Connect with us

News

The Project Censored Newsletter – November 2023

Published

on

The Project’s newest yearbook, State of the Free Press 2024, is now available for preorder.

Highlighting the year’s most significant independent journalismincluding reports on toxic chemicals, climate disinformation, and union victories—State of the Free Press 2024 illuminates issues and raises voices that the establishment press have obscured or throttled.

“As they’ve done for nearly a half a century, Project Censored exposes the danger of profit-driven media, honors the brave journalists who keep the ideals of their profession alive, and inspires us all to demand better.”

Advertisement

––Julianna Forlano, host of The Julianna Forlano Show

Balancing critical analysis with optimistic vision, this volume of the Project’s yearbook series shows how independent journalism can promote civic engagement and reconnect people who have otherwise lost interest in sensational “news” that distracts and polarizes us.

Learn more about State of the Free Press 2024 here.

Robin Andersen, who authored the book’s News Abuse chapter, was a featured guest on KCRW’s Scheer Intelligence with Robert Scheer. Andersen discussed how “atrocity propaganda” feeds the manufacturing of consent for Israel’s indiscriminate bombing of Palestinians in Gaza.

Advertisement

Robin also appeared on Zero Hour with RJ Eskow to talk about her recent Project Censored article, How Big Media Facilitate Israeli War Crimes in Gaza, about the corporate media’s failure to provide historical background or context for the Hamas attack on October 7, which has led to the widespread demonization of Palestinians.

Steve Macek, who co-authored the Top 25 and Déjà Vu News chapters in State of the Free Press 2024, was at Busboys and Poets in Hyattsville, Maryland, on October 11 to discuss “The News that Didn’t Make the News: Project Censored on Corporate Media.” The event was co-sponsored by the University of Maryland’s MLAW Programs and also featured spoken word and poetry from JD the PROSE and music by the Emory Diggs Trio.


Adam Bessie and Peter Glanting, the author and illustrator of Going Remote: A Teacher’s Journey, will be honored by the Sacramento Literacy Foundation at the organization’s Authors on the Move event in March 2024.

Kevin Gosztola, author of Guilty of Journalism: The Political Case Against Julian Assange, continues to track and raise public awareness about that case. Gosztola’s Dissenter newsletter—which covers stories of whistleblowers in corporations and government and the obstacles they face—recently featured a report by Chip Gibbons on a letter sent to the Biden White House by a bipartisan group of Congressional members. Their letter represents “the largest congressional effort to date raising concerns with the ongoing prosecution” of Julian Assange, Gibbons reported.

Advertisement

Shealeigh Voitl wrote Considering Bandcamp’s Changing Role in Music Industry Amid Layoffs about Bandcamp’s sale to Songtradr and letting go of roughly half its staff, and what the acquisition could mean for Bandcamp’s loyal artists and users as well as its remaining staff and union.

In her article, Dark Money, Leonard Leo, and the Anachronistic Supreme CourtMischa Geracoulis explores the impact of dark money in politics and the influence of figures such as Leonard Leo on the composition and traditionalist decisions of the Supreme Court.

The Censored Notebook featured Making Sense of the Establishment News Media’s Distorted Coverage of Gaza by Andy Lee Roth. Reviewing past reporting on Palestine featured by Project Censored, Roth critiqued current corporate news coverage of the violence in Gaza for its “minimization of Palestinian deaths and ahistorical reversals of victim and victimizer.”

Find the complete archives of Project Censored’s Dispatches on Media and Politics series here.

Advertisement

Follow the links for each episode to learn more about the Show’s featured guests and content. Find the comprehensive archive of Project Censored Show episodes here.

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

News

How Morally Bankrupt Can a Free Press Be?

Published

on

Morally

The New York Times has no special reason for appreciating the professional choices of its former collaborator, Bari Weiss. When Ms. Weiss resigned from her otherwise enviable job as opinion editor and writer in July 2020, she circulated a detailed resignation letter in which she accused the news organization of having a culture of bullying and ideological conformity. She went so far as to claim that Twitter had become the “ultimate editor” of The New York Times.

She also cited the paper’s hostility to her self-described courageous attempts to bring diverse voices to the paper. Disappointed at the journal’s failure to implement the goals she had defined, she complained of constant bullying from colleagues who disagreed with her views. Weiss described the environment as “illiberal,” accusing some colleagues of calling her a Nazi and a racist.

The Fair Observer Devil’s Dictionary has, in its brief history, had no qualms about calling into question the NYT’s journalism for its ideological bias and its servile relationship with the US national security state. We can therefore sympathize with a former employee in a position to reveal why some of the news and analysis produced by the Gray Lady comes out as distorted and unreliable.

It may therefore seem paradoxical that we are convinced by the breath of fresh air Bari Weiss has promised to bring to the world of US journalism.

Advertisement

Bari Weiss founded The Free Press in 2021. Her aim was to “produce news stories that exemplify the journalistic ideals of honesty, doggedness, and fierce independence,” which she felt were lacking in mainstream journalism, committed as it appeared to be to the ideological conformity that permeates legacy media.

The NYT author Matt Flegenheimer’s article offers this description of Weiss’s method: “The founder of The Free Press has built a new media empire by persuading audiences that she is a teller of dangerous truths.”

Today’s Weekly Devil’s Dictionary definition:

Dangerous truths:

An expression that pretentious people apply to the largely unoriginal ideas they think they have invented and which they mistakenly believe will upset and humiliate people whose viewpoint differs from their own.

Advertisement

Contextual note

Flegenheimer’s position is officially listed as The New York Times correspondent “focusing on in-depth profiles of powerful figures.” As a kind of takedown artist he reformulates our definition, applied to Weiss, in these terms: “She has created, or at least created space at, a cool kids’ table all her own, positioning herself as a teller of dangerous truths while becoming a kind of brand ambassador for the views and passions of her audience, which often seem to track neatly with her own: that elite universities have lost the plot; that legacy outlets have lost their minds; that Ms. Weiss knows the way forward.”

The NYT may be guilty of many of the many of the flaws and even crimes Weiss attributes to it, but at least has the humility to present itself as a collective effort to present the news of the world. Despite its obvious biases and often sanctimonious tone, it embraces a variety of styles of addressing the questions in the news, even when consciously limiting the breadth of its worldview. In contrast, Weiss makes it clear that The Free Press was created to revolve around her unique personality and her particular sensibilities. Its overall purpose, despite her fake commitment to variety, consists of ennobling her own personal assemblage of popular ideologies, which range from the provocatively unorthodox to the shamelessly conformist.

Flegenheimer quotes the assessment of veteran pollster and strategist Frank Luntz: “She doesn’t just speak to the 1 percent. She speaks to the one-hundredth of 1 percent. And they’ll listen.” They are titillated by the idea that what interests them may be deemed by others to be “dangerous truths,” even though they more often resemble narcissistic self-celebration.

To prove Luntz is right, here is how Weiss responds to the challenge by her interviewer at the recent All-In Summit of changing a society that is “morally bankrupt.” As expected, she has the foolproof, universally appropriate answer. “It starts with something very simple. Give up the heroin needle of prestige. Rip it out of your arm immediately. Stop poisoning yourself, your family and your children with the bankrupt notion that getting them into Harvard and Yale is more important than inculcating in them a sense of love of family, of country and of all of the things we used to think were normal.” This was followed by the audience’s deafening applause.

Advertisement

For Weiss, the key to solving the problem at the core of US culture will be to change the outlook of literally “one-hundredth of 1 percent” of the US population: those who see their parental mission as consisting of getting their children into Harvard or Yale. What could anyone who thinks in those terms possibly mean when she evokes “all of the things we used to think were normal?” Who is the “we” she has in mind? And what is “normal?” Does she not know that among “normal” Americans, more likely to be affected by the risk of homelessness and the opioid pandemic than by the “heroin” of sending their children to Harvard, survival rather than “prestige” is what they are focused on?

Weiss apparently sees the quest for prestige as the unique original sin of contemporary US culture. “Prestige and honor,” she adds, “is [sic] not something that has been granted to you by institutions that have allowed themselves to be corrupted by morally bankrupt people.” The world around Weiss is morally corrupt. Her own pursuit of prestige and honor by launching the nobly inclusive Free Press should not, on the other hand, be deemed “morally bankrupt.”

Historical note

Analyzing US culture is one thing. Looking at historical events gives us another perspective on what it means to be morally rich or morally bankrupt.

On October 3, Weiss featured her interview with Douglas Murray on Israel’s war on Gaza, which the International Court of Justice assessed as a “plausible genocide” back in January. Subsequent actions have confirmed that assessment, as schools, hospitals and civilian infrastructure have been sacrificed in what literally resembles an extermination campaign that has now been extended to the neighboring state of Lebanon. United Nations Secretary General Antonio Guterres has now called the war an “unmitigated disaster.”

Advertisement

The subtitle of Weiss’s interview with Murray reads, “The West is ‘drunk on peace.’ What will it take to wake them up?” Weiss describes Murray in the following terms: “And it is Douglas, more than almost anyone in the world, who has articulated the stakes of this war with the moral clarity it requires.” The UN and the International Court of Justice cannot be deemed purveyors of moral clarity. They are too “drunk on peace” to appreciate the necessity of a never-ending genocide.

How is the following as an example of Murray’s superior moral reasoning? “I was told by a Jewish friend the other day that apparently there is something in the Torah that says one should not take enormous delight in the decimation of one’s foes. But I’m not Jewish, and so I don’t have to follow this.” So, Murray’s superior “moral clarity” tells us that the rules governing the religion committing atrocities should be suspended because he, who is not subject to those rules, has a moral vision that sees those atrocities as justified. It would be difficult to find a better example not of moral bankruptcy, which so preoccupies Weiss, but of moral perversity.

Weiss is a product and promoter of the American art of hyperreality. She sucks up bits of reality and processes them for commercial advantage. That’s why the Venture Capitalist (VC) crowd that organized the All-In Summit loves her. She has done what all the great entrepreneurs celebrated in VC lore have done: She has not just made money — a banal accomplishment anyone with talent can manage — but built fame and prestige out of fabricating truly dangerous truths.

*[In the age of Oscar Wilde and Mark Twain, another American wit, the journalist Ambrose Bierce produced a series of satirical definitions of commonly used terms, throwing light on their hidden meanings in real discourse. Bierce eventually collected and published them as a book, The Devil’s Dictionary, in 1911. We have shamelessly appropriated his title in the interest of continuing his wholesome pedagogical effort to enlighten generations of readers of the news. Read more of Fair Observer Devil’s Dictionary.]

Advertisement

[Lee Thompson-Kolar edited this piece.]

The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy.

Source link

Advertisement
Continue Reading

Business

UN says peacekeepers wounded by Israeli fire

Published

on

Israeli forces fired a tank shell at the UN peacekeepers’ headquarters in southern Lebanon on Thursday, the UN said, injuring two international troops as Israel pursued its campaign against Hizbollah militants.

The strike on a watchtower within the headquarters in the village of Ras al-Naqoura was the third time in 24 hours that Israeli fire struck border posts used by Unifil, the UN’s interim force in Lebanon, the peacekeepers said.

The incidents prompted an outcry from countries contributing to the peacekeeping force. Italy summoned Israel’s ambassador, while Rome’s defence minister, Guido Crosetto, said the incidents “may constitute war crimes”. “This is not a mistake and not an accident,” he said on Thursday.

And at least 18 people were killed and 48 more wounded in twin Israeli air strikes in central Beirut on Thursday evening, Lebanon’s health ministry said. 

Advertisement

Plumes of smoke were seen rising from two separate locations in the centre of the Lebanese capital, at least 5km away from its southern suburbs where the bulk of Israel’s air strikes have hit. It was not immediately clear who or what the targets were. 

Footage carried by Lebanese media at one of the locations showed a large fire blazing in the background, with rescue workers digging through an enormous mound of rubble. Photos and video from the second location showed one strike hit the lower half of a residential building.

This is the second time Israel has struck central Beirut in the past 10 days. There was no immediate comment from the Israeli military.

Unifil’s headquarters and nearby border posts have come under repeated fire since Israel began stepping up its campaign against Iran-backed Hizbollah last month — battering Lebanon with thousands of air strikes, killing much of the group’s leadership and launching a ground invasion.

Advertisement

“Any deliberate attack on peacekeepers is a grave violation of international humanitarian law and of Security Council resolution 1701,” Unifil said on Thursday, referring to the UN resolution that grants the force its mandate to patrol southern Lebanon.

Italy, which has more than 1,250 peacekeeping troops in Lebanon, said it had also complained to the UN. Unifil has not released the nationalities of the wounded troops, but Italy, Ireland and France said their personnel were not injured.

Crosetto said: “The hostile acts carried out and reiterated by Israeli forces [against one of the Unifil bases] could constitute war crimes and certainly represent very serious violations of the norms of international humanitarian law, not justified by any military necessity.”

He said the Israeli ambassador had not been able to provide an explanation. “We need formal, real explanations as quickly as possible,” Italy’s defence minister added.

Advertisement

France also expressed “deep concern” and said it was awaiting explanations from Israel.

Unifil said it was following up with Israel’s military on the issue.

The Israel Defense Forces on Thursday said Hizbollah was operating in and near civilian areas in southern Lebanon, including areas near Unifil posts, and that it maintained routine communication with the UN force.

The IDF said: “This morning [Thursday], IDF troops operated in the area of Naqoura, next to a Unifil base. Accordingly, the IDF instructed the UN forces in the area to remain in protected spaces, following which the forces opened fire in the area.”

Advertisement

Israel’s Rome embassy said its government would continue to make every effort not to target UN forces but claimed Hizbollah was trying to hide near Unifil bases, and Israel had already discovered tunnels and weapons depots near that area.
 
“Israel has recommended several times to the Italian Unifil military to withdraw part of their forces from the area for security reasons, but unfortunately the request has been rejected,” the diplomatic mission said.

Last week Israel called on UN peacekeeping troops to withdraw from their posts along the Blue Line, the de facto border with Lebanon, as it pushed ahead with its ground invasion. That triggered outrage from states that contribute personnel to the 46-year-old peacekeeping force.

Ireland, which has 347 troops stationed in southern Lebanon as part of a joint battalion with Polish soldiers, rejected those calls, insisting it would not evacuate them even as Israel intensified its air campaign.

Earlier this week Micheál Martin, Ireland’s foreign and defence minister, criticised Israel’s “reckless behaviour”. Asked by RTÉ television if the IDF was using the soldiers as human shields, Martin said: “They are certainly availing of the cover that they present.”

Advertisement

US state department spokesperson Matthew Miller said earlier this week: “We don’t want to see Unifil forces put in danger in any way.”

Smoke from air strikes over Beirut’s southern suburbs
Smoke from air strikes over Beirut’s southern suburbs © Amr Abdallah Dalsh/Reuters

Israeli forces and Hizbollah militants have clashed at several points along or near the informal border in recent days, including near the southern village of Labbouneh, where one of the UN’s border posts was struck on Thursday.

Unifil has also come under fire from Hizbollah in the past. In 2022, an Irish peacekeeper was killed and another seriously injured when their armoured patrol cars came under fire in a Hizbollah-controlled area.

On Thursday, Unifil said its bases and headquarters were facing “deliberate” fire from Israeli forces, suggesting they were targeted rather than being caught in the crossfire.

In one instance, IDF soldiers fired on an Unifil position in Labbouneh on Wednesday, the international force said, adding that the entrance to the bunker where peacekeepers were sheltering had been hit.

Advertisement

“An IDF drone was observed flying inside the UN position up to the bunker entrance,” it said, adding that IDF soldiers “deliberately fired at and disabled” the border post’s perimeter-monitoring cameras the day before.

In another incident, Unifil said Israeli soldiers had “deliberately fired” on the peacekeepers’ headquarters in Ras al-Naqoura on Wednesday — a building where regular meetings between Israel, Lebanon and Unifil were held before the war — causing damage.

Unifil was established in 1978 and expanded following the 2006 war between Israel and Hizbollah. It has about 10,500 peacekeeping troops, with major contributing nations including France, Italy, Indonesia, Malaysia and Ghana.

Israel’s invasion of southern Lebanon, which began late last month, has swollen to four divisions of troops — amounting to as many as 20,000 soldiers at full strength — as the country’s conflict with Hizbollah has intensified.

Advertisement

Israeli strikes have killed more than 2,100 people over the past year and forced in excess of 1.2mn from their homes, mostly in the past two weeks, according to Lebanese authorities. They have also caused widespread destruction in southern Lebanon.

Israel has said its Lebanon offensive is aimed at securing its northern border area to allow about 60,000 Israelis to return to their homes, after a year of exchanging cross-border fire with Hizbollah.

The Lebanese group began firing rockets towards Israel in support of Gaza a day after the October 7 2023 Hamas-led attack on southern Israel.

Additional reporting by Mehul Srivastava, Jude Webber in Dublin and Steff Chávez in Washington

Advertisement

Cartography by Steven Bernard and Cleve Jones

Source link

Continue Reading

Money

The Sun launches interactive tool to check benefits – see if you get winter fuel payments or pension credit this winter

Published

on

The Sun launches interactive tool to check benefits - see if you get winter fuel payments or pension credit this winter

TODAY, The Sun launches a free tool to help you check whether you will get the Winter Fuel Payment this year. 

The free benefits checker is in partnership with poverty charity Turn2Us. It quickly tells you if you’re missing out on any cash.
If you are unable to access the internet you could ask a friend or relative to help you do the check. 

2

We were flooded with calls and emails earlier this week, with many readers asking whether they were entitled to pension credit or other benefits.

Advertisement

In her July statement, Chancellor Rachel Reeves announced that this winter only households in England and Wales that receive Pension Credit or certain means tested benefits will be entitled to the Winter Fuel payment. 

Previously it was available to everyone aged over 66.

New government figures estimate that 770,000 pensioners are at risk of missing out this winter. 

The benefit, which is worth up to £300, unlocks a host of other awards including a free TV licence and cheaper water bills worth up to £3,900. 

Advertisement

Michael Clarke, from Turn2us: “It’s crucial that people are supported by friends and family to check they are getting all the support available to them. 

“In just 10 minutes, the Turn2us Benefits Calculator will tell people if they are eligible.”

You will need some personal information to hand about your current income, including state and private pensions, and any benefits you currently receive. 

2

Advertisement

If you are eligible to apply for Pension Credit you can call the DWP helpline on: 0800 99 1234

When you claim you will need your national insurance number and details of any savings and investments, plus information on housing costs such as mortgage interest, service charges or ground rent. 

You must lodge a claim by December 21 to get the Winter Fuel Payment this year.

FIX YOUR ENERGY BILLS?

If you’re not on a fixed tariff then it may be worth considering one. Many of the top fixed tariffs are now cheaper than the price cap and could save you money. You can compare tariffs using uSwitch.com or Moneysavingexpert.com. 

Advertisement

WARM HOME DISCOUNT 

The Warm Home Discount is £150 one-off payment towards electricity bills. You will usually get it automatically – but you need to apply if you’re on a low income in Scotland.
You should check with your energy supplier if you’re on a low income and think you are eligible. 

HOUSEHOLD SUPPORT FUND

You can apply to your local council for help if you’re on a low income. Search the name of your local council and ‘household support fund’ to find out details on how you can apply. Eligibility criteria and the amount you will get varies based on where you live – but some households have got up to £500.

ENERGY GRANTS

Many of the UK’s biggest energy suppliers have grants in place to help struggling customers. For example, British Gas offers grants of up to £2,000. .
Ask your supplier if there is anything they can offer
FREE INSULATION OR BOILERS 

You may be able to get free or cheap insulation to help reduce your home’s energy bills. Check here: https://www.gov.uk/apply-great-british-insulation-scheme

Advertisement

GET FREE DEBT HELP

THERE are several groups which can help you with your problem debts for free.

  • Citizens Advice – 0800 144 8848 (England) / 0800 702 2020 (Wales)
  • StepChange – 0800138 1111
  • National Debtline – 0808 808 4000
  • Debt Advice Foundation – 0800 043 4050

Source link

Continue Reading

News

How to Help Hurricane Milton Victims

Published

on

How to Help Hurricane Milton Victims

Hurricane Milton devastated homes when it made landfall as a Category 3 storm near Sarasota, Florida, Wednesday evening, killing at least five people. The now-Category 1 hurricane impacted communities that were still recovering from Hurricane Helene, which impacted Florida and other southern states just one week prior.

Tropical storm conditions and storm surge warnings are still in effect throughout parts of the southeastern U.S. coast, with a warning in place from Sebastian Inlet Florida to South Carolina, according to an advisory by the National Hurricane Center. More than 3 million customers in Florida alone are without power.

To help with the damage, disaster survivors are receiving $750 in aid from the Federal Emergency Management Agency, or FEMA, to pay for immediate needs. 

More than 8,000 federal personnel are assisting throughout the Southeast, and FEMA has 20 million meals and 40 million liters of water prepared, the White House said Wednesday

Advertisement

If you’d like to help, here are some organizations assisting survivors. 

International Medical Corps 

The International Medical Corps is responding to Hurricane Milton through its emergency response team, which arrived before the hurricane made landfall. The organization is working with the Department of Health to best assist those in need. You can donate here

Florida Disaster Fund 

The Florida Disaster Fund is a private fund by the state of Florida that provides assistance during periods of emergency or disaster. Donations to the Florida Disaster Fund are then dispersed to other service organizations that help individuals. 

Feeding Tampa Bay 

Feeding Tampa Bay, a food rescue and distribution organization, has supported the community with more than 500,000 meals at 56 emergency distribution centers in most affected areas. They are asking for volunteers and donations—both in the form of food and cash. You can find out more information about their efforts here

Advertisement

Save the Children 

Save the Children is providing families with diapers, baby wipes, and other emergency child-focused supplies in the aftermath of the hurricane. The organization said they are working with local education partners to assist with the restoration of child care centers, and are assessing the mental health impacts of the hurricane on children. Donations can be made to the Children’s Emergency Fund

Metropolitan Ministries 

Metropolitan Ministries, a nonprofit working to assist the homeless, is providing assistance to families through the form of hot meals, essential supplies, and safe shelter. Donations can be made here

The Humane Society of the United States 

The organization’s animal rescue team is working to make sure that cats and dogs have a safe place to stay, and that animal shelters have sufficient food, resources, and veterinary care in the aftermath of Milton. The organization previously flew animals from Tampa-area shelters to another location in Florida’s panhandle that is safer. You can donate here

World Central Kitchen 

World Central Kitchen has been sending thousands of gallons of water and fresh food to hard-hit areas in the southeast in the aftermath of Helene and Milton. The organization says it is currently operating in Florida, Georgia, North Carolina, and Tennessee. You can make a financial contribution here

Advertisement

Source link

Continue Reading

Business

THG shareholders have to pay for (maybe) getting rid of Ingenuity

Published

on

Stay informed with free updates

Last month, we wrote of THG’s plan to “demerge” its ecommerce division into private ownership: “the word for this is usually ‘disposal’”. This was incorrect. The correct phase is “hostage situation”.

Per RNS, post London close:

Advertisement

Ingenuity to be demerged into a standalone independent private entity 

Target c.£75 million equity raise to facilitate the demerger, by way of a Placing and Subscription, with additional proceeds from a Retail Offer

[ . . . ]

These funds, in conjunction with appropriate standalone debt issuance plans for Ingenuity, are expected to provide Ingenuity with sufficient medium-term funding as the business approaches positive cash generation on a standalone basis

Here’s the cunning plan. Ingenuity will be hived out of the listed group and each THG shareholder will be given a choice. They can elect to take shares in unquoted Ingenuity that are more, less, or equal to the proportion of THG currently owned; or they can not.

Advertisement

The £75mn+ being kicked in by THG shareholders supports an equity valuation on Ingenuity of “up to £100mn”. Spinco will also be wearing net debt up to a £307mn enterprise value, including lease liabilities, while “appropriate standalone debt issuance plans” are finalised.

However!

However, in determining the definitive Valuation, the Board anticipates also taking into account fluctuations in the market capitalisation of THG such that if, at the latest practicable date prior to the publication of the Demerger Circular, the market capitalisation of THG is:

• equal to or greater than the market capitalisation of THG at the time of completion of the Fundraise [ . . . ] then the Valuation to be used in establishing the entitlement of THG shareholders to elect to receive their respective pro rata entitlements to shares in IngenuityCo in connection with the Demerger would be expected to be £100m; or 

• less than the Post Placing Market Cap, then the Valuation to be used in establishing the entitlement of THG shareholders to elect to receive their respective pro rata entitlements to shares in IngenuityCo in connection with the Demerger would be expected to be reduced from £100m proportionately to the percentage by which the Post Placing Market Cap has declined.

Advertisement

The placing is an institutional overnight bookbuild, with THG founder Matt Moulding and friends already committed to put in £33mn of the £75mn to be raised. Retail shareholders can apply to buy new shares on the same terms via PrimaryBid, with their allocation capped at €8mn.

Ingenuity’s biggest customer by far will of course be THG, with which it shares staff and office space. Other than an assurance that Ingenuity senior management will remain, there’s no information provided on how that might change. But THG’s internal checks and balances are strong enough for that not to be a concern, apparently. From the statement:

Further work is ongoing to design the appropriate governance framework for IngenuityCo. Separately, THG’s now well-established related parties committee chaired by Sue Farr, Senior Independent Director of THG will, following the Demerger, be responsible for overseeing transactions between RemainCo and IngenuityCo. Arms-length contracts between Ingenuity and each of Beauty and Nutrition have been in place since 2022, and will be expected to continue to operate post separation in the same manner as they do today. Ingenuity would have no recourse to THG post demerger.

And obviously . . . 

Whilst at this stage no certainty can be provided on the exact timescale of the Demerger, the current intention is that publication of the Demerger Circular would be in or by early November with the distribution of IngenuityCo shares being completed at or before the end of 2024.

The last complex deal involving Ingenuity put a $6.3bn valuation on the subsidiary, but didn’t quite work out. Depending where the placing is priced, this new package implies an pre-fundraise standalone value for Ingenuity three years later of between £25mn and zero. The value inside THG is, by implication, much less than zero.

Advertisement

Still, it’s been quite a journey:

Line chart of Share price, pence showing

Source link

Continue Reading

Money

Martin Lewis issues warning to anyone aged under 22 – do you have £2,000 in a forgotten account?

Published

on

Martin Lewis issues warning to anyone aged under 22 - do you have £2,000 in a forgotten account?

MARTIN Lewis has issued a warning to anyone under 22 who could have £2,000 sitting in a forgotten account.

Child Trust Funds are long-term, tax-free savings accounts which were set up for every child born between September 2002 and January 2 2011.

Martin Lewis has issued a warning to anyone under 22

2

Martin Lewis has issued a warning to anyone under 22Credit: Rex

2

Advertisement

The Money Saving Expert said on X that those aged 22 and under could have the Child Trust Fund set up and access it for free.

But he also warned that some firms are attempting to charge individuals to “get your own money” – but Lewis says “don’t pay.”

The Government deposited £250 for every child during that time period, or £500 if they came from a low income family earning around £16,000 a year or below.

An extra £250 or £500, depending on their families’ economic status, was deposited when the child turned seven.

Advertisement

read more on martin lewis

In 2010, this was reduced to £50 for better off households and £100 for those on a lower income.

The scheme was eventually scrapped in 2011 as part of cost-cutting measures following the 2009 financial crisis and was later replaced with Junior ISAs.

Currently, parents or friends can deposit up to £9,000 into the child’s account tax-free, with the money usually invested into shares.

The youngest children across Britian to have these accounts are about 13 years old, so have around five years before they can access the cash.

Advertisement

It is important to note that savings in these accounts are not held by the Government but are held in banks, building societies or other saving providers. 

The money stays in the account until it’s withdrawn or re-invested.

Moment Martin Lewis slams ‘you’re taking money from UK’s poorest pensioners’ in fiery clash with cabinet minister on GMB

Young people can take control of their Child Trust Fund at 16, but can only withdraw funds when they turn 18 and the account matures.

However, new figures released by the HMRC have found that more than 670,000 18-22 year olds are yet to claim their Child Trust Fund.

Advertisement

The tax office said that the average savings pot is worth £2,212.

Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said the government wants to “reunite young people with their money and we’re making the process as simple as possible.”

She added: “You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.”

How to track down a Child Trust Fund

If you were born in the UK between 2002 and 2006 it is worth checking to see if you have cash in a Child Trust Fund.

Advertisement

Parents were either given a voucher to set one up or HMRC set one up on a child’s behalf.

There are a number of third party groups offering to search for Child Trust Funds but it worth noting that they will charge a fee so you might loose a chunk of your money.

The Government has a free tool you can use online to help track down your fund.

You can find this by searching for “find a Child Trust Fund” on GOV.UK.

Advertisement

LOST CASH

By Charlene Young, pensions and savings expert at AJ Bell

MANY parents and children aren’t aware they even have the account, or don’t know who the money is with or how to track it down.

More than a quarter of CTF accounts were set up by the government because parents failed to do so within the 12-month window.

Advertisement

This highlights why so many are unclaimed – as the parents either weren’t aware or won’t remember that an account was even set up for their child, let alone where the money is now.

Any child born between 1 September 2002 and 2 January 2011 who hasn’t already got details of their account should track it down.

Once you’ve tracked down the money you can choose what to do with it. Your options are to transfer it to an adult ISA or withdraw the money. Until then your money will just sit in an account that no one else has access to, possibly paying very high charges.

Anything you transfer to an adult ISA at maturity will not count towards your annual ISA allowance, which is £20,000 for over 18s.

Advertisement

For many young people who have CTFs but are still under 18, it will make sense to transfer it to a Junior ISA, where the charges will likely be lower, and you’ll have a much bigger investment choice.

The money will still be locked up until you turn 18, but the tax-free benefits of ISA investing still apply. You can transfer the entire CTF into a Junior ISA and still add up to £9,000 to it in the same tax year.

You’ll need to have a few personal details to hand to do the search, including your date of birth and National Insurance (NI) number.

Your NI number remains the same for your entire life. It’s made up of two letters, six numbers and a final letter. 

Advertisement

You can find this number on your payslips or by downloading the HMRC app, which can be downloaded on the Apple or Google Play Store.

When you’re done filling this out, HMRC will then send you a letter revealing what company has your Child Trust Fund.

What to do once you have claimed the money

Usually, people put the cash straight into a bank account, invest it, or transfer it into an ISA.

You can also ask your Child Trust Fund Provider to give you the money and get it cashed into your bank account.

Advertisement

This way you’ll need to share the bank account details you wish to transfer the cash into with HMRC.

But if you’d rather invest it, you can transfer it into an ISA.

The Sun recently broke down whether or not an ISA is right for you, which you can read here.

Source link

Advertisement
Continue Reading

Trending

Copyright © 2024 WordupNews.com