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☆ Britain faces warnings of a tech exodus over tax plans ahead of high-stakes budget
▼ + stars: | 2024-10-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Last week, U.K. Prime Minister Keir Starmer told Bloomberg that such speculation was "wide of the mark." Several entrepreneurs and investors have warned that the U.K. could face an exodus of technology entrepreneurs as a result of the reported tax changes. Calling the government's plan on capital gains tax the "biggest" issue for entrepreneurs, Stebbings said: "I know fewer entrepreneurs will be here. Not everyone agrees that capital gains tax shouldn't be increased to raise public finances. The analysis found that capital gains tax was not a primary driver of investment decisions, with entrepreneurs more focused on issues like access to financing, market opportunities and broader economic conditions.

Persons: Rachel Reeves, Keir Starmer, Reeves, Giles Andrews, Rishi Khosla, Victor Riparbelli, I've, Adam French, Harry Stebbings, Stebbings Organizations: Britain's, Getty, LONDON, Guardian, Bloomberg, Times, CNBC, Treasury, The Entrepreneurs Network, for Public, Research Locations: British, BADR, Europe, Paris, Berlin, U.S

☆ Who Is Rachel Reeves, the Woman Taking the Helm of Britain’s Economy?
▼ + stars: | 2024-07-05 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

Rachel Reeves became Britain’s first female chancellor of the Exchequer on Friday, taking on one of the country’s four great offices of state, with responsibility for managing Britain’s budget. After a decade and a half of economic stagnation, Ms. Reeves, a Labour lawmaker with a reputation as a serious and steady manager, faces the tough jobs of boosting Britain’s productivity growth, a key measure of prosperity, and of reviving struggling public services. “I know the scale of the challenge that I’m likely to inherit,” Ms. Reeves told the BBC early Friday. “There’s not a huge amount of money there,” she said, adding that the party needed to unlock private investment. Ms. Reeves is expected to approach her new role with deliberation.

Persons: Rachel Reeves, Britain’s, Reeves, ” Ms, “ There’s, ”, ” Carys Roberts Organizations: Labour, BBC, Institute for Public Policy Research

☆ How Britain Changed Over 14 Years of Conservative Rule
▼ + stars: | 2024-07-03 | by ( Josh Holder | Ademola Bello | ) www.nytimes.com time to read: +14 min

How Britain Changed Over 14 Years of Conservative RuleSince Britain’s Conservative Party took power 14 years ago, most things have not gone the way it planned. The Economy Has StagnatedAverage productivity growth has declined since 2010…0.0% 0.5% 1.0% 2.0% 2010 2015 2017 2019 2024 Source: Office for National Statistics. 2010 2015 2017 2019 2024 Source: N.H.S. 50% 60% 70% 80% 2010 2015 2017 2019 2024 Source: N.H.S. 2010 2015 2017 2019 2024 Source: Trussell Trust … and thousands more people are sleeping on the streets than in 2010.

Persons: Conservatives ’, England …, Boris Johnson, —, Hong Kongers, Rishi Sunak Organizations: Conservative, Britain’s Conservative Party, Conservatives, Local, gov, Conservative Party, European Union, National Health Service, National Statistics, Institute for Public Policy Research, Public Services, Labour, Commons, Department, Loans Company, Higher Education Statistics, YouGov Locations: Britain, Thursday’s, Germany, United States, London, Ukraine, England, Rwanda, United Kingdom

☆ Top New York official asks Best Buy about its commitment to LGBTQ groups after conservative pressure
▼ + stars: | 2024-05-02 | by ( Matt Lavietes | Brooke Sopelsa | ) www.cnbc.com time to read: +8 min

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

☆ Best Buy offers to screen LGBTQ nonprofit donations after conservative pressure, filing shows
▼ + stars: | 2024-03-29 | by ( Matt Lavietes | Brooke Sopelsa | ) www.cnbc.com time to read: +9 min

"Best Buy has partnerships with and contributes to organizations and activists that promote the practice of gender transition surgeries on minors and evangelize gender theory to minors. Why are Best Buy shareholders funding the proliferation of an ideology seeking to mutilate the reproductive organs of children before they finish puberty?" "This contentious and vast disagreement between radical gender theory activists and the general public has nothing to do with Best Buy selling electronics." "Were Best Buy to agree to such a compromise with us, we will not make a splash about it." In an email on Friday, GLAAD, one of the LGBTQ nonprofits mentioned in the SEC filing, expressed its displeasure with Best Buy.

Persons: hasn't, Carly Charlson, NCPPR, —, Ethan Peck, Peck, Marina Rizzo, Rizzo, we're, Bud Light, Bud Light's, influencer Dylan Mulvaney, Sarah Kate Ellis Organizations: Securities and Exchange Commission, SEC, National Center for Public Policy Research, Best, HRC, NCPPR's Free Enterprise Institute, SAGE, GLAAD, Rights, PRIDE, NBC, Anheuser, Busch Inbev Locations: States

☆ Appeals court will rehear challenge to Nasdaq board diversity rule, putting mandate at risk
▼ + stars: | 2024-02-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A federal appeals court agreed to rehear a challenge by two conservative groups to Nasdaq's board diversity rule related to the disclosure of women and minority membership on boards of companies listed on the stock exchange. The 5th Circuit U.S. Court of Appeals, in its order Monday night setting a rehearing, also vacated a decision in October upholding the Nasdaq rule by a three-judge panel from the appeals court, which encompasses Texas, Louisiana, and Mississippi. The Nasdaq rule requires companies to disclose details about the diversity of their boards of directors, and to either have a minimum number of women and minorities on their boards or explain why they do not. "NASDAQ's rule promotes racial discrimination and polarizing personal disclosures and it is to be hoped that this rule is struck down," Blum said. The SEC and Nasdaq did not immediately respond to requests for comment on the rehearing order.

Persons: Edward Blum, " Blum, Margaret Little Organizations: Times, NASDAQ, 5th Circuit U.S, of Appeals, Nasdaq, Securities, Exchange, Alliance for Fair, National Center for Public Policy Research, Fifth Circuit, SEC Locations: New York City, Texas, Louisiana, Mississippi

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, down from $3.3 billion in the previous quarter. It brought in $13.8 billion for all of last year, a huge drop from the $27.7 billion it earned in 2022, when Russia's war in Ukraine sent oil and natural gas prices surging. Energy prices have since fallen as a weak global economy holds back demand for fossil fuels to power cars, planes, factories and more. Despite the drop in annual earnings, BP kept its dividend steady and said it would buy back $1.75 billion in shares as well as commit to $3.5 billion in additional share buybacks for first half of this year. It's a pressure that the energy industry is facing, with companies like BP and Shell pledging to reach net zero emissions by 2050.

Persons: Murray Auchincloss, ”, Auchincloss, Bernard Looney, Looney, Joseph Evans, ” Richard Hunter Organizations: —, BP, Shell, Exxon Mobil, Institute for Public Policy Research, “ Locations: Ukraine, London, Spain, Portugal

Now, frontier AI has become the latest buzzword as concerns grow that the emerging technology has capabilities that could endanger humanity. The debate comes to a head Wednesday, when British Prime Minister Rishi Sunak hosts a two-day summit focused on frontier AI. In a speech last week, Sunak said only governments — not AI companies — can keep people safe from the technology’s risks. Frontier AI is shorthand for the latest and most powerful systems that go right up to the edge of AI’s capabilities. That makes frontier AI systems “dangerous because they’re not perfectly knowledgeable,” Clune said.

Persons: —, Rishi Sunak, It’s, Kamala Harris, Ursula von der Leyen, Google’s, Alan Turing, Sunak, ”, Jeff Clune, Clune, Elon, Sam Altman, He’s, Joe Biden, Geoffrey Hinton, Yoshua, ” Clune, “, it's, Francine Bennett, Ada Lovelace, Deb Raji, ” Raji, it’s, shouldn’t, Raji, DeepMind, Anthropic, Dario Amodei, Jack Clark, ’, Carsten Jung, Jill Lawless Organizations: British, U.S, European, University of British, AI Safety, European Union, Clune, Ada, Ada Lovelace Institute, House, University of California, ” Tech, Microsoft, Institute for Public Policy Research, Regulators, Associated Press Locations: Bletchley, University of British Columbia, State, EU, Brussels, China, U.S, Beijing, London, Berkeley

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. The SEC acted within its authority in approving the rule, and was allowed to consider the opinions of investors who said board diversity information was important to their investment decisions, the court said. "This evidence is sufficient to support the SEC's determination that regardless of whether investors think that board diversity is good or bad for companies, disclosure of information about board diversity would inform how investors behave in the market," the panel wrote. They said the rule is not a quota but a disclosure requirement that provides standardized information on board diversity. Circuit Court of Appeals, No.

Persons: Edward Blum, Blum, Biden, Jody Godoy, Mark Porter, Jonathan Oatis Organizations: Nasdaq, REUTERS, Circuit, National Center for Public Policy Research, Alliance for Fair, SEC, Harvard University, University of North, U.S . Securities, Exchange Commission, Companies, Republican, Democratic, Fair, U.S, Thomson Locations: New York City, U.S, New Orleans, University of North Carolina, New York

“This proposal is a landmark moment for maintaining ongoing U.K. steel production, supporting sustainable economic growth, cutting emissions and creating green jobs,” said Treasury chief Jeremy Hunt. “With the support of the U.K. government and dedicated efforts of the employees of Tata Steel U.K. along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business," said Tata Steel’s chief executive and managing director, TV Narendran. Unions were furious about the potential job losses at Port Talbot, which at its height in the 1960s employed around 20,000 people, before cheaper offerings from around the world hit production. "The cost to local people and the wider Port Talbot community will be immense," said Gary Smith, general secretary of the GMB trade union. He noted that Germany has invested over $53 billion in decarbonising heavy industry and has committed to work with unions and protect jobs.

Persons: ”, Jeremy Hunt, Tata, Gary Smith, “, Luke Murphy Organizations: Tata, Britain’s Department for Business, Trade, “, Tata Steel, Tata Steel UK, Unions, Port Talbot, Institute for Public Policy Research Locations: Port Talbot, Wales, steelmaking, Britain, Germany

☆ Conservative activist sues major law firms for providing diversity fellowships
▼ + stars: | 2023-08-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The conservative activist behind the Supreme Court case that struck down affirmative action in college admissions this year is suing two international law firms for providing diversity fellowships. Corporate diversity programs have come under fire lately from conservative politicians and activists. The group has also sued Target for allegedly destroying shareholder value through its Pride-themed clothing, and it has sued Kellogg for diversity programs. Yet studies have shown that DEI programs and initiatives have demonstrated cultural and economic benefits. Affirmative action and diversity program advocates fear that conservative action against those programs could block career opportunities for people of color.

Persons: Perkins Coie, Morrison, Foerster, Perkins, ”, “, ” Morrison, White, Edward Blum, Blum, Trump, Stephen Miller, Kellogg, Ron DeSantis Organizations: DC CNN, American Alliance for Equal Rights, CNN, Apple, Google, Starbucks, Procter, Gamble, American Medical Association, Bureau of Labor Statistics, Census, Harvard College, University of North, Legal, National Center for Public, Research, Conservative, America, Legal Foundation, Amazon, Florida Gov Locations: Washington, Dallas, Miami, University of North Carolina, Spokane , Washington, Texas, Florida

REUTERS/Carlo Allegri/File PhotoCompanies Starbucks Corp FollowAug 11 (Reuters) - A U.S. judge on Friday dismissed a conservative activist investor's lawsuit against Starbucks' (SBUX.O) board, opposing the company's diversity, equity and inclusion policies and calling it frivolous. The nonprofit, which holds around $6,000 in Starbucks stock, said those policies require the company to make race-baced decisions that violate federal and state civil rights laws. The lawsuit is similar to those recently by conservative activist groups opposing corporate diversity and inclusion efforts in the wake of a June Supreme Court ruling. The ruling declared unlawful the race-conscious student admissions policies used by Harvard University and the University of North Carolina. On Friday, Daniel Morenoff of The American Civil Rights Project argued that Starbucks policies seeking to increase racial diversity among its suppliers, vendors, and employees were discriminatory and that NCPPR's cause was in the corporate interest.

Persons: Carlo Allegri, District Judge Stanley Bastian, Daniel Morenoff, Bastian, Craig, Jody Godoy, Tom Hals, Chris Reese, Marguerita Choy Organizations: Empire, REUTERS, Companies Starbucks, Starbucks, National Center for Public Policy Research, Blacks, Chief U.S, District, Harvard University, University of North, American Civil Rights, Target Corp, Thomson Locations: Manhattan, New York, U.S, Spokane , Washington, America, University of North Carolina, Florida, Wilmington , Delaware

☆ CNBC Daily Open: Rethinking the rally
▼ + stars: | 2023-06-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally haltedU.S. markets closed in the red Tuesday, halting a rally that drove stocks to their highest levels in more than a year. The UK 'doom loop'The U.K. economy is trapped in a growth "doom loop," according to the country's Institute for Public Policy Research. The International Monetary Fund expects the U.K. economy to grow 0.4% this year.

Persons: Germany's DAX, Eli Lilly, Thali, Narendra Modi, Joe Biden, Biden, Tim Cook, Alphabet's Sundar Pichai, Satya Nadella, Raj Subramaniam, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Dice Therapeutics, country's Institute for Public Policy Research, Monetary Fund, U.S, House Locations: New York City, San Francisco, India, China

☆ UK economy in growth 'doom loop' as business investment slumps versus G7 peers, think tank says
▼ + stars: | 2023-06-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Decades of underinvestment by government and business have left Britain's economy in a growth "doom loop," according to center-left think tank IPPR. Decades of underinvestment by the government and businesses have left Britain's economy in a growth "doom loop," according to the U.K.'s Institute for Public Policy Research. New research from center-left think tank estimates that the U.K. has contributed $500 billion ($638 billion) less to business investments than did other comparable wealthy countries. The IPPR said that U.K. underinvestment in infrastructure, research and development, skills and training had spanned several decades and successive governments, dating back to 2005. "The U.K. is in an investment and growth doom loop.

Persons: Luke Murphy, —, IPPR, George Dibb, pare Organizations: for Public Policy Research, OECD, IMD, CNBC, Conservative Party, International Monetary, Biden, Labour Party —, Tories Locations: Poland, Luxembourg, Greece, IPPR

☆ US companies face less pressure for climate and social reforms
▼ + stars: | 2023-06-09 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

REUTERS/Jeenah MoonJune 9 (Reuters) - Shareholder support for proxy resolutions on topics including climate change and workforce diversity dropped significantly this spring, analysts said, as tough proposals from activists met with growing political pressure on fund firms' voting. Support for resolutions on social issues fell to 20% this year so far, from 26% in 2022 and 33% in 2021, Georgeson said. He declined to discuss specific companies, but his description fit results like at major U.S. banks that defeated calls to wind down financing for major fossil fuel projects. "These dynamics have led to an overall decline in investor support for environment and social shareholder proposals," Colton said. Both have previously said they vote on a case-by-case basis and noted an increasing number of proposals affect support rates.

Persons: Russell, Georgeson, Kilian Moote, ESG, Sow, Andrew Behar, Ford, Behar, Benjamin Colton, Colton, Scott Shepard, Ross Kerber, Sabrina Valle, Lincoln Organizations: New, REUTERS, Ford, eBay, Exxon, Street Global Advisors, BlackRock, Vanguard, Center for Public Policy Research, IBM, National Center, Thomson Locations: New York City, Manhattan, Weehawken , New Jersey, U.S, China, Houston

"I'd love to work more hours," Sharples told Reuters at the home in northern England she shares with her children and web-developer husband. The Centre for Progressive Policy (CPP) think tank has estimated that around 1.5 million British mums would work more hours if childcare permitted. Business groups and researchers argue that acting on childcare in his March 15 budget would do more to unlock greater economic growth. The government says it has spent more than 20 billion pounds in the last five years helping with the cost of childcare. "Childcare unlocks not just the potential of children, but also the potential of parents," Labour leader Keir Starmer said last month.

☆ Biden billionaire tax policy is not desirable for U.S. economy, says Alex Brill
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden billionaire tax policy is not desirable for U.S. economy, says Alex BrillStephanie Kelton, Stony Brook University professor of economics & policy, and Alex Brill, a senior fellow at the American Enterprise Institute for Public Policy Research, join 'Squawk Box' to discuss how it's possible to create a wealth tax, how to avoid double taxation and more.

☆ Britain’s NHS was once idolized. Now its worst-ever crisis is fueling a boom in private health care
▼ + stars: | 2023-02-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

Private hospital groups flourishTo keep up with growing demand for their services, private health care providers are expanding at a rapid clip. CEO Justin Ash estimates that the market for private health care in the United Kingdom has doubled since before the pandemic to 15 million people. Ash said that appetite for private health care spans a much broader set of ages and incomes than in the past. “We’ve clearly moved into a world in which we’re all NHS patients but have episodes of private care,” he said. There is no universal health care in America and most people have private health insurance because health care is very expensive.

☆ Analysis: Despite tax U-turn, UK's Hunt still faces tough budget choices
▼ + stars: | 2022-10-17 | by ( William Schomberg | ) www.reuters.com time to read: +5 min

LONDON, Oct 17 (Reuters) - The screeching about-turn on tax cuts by finance minister Jeremy Hunt on Monday will not spare Britain from painful spending cuts and new tax hikes to fix the country's public finances. Paul Johnson, director of the Institute for Fiscal Studies, a think-tank, said Monday's tax cuts U-turn was relatively simple compared with the balance Hunt must strike between more tax increases and spending cuts over the next two weeks. Hunt said the tax U-turns announced so far would raise about 32 billion pounds a year in extra revenues. That was 40 billion pounds above the level needed to cut debt as a share of the economy which currently is about 97%. "With tens of billions of spending cuts still to come, and a new energy support package needing to be devised, many of Jeremy Hunt's tough choices still lie ahead," Torsten Bell, chief executive of the Resolution Foundation, said.

☆ U.K.'s new finance chief warns of 'difficult decisions ahead' amid political and market turmoil
▼ + stars: | 2022-10-15 | by ( Leila Sackur | ) www.nbcnews.com time to read: +5 min

LONDON — The U.K.'s new finance minister warned of “difficult decisions ahead” on Saturday, the morning after he had replaced his predecessor who was only 38 days into the job. Warning of “difficult decisions ahead” Hunt told British broadcaster Sky News: “Some taxes will not be cut as quickly as people would want, some taxes will go up.” (Sky News is owned by Comcast, the parent company of NBC News.) Kwarteng became the second shortest-serving chancellor of the exchequer, as the British finance minister is known. Britain's Prime Minister Liz Truss at a news conference on Friday. Truss is Britain’s third prime minister in six years.

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