Reuters was first to report on Intel’s decision not to divest its majority stake in Mobileye, boosting the Israeli company’s shares by over 16%. Mobileye shares, which have dropped 73% this year, took a beating earlier in the month after media reports that Intel was looking to sell a portion of its stake in the company.
Business
Inheritance tax increases expected for some in Budget
The government is planning to increase the amount of money it raises in inheritance tax at the Budget, the BBC has learned.
It is not known how many people are likely to end up paying more, nor how much more they would pay.
It is understood the prime minister and the chancellor are considering multiple changes to the tax, which currently includes several exemptions and reliefs.
Inheritance tax is charged at 40% on the property, possessions and money of somebody who has died above the £325,000 threshold.
It raises about £7bn a year for the government.
Around 4% of deaths result in an inheritance tax charge.
The tax includes a series of exemptions which over the years several governments have considered changing in order to raise more money.
It is thought changes to a number of these are under consideration.
Current exemptions and reliefs include rules around gifts that are given while you are alive.
If a person gives away more than £325,000 in cash or gifts but dies within seven years, recipients could be liable to pay inheritance tax.
There is also Business Relief for Inheritance Tax, and Agricultural Relief, which allows land or pasture that is used to grow crops or to rear animals to be free of Inheritance Tax.
It is not known what changes will be made in the Budget on Wednesday, 30 October.
A spokesman for the Treasury told the BBC: “We do not comment on speculation around tax changes outside of fiscal events.”
Ministers are attempting to plug what they claim is a £40bn shortfall between what they want to spend and the amount of tax they expect to collect.
Government sources say it is vital there is a “reset in the public finances” and are keen to emphasise what they see as the “scale of the challenge”.
This can be seen as part of the expectation management ahead of Rachel Reeves’ address.
Most new governments put up taxes immediately after a general election.
The Budget is expected to be billed as “Fixing the Foundations to Deliver Change”.
Both the prime minister and the chancellor have already appeared in front of lecterns branded “Fixing the Foundations” – an attempt to highlight what they claim is the mess they inherited from the Conservatives.
For several weeks, senior government figures have been strongly hinting that there will be increases to the amount of National Insurance paid by employers.
The Labour manifesto before the general election said that “Labour will not increase taxes on working people, which is why we will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT”.
This massively limits their options to raise more tax revenue.
But ministers appear willing to stretch the spirit if not the letter of their promise by putting up National Insurance on employers, some of whom – smaller businesses – would probably regard themselves as working people.
The chancellor is expected to give herself extra breathing space by changing the government’s self imposed rules on when it can borrow money, and has told some government departments that their budgets will be lower than they want.
A Labour source said that the negotiations on spending had provoked “significant angst” across the cabinet.
Shadow Chancellor Jeremy Hunt told the BBC: “During the election we repeatedly warned that Labour’s sums didn’t add up and that they were planning to raise taxes. The real scandal is that despite planning these tax rises all along, they didn’t have the courage to admit it to the public during the election campaign.
“Unfortunately, it looks like it will be people who have saved all their life to provide an inheritance to their family who will pay the price for Labour’s tax rises.”
Business
Trump treats MAGA crowd to impromptu dance routine for 38 minutes
‘Trump university of dance’
Business
Intel says it has no plans to divest majority stake in Mobileye
Business & FinanceDealsTechnology
19 September 2024, 10:35 am 1 minute
Market Impact
Intel acquired Mobileye in a $15.3 billion deal in 2017 but relisted its shares five years later through an initial public offering.
Article Tags
Topics of Interest: Business & FinanceDealsTechnology
Type: Reuters Best
Sectors: Business & FinanceTechnology
Regions: Americas
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Business
Harvard donations drop sharply in wake of criticism over Israel protests
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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Donations to Harvard University fell 14 per cent in the fiscal year ending June 30, as large donors cut ties and prominent alumni in the financial industry criticised its administration over a botched response to protests around the Israel-Palestinian conflict.
Overall gifts to the western world’s wealthiest university dropped to $896mn from $1.05bn a year ago, as outrage over campus protests led to the resignation of president Claudine Gay.
The drop came exclusively in donations to the university’s endowment, where the very largest gifts tend to be concentrated. Those gifts fell by one-third, while donations to the operating fund, which covers day-to-day expenses, rose 9 per cent year on year to $528mn.
Harvard representatives did not immediately respond to a request for comment. But the university referred to president Alan Garber’s statement on Thursday to the in-house news service that “alumni and others demonstrated both their concern and their care for the future of the institution through growing levels of support over the course of the year”.
Student protests over the response by Israel to Hamas’s attack on October 7 2023 roiled the Cambridge, Massachusetts, campus for much of the past school year, and wealthy alumni criticised the school for its handling of the demonstrations. Hedge fund manager Bill Ackman led a vocal campaign for Gay’s ousting and Citadel founder Ken Griffin, a big donor, urged the university to embrace “western values”.
Though donations fell, the school’s endowment generated gains, returning 9.6 per cent. That pushed total holdings back up to $53.2bn, about level with June 2021, before Russia’s full-scale invasion of Ukraine sent the endowment tumbling along with public equity and bond markets.
The 2024 results trailed the median returns of 10.1 per cent for US colleges and universities, as calculated by Cambridge Associates, but they beat Harvard’s target annual return of 8 per cent, a level that is well below the results posted over the past 10 years by almost all of the university’s Ivy League peers.
The university is taking a conservative investment approach because its endowment funds nearly 40 per cent of Harvard’s budget, up from 31 per cent 10 years ago.
“The endowment’s orientation towards strong investment returns has been tempered by the imperative for budgetary stability,” Narv Narvekar, chief executive of Harvard Management Company, which manages the endowment, wrote in a message announcing the results.
Private equity, the biggest component of HMC’s investment portfolio, lagged behind public equity for the second year in a row as a slump in stock listings as well as mergers and acquisitions put the asset class under stress.
Narvekar said in the letter that HMC’s private equity portfolio underperformed in part because portfolio managers who had not marked down their holdings sharply during the 2022 market crash then also refrained from valuing their investments upward “in the context of rising public equity markets” in 2023 and 2024.
HMC’s private equity allocation has more than doubled to 39 per cent of its assets since Narvekar took the helm in 2016.
Roger Vincent, founder of Summation Capital and a former senior investment officer at Cornell University’s endowment, said he was “reasonably impressed” with Harvard endowment’s one-year return as it stood above some of its Ivy League peers with “similar portfolio constructions”.
“With a very heavy allocation to alternatives and illiquid (assets), it has produced what looks like a very good return, but it doesn’t matter unless they look OK on a longer time horizon.”
Business
African countries eye world’s first joint ‘debt-for-nature’ swap
EconomyEnvironment
26 September 2024, 5:56 pm 1 minute
Reuters exclusively reported that at least five African countries are working on what could be the world’s first joint “debt-for-nature” swap to raise at least $2 billion to protect a coral-rich swathe of Indian Ocean. Debt-for-nature deals are becoming increasingly popular for poorer nations to pay for conservation.
Market Impact
Ecuador, Barbados, Belize, Gabon and Seychelles have all made such swaps in recent years, but the African initiative would be the first to involve multiple countries sharing a distinct ecosystem.
Article Tags
Topics of Interest: EconomyEnvironment
Type: Reuters Best
Sectors: Climate ChangeEconomy & Policy
Regions: Africa
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Money
Three savvy ways to save big before Christmas with carefully timed purchases
SAVVY shoppers can make big savings this Christmas by carefully timing purchases.
Prices in the shops fluctuate throughout the year as retailers adjust costs based on demand.
Here is how to get some of the best deals ahead of December 25 . . .
MAKE A LIST: If you note down what you expect to need for Christmas, you can spread the cost of spending and buy things when they are at the best price.
You can use price comparison sites such as idealo.co.uk to look at the price history of specific items, as well as setting up email alerts so that you know as soon as costs fall.
If you’re shopping specifically on Amazon, price-tracking sites bobalob.com and camelcamelcamel.com do a similar job.
READ MORE MONEY SAVING TIPS
DIARY DATES: Anyone planning to buy a tablet this year should take a look this Sunday, as prices average £604, down £43 from September, according to Idealo.
Laptops are typically best priced on December 19 at £1,267 after falling by around £90 from November.
For a capsule coffee machine head to the shops on November 17 when the lowest average price comes in at £135 — £30 less than average prices in October.
Wait to the last minute for trainers, as the cheapest price is on December 24 when you will save around £5 compared with November.
SHOPPING EVENTS: It is also worth keeping an eye on prices on Black Friday, which this year falls on November 29, as some retailers offer special discounts at this time.
Make sure you sign up to marketing emails of your favourite stores to get exclusive offers or discounts that you can use towards shopping.
Sometimes you can also get money off products by popping it in your shopping basket online and not checking out.
Some retailers will then email with a discount on the item to help get the purchase over the line.
- All prices on page correct at time of going to press. Deals and offers subject to availability.
Deal of the day
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Cheap treat
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Top swap
JELLYCAT fans can bag a hot chocolate version, £28, from John Lewis. Or try Hobbycraft’s similar plush toys for £5 each.
SAVE: £23
Little helper
GET a free coffee at Nero, Gails’ and, Joe and the Juice through Deliveroo until Sunday when spending £20.
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DRESS this sleeveless shirt up or down depending on your mood. It’s down from £32 to £12 at River Island.
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Travel
A Day in the Life of the Caribbean’s Most Exclusive Villa
A snapshot from a stay at Villa Embrace. Image by Laurent Benoit
The most luxurious property in the Caribbean and winner of the Luxury Lifestyle Awards, Villa Embrace is etched into a lush mountainside with panoramic views of the cerulean waters and the super yachts moored in Gustavia Harbor.
The award-winning four-story property is immaculate – a bold and modern interpretation of the luxury villa experience. The brainchild of Martin and Michelle Weinberg, Villa Embrace has been mindfully designed to capture the spectacular views while ensuring refined comfort, personalized service and a unique sense of place.
During a stay at Villa Embrace, guest’s wishes are fulfilled by a dedicated concierge, housekeeping team, a personal butler and in-house chef. The highly trained and sophisticated staff anticipate your every need whether at the villa or around the island, while being discreet and appearing whenever they are sought.
So, what exactly is it like to spend a day in one of the world’s most exclusive villas?
In the morning, awaken to see St Barths bathed in a golden sunrise glow from your very own private terrace, before taking a dip in the island’s largest infinity pool spanning 100-feet in length – one of two pools at the property.
Afterwards, sit down to breakfast in the outdoor kitchen as your own personal chef prepares dishes from an extensive and delicious menu designed for you. Upon arrival, the chef speaks with guests to curate a customized menu that caters to individual tastes. At Villa Embrace, the culinary experiences are as extraordinary as the surrounding views, and food and beverages are served on-demand, at any time of the day.
The first half of the day can be spent enjoying personalized excursions organized by the villa’s concierge team, with each activity catering to your individual interests. Guests can enjoy everything from helicopter golf excursions to Anguilla, luxury sailboat excursions to Wave Runner tours and exploring underwater marine life on a seabob.
A snapshot from a day out on the yacht. Image by Hugo Allard
Those preferring to remain on terra firma can hike to natural pools, learn about local history in Gustavia, arrange an intimate white glove picnic on one of the island’s 20 secluded beaches or even attend a vibrant brunch party, arriving via private water shuttle at the world-famous Nikki Beach.
In the afternoon, venture to the iconic Eden Rock Hotel nearby. Villa Embrace enjoys a close partnership with the world-renowned five-star hotel, and thanks to this, villa guests can experience VIP amenities and deluxe spa treatments as if they were staying there. Alternatively, spa services including massages and facials can be arranged for those that want to be pampered in the privacy of the villa or at Embrace Spa five minutes walk away.
Later, the elegant Games Room beckons with chess, poker, baccarat, backgammon and more. Games are played on the hand crafted, specially designed T.T.Trunks leather games table. Challenge friends and family while sipping a refreshing cocktail and relaxing on sensuous, avant-garde Vladimir Kagan armchairs.
A snapshot from a dinner at Villa Embrace. Image by Hugo Allard
As evening falls, make the most of mesmerizing Caribbean sunsets while participating in a private yoga session on the terrace before a dip in the pool, or work-out in the villa’s state-of-the-art gym. There is still time to enjoy a relaxing soak in a traditional outdoor Japanese tub before dinner surrounded by exotic plants as the lights of Gustavia begin to illuminate. Guests also have the opportunity to have a professional attend to their hair and make-up before a big night out.
A snapshot from a guided yoga session at Villa Embrace. Image by Hugo Allard
Dinner options at Villa Embrace are abundant – served alfresco with island and sea views, or indoors in the sophisticated dining room seated around a bespoke nautical inspired Barbarini & Gunnell table. The intimate atmosphere is accentuated by a dazzling solid glass droplet light fitting and rare artworks created by Roy Lichtenstein and Andy Warhol from the owners’ personal art collection.
Those preferring to discover St Barths’ enviable array of top-tier restaurants can secure VIP reservations at the island’s hottest spots. Dinner can also be enjoyed on the beach by a roaring bonfire or on an idyllic sunset catamaran cruise – all arranged by the villa’s intuitive concierge team.
End a magical evening wine tasting in the Great Room, sipping vintages from the villa’s own private cellar or indulge in a fun movie night or private musical performance in the Family Room. During annual island events, guests can also gain outstanding views of colorful and dramatic firework displays from the terrace.
A thoroughly memorable day at Villa Embrace concludes with a custom turndown service that may include customized lighting, music, personalized gifts and delicacies, readying you for a dreamy night’s sleep to prepare you for another day of elevated and exciting adventures in this one-of-a-kind Caribbean destination.
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