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Ministers force out chair of UK’s competition regulator

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Ministers have forced out the chair of the UK Competition and Markets Authority, as the government seeks to dial back regulation as part of Labour’s growth agenda.

The government will announce the departure of Marcus Bokkerink as chair of the regulator on Tuesday evening after an intervention by business secretary Jonathan Reynolds, according to people familiar with the matter.

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Bokkerink, a former managing director at Boston Consulting Group, was appointed in 2022. CMA chairs can serve up to a five-year term.

The Department of Business and Trade made clear to Bokkerink on Monday evening that it felt the regulator was not sufficiently focused on growth, according to one government figure.

The government has appointed Doug Gurr as new interim chair of the CMA. Gurr, a former country manager of Amazon UK, is currently director of the Natural History Museum in London.

Doug Gurr
Doug Gurr © Richard Cannon/FT

Bokkerink could not be immediately reached for comment. The CMA and business department did not immediately comment.

The competition regulator has been the focus of complaints to Labour ministers from business leaders, frustrated by what they see as an excessively interventionist approach to deals.

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“We know that [the CMA’s] performance has not been good enough. There is a lot of frustration about this across the board from business,” said one government figure. “We are hearing unhappiness from everyone.”

The CMA came under intense criticism from Microsoft in 2023 for its handling of the tech giant’s acquisition of Activision Blizzard. The agency ultimately approved the deal between the two US-based businesses after having initially sought to block it.

In October last year, Prime Minister Sir Keir Starmer also took aim at the body in a speech to business leaders, telling them he would “make sure that every regulator in this country, especially our economic and competition regulators, takes growth as seriously as this room does”.

Eleven members of the 33-member CMA merger panel, an independent group of experts that decides whether any deal that might threaten competition can proceed, are due to step down later this year. The business department is in charge of appointing their replacements.  

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One government figure said it was reasonable to assume that more of those incoming panel members would have a business background.

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Abbott Lingo Continuous Glucose Monitor Review: Easy and Clear

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Abbott Lingo Continuous Glucose Monitor Review: Easy and Clear

To put on the Lingo, you unwrap it and place the carton in the dispenser. Clicking the dispenser on your arm, which sends the filament under your skin, stings only faintly. It feels like getting flicked with a finger. It is way less painful than pricking your finger with a needle until you bleed, many times a day, and I was an idiot and should have done this before.

The sensor itself is fine. I don’t feel it most of the time, unless I change my clothes with much vigor and abandon, in which case I do have to be careful. You can pick where you put the sensor; most people pick their non-dominant arm. It’s water-resistant, so you can swim and shower with it, and you don’t have to charge it.

Once I had the sensor on, I opened the Lingo app, registered, and waved my phone next to it. Done! I was ready to start monitoring.

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Sugar Rush

If you’ve never monitored your blood glucose continuously, you’re probably in for a few surprises. Eating in a way that makes sense to a glucose monitor does not always mean eating healthier, objectively. For example, consider a typical lunch for me, which is a bowl of homemade pureed carrot soup and whole wheat bread. Because carrots and bread are carbs, this spikes my blood sugar to an alarming extent. An ultra-processed protein peanut butter bar, however, barely moves my blood sugar at all, even though if you’re healthy, one is not necessarily better than the other.

If you reduce the number of carbs you consume, you will reach ketosis, which is when your body starts burning your body fat instead of your readily available blood glucose for energy, because you have none. This is different, and less dangerous, than getting ketosis as a diabetes complication, but I still hate it.

I put the Lingo on during CES, where I did make one alarming discovery—I was walking around way too much for the amount of food that I was eating, and I was going hypoglycemic during the night. I thought my sleep disturbances were just due to work, stress, and being away from my family, but no, I was totally bottoming out.

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Waspi women 'upset and angry' as Labour rejects £3k state pension payout DESPITE DWP 'maladministration'

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Waspi campaigners and campaign chair Angela Madden

Activists from the Women Against State Pension Inequality (Waspi) campaign have expressed anger and betrayal after the Government rejected calls to compensate women affected by historic state pension age changes.

The decision, announced in December 2024, came despite findings of “maladministration” from the Department for Work and Pensions (DWP) in how it communicated said changes by the Parliamentary and Health Service Ombudsman (PHSO).

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Speaking to the Work and Pensions Committee, Waspi communications director Debbie de Spon said: “Waspi women are upset and angry and they feel let down and they feel betrayed and they don’t understand how it’s possible that findings of maladministration can have been shown but it doesn’t lead to redress for them.”

Following the ombudsman’s report, the Government acknowledged and apologised for delays in communicating the changes to 1950s-born women but maintains that a compensation scheme can not be justified.

Previously, the PHSO suggested compensation between £1,000 and £2,950 for each affected woman. However, the Government ruled out a blanket compensation scheme that could cost taxpayers up to £10.5billion.

Do you have a money story you’d like to share? Get in touch by emailing money@gbnews.uk.

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Waspi campaigners and campaign chair Angela Madden

Angela Madden, chairwoman of Waspi, told MPs they were “shocked” by the limited compensation recommended by the ombudsman. “The compensation recommended by them is a very small sum because of that, you know, £3,000 maximum for anyone suffering from those injustices,” she said.

When asked if the Government should have kept options open for future compensation when finances might allow, Madden responded: “Absolutely, yes, absolutely. You know, perhaps this year it might have been difficult for them to make that decision. But it shouldn’t be un-made totally.”

Madden told MPs that many women had carefully planned for retirement at age 60, only to have their plans disrupted.

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“We did plan for our retirement, mostly that’s what we hear from our members, we planned for our retirement, but we expected that retirement to start at 60,” she said.

The Waspi chairwoman highlighted the challenges faced by those who had already left work in their 50s. She explained that returning to employment proved extremely difficult due to age discrimination.

WASPI campaigner

“Because, I believe, certainly for us, there was discrimination in the workplace and I believe discrimination, age discrimination, still exists in the workplace,” Madden told the committee.

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Many affected women were forced to take poorly paid work and use their savings to survive, she added. The impact on women’s lives has been severe, with some forced into unexpected living arrangements.

“We’ve heard of some women house-sharing with strangers, now, we did that when we were students, we certainly didn’t expect to do it at this stage of our lives,” Madden revealed to the committee and emphasised how the changes had left many women financially vulnerable.

“Women have been impoverished by the way we’ve been treated,” she said.

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“The ombudsman suggested that we were being compensated for stress, lack of notice, you know, the anxiety, the shock, all the adjustments we had to make, some that we couldn’t make,” Madden explained.

Karl Banister, deputy ombudsman of PHSO, said of the Government’s response: “We are pleased that the Government has said yes, there was maladministration.”

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He welcomed the Government’s apology but expressed concerns about how some findings were interpreted.

“It’s not helpful in our view that the Government has then sort of undermined some of that, in some of the ways it’s responded,” Banister said.

When asked if he was surprised by the lack of financial compensation, Banister responded: “I suppose not, really, because it was a significant development, a significant move forward to accept maladministration, full stop, and to apologise.”

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The Government has previously cited research showing that 90 per cent of 1950s-born women were aware of state pension age changes by 2006. However, the deputy ombudsman questioned this justification for denying compensation.

“I think it’s not ideal. Because I think it’s clear from our report that there are various ways of looking at awareness,” Banister told MPs.

He emphasised that the PHSO’s role was not to dictate policy but to hold the Government to its own standards.

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Davos 2025: Citi's Head of Wealth Says Technology Will Offer Most Growth for Businesses in 2025

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Andy Sieg, Citi Head of Wealth speaks exclusively with Bloomberg TV’s Lisa Abramowicz on the sidelines of the 2025 World Economic Forum in Davos. (Source: Bloomberg)

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I hope Sharge’s new retractable charger can survive me fidgeting with it all day

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I hope Sharge’s new retractable charger can survive me fidgeting with it all day

First revealed last December through a Chinese retailer, Sharge’s new 65W GaN charger is now available globally. As the name implies, the Retractable 65 features an integrated USB-C cable that fully retracts when not in use so you won’t be scrambling to find one when a device is about to die. It’s available in white or black for $39.90 and while it comes with US style folding prongs it can be ordered with EU and UK outlet adapters.

An additional USB-C port allows the charger to power two devices, although the maximum power output drops to 60W with both ports in use.
Image: Sharge

The Retractable 65 can deliver up to a maximum of 65W of power with a single device connected, so you can use it to charge larger devices like laptops. In addition to the retractable USC-cable that’s just over 27 inches in length, the charger includes an additional USB-C port. Two devices can be charged simultaneously, but while Sharge hasn’t detailed how power is split between the two ports, the charger’s maximum output drops to 60W while both are in use.

The charger’s retracting mechanism is left visible through a transparent housing.
Image: Sharge
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The Retractable 65 joins a growing number of chargers and portable power solutions featuring retractable cables, thanks in part to most devices now supporting USB-C so companies like Sharge don’t have to accommodate several different charging ports.

The big question with this trend is how durable are the internal mechanisms used to retract integrated cables? As someone who likes to fidget with gadgets all day (and who broke the spring-loaded memory card eject mechanism on a Sony camera while fidgeting with it) I will undoubtedly be doing the same with chargers like this.

Will it survive someone mindlessly yanking out the cable and watching it go flying back into the charger all day like a tape measure? On its website Sharge claims the mechanism can survive “10,000+ stretch cycles” without breaking, but we’ve reached out to the company for more details about the charger’s durability — including if a broken retraction mechanism is covered under warranty — and will update this story when it responds.

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Argo Blockchain CEO resigns due to financial struggles

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Argo Blockchain CEO resigns due to financial struggles

Bitcoin miner Argo Blockchain announced a CEO departure and interim leadership changes.

Argo Blockchain, the British dual-listed Bitcoin (BTC) mining company, has revealed that CEO Thomas Chippas will step down from his role and board position, effective Feb. 28. 

CFO Jim MacCallum will step in as interim CEO while the company conducts a search for a permanent successor.

Chippas, who joined Argo in November 2023, led several financial improvements during his tenure. These included the early repayment of the company’s Galaxy loan and strengthening its balance sheet.

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Argo’s heavy losses

Despite these initiatives, Argo continues to face significant challenges. According to Finance Magnates, the company reported a $6.3 million net loss in Q3 2024, with revenue falling 28% year over year to $7.5 million.

In December, Argo raised $5.3 million through a share subscription to support strategic initiatives. These included relocating or selling mining equipment from its Helios facility in Texas and maintaining operations in Quebec, Canada.

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The company’s latest mining report highlights stagnant production, with 39 Bitcoin mined in December — the same figure as November — marking a five-month low.

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Could the CPA shortage ruin tax season this year?

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Bitcoin Could Surge To $1.7M, According To CryptoQuant

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Bitcoin Could Surge To $1.7M, According To CryptoQuant

They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

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Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

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So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Conduent confirms outage was due to a cybersecurity incident

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Conduent confirms outage was due to a cybersecurity incident

U.S. government contractor Conduent, which provides technology to support services such as child support and food assistance, has confirmed that a recent outage was caused by a cybersecurity incident. 

Conduent confirmed the disruption, which left some U.S. residents without access to support payments, to TechCrunch on Tuesday but declined to say whether the outage was related to a compromise of its systems. 

In an updated statement sent to TechCrunch on Wednesday, Conduent spokesperson Sean Collins confirmed that the disruption was due to a “due to a cybersecurity incident”, the nature of which was not confirmed. 

“This incident was contained and all systems have been restored,” Collins said. “Maintaining system integrity and functionality is as important to us as it is to our clients.”

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Collins declined to share any further details about the incident, including whether the company was aware of any data exfiltration.

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Investment Firm Kingdom Holding Shuns Potential Crypto Investment Over Limited Utility: Reuters

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A view of the Aramco oil refinery in Saudi Arabia, 1990. (Tom Stoddart/Hulton Archive/Getty Images)

Kingdom Holding, the investment firm of Saudi Arabian Prince Alwaleed Bin Talal, won’t invest in cryptocurrency in the near future because it has not been adopted as a payment method for goods and services, CEO Talal Ibrahim al-Maiman said, Reuters reported.

The prince, a senior member of the Saudi royal family is known for his Warren Buffett-style value investing approach and, like him, has consistently shunned crypto. The company’s estimated $13.6 billion in assets are held in a diversified portfolio that includes holdings in finance, hospitality, health care, media, technology and real estate companies.

“We support Mr. Buffet’s theory that you don’t buy with, don’t invest in, so as we cannot buy any goods with cryptocurrencies, therefore we are currently not looking into investing in them,” Al-Maiman said on the sidelines of the World Economic Forum in Davos, according to Reuters.

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Rumors on social media have for long suggested that the Saudi royal family would invest in cryptocurrencies, and the recently improved U.S. regulatory outlook given President Donald Trump’s pro-crypto stance was seen as a catalyst for that investment.

Al-Waleed’s public comments on bitcoin reflect the company’s crypto concerns. In 2017, the Saudi prince said he believes the cryptocurrency is “just going to implode one day.”

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Family offices assistants earn as much as $190,000 a year

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Martin-dm | E+ | Getty Images

Good help is hard to find. Family offices, the private investment firms of the ultra-wealthy, are increasingly willing to pay extra for it.

The talent war between family offices and Wall Street has driven up salaries not only for top investment roles but also for administrative staff. While compensation depends on the size and scope of the family office, executive assistants now often command base salaries exceeding $140,000, according to three recruiters who spoke to CNBC. This is well above the industry average of $81,500 for a senior executive assistant post, per staffing firm Robert Half.

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There are about 8,000 single-family offices worldwide with nearly 3,200 in North America, according to a survey by Deloitte Private. Family office administration roles can come with sweeping responsibilities well beyond typical duties like compiling expense reports and managing correspondence. Mandates to organize travel for the entire family or coordinate household staff at multiple personal residences, for example, are frequently fair game. 

“You will have to do anything for this person, and you don’t know what that will be,” said Jonathan Hova, recruiter and senior vice president at Career Group. “If a pipe bursts in Southampton in January, that’s where you’re going.”

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The median base salary for executive assistants at family offices is $100,048, according to a survey of 436 family offices and family investment firms by Botoff Consulting.

And, the larger the family office, the more executive assistants can expect to be paid. At family offices with at least $2.5 billion in assets under management, that median pay is about 35% higher, the survey found.

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That’s before annual bonuses, which typically range from 10% to 20% of the base salary, according to Botoff.

The top 10% of administrative assistants at family offices regardless of size make $188,800 with a 20% bonus, according to the survey. Among the largest family offices, which are more likely to use long-term incentive plans, the top 10% of assistants can see all-in compensation of up to $240,000.

“Certainly for some families there is going to be some sticker shock,” said Trish Botoff, founder and managing principal of Botoff Consulting. “But I think they also find that when they can control services that are being provided, how it’s being done, who it’s being done by, they’re much happier with the results they get.”

Executive assistants to family offices are often required to travel with the executives they support, both on personal and professional trips. 

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Recruiter Dawn Faktor Pincus is looking to hire an executive assistant who will travel with the family office principal at least once a month, including on holidays. She estimated the total compensation for the role would top $200,000 between a $170,000 base salary, travel pay and sign-on and yearly bonuses.

The travel and time commitment are just part of why the role pays so much, said Faktor Pincus, a senior recruiter at Howard-Sloan Search. These ultra-rich employers are often picky, desiring candidates with top-tier or Ivy League degrees or previous experience working with high-net-worth individuals, which comes at a premium, she said. For one family office desiring an executive assistant with a creative background, she placed a graduate of a prestigious university who was an aspiring novelist.

“It’s a small pool,” Faktor Pincus said. 

Most of these family offices desire at least five years of related experience with some requiring at least eight to 10 due to the complexity of the role, according to recruiter Fira Yagyaev of Larson Maddox.

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“They are really in the weeds of what the family experiences day to day so it is probably one of the most crucial hires,” said Yagyaev, head of wealth management, trust and family office services at the recruiting agency.

At the same time, these accomplished assistants are expected to take on any task, big or small, without complaint. Hova said executive assistants can expect at least 10% of their work to verge on personal assistant duties.

“It is always a service role,” he said.

Plus, the work comes with thorny personalities, said Faktor Pincus. 

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“A lot of times the ultra-high-net-worth individuals could be difficult,” she said. “People don’t become as successful as they are by being so nice and sweet.”

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