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☆ One of the data field's most prominent technologists is stepping aside as CEO of his startup, which many thought could unseat industry leader Astronomer
▼ + stars: | 2022-11-18 | by ( Matthew Lynley | ) www.businessinsider.com time to read: +6 min

Nick Schrock, creator of orchestration tool Dagster and CEO of Elementl, is moving into a new role. Elementl runs the Dagster tool, an emerging product that competes with Airflow and Prefect. A hot open source project many thought was primed to unseat a data juggernaut is now shifting its leadership as it reckons with increased competition in the race to own a critical piece of data infrastructure. And while there likely remains room for an independent orchestration tool, insiders say it's unclear whether one will be able to substantially challenge Airflow. And there's consistent buzz among insiders over whether Dbt Labs will launch its own proper orchestration product.

☆ Britain’s Big Swing Back to Austerity Isn’t Market-Friendly
▼ + stars: | 2022-11-17 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

British Chancellor of the Exchequer Jeremy Hunt departs Downing Street with his Autumn Statement for parliament in London on Thursday. TOLGA AKMEN/EPA/SHUTTERSTOCKInvestors hated how former British Prime Minister Liz Truss rushed out a half-baked fiscal-stimulus plan in September, triggering a violent selloff in sovereign bonds. But belt tightening as the economy heads into a recession, based on the premise of dubious debt forecasts, isn’t quite what they ordered either. Financial markets were eagerly awaiting Thursday’s end-of-year update by the U.K.’s new Treasury chief, Jeremy Hunt . Much recent analysis of Britain’s economy has focused on a “black hole” in the government coffers, which Mr. Hunt gauged at around £55 billion ($66 billion).

☆ ‘Difficult decisions’: Britain announces higher taxes and spending cuts
▼ + stars: | 2022-11-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

London CNN Business —The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Britain’s painful planThe United Kingdom is in a recession that will last just over a year, the country’s budget watchdog said in a new forecast released Thursday. The United Kingdom is also increasing its windfall tax on oil and gas companies, while slapping a new levy on electricity generators. “We do have to take difficult decisions on public finances, so we’re going to grow public spending, but we are going to grow it more slowly than the growth in the economy,” Hunt said. The Bank of England has said the United Kingdom could be in a recession for two years.

☆ UK's Hunt says average household energy bill to rise, keeps cap
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

Providing details on what will happen to annual energy bills from next April, he said they would rise by about 500 pounds. "From April, we will continue the Energy Price Guarantee for a further 12 months at a higher level of 3,000 pounds per year for the average household," Hunt told parliament on Thursday. Without the price guarantee, household gas and electricity bills were expected to rise to 3,739 pounds a year from next April based on average energy use, according to analysts at Cornwall Insight. The "Energy Price Guarantee" will be kept under review and the government could revisit the scheme's parameters if the forecast cost rises significantly, it added. After April 2024, the government plans to develop a new approach to protecting consumers from energy price rises, it said.

☆ Factbox: Tax hikes and spending cuts: what is the new UK budget plan?
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 17 (Reuters) - British finance minister Jeremy Hunt announced a series of tax hikes and a more austere approach to public spending in a tough budget plan on Thursday. Here are some of the changes:TAX ON PEOPLEThe highest earning Britons will now pay the top 45% rate of tax on income above 125,140 pounds, rather than 150,000 pounds previously. The government will freeze until April 2028 the threshold on the amount people can earn tax free as well as the level at which the higher rate of income tax kicks in, meaning that with inflation running high, people face paying more income tax. TAX ON BUSINESSBritain's tax on energy company profits will increase to 35% from 25% from January next year until March 2028. Hunt also announced a new, temporary 45% tax on electricity generators, designed to target profits made by low-carbon generators.

☆ Fiscal “black hole” obsession adds to UK problems
▼ + stars: | 2022-11-16 | by ( Pierre Briancon | ) www.reuters.com time to read: +3 min

His government is preparing to fill what media reports now describe as a “black hole” in the country’s public finances, by raising around 50 billion pounds within five years. And while new Chancellor of the Exchequer Jeremy Hunt has reversed many of Truss’ tax cuts, he’s kept measures worth some 17 billion pounds a year. The impact of his plan, based on the UK Office for Budget Responsibility’s growth forecast, will depend on its size, timing and structure. The bigger the adjustment to the public finances, which media reports reckon could be anywhere between 30 and 60 billion pounds, the larger its impact on growth. Talk of a “black hole” obscures the fact that Sunak and Hunt have multiple options.

☆ British government to usher in new era of austerity in effort to restore market confidence
▼ + stars: | 2022-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

We're going to see spending cuts," Hunt told the BBC on Sunday, while also promising the government would deliver a new and more focused plan to help with household energy bills beyond April. First, an increase in council tax with local authorities allowed to raise the level of council tax above 3% without a referendum," Raja said. "And second, an increase in both the duration and scale of the windfall tax on oil and gas 'excess profits'." Spending cuts, again executed via "stealth," could take the form of "nominal cash freezes to departmental budgets," Raja said, with spending budgets topped up minimally going forward. "If he wants to reassure the markets, he will have to announce early action in the form of a big fiscal tightening.

☆ Democratic strategist apologizes for saying Lauren Boebert's House loss would be 'a gain for OnlyFans'
▼ + stars: | 2022-11-10 | by ( Kayla Gallagher | ) www.businessinsider.com time to read: +3 min

Democratic strategist Kurt Bardella said Boebert could make money on OnlyFans if she loses her House race. "What's the meaning if Lauren Boebert, the second most popular QAnon person in MAGA, what if she loses and what job will she have because I don't think Shooters exist anymore?" MSNBC host Joy-Ann Reid asked Bardella, referring to Boebert's Rifle, CO restaurant, which closed in July. Boebert, who is currently in a tight House race, took her response to Twitter: "Liberals even suck at feminism. Alexandra M. Hunt, a former Democratic House candidate in Philadelphia who's been open about working as a stripper in college, came to Boebert's defense and called Bardella out on Twitter.

☆ Sterling dips but heads for biggest monthly gain since mid-2020
▼ + stars: | 2022-10-31 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

LONDON, Oct 31(Reuters) - Sterling fell on Monday, but was still headed for its largest monthly gain in over a year after the turbulence in British politics over the last few weeks finally appeared to subside. The Bank of England is likely to raise interest rates by another 75 basis points when it meets later this week. Hunt has ditched almost all the proposals in Truss's plan, returning a semblance of stability to UK markets and toning down a lot of the hawkishness around rate expectations. UK interest rates are currently expected to peak at around 4.87% in September next year, up from 2.25% right now. In the aftermath of Truss's so-called mini-budget, UK money markets showed traders expected rates to peak above 6% next September.

Sunak, Britain’s third prime minister in seven weeks, took office on Tuesday with a pledge to fix the “mistakes” Truss made. Truss’ “mini” budget of September 23 crashed the pound and caused a rout in the bond market, sending UK borrowing costs — including mortgage rates — soaring. One area Sunak may be tempted to tap is the social welfare budget. That could save £7 billion ($8 billion) in 2023-24, according to the IFS, but would prove controversial. According to Hunt, the budget, when it comes, will set out how the government plans to reduce debt in the medium term.

☆ UK economy: Rishi Sunak only has unpleasant choices as prime minister
▼ + stars: | 2022-10-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

There’s little appetite for government spending cuts after years of austerity in the wake of the 2008 global financial crisis. Plus, failing to help households deal with surging living costs could prove politically devastating and further weigh on the economy. Finance minister Jeremy Hunt got the ball rolling last week when he reversed £32 billion ($37 billion) in tax cuts that formed the bedrock of Truss’ plan to boost growth. Risk of a ‘doom loop’Investors and economists expect that the government will announce a mixture of tax increases and spending cuts shortly. No one wants to repeat the errors of the brief Truss era, when her gamble that unfunded tax cuts would jumpstart growth backfired spectacularly.

☆ Jim Cramer breaks down J.B Hunt's third quarter performance
▼ + stars: | 2022-10-20 | 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 EmailJim Cramer breaks down J.B Hunt's third quarter performanceCramer on Thursday gave his thoughts on J.B. Hunt's most recent quarter.

☆ Factbox: Windfall taxes, spending cuts on table as Hunt tries to fix UK budget
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +4 min

LONDON, Oct 19 (Reuters) - Britain's latest finance minister Jeremy Hunt needs to raise an estimated 40 billion pounds ($45 billion) to repair public finances. British banks hold around 947 billion pounds of reserves at the BoE, largely as a result of quantitative easing that the central bank is yet to reverse. Cost estimates for completing HS2 soared to 100 billion pounds before the Leeds link was removed. The change represented a saving of 3.5 billion pounds in its first year in 2021. Asked on Oct. 19 about the foreign aid budget, Truss said more details would be set out in due course.

☆ Factbox: Who are the candidates to replace UK PM Truss?
▼ + stars: | 2022-10-19 | by ( Kate Holton | ) www.reuters.com time to read: +4 min

LONDON, Oct 20 (Reuters) - Liz Truss said on Thursday she would resign as British prime minister just six weeks after she was appointed. A leadership election will be completed within the next week to replace Truss, who is the shortest serving prime minister in British history. Wallace, a former soldier, was defence minister for both Johnson and Truss, leading Britain's response to Russia's invasion of Ukraine. Boris JohnsonFormer prime minister Johnson, a journalist, has loomed large over British politics ever since he became London Mayor in 2008. The Times reported that Johnson is expected to stand in the Conservative Party leadership contest.

☆ J.B. Hunt Expects Weaker Freight Volumes This Holiday Season
▼ + stars: | 2022-10-18 | by ( Liz Young | Kathryn Hardison | ) www.wsj.com time to read: +3 min

Freight bellwether J.B. Hunt Transport Services Inc. said it is planning for a damped holiday shipping season, as cargo volumes fall ahead of what is typically the busiest period of the year for logistics operators. PREVIEWDarren Field, president of intermodal at J.B. Hunt, said on an earnings call Tuesday that peak season volumes aren’t where the company had anticipated they would be. J.B. Hunt executives said the company is seeing some of that in its freight-brokerage business, where volumes have been softening. Revenue in its brokerage business was down 11% in the third quarter year-over-year and volume was down 8%. Mr. Field said he attributed the September drop-off to the threat of a national rail strike that month.

☆ Freight Operators’ Peak Shipping Season Is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +7 min

The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas. Citi analysts say they expect a “weaker peak season and a large amount of uncertainty in terms of the magnitude of demand.”—Esther Fung and Liz Young contributed to this article.

☆ Freight Operators’ Peak Shipping Season is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +6 min

The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. But a range of measures of shipping demand across the U.S. are sliding, freight rates are falling as a result, leading carriers to pull back capacity amid concerns a deeper downturn is coming. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas.

"I do want to accept responsibility and say sorry for the mistakes that have been made," Truss told the BBC late on Monday. The Daily Mail, which had hailed Truss's plan, ran a front page with the prime minister leaving parliament on Monday underneath the headline "In office, but not in power" while the also supportive Sun newspaper called her "The Ghost PM". James Heappey, a minister for the armed forces, said on Tuesday Truss, his boss, could not afford to make any more mistakes. With Britain's economic reputation shattered, Hunt may now have to go further in finding public spending cuts than the government would have done had Truss not unleashed her economic plan at a time of surging inflation. One area of spending already to go is Truss's vast two-year energy support package that was expected to cost well over 100 billion pounds.

☆ Analysis: The UK just stepped back from the brink. But there's more trouble ahead
▼ + stars: | 2022-10-18 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

The sudden reversal of almost all tax cuts announced just three weeks ago could put financial markets on more stable footing. Yields on 30-year UK government bonds, which move opposite prices, have dipped to 4.34% after topping 5% last week. But concerns about the economy are resurfacing in lieu of angst about the country’s financial markets — though on that front, too, uncertainty remains. The specter of additional volatility in financial markets still lingers. And restoring investor confidence in UK assets will be an effort that takes time — especially as questions about Truss’ political future swirl.

☆ Liz Truss' 'trickle-down economics' is dead. Now the UK faces an uncertain future
▼ + stars: | 2022-10-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Britain's Prime Minister Liz Truss holds a press conference in the Downing Street Briefing Room in central London on Oct. 14, 2022. Daniel Leal | Afp | Getty ImagesLONDON — Just six weeks into U.K. Prime Minister Liz Truss' tenure and the political future of yet another Conservative leader looks to be in jeopardy. The approach has been sharply criticized by U.K. political opponents — and even U.S. President Joe Biden — at a time when Britain faces a deepening cost-of-living crisis. However, analysts at political risk consultancy Eurasia Group assign only a 10% possibility that Truss is able to hold on as prime minister. "The consensus at Westminster is now that that the Prime Minister is so weak that she can do nothing without the assent of her Chancellor.

☆ Stocks making the biggest moves after hours: Netflix, United Airlines, Adobe and more
▼ + stars: | 2022-10-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Netflix — The streaming giant's shares skyrocketed more than 14% after the bell Tuesday after the company reported better-than-expected earnings and revenue for the most recent quarter. Intuitive Surgical — The medical equipment maker jumped 11% after the company reported quarterly earnings and revenue that came in slightly higher than expected, according to FactSet. United Airlines — The airline saw its shares move higher by more than 6% after-hours following its quarterly results. Adjusted revenue came in at $847 million, while FactSet estimates put it at $797.6 million. J.B. Hunt Transport — Shares of the transportation and logistics company gained more than 2% in extended trading following its quarterly earnings report.

Hunt, appointed on Friday to fix the public finances after Truss's economic plan hammered the value of British assets, said the country needed to generate confidence and stability before it could seek to grow the economy. He said changes to planned tax cuts would raise 32 billion pounds ($36 billion) every year. While he had been expected to reverse some of the tax cuts, the change to the energy support scheme had been unexpected. Truss had announced a two-year subsidy scheme to support households and businesses through the period of surging energy prices, costing 60 billion pounds in six months. Hunt would still deliver a fuller medium-term fiscal plan as scheduled on Oct. 31, alongside forecasts from the independent Office for Budget Responsibility, the Treasury said.

☆ U.K. Treasury Chief Jeremy Hunt Reverses Nearly All Tax Plans to Reassure Markets
▼ + stars: | 2022-10-17 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—New U.K. Treasury Chief Jeremy Hunt said Monday he was reversing nearly all the government’s proposed tax cuts and would pare back an energy price cap as he moves to reassure markets about the stability of the nation’s finances. Mr. Hunt, who took over on Friday after Prime Minister Liz Truss fired his predecessor Kwasi Kwarteng, has acted quickly in his first days on the job to try to repair the damage to Britain’s standing among investors by taking steps to shore up public finances after weeks of turmoil on U.K. financial markets.

☆ U.K. Reverses Nearly All Tax Plans to Reassure Markets
▼ + stars: | 2022-10-17 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—New U.K. Chancellor Jeremy Hunt said Monday he is reversing nearly all the government’s proposed tax cuts and will pare back an energy price cap as he moves to undo Prime Minister Liz Truss ’s debt-fuelled growth plan in an effort to reassure markets about the stability of the nation’s finances. Mr. Hunt, speaking ahead of an emergency statement to parliament on the economy, said “the most important objective for our country right now is stability,” as he announced a revised plan he said would raise around £32 billion a year, equivalent to $36 billion, for the government exchequer.

☆ UK's new finance minister scraps almost all planned tax cuts in bid to appease markets
▼ + stars: | 2022-10-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Tejas Sandhu | Lightrocket | Getty ImagesLONDON — U.K. Finance Minister Jeremy Hunt used his first Monday on the job to announce that almost all of the controversial tax measures announced by his predecessor would be reversed. The major U-turn includes scrapping the cut in the lowest rate of income tax from 20% to 19%, as well as cuts to dividend tax rates, the reversal of off-payroll working reforms, VAT claim-backs for tourists and the freeze on alcohol duty rates. Hunt said the reversed tax cuts totalled £32 billion a year. Markets cheered the announcement, with sterling trading up over 1% against the dollar by 11:30 a.m. London time. Yields on U.K. government bonds also fell sharply, with the 10-year yield trading down 35 basis points at 3.974%.

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