures.

Persons: Jeremy Hunt, Rishi Sunak’s, Hunt, ”, Laura Kuenssberg, Jeff, Christopher Furlong, “, Richard Hughes, ” Hughes Organizations: London CNN —, Bank of England, Treasury, “ Conservatives, ” Hunt’s Conservative Party, Labour Party, Reuters, Office, National Statistics, Local Government Association, House, National Health Service, Capital Economics, ” Locations: Ukraine, Birmingham, England

☆ Fear the Economic Impact of Donald Trump 2.0 - The New York Times
▼ + stars: | 2024-02-28 | by ( Steven Rattner | ) www.nytimes.com time to read: +1 min

Much to fear about another Donald Trump presidency: The existential threat to U.S. democracy. Yes, while Trumponomics 1.0 had major flaws (like the deficit-expanding tax cut giveaways to business and the rich), Trumponomics 2.0 is downright scary. A second Trump term would most likely represent a continuation of Mr. Trump’s unsophisticated instincts and what will appeal to his base. On tariffs, immigration and regulation, Mr. Trump would continue the troubling trendlines of his first term in office. And we would continue to pour carbon dioxide into the atmosphere while intentionally sandbagging our booming clean energy sector.

Persons: Donald Trump, Vladimir Putin, Trump Organizations: Trump Locations: U.S, Europe, United States

Everything from banana peels and used coffee grounds to yard waste and soiled paper products like pizza boxes counts as organic waste. In Southern California, the nation’s largest facility to convert food waste into biogas has filed for bankruptcy because it’s not getting enough of the organic material. About three-quarters of communities are currently collecting organic waste from homes, said Rachel Machi Wagoner, CalRecycle’s director. CalRecycle hasn't tallied data yet on how much organic waste was diverted from landfills in 2023. Jurisdictions reported diverting 11.2 million tons (10.1 million metric tons) of organics at the end of 2022, up from 9.9 million tons (8.9 million metric tons) the prior year, Wagoner said.

Persons: it’s, ”, Coby Skye, Rachel Machi Wagoner, “, CalRecycle hasn't, Wagoner, Gabe Gonzales, Manuel Medrano, Medrano, Cody Cain, Agromin, we'll, Cain, Yaniv Scherson, Heidi Sanborn, “ We're, We're, Sanborn Organizations: Los Angeles County Public, “, Anaergia Inc, Sanitation & Environment, Stewardship Action Locations: CHULA VISTA, Calif, California, Southern California, Los, America, Otay, Chula Vista, San Diego County, Rialto, Angeles

Tatum told The Associated Press in an interview how he wants to help others in his hometown of St. Louis get that feeling themselves and buy their own homes. He said financial services company SoFi has given the Jayson Tatum Foundation $1 million to help do that. It also offers scholarships to St. Louis high school students along with mentoring. The company also announced a partnership with the NBA to be its official banking partner and is sponsoring the SoFi NBA Play-in Tournament in April. “There are some really good people in St. Louis — people who are really trying to help change their life and their situation.

Persons: Jayson Tatum, ”, Tatum, Louis, SoFi, Brandy Cole, Barnes, “, ” Tatum, St . Louis, Anthony Noto, Jason Belinkie, ” Belinkie, Andrew Morton, Handler Thayer, ” Morton, Louis — Organizations: Boston Celtics, Eastern Conference, Associated Press, St, Fund, NBA, Celtics, Hope, Lilly Endowment Inc, AP Locations: St ., St, SoFi

☆ Temu dropped tens of millions of dollars on its flurry of Super Bowl ads — and its big spending may pay off
▼ + stars: | 2024-02-13 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Temu's Super Bowl ads sparked a surge in online searches despite recent downturn among users. AdvertisementTemu was the talk of the town on Monday after its ambitious Super Bowl advertising campaign sparked a flurry of online queries about the Boston-based, Chinese-owned e-commerce company. The company splurged on three ads during the game and two afterward, per CNN, also offering $15 million in giveaways and coupons as part of its Super Bowl promotion. But while Temu saw massive growth in 2023, some of its numbers have started to fall off in recent months among American users, according to Bloomberg. But its Sunday advertising campaign may have already helped Temu regain some of its early success in the US.

Persons: Temu, —, Morgan Stanley Organizations: Service, Super Bowl, Bloomberg, CNN, Bowl, Temu, Google, Apple, USA Locations: Boston

☆ Super Bowl 2024: Online superstore Temu doubles down with TV ad and $15 million in giveaways
▼ + stars: | 2024-02-12 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A year after making its advertising debut at the Super Bowl, Chinese-backed online shopping platform Temu is redoubling efforts in its most important market with a second ad on America’s biggest stage and $15 million in coupons and other giveaways. The Boston-based firm — owned by PDD (PDD), the group behind Chinese online shopping giant Pinduoduo — paid for three ads during the game and two after the game. Commercials for the 2024 Super Bowl sold for higher rates than for last year’s game, with a range of $6.5 million to $7 million per 30-second spot broadcast on TV channel CBS, two individuals familiar with this year’s advertising sales told CNN. “The commercial marks the highlight of a Super Bowl campaign that featured more than $15 million in coupons and giveaways,” Temu said in a statement. As a result, PDD’s market capitalization soared that month, eclipsing that of older e-commerce rival Alibaba (BABA) for the first time.

Persons: Hong Kong CNN —, ”, ” Temu, Seema Shah, ” Shah, “, Temu, spender, Earnest Analytics, PDD, Alibaba, Alibaba’s, Jack Ma Organizations: Hong Kong CNN, Super Bowl, PDD, CBS, CNN, Bowl, Amazon, Super, Facebook, Dollar Locations: China, Hong Kong, Boston, United States, United Kingdom, Mexico, Germany, Australia

☆ Wish's deep discount sale to Singapore's Qoo10 ramps up competition for Temu and Shein
▼ + stars: | 2024-02-12 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Global online shopping platform Temu is already climbing the ranks in the U.S. Apple Store. The Temu marketing blitz, which blanketed Facebook and Instagram well before Sunday's Super Bowl, is also familiar to anyone who followed Wish. Qoo10 will now be taking on Temu and Shein, which both originated in China and still have strong ties to the world's second-biggest economy. During and shortly after the Super Bowl, Temu ran a handful of "shop like a billionaire" ads and touted $15 million in giveaways. WATCH: Temu sees fewer new users post Super Bowl

Persons: it's, Singapore's Qoo10, Wish, Peter Szulczewski, Szulczewski, China's ByteDance, Temu, Morgan Stanley Organizations: Apple, Super Bowl, Facebook, Los Angeles Lakers, PDD Holdings, Shein Locations: U.S, San Francisco, China

MEMPHIS, Tenn. (AP) — Jurors in the trial of two men charged with killing Young Dolph will come from outside of Memphis because of intense media coverage of the fatal shooting in the rapper’s hometown, a judge ruled Friday. A jury will be be brought to Memphis from outside of Shelby County for the June 3 trial of Johnson and Cornelius Smith Jr. Both men have pleaded not guilty to first-degree murder charges in the daytime ambush of Young Dolph, who was buying cookies at a Memphis bakery when he was gunned down in November 2021. Young Dolph, whose real name was Adolph Thornton Jr., was a rapper, producer and independent music label owner. A neighborhood street was named after Young Dolph after his death.

Persons: Young Dolph, Jennifer J, Mitchell, Justin Johnson’s, Johnson, Cornelius Smith Jr, ” Mitchell, Adolph Thornton Jr, Luke Evans, Evans, Paul Hagerman, Hagerman, ” Hagerman, “ We're, Hernandez Govan, Jermarcus Johnson, Smith, Justin Johnson Locations: MEMPHIS, Tenn, Memphis, Shelby County, “, Castalia

☆ China e-commerce player Temu is about to run its second Super Bowl ad — and do $10 million in giveaways
▼ + stars: | 2024-02-09 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In addition to the commercial, Temu will be giving away $5 million in coupons and credits, an initiative already underway. On the day of the Super Bowl, Temu plans to do an additional $10 million in giveaways, the spokesperson said. It's rare for a Chinese firm to buy a Super Bowl ad spot, which costs millions of dollars . Temu, the e-commerce app run by Chinese company PDD Holdings , plans to run a Super Bowl ad on Sunday, a spokesperson told CNBC, as it looks to continue growing rapidly in the United States. Temu launched in September 2022 and shortly after aired its Super Bowl ad in 2023.

Persons: Temu, underscoring, PDD, Zappi, Temu's, Morgan Stanley Organizations: PDD Holdings, CNBC, Facebook, Temu's, Meta Locations: giveaways, United States, Temu's U.S, U.S, Temu

☆ Indonesian K-Pop Fans Rally for Presidential Candidate Anies
▼ + stars: | 2024-02-08 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

By Tommy Ardiansyah and Ajeng Dinar UlfianaJAKARTA (Reuters) - Indonesian presidential candidate Anies Baswedan's young supporters are borrowing elements from their favourite music genre K-pop to boost his popularity, swapping photocards and light sticks decorated with his face before the Feb. 14 poll. "It all started with a TikTok live that Anies did one day," said Hera Putri Haris, a 22-year-old Anies supporter who was carrying plastic cups and fans plastered with his image. K-pop inspired political rallies have become more common as the South Korean music genre sweeps the globe. K-pop fans rallied in Thailand's anti-government movement in 2020, while K-pop fans in the United States raised funds for the Black Lives Matter movement. Anies' campaign team did not respond to a request for comment but event organiser Muhammad Rasyid Al Kautsar said he believes the cultural phenomenon can help rally supporters.

Persons: Tommy Ardiansyah, Anies, Prabowo Subianto, Ganjar Pranowo, Hera Putri Haris, Muhammad Rasyid Al Kautsar, Stanley Widianto, Kanupriya Kapoor, Miral Organizations: Ulfiana, Defence, Central Java Locations: Ulfiana JAKARTA, Korean, Thailand's, United States

NEW DELHI (AP) — India’s finance minister unveiled on Thursday a short-term budget to meet government expenditures until national elections are held by May, saying it will boost spending on infrastructure projects, build homes for poor villagers and cut the fiscal deficit by reducing subsidies. The short-term budget is mostly free of big-spending new programs. The short-term budget must be approved by Parliament. The government allocated $145 billion for infrastructure projects in the short-term budget. The Modi government’s budget last year totaled $550 billion and focused on ramping up capital spending to spur economic growth.

Persons: Nirmala Sitharaman, Narendra Modi’s, giveaways, Modi, Sitharaman, Sibi Arasu Organizations: DELHI, —, Parliament, Monetary Fund Locations: India, United Kingdom, Bengaluru

NEW YORK (AP) — One of the world’s largest and most influential publishers, Simon & Schuster, celebrates its 100th anniversary this year. The list tells many stories, through the books selected, not selected, and the evolution of what has been highlighted. “A group of Simon & Schuster staffers took on the daunting challenge of selecting 100 titles from our history that are believed to best represent the breadth and depth of the company’s publishing program, across imprints,” the publisher announced Wednesday. “That book actually had an influence on the course of events.”Like many leading publishers, Simon & Schuster began as an independently owned company and vastly expanded after the 1960s. Along the way, Simon & Schuster acquired numerous other publishers, whose books are now part of the S&S catalog and its centennial list.

Persons: Simon & Schuster, Simon, Gregory Hartswick, Prosper Buranelli, Margaret Petherbridge, Richard Simon, Max Schuster, ”, Schuster, Jonathan Karp, Sloan, veteran’s, Karp, “, — Ralph Ellison, Maya Angelou, Richard Wright, Harper, James Baldwin, Alex Haley, Langston Hughes, Toni Morrison, ” Karp, Ntozake Shange’s, Jenny Han’s “, ” Carlos Eire’s “, ” Siddhartha Mukherjee's “, ” Jason Reynolds ’, Safiya, Wendy Sherwin, didn’t, John Irving, Bruce Springsteen’s, Doris Kearns Goodwin’s Pulitzer, Franklin, Eleanor Roosevelt, Abraham Lincoln, Barack Obama, Rivals ’, Barack Obama’s, Hillary Clinton, Scott Fitzgerald’s “, ” Ernest Hemingway’s “, Alan Paton’s “, Scribner, Judy Blume’s “, Margaret ”, Walter Isaacson’s “ Steve Jobs, Frederick Backman's, Ove, Dale Carnegie’s, Leon Shimkin, David McCullough's, Wright, Blume, Woodward Organizations: Simon &, New York, HarperCollins, Dial Press, Doubleday, Knopf, “, Rivals, KKR, Win, Carnegie Locations: ”, Snow, Havana

☆ This trait is a subtle sign someone is highly intelligent, says psychotherapist—some people are ‘naturally gifted’ with it
▼ + stars: | 2024-01-18 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

This skill is also known as active listening, and it requires more than just sitting in silence while someone speaks. "Active listening is when someone can listen to you at length, truly taking in what you're saying, and not interrupt," Maenpaa says. "Active listeners respond with questions because they are genuinely curious about what you're saying. Some people are "naturally gifted with [active listening skills] from an early age, and often receive feedback like, 'You're so easy to talk to!' or 'I feel like I'm the only person in the room when we talk,'" says Maenpaa.

Persons: Jenny Maenpaa, Maenpaa, Amanda O'Bryan Organizations: CNBC, University of Southern Locations: New York, University of Southern California

☆ Biden slams Trump as 'revealing twisted true colors' after Trump says he hopes economy crashes in 2024
▼ + stars: | 2024-01-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

The White House took aim at former President Donald Trump after the Republican presidential candidate front-runner said he hoped the economy would crash this year rather than during his theoretical second term. Economists have forecast economic slowing in 2024, but consensus has not gone so far as to cry recession. The White House used Trump's comment as an opportunity to tout Biden's economic wins and to draw contrasts with the previous administration. Trump has taken advantage of Biden's struggling economic narrative on the campaign trail, reminiscing on what he claims was a golden economy under his administration. Under Trump, the economy expanded for several years but the stock market ultimately came crashing down in 2020 at the advent of the pandemic while Trump was still in office.

Persons: Joe Biden, Donald Trump, Andrew Bates, Trump, Herbert Hoover, Hoover's, Biden, Bates Organizations: Flex LTD, White, Republican, Lindell, Dow Jones Industrial, Trump Locations: U.S, West Columbia, South Carolina

Flowers had a touchdown catch and ran for a game-sealing score late in the fourth quarter as the AFC-best Ravens beat the Los Angeles Chargers 20-10 on Sunday night. “I thought the fourth quarter was a statement. It wasn’t good enough on our part today.”Gerald Everett’s 3-yard touchdown reception with 8:32 remaining in the fourth quarter pulled Los Angeles within 13-10. INJURIESRavens: OT Ronnie Stanley left with a knee injury during the second quarter but returned during the second half. ... LB Patrick Queen was evaluated for a head injury during the fourth quarter but returned to the game.

Persons: — Lamar Jackson, Flowers, “ I’ve, ”, Jackson, ” Jackson, John Harbaugh, Brandon Staley, “, Justin Herbert, Keenan Allen, Herbert, ” Gerald Everett’s, Marcus Williams, Justin Tucker, Michael Vick, Cam Newton, Russell Wilson, Vick, Arthur Maulet, Allen, Austin Ekeler, Kellen, Moore, Kyle Van Noy, Cameron Dicker's, Jamaree Salyer, Geno Stone, Ronnie Stanley, LB Patrick Queen, Justin Madubuike, CB Marlon Humphrey, Quentin Johnston, ___ Organizations: Baltimore Ravens, AFC, Ravens, Los Angeles Chargers, Baltimore, Chargers, The Chargers, NFL, AFC West, outmuscled Ravens, Boise State, LB, CB, Los Angeles Rams, New England Locations: INGLEWOOD, Calif, Kansas City, Jacksonville, Miami, Carolina, Los Angeles, Angeles, Boise, Baltimore, UP, New

☆ How SVB is helping clients sell wine, diamond jewelry, and wearable tech this holiday season
▼ + stars: | 2023-11-24 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

But despite SVB Private's elite clientele, the holiday gift guide isn't intended to make headlines for boasting extravagant items like the Neiman Marcus luxury wish list. Instead, the list highlights SVB clients, which is organized by vendor rather than category and includes quotes from each founder. SVB Private's gift guide includes Flanagan Wines, owned by client Eric Flanagan, pictured with his wife, Kit. During the pandemic, Gregory's 400-plus winery clients were struggling with restaurants closed and wine tastings off-limits. Flanagan has sold wine through SVB's monthly specials and appreciated getting brand awareness with SVB's rich tech clients.

Persons: SVB, Marcus, Eric Flanagan, Flanagan, They're, Greg Gregory, SVB's, Gregory, Jes Wolfe, Rebel, Jeanette Epps, Aileen Lee, Milo, Peter Celinski, Celinski, They've, I'd, I've Organizations: Bank, SVB, Business, First Citizens Bank, Silicon Valley Bank, Valley Bank Locations: Tahoe, Silicon, That's, Milo

☆ British tax cut spells trouble in store for next government
▼ + stars: | 2023-11-22 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

UK Parliament/Jessica Taylor/Handout via REUTERS Acquire Licensing RightsLONDON, Nov 22 (Reuters) - British finance minister Jeremy Hunt's big tax cut surprise could help the ruling Conservatives recover some favour among voters, but it threatens to store up budget problems for whichever party wins power after the expected 2024 election. Combined with his decision to make permanent the incentives for business investment announced earlier this year, Hunt's package of tax cuts would be worth about 20 billion pounds ($25 billion)a year by the 2028/29 tax year. "The giveaways announced today are funded by handing whoever wins the next election implausibly large spending cuts," Torsten Bell, chief executive of the Resolution Foundation, said. Hunt is likely to remain under pressure from within his party to go further with more tax cuts in a final pre-election budget statement expected in March. "There's a material risk that those plans prove undeliverable and today's tax cuts will not prove to be sustainable," Johnson said.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Jeremy Hunt's, Hunt, Liz, Rishi Sunak, Labour Party's, Rachel Reeves, Torsten Bell, Investec, David Jones, Paul Johnson, Johnson, William Schomberg, Elizabeth Piper, Alexander Smith Organizations: REUTERS Acquire, Wednesday, Labour, Conservative, Bank of England, Institute for Fiscal Studies, Thomson Locations: London, Britain, British

Investors cautioned that tax breaks would not be sufficient to raise business investment while UK interest rates stayed high. But Wednesday, equity markets focused on Hunt's business boosts, such as a move to make full expensing on investment permanent. UK stock markets have underperformed their European and U.S. peers in 2023. The FTSE 100 index 12-month forward price-to-earnings ratio is around 10.7, about half that of U.S. stocks, with Hunt's budget unlikely to move the dial too far. Reuters GraphicsSTERLING SOGGYThe pound struggled to gain any traction on the back of Hunt's budget.

Persons: Dado Ruvic, Kwasi Kwarteng, Leigh Himsworth, Simon Harvey, Philip Shaw, Thomas McGarrity, Fuller, Smith, Turner, Oli Creasey, It's, BoE, GILTS, Craig Erlam, Goldman Sachs, Naomi Rovnick, Samuel Indyk, Lucy Raitano, Amanda Cooper, Harry Robertson, Angus MacSwan Organizations: REUTERS, Wednesday, Traders, Investors, Fidelity International, Reuters Graphics, Bank of England, BT, Investec, RBC Wealth Management, Reuters, BREWERS, Debt Management, Reuters Graphics STERLING, Thomson Locations: U.S, Cheviot, gilts, London

[1/5] Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street for the House of Commons to deliver his autumn statement, in London, Britain, November 22, 2023. "After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track," Hunt told parliament on Wednesday in his Autumn Statement fiscal update. Hunt pointed to OBR forecasts showing the government would meet its targets for the public finances, leaving open the possibility of further pre-election giveaways to voters in his full budget statement expected in early 2024. Sunak this week promised "responsible" tax cuts, mindful of last year's "mini-budget" turmoil in financial markets triggered by his predecessor Liz Truss's plans for much bigger tax cuts. This time last year, the newly installed Sunak and Hunt raised taxes sharply to quell the bond market mayhem.

Persons: Jeremy Hunt, Stefan Rousseau, Hunt, Rishi Sunak's, Paul Johnson, we've, giveaways, Johnson, BoE, Philip Shaw, Liz Truss's, Muvija M, Paul Sandle, Sarah Young, William James, Elizabeth Piper, Alistair Smout, Andrew MacAskill, James Davey, Suban Abdulla, Farouq Suleiman, Kate Holton, Sumanta Sen, William Schomberg, Catherine Evans Organizations: REUTERS Acquire, Labour, Labour Party, Institute for Fiscal Studies, Gross, Reuters Graphics, Bank of England, Graphics, Thomson Locations: London, Britain, British

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