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☆ Massive fiscal U-turn leaves UK in political funk
▼ + stars: | 2022-10-17 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

By the tax year ending in April 2027 this should help the government claw back 32 billion pounds of the 45 billion pounds a year Kwarteng and Truss had planned. Beyond that, the scheme, which the government had estimated might cost some 60 billion pounds over six months, will become less generous. The pound strengthened against the U.S. dollar while yields on 10-year UK government bonds declined by nearly 45 basis points. But they remain at 12-year highs, suggesting that the UK has much to do to regain credibility with global investors. Government spending cuts will also be required to narrow a hole in public finances that the Sunday Times reported was as big as 72 billion pounds ($81 billion).

☆ 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%.

☆ Factbox: UK axes economic 'growth plan' to restore market confidence
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Here are some of the policy reversals announced by Hunt, which he said would raise 32 billion pounds ($36.19 billion) for the government finances. Hunt announced this will now stay at 20% indefinitely. Register now for FREE unlimited access to Reuters.com RegisterThe finance ministry said this will raise around 6 billion pounds a year. CORPORATION TAXBritain will now press ahead with its original plan to raise its 19% corporation tax rate - the lowest among the G7 club of rich nations - to 25% in 2023. The finance ministry had estimated that keeping the rate at 19% would have cost the taxpayer 67.5 billion pounds over the next five years.

☆ Britain’s New Chancellor Says Some Taxes Will Rise
▼ + stars: | 2022-10-15 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—The U.K.’s new chancellor, Jeremy Hunt , effectively scrapped Prime Minister Liz Truss ’s signature tax-cutting plan, saying on Saturday that some levies would have to rise and public-spending cuts would need to be made to restore market confidence in the British economy. Mr. Hunt said that Ms. Truss had made mistakes with her plan to boost growth by borrowing money to fund the biggest tax cuts since the 1970s, measures that spooked the markets and sent the Conservative Party crashing in the polls.

☆ New U.K. Chancellor Jeremy Hunt Seen as Moderate in Bid to Appease Markets
▼ + stars: | 2022-10-14 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON— Jeremy Hunt , a quietly spoken veteran Conservative lawmaker, is now the U.K. Chancellor of the Exchequer, given the difficult job of trying to restore the British government’s credibility with investors after weeks of political chaos. Prime Minister Liz Truss on Friday called Mr. Hunt “one of the most experienced and widely respected government ministers and parliamentarians” after firing her longtime allyKwasi Kwarteng from the treasury role.

☆ Inventory overload and a supply chain hangover: 5 logistics CEOs reveal what they expect from the all-important retail peak season
▼ + stars: | 2022-10-14 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +4 min

Logistics CEOs told Insider the picture going into peak season is less clear than in past years. "The consumer is going to have much more choice and availability," Malcolm Wilson, CEO of logistics firm GXO, told Insider. But no one knows if the customers will show up or not," Rubin told Insider. A "smooth" peak isn't necessarily a bad peak — what's almost certain though is that it will look bad compared to last year. "When I look at our customer base, what I see is a degree of optimism about the future, they're continuing to invest," Wilson told Insider.

☆ October's wild trading could give way to a new stock rally, as earnings roll out in the week ahead
▼ + stars: | 2022-10-14 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.

☆ I'm a 28-year-old crypto-startup founder who got paid $10,000 to move to Arkansas. More than 66,000 people applied to relocate here, and only 100 got accepted — here's why it's worth it.
▼ + stars: | 2022-10-10 | by ( Robert Davis | ) www.businessinsider.com time to read: +7 min

Dmitri Love, 28, moved from Dallas to Cave Springs, Arkansas, in 2021. Love, 28, moved from Dallas to Cave Springs, Arkansas, in 2021. Love took advantage of a program that paid remote workers $10,000 to move to the area. From November 2020 to September 2022, more than 66,000 people from all 50 US states and 115 countries applied for the program. Entrepreneurs should find new places to live and provide valuePersonally, there were no drawbacks for me moving back to Arkansas.

☆ Elon Musk announces Tesla Semi production after Twitter deal returns
▼ + stars: | 2022-10-07 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Tesla CEO Elon Musk said Thursday that production of its Semi truck has begun, and deliveries to one customer, Pepsi, will occur in December. Tesla first announced the Semi in November 2017 and production was said to begin in 2019. Musk, the world’s richest man, has sold about $15 billion in Tesla stock this year, but it’s still not clear if Musk has sufficient liquid funds to close the Twitter deal. Musk, who has received commitments for debt and equity financing, may need to sell additional shares of Tesla to finance the purchase. Tesla shares fell roughly 5% in trading Friday morning.

☆ Unearthing the Secrets of New York’s Mass Graves
▼ + stars: | 2016-05-15 | by ( Nina Bernstein | ) www.nytimes.com time to read: +51 min

Then, like more than a million men, women and children since 1869, she was consigned to a trench on Hart Island. Citing security, the city’s Correction Department also repeatedly rebuffed The Times’s requests to witness Hart Island burials firsthand. hart island Future plots Future plots Active trench 2000s 1990s Hart Island N.Y.C. He readily remembered the Dickerson case as a financial disappointment, but said he was hearing of his ward’s Hart Island burial for the first time. When she died, Ms. Murray had $6,887 left in her personal account at New Surfside.

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