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London CNN —Local governments across England, Scotland and Wales face a £4.3 billion ($5.6 billion) hole in their finances in the coming year, according to a new report. Many of Britain’s local governments have faced chronic funding shortfalls over the past decade, partly as a result of deep cuts to funds from the central government in the 2010s. “Councils are teetering on the brink of financial disaster,” Unison general secretary Christina McAnea said in a statement. The number of public toilets dropped by 1,629 over the same period, and the number of council-run libraries fell by 1,376, according to Unison. Giving examples of further cuts to come, Unison said Shropshire Council in the West Midlands region of England plans to slashup to 540 jobs.
Persons: Keir Starmer, “ We’re, , , Christina McAnea, David Phillips Organizations: London CNN — Local, Wales, United, Labour, Unison, Institute for Fiscal Studies, Britain …, Shropshire Council, Derbyshire County Council, Council Locations: England, Scotland, Birmingham, London, Britain, Shropshire, West Midlands, slashup, Derbyshire, East Midlands, Hampshire
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSocial Security is a key issue for voters, survey finds: Here’s how to maximize benefitsSocial Security is a key economic issue that is top of mind for U.S. voters. New surveys show while most Americans are worried about the future funding of the government program, many still plan to rely on those benefits as a major source of income in retirement. CNBC's senior personal finance correspondent Sharon Epperson joins 'Squawk Box' with more.
Persons: CNBC's, Sharon Epperson Organizations: Social, Security, U.S
Workers who pay into Social Security while they're working should expect benefits from the program when they retire. Yet 72% of adults worry Social Security will run out of funding in their lifetimes, a new survey from Nationwide Retirement Institute finds. Meanwhile, 23% do not expect to receive even a dime of the Social Security benefits they've earned. However, fears that Social Security benefits may dry up completely are overblown, experts say. Nevertheless, Americans shouldn't worry Social Security will disappear.
Persons: they've, Millennials, Xers, Harris, Vance, David Blanchett, We're, Blanchett, Joe Elsasser, CNBC.com, Elsasser Organizations: Workers, Social Security, Nationwide Retirement Institute, Finance, GOP, Social, Security, DC Solutions
"I always tried to put a little bit aside, like change and dollar bills and whatnot. That's a problem that's going to stick around, as female "peak boomers" — Americans turning 65 between 2024 and 2030 — have, on median, $185,086 in retirement assets. Men in that group, comparatively, have $268,745, according to the Alliance for Lifetime Income and the Retirement Income Institute. "It looks like something that I could afford to live a little bit more, a little bit better; my income would stretch a little bit more," she said. However, after connecting with a friend who's made the move and found community, Dee is ready to move forward once again.
Persons: , she's, I've, Dee —, Dee, would've, That's, She's, who's, it's, I'm Organizations: Service, Business, Social Security, Alliance for Lifetime, Income, Central America Locations: Georgia, chemo
Read previewJarvis, a London-based fintech startup in the pensions space, has raised $2.3 million in funding. Founded in 2022, Jarvis allows employees to visualize, manage, and invest in both personal and workplace pensions in different "jars." This story is available exclusively to Business Insider subscribers. "I've built my own life on the concept of freedom and I wanted to do the same for pensions with Jarvis," Royden Greaves, CEO at Jarvis, told Business Insider. Jarvis lets users with existing workplace pensions transfer their holdings to the platform, offering pre-made or custom investment options for auto-enrolled employees or self-invested personal pensions (SIPPs) in the UK.
Persons: , Jarvis, Royden Greaves, Greaves Organizations: Service, Business, Ascension VC, Cornerstone VC, Tokio Marine Future Locations: London
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. FedEx : Shares surged 14% after the delivery giant reported better-than-expected fiscal fourth-quarter results. It's a cost-cut story," Jim Cramer said. Rivian : Shares surged 28% after the electric vehicle startup secured up to $5 billion in investments from Volkswagen. Chipotle : Shares are lower by roughly 1.5% after the fast-casual chain's 50-for-1 stock split went into effect.
Persons: Jim Cramer's, Jim Cramer, We've, Cramer Organizations: CNBC, Club, FedEx, Elliott Management, Volkswagen Locations: The Texas
The world’s biggest car market after China and the United States is the company’s third-biggest revenue generator globally. Hyundai India also said it wants to ship more cars, “strengthening” its position as an export hub. The South Korean parent will sell up to 142 million of the total 812 million shares, or 17.5%, in the IPO. With the IPO, Hyundai aims to unlock value for the Indian business and also help the Korean automaker shed its valuation discount compared to global and Asian peers. Hyundai is being advised on the IPO by investment banks Citi, JP Morgan, HSBC, Morgan Stanley and India’s Kotak.
Persons: Maruti Suzuki, Narendra Modi, JP Morgan, Morgan Stanley, India’s Organizations: Hyundai, Maruti, Tata Motors, Securities and Exchange Board of India, EV, South, Benchmark, Citi, HSBC Locations: India, Mumbai, Korean, China, United States, Hyundai India
We are at a critical time in Russia’s brutal and illegal invasion of Ukraine. Russia’s continued assault on the country requires that we take bold and decisive action. It is time for the United States and our allies to unlock the value of immobilized Russian assets so that Ukraine can get the financial support it urgently needs. The United States and our global coalition including the Group of 7, Europe and countries around the globe are engaged in a battle of wills with Vladimir Putin. We have equipped Ukraine with weapons, equipment and financial support.
Persons: Russia’s, Vladimir Putin, Putin Organizations: Russian Locations: Ukraine, United States, Europe, Russia, Ukrainian
Read previewBarry Sternlicht became a real estate billionaire by snapping up commercial properties on the cheap during market downturns. The 63-year-old Miami-based executive, who built his firm Starwood Capital into a more than $100 billion real estate investment behemoth, has now found himself on the flipside of that formula. The situation is a reversal of fortune for Sternlicht, who is more used to capitalizing on real estate dips than becoming entangled in them. But investor sentiment darkened as interest rates rose and put pressure on real estate asset values. "They're concerned that there may be more markdowns in net asset value if interest rates stay higher for longer.
Persons: , Barry Sternlicht, SREIT, Sternlicht, Matt Malone, REITs, Malone, Kevin Gannon, Gannon, Jon Mechanic, Fried Frank, Mechanic, Barry Organizations: Service, Starwood Capital, Starwood, Income Trust, Business, Federal Reserve, Shareholders, Westin, Caesars, Opto Investments Locations: Miami, Vegas, SREIT
The New York state comptroller sent a letter to Best Buy last week questioning whether the company changed its commitment to inclusivity and supporting LGBTQ groups. The comptroller's office manages the state's $207 billion public pension fund, which has invested in Best Buy. He also denied that the NCPPR pressured Best Buy to stop supporting LGBTQ groups in general. "This contentious and vast disagreement between radical gender theory activists and the general public has nothing to do with Best Buy selling electronics." Peck did not ask Best Buy to stop its donations to the HRC, saying in the email, "We understand that it's unrealistic for Best Buy to leave HRC in the near future because of their political clout."
Persons: Thomas DiNapoli, Corie, Barry, J, Patrick Doyle, DiNapoli, Scott Shepard, Shepard, Trevor, Carly Charlson, Charlson, Eric Bloem, Bloem, Ethan Peck, Peck, Marina Rizzo, hadn't, Rizzo Organizations: NBC News, Securities, Exchange Commission, National Center for Public Policy Research, Best, NBC, NCPPR's Free Enterprise, SAGE, GLAAD, Human Rights, SEC, NCPPR's Free Enterprise Institute, HRC, PRIDE Locations: York, States
Within weeks, the two-year-old US Affordable Connectivity Program (ACP) is set to run out of funds, and Congress appears unlikely to authorize more. Even as many older and rural Americans may be thrust into financial hardship due to the ACP’s collapse, indigenous communities could fare even worse. Because tribal members can now work remotely, they are no longer forced to move away from their communities to seek opportunity, they told CNN. For example, Mitchell said, after decades of decline in Mohawk fluency, a growing number of tribal members are now involved in online language immersion. (AP Photo/Seth Wenig) Seth Wenig/AP/FileInstead, some say, the collapse of the ACP will become another stain on the US government’s centuries-long track record of breaking promises to tribal communities.
Persons: Kelly, , , “ That’s, ” Kelly, Mike Johnson, Pennsylvania Democratic Sen, John Fetterman, Fetterman’s, Jonathan Nez, “ I’ve, Loren King, Geoffrey Starks, ” Starks, Allyson Mitchell, Mitchell, Nez, ” Nez, Derrick VanSoolen’s, Choctaw, ” VanSoolen, they’re, Bois, Randy Long, Gary Johnson, Paul, Seth Wenig, I’ll Organizations: Washington CNN, Mohawk, CNN, Connectivity Program, FCC, Pennsylvania Democratic, Federal Communications Commission, Treasury, US Federal Communications Commission, Mohawk Networks, Navajo, ACP, Emergency, Program, Choctaw Nation, Bois Forte, Paul Bunyan Communications Locations: St, Lawrence, New York, Canadian, Mohawk, America, Navajo, Oklahoma, Oklahoma , Arizona, New Mexico, Alaska, South Dakota, Arizona, Minnesota, Regis
To Danny Yong, the Middle East is still Asia. In particular, multi-strategy hedge funds, the industry subset that large allocators are desperate for thanks to their uncorrelated and consistent returns, are growing in markets like Hong Kong and Singapore. Houston-based Pan Capital is planning to hire macro PMs in Hong Kong this year. These people-heavy firms need plenty of talent to make it all work, and the relatively small size of the Singapore market, coupled with political uncertainty in Hong Kong, puts a strain on the entire system. "Managers follow allocator trends, and the Middle East has been actively allocating while other regions have slowed their deployment.
Persons: Danny Yong, firm's, Yong, there's, Kurt Baker, Jonathan Xiong, Bobby Jain, Amir Ravan, Arun Singhal, Alan Howard, Simon Sadler, Dymon, Samantha Rosenstock, Craig Thorburn, It's, Joe Cheung, , Cheung Organizations: Business, Dymon, UAE, Millennium, Bloomberg, Pan, Segantii Capital Management, Blackpool Football Club, Man, Hong Kong Monetary Authority, Citadel Locations: Asia, Japan, Hong Kong, Singapore, Dubai, Dymon Asia, Houston, Point72, Tokyo, Sidney, Abu Dhabi, United Kingdom, London, Miami, New York, China
But with his latest startup, Cherish Health, he's taking a different approach. To date, Cherish Health, which makes a radar-based device to detect falls in the home, has raised $26 million from these alternative sources. Cherish Health is now gearing up to raise its Series B round, targeting $30 million at a $200 million valuation. In late 2022, Cherish Health landed $5 million in Series A funding led by Alarm.com at a $45 million valuation. If Cherish Health had gone the way of traditional venture capital, Nagpal said, "we would've given up most of our value by now."
Persons: Sumit Nagpal, Nagpal, he's, we've, JP Morgan, Health's, Health, Alarm.com, consortiums, aren't Organizations: pharma, Abbott, Business, Accenture, Health, Apple, Comcast, Amazon, Cherish Health Locations: Alere, Haven, Amazon , Berkshire, Alarm.com, VCs
The hedge fund founder is hosting a splashy fundraising dinner for Trump April 6 at his house in Palm Beach, Florida. But Paulson is not the only GOP kingmaker who is privately gearing up to help Trump. "It's the old cast coming back together to take it across the finish line," said an advisor to one of Trump's bundlers. Many of these "old cast" members are business leaders who have been close to Trump for years. As for the money going to pay Trump's legal bills, at least some of the people attending the Paulson event don't seem to care.
Persons: Donald Trump, John Paulson, Mike Segar, Trump, Paulson, Republican megadonor Rebekah Mercer, Robert Mercer, Rebekah, Oliver Contreras, Rebekah Mercer, Todd Ricketts, Wilbur Ross, Small Business Administration Linda McMahon, Woody Johnson, Meredith O'Rourke, Susan Necheles, Brendan Mcdermid Organizations: Economic, of New, Reuters Veteran, CNBC, Trump, GOP, Republican, New York, The Heartland Institute, Washington Post, Chicago Cubs, Trump Commerce, Small Business Administration, Trump's, New York Jets, NBC News, Save America PAC, Republican National Committee, America, Former U.S, Reuters Trump Locations: of New York, Manhattan , New York, U.S, Palm Beach , Florida, Palm Beach, Trump, Washington ,, Trump's U.S, United Kingdom, Former, New York City
The World Bank’s internal watchdog on Thursday criticized the organization’s handling and oversight of its investment in a chain of Kenyan schools that were subject to an internal investigation after allegations that students were abused. The investigation, which started in 2020, has consumed World Bank officials and shareholders in recent months and led to scrutiny of its investment arm, the International Finance Corporation, which invested in the educational project a decade ago. While the scandal predates the tenure of Ajay Banga, the World Bank’s new president, it has emerged as one of the first tests of his management. Mr. Banga will be responsible for directing any changes related to how the bank invests in private-sector projects. was interfering in the investigation, and U.S. lawmakers have told him that the bank’s future funding could hinge on his handling of the matter.
Persons: Ajay Banga, Banga Organizations: Bank, International Finance Corporation
Read previewThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Apple's "Project Titan" car was also supposed to be an autonomous, expensive technology that most car companies have already put on the back burner. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.
Persons: , Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Service, EV, Apple, Bloomberg, Business, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America
Apple appears to be tapping out as car companies scramble to adjust EV plans. AdvertisementThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.
Persons: , Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Apple, Service, EV, Bloomberg, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America
Michelle Lujan Grisham has advocated for a more robust spending package, a 10% annual spending increase that would shore up housing opportunities, childhood literacy and health care access. Senate budget amendments apply $75 million in state matching funds to the effort. Under another $1.5 million budget provision, New Mexico would for the first time help compensate landowners and agricultural producers when wolves are confirmed to have killed livestock or working animals. The fund underwrites an array of conservation programs at state natural resources agencies, from soil enhancement programs in agriculture to conservation of threatened and big-game species. The Legislature's budget bill would place $512 million in the trust.
Persons: Michelle Lujan Grisham, Sen, George Muñoz, ” Muñoz, Biden, , Nathan Small Organizations: SANTA FE, Texas, New, New Mexico Gov, Democratic, Gallup, Locations: SANTA, New Mexico, Las Cruces
Ukraine: EU agrees $50bn funding deal
  + stars: | 2024-02-01 | by ( Luke Mcgee | ) edition.cnn.com   time to read: +4 min
#Unity All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget,” the EU Council’s President Charles Michel wrote on X, formerly known as Twitter. “Grateful to @CharlesMichel and EU leaders for establishing the €50 billion Ukraine Facility for 2024-2027,” he tweeted. Orban had held up the deal on the grounds he did not want the funds to come from the EU budget, meaning funds would be taken from EU member states and sent to Ukraine. Critics of Orban were quick to accuse him of blocking the deal because the EU is currently withholding funds for Ukraine due to it breaching rule of law requirements. The diplomat said the deal as outlined by Michel does not unlock EU funds for Hungary, though the summit will continue throughout Thursday.
Persons: Viktor Orban, Charles Michel, , Volodymyr Zelensky, didn’t, Orban, Critics, Michel, Vladimir Putin, , Josep Borrell, ” Borrell Organizations: CNN, European Union, Hungary’s, Kyiv, EU, “ EU, Ukraine, Reuters Locations: Ukraine, Russian, United States, Washington, , Russia, European, Hungary, Brussels, Europe
Ukraine: Europe is braced for a showdown on funding
  + stars: | 2024-01-31 | by ( Luke Mcgee | ) edition.cnn.com   time to read: +7 min
Hungarian Prime Minister Viktor Orban says he doesn’t oppose European funding for Ukraine, but is insisting that the money should not come out of the EU’s budget. It is widely suspected that Orban is using his veto on the funds for Ukraine to force Brussels into unlocking the money for Hungary. Beyond Europe, there are also major concerns about what a second Donald Trump presidency would mean for Ukraine and European security as a whole. As the Ukraine crisis approaches the two-year mark it is becoming increasingly difficult for Europe to manage. On the other, the consequences of Ukraine losing the war could be unconscionable for the rest of Europe.
Persons: Viktor Orban, Orban, Critics, Balázs, , Jens Stoltenberg, Francois Mori, Vladimir Putin, Donald Trump, Trump, Putin Organizations: CNN —, European Union, Kyiv, EU, CNN, Financial Times, Ukraine, , NATO, Getty, Hungarian, European Council, Foreign Affairs Locations: Brussels, Ukraine, Hungary, Russian, United States, Washington, Hungarian, “ Brussels, there’s, Budapest, Kyiv, AFP, Russia, Israel, EU, Europe
By Lewis JacksonSYDNEY (Reuters) - Australia's centre-left Labor government on Monday said it would appoint a former climate change minister to chair the A$212 billion ($139 billion) sovereign wealth fund, the second successive ex-minister to hold the position. Until then, Combet will continue as chair of the Net Zero Economy Agency, which oversees Australia's net zero transition plans, Chalmers said. Future Fund board member Mary Reemst has been appointed acting chair until he begins the role. Started in 2006 by then Treasurer Peter Costello with proceeds from the privatisation of state telco Telstra, the Future Fund today rivals the country's largest pension funds in size. In one of his final speeches last November, he urged government to resist using the fund to support political projects.
Persons: Lewis Jackson SYDNEY, Greg Combet, Jim Chalmers, Combet, Chalmers, Mary Reemst, Mr Combet, Peter Costello, telco, Costello, Lewis Jackson, Stephen Coates Organizations: Labor, IFM, Future Fund, Economy Agency, telco Telstra, Fund, Liberal Party
Read previewUkrainian President Volodymyr Zelenskyy this week name-checked the surface-to-air missile system that has given Ukraine a fighting edge against Russia's purportedly invincible weapons systems in recent months. AdvertisementBut the Ukrainian president specifically heralded the American-provided Patriots as the "most powerful" weapons system "in the world today." He added that the Ukrainian battlefield has proven to be the true test for the Patriot systems in action. A military analyst told Newsweek last year that the Ukrainians have used the Patriot missile systems in ways that have even surprised the Pentagon. Zelenskyy had long been requesting the US to send the missile systems.
Persons: , Volodymyr Zelenskyy, Russia's, Zelenskyy, Kinzhals, Vladimir Putin, Zelenskky, Nicholas Carlson Organizations: Service, Business, Economic, Russian Federation, Patriots, Western Patriots, Russia's, Newsweek, Patriot, Pentagon, The New York Times, Ukraine, NATO Locations: Ukraine, Davos, Russian, Russia, Congress, Germany, Netherlands, Romania, Spain
Zelenskyy addressed skeptical American voters in response to a question posed by Business Insider. "Peace in Ukraine means peace in Europe which means peace in the world," he said. AdvertisementUkrainian President Volodymyr Zelenskyy has a clear message for American voters ahead of the 2024 election: Don't give up on Ukraine. "Peace in Ukraine means peace in Europe which means peace in the world." Trump has long been a skeptic of continued US funding to Ukraine and has championed "America First" isolationist policies instead.
Persons: Volodymyr Zelenskyy, Zelenskyy, , Biden, Israel —, Zelenskyy's, Donald Trump, Trump, Putin Organizations: Business, Service, American, Economic, Ukraine, GOP, Kiel Institute, Republicans, Republican, NATO Locations: Davos, Ukraine, Europe, Russia, Israel, USA, Trump
But others have targeted decades-old diversity programs that anti-affirmative action advocates have long tried to dismantle. said Danner-Okotie, who received $10,000 from a separate Fearless Fund grant. The Fearless Fund, Danner-Okotie said, grasped her mission of designing clothes for American women looking to celebrate their African heritage. The outcome of the case could be a bellwether for similar diversity programs. But some have made changes to diversity programs to try to protect them from legal scrutiny.
Persons: Sophia Danner, Okotie's, Fearless, Claudine Gay, Harvard Universitys, Erin Clark, Christopher Rufo, Harvard's, Rufo, George Floyd's, Danner, Okotie, Edward Blum, Morrison Foerster, Perkins Coie, Reagan, Dan Lennington, Lennington Organizations: Harvard, Harvard University, Boston Globe, Twitter, Black, Latina, American Alliance for Equal Rights, Disney, Pfizer, Comcast, Wisconsin Institute for Law & Liberty, Wisconsin Institute, U.S . Department, Business Enterprise Locations: America, Atlanta, India, Nigeria
People lined up outside some Tesla showrooms over the weekend to see the Cybertruck. Dozens of Tesla fans lined up outside some of the company's showrooms over the holiday weekend trying to catch a glimpse of the new Cybertruck. "My wife and I just got to the @Tesla Showroom in Tampa and there is a line wrapping around! AdvertisementUpdate: My wife and I just got to the @Tesla Showroom in Tampa and there is a line wrapping around! Advertisement" $TSLA halo effect," Future Fund founder Gary Black wrote on X in response to a video of the lines at a Tesla showroom.
Persons: , Tesla, Electrek, @NickGibbsIAG, Ps0hefMzuH, Matthew Donegan, Ryan, Donegan, " Donegan, bk31FmiYHJ — Matthew Donegan, @MatthewDR, Christian Artman, Artman, Toby Li, there’s, Javier Verdura, It's, Elon Musk, Gary Black Organizations: Service, Apple, Twitter, Electrek Locations: Tampa, Washington, Miami, Langley , British Columbia
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