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World leaders at Davos need to tax millionaires like me. The fate of our planet and democracy depends on it

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The ultra-rich pose a threat to our democratic institutions—and the problem will deepen if extreme wealth is left unchecked. Read More

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Labour slammed for ‘mass spying’ on bank accounts as part of benefit fraud clampdown plans

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Labour slammed for 'mass spying' on bank accounts as part of benefit fraud clampdown plans

The Labour Government has been accused of introducing “mass bank spying” through new legislation aimed at assisting the Department for Work and Pensions (DWP) cracking down on benefit fraud.

Under the Public Authorities (Fraud, Error & Recovery) Bill, which was introduced in Parliament earlier this week, ministers plan to save £8.6billion over the next five years.


Privacy campaigners have branded the measures “one of the biggest assaults on welfare in a generation” as the bill is set grant the DWP new powers to obtain bank statements from individuals suspected of benefit fraud and require banks to flag potential breaches of eligibility rules.

According to Government figures, the department estimates that benefit fraudsters cheated taxpayers out of £7billion last year.

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Big Brother Watch director Silkie Carlo warned the legislation is “turning British welfare into a digital surveillance system” with “unprecedented privacy intrusions”.

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

Man looking at bank statement and Big Brother sign

The DWP has been accused of “mass bank spying” by campaigners

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Under the new legislation, the DWP will have powers to recover money directly from bank accounts of benefit fraudsters who are no longer receiving benefits or in PAYE employment. The department will specifically target those who have the means to pay but have refused to do so.

Officials stress that while they will be able to request bank statements, they will not have direct access to bank accounts. The measures are part of what the DWP calls its “biggest fraud crackdown in a generation”.

Banks and building societies will face new requirements to report potential breaches of benefit eligibility rules. The legislation also grants DWP organised crime investigators new powers to apply for search warrants.

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This will allow them to support police in searching premises and seizing evidence such as computers and smartphones. Furthermore, the time limit for civil claims against Covid fraud will be doubled from six to twelve years, giving authorities more time to investigate complex cases.

DWP

The DWP is is line to be awarded new powers

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Carlo said: “We must be extremely cautious about the Government creating a second tier justice system reserved for people who rely on welfare that side-steps fair hearings in courts to take away people’s funds and freedoms.”

She warned that elderly, disabled and people on the poverty line could have their lives “destroyed by mistaken punishments” and acknowledged that, while everyone wants genuine fraudsters to face justice, the new powers extend beyond fraud to correcting the government’s “own frequent payment errors”.

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“These are totally unprecedented privacy intrusions and punishments that will do more damage to fundamental British values of fairness and justice than to the serious fraudsters,” Carlo added.

Big Brother Watch UK expressed particular concern about the Government’s ability to directly access bank accounts and suspend driving licences. Among the most controversial new powers is the DWP’s ability to apply for driving bans of up to two years for benefit fraudsters.

This penalty would apply to individuals who owe £1,000 or more and repeatedly refuse to repay the money. The driving ban measures will specifically target those who have ignored previous requests from the DWP.

As part of the legislation, a comprehensive framework for banks to identify potential benefit fraud is being rolled out. Financial institutions will be required to report suspicious activity that could indicate breaches of benefit eligibility rules.

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Liz KendallLiz Kendall has pledged a benefits crackdown PA

The DWP says this proactive approach aims to prevent debts from accumulating and reduce the need for later repayment demands. New investigative powers will also allow DWP organised crime investigators to work more closely with police.

They will be able to apply for court warrants to search premises and seize electronic devices as evidence against suspected fraudsters. Michael Erhardt, campaigner at Disability Rights UK, criticised the Government’s approach to benefit fraud.

“The problem isn’t the social security budget – it is poor Government direction and underfunding of public services that are leading to more and more people becoming physically and mentally unwell,” he said.

He emphasised that supporting people with health conditions should be a societal priority. “When people are unwell or when they have long-term impairments or health conditions, then we as a decent society should give them the level of benefits that they need to live on,” Erhardt stated.

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GB News has contacted the DWP for comment.

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After meeting with Trump, Stellantis chairman commits to restart of endangered Illinois plant

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Stellantis’ Belvidere site has been mothballed since February 2023 after the carmaker temporarily discontinued production of the Jeep Cherokee crossover. Read More

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The Samsung Galaxy S25 is getting a new storage option, but I wish it went further

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Galaxy S25 in hand, rear in nice shade of blue

Our Samsung Galaxy Unpacked live coverage may have wrapped up, but we’re still feeling the excitement of seeing the new Samsung Galaxy S25, S25 Plus, S25 Ultra, and all-new S25 Edge revealed unto the world.

The new flagship Galaxy lineup brings with it a handful of upgrades for each of the three models, with increased RAM, new AI tools, and the blazing-fast Qualcomm Snapdragon 8 Elite chipset.

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What Is 4CHAN Crypto – Coinlabz

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4chan-logo

4CHAN hit the scene on May 3rd, 2023, aiming to be the latest meme coin sensation with a whopping 10 quadrillion tokens. Thanks to its **viral potential** and some big-name shoutouts, 4CHAN is buzzing in the crypto world.

While not as widely known as some other cryptocurrencies, it has sparked interest due to its unique features and potential for growth.

As with any investment in the cryptocurrency space, it is essential to conduct thorough research and understand the risks involved before diving in.

4chan Crypto’s impact on the digital asset landscape remains to be seen, and investors should approach it with caution and careful consideration.

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Key Takeaways

  • When evaluating 4chan Crypto, it is essential to assess the associated risks and potential rewards carefully.
  • The token presents unique features and active community participation; however, it is important to acknowledge its limited price volatility and relatively low presence on exchanges.
  • Investors are advised to approach this investment option with caution and closely monitor the token’s performance before making any decisions.
  • Remaining well-informed and maintaining a vigilant stance are essential when navigating the ever-evolving and intricate realm of cryptocurrency.

4CHAN Crypto Features

4CHAN Crypto presents several distinctive features within the cryptocurrency market. These include the ability to onboard new team members, facilitate social interactions, enable event sharing, and offer event moderation tools. The platform also incorporates whitepapers that delve into event sharing capabilities, event specifics, and details on exchanges and markets, enriching user understanding.

The technical strengths of 4CHAN include a rapid and scalable platform, high transaction speeds, minimal block time latency, adaptable blockchain structures, and developer-centric features with robust support resources.

Current price of 4CHAN Token

The current price of the 4CHAN Token is $0,00000000000006661, representing a -96.50% decrease from its all-time high of $0.012338831 reached on July 21, 2023. 4CHAN holds the rank of #1990 in the cryptocurrency market cap.

Despite fluctuations, the current price indicates a level of stability relative to its historical extremes.

This pricing information is valuable for investors and stakeholders to gauge market sentiment and potential future trends. Monitoring the token’s price movements and market cap can offer insights into its performance and position in the cryptocurrency market.

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What is the daily trading volume of 4Chan (4CHAN)

The recent market trends for 4CHAN Token have led to a notable increase in the daily trading volume of 4Chan (4CHAN), which now stands at $314,870.21. This surge in trading activity represents a substantial growth compared to the previous day. The 38.70% increase in daily trading volume indicates a heightened interest and participation in the token within the market.

Despite a 7-day price decline of -21.50%, the elevated trading volume suggests a potential shift in market sentiment towards 4CHAN. The token is listed on exchanges such as Uniswap V2, LBank, and DigiFinex, providing users with multiple platforms to actively trade 4CHAN. The current trading volume reflects a dynamic market environment for 4CHAN, offering traders opportunities to engage with its price movements.

Monitoring the trading volume of 4CHAN can offer valuable insights into the token’s market dynamics and community interest as it continues to navigate the cryptocurrency landscape.

What is the all-time high for 4Chan (4CHAN)

The highest price ever reached by 4CHAN was $0,000000000001252 on Jul 21, 2023. Presently, the price is down by -96.50% from this peak but remains 1,422.70% above the lowest recorded value.

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What is the all-time low for 4Chan (4CHAN)

4Chan (4CHAN) experienced a significant drop to its lowest price on May 18, 2023. The token hit an all-time low of 0,000000000000005485 on that day.

The data indicates a fluctuating journey for 4Chan (4CHAN), showcasing both highs and lows within a relatively short timeframe. Investors and enthusiasts closely monitor such movements to understand the token’s volatility and potential for future growth.

Evaluating The Future Of 4CHAN Token:

In comparison to its counterparts, the future prospects of 4Chan’s token depend on its ability to reverse the substantial price decline it has undergone and regain competitiveness within the cryptocurrency sphere.

As 4Chan navigates through market obstacles, its focus on maintaining a positive price performance, boosting trading volume, and leveraging its unique characteristics could drive its future success. By capitalizing on its strengths and addressing weaknesses, 4Chan aims to position itself favorably within the competitive cryptocurrency market, attracting more participants to its ecosystem.

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Should you invest in 4CHAN

Before deciding to invest in 4CHAN, it’s important to carefully consider the potential risks and rewards associated with the token. Factors such as market volatility, technical advantages, and trading options should be taken into account to determine if 4CHAN aligns with your investment objectives.

Conduct a thorough analysis of the token’s value and market dynamics to make an informed decision about investing in 4CHAN.

Pros of investing in 4CHAN

Investing in 4CHAN presents an opportunity that may appeal to investors due to its current low price and potential for gains. The token has shown a notable increase of 1,422.70% from its all-time low, indicating the possibility of significant returns.

Furthermore, the token benefits from stable liquidity of 80.85 K on Uniswap v2, providing a reliable platform for trading. From a technical perspective, 4CHAN offers a fast and scalable platform with industry-leading transaction speeds and customizable blockchain infrastructures, making it an attractive option for investors seeking to diversify their portfolio with a promising token.

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Cons of investing in 4CHAN

Investing in 4CHAN presents significant risks due to its notable price volatility and the potential for substantial losses. The token has experienced drastic price swings, indicating a high level of risk and the possibility of significant financial downturns.

Its relatively low liquidity and trading volume may pose challenges when buying and selling 4CHAN, affecting the ease of transactions. Its underperformance in the global market point to instability and a lack of demand for 4CHAN within the broader cryptocurrency landscape.

The limited market activity and the narrow range of exchanges for 4CHAN could make executing trades and determining accurate prices more challenging. Concerns surrounding the token’s technical capabilities and security features also raise doubts about its underlying technology and potential vulnerabilities.

Where can you buy 4Chan

When considering the purchase of 4CHAN tokens, individuals can access them through various decentralized and centralized exchanges, such as Uniswap V2, LBank, and DigiFinex. These platforms facilitate the trading of 4CHAN tokens efficiently. To interact with 4CHAN further, users can integrate the token into their MetaMask wallet by importing it through the contract address or utilizing platforms like CoinGecko.

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Frequently Asked Questions

What Is 4CHAN in Crypto?

4chan is a cryptocurrency project known for its significant volatility. Trading options, and rankings are subjects of interest for investors and analysts. Understanding the dynamics of 4chan can be beneficial for those navigating the crypto space, as it presents unique opportunities and risks.

How Much Is 4CHAN Token Worth?

The current value of 4chan token is $0,00000000000006661, with one active market listed. It includes features such as team member additions, social activity integration, event sharing, and moderation.

How to Buy 4CHAN Coin?

To purchase 4CHAN coin, you can engage in trading activities on established cryptocurrency exchanges such as Uniswap V2, LBank, or DigiFinex.

Conclusion

4chan Crypto has garnered attention within the cryptocurrency community due to its meme-based approach and unique tokenomics. Despite its appeal, the token has experienced significant price volatility, resulting in fluctuations that can present both risks and opportunities for investors.

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The platform offers distinctive features such as social integration and event sharing, emphasizing community engagement and participation.

While 4CHAN’s low price and substantial liquidity may suggest potential for significant gains, it’s crucial to approach this investment with caution. The high price volatility and relatively limited market activity make it imperative to conduct thorough research and maintain a vigilant stance.

Investors should consider the token’s technical capabilities, security, and trading platforms when making investment decisions.

The future success of 4CHAN depends on its ability to regain competitiveness and attract a broader audience. Ultimately, investors should weigh the pros and cons, closely monitor the token’s performance, and assess their risk tolerance before investing in 4CHAN.

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Other cryptocurrencies to check:

GROK Crypto, Everlodge crypto, TitanX Crypto, Digitoads crypto and Xen Crypto.

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Shein exec Donald Tang says Trump tariffs should be applied equally

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A view of a Shein pop-up store at a mall in Singapore April 4, 2024. 

Edgar Su | Reuters

Shein’s ultra-cheap clothes can remain affordable as long as proposed tariffs from President Donald Trump are “applied equally,” the company’s executive chairman Donald Tang said on Thursday. 

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“Affordability is a big anchor. … It’s the whole package of it, it’s a value for [your] money,” Tang told CNBC’s Sara Eisen during an interview at the World Economic Forum in Davos, Switzerland.

On the campaign trail, Trump had proposed tariffs as high as 60% on imports from China – where Shein primarily manufactures its clothes. He has since softened that stance and has suggested a 10% tariff instead

When asked if Shein will still be able to provide its ultra-low prices if tariffs take effect, Tang didn’t address whether the company would raise prices but suggested that it’d still be able to remain competitive as long as China doesn’t see higher tariffs than other regions. 

The fast fashion company has been on a meteoric rise over the last few years and had been planning for a U.S. IPO but ultimately scrapped those plans and turned to London when political sentiment soured on the Chinese-born company. 

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When asked about its plans for a London public offering, Tang declined to comment but explained why the company wants to be public. 

“Being a public company embraces the very universal and unique mechanism for accountability,” he said, adding that public trust is “crucial” for long-term growth.

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The Proud Boys Are Plotting a Comeback. And They Want Revenge

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The Proud Boys Are Plotting a Comeback. And They Want Revenge

Though they mobilized in a few instances in support of Trump ahead of the 2024 election, it was, overall, fairly lackluster, especially compared to 2020. This drove speculation that the gang was on its last legs.

Then, on Monday, as Trump was taking the oath of office, more than 100 uniformed Proud Boys marched through the streets of Washington, DC, led by their south-Florida chapter.

It was a striking scene—one that seemed intended to send a clear message: “We’re back.”

Ever since January 6, 2021, DC has been perceived by the far right as a no-go zone for Trump supporters of all stripes. But on Monday the Proud Boys chanted “Whose streets—our streets.” They received a hero’s welcome by other Trump supporters in the crowd, as seen on video recorded by freelance journalist Ford Fischer.

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On Tuesday, as bureaucratic snafus delayed the release of about a dozen January 6-ers from the DC jail, protesters gathered outside. Among them were at least four uniformed Proud Boys. Though three of them had their faces covered, they milled around with what appeared to be zero concern about stigma from others present. Oath Keeper founder Stewart Rhodes, whose 18-year sentence for seditious conspiracy was commuted by Trump, also appeared outside the jail—having walked free from a federal prison in Maryland the previous night.

One of the Proud Boys present spoke at the impromptu rally outside of the jail, identifying himself as “Harry Fox.” (This was the same name that other Proud Boys had given to reporters on Inauguration Day.)

“Donald Trump is back, baby. He is back, and he is stronger than ever,” he said over the microphone. “I’m so proud of what the American citizens did that day,” he added, referring to January 6, “for standing up finally after decades of being abused and oppressed by an authoritarian regime.”

He ended his speech with the Proud Boys slogan: “I am a Western chauvinist, and I will not apologize for creating the modern world.” The crowd cheered.

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Tarrio, in his phone call to Jones on Tuesday, made it clear that he views the role of the Proud Boys as being no different to what it was four years ago—he sees them as the foot soldiers and the muscle of the GOP. “I think the future of the club will be what it’s always been,” said Tarrio. “A group of men that love America, get around and drink beer, and protect Trump supporters from being assaulted … We will defend ourselves and Trump supporters from being assaulted for their political views.”

He suggested that he feels vindicated by Trump’s election victory and decision to pardon almost everyone involved in the January 6 riot. “We went through hell, and I’m gonna tell you: It was worth it,” Tarrio told Jones. “What we stood for and what those guys stood for is what we’ve been fighting for, is what we saw yesterday on the inauguration stage … I can’t tell you it’s been easy. But I will tell you it’s been worth it.”

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Binance Labs rebrands to YZi Labs with CZ at the helm

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Binance Labs rebrands to YZi Labs with CZ at the helm

Binance Labs, the venture capital arm and incubator of Binance Holdings, is getting a fresh start as Changpeng Zhao transitions it into a family office.

On Jan. 23, Binance Labs announced its rebranding to YZi Labs and unveiled a new leadership team led by Binance founder and former CEO Changpeng Zhao, known also as CZ.

According to the announcement, CZ will run YZi Labs alongside Ella Zhang, who co-founded Binance Labs in 2018. During her tenure at the VC platform, Zhang oversaw the incubation of multiple crypto projects that have grown into top ecosystems in the market, including Polygon, Injective, Dune Analytics, Certik, and SafePal.

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Under its new family office initiative, YZi Labs will expand its focus beyond cryptocurrency and blockchain. The announcement highlighted new areas of investment, including artificial intelligence, web3 and biotechnology.

“Rebranding to YZi Labs is more than a name change—it signifies an expanded vision as we broaden our horizons to include transformative sectors like AI and biotech,”  CZ said.

Zhao stepped down as Binance CEO in 2023 after reaching a settlement with U.S. authorities. He also served a four-month prison sentence in the U.S. before returning to the industry following his release from a correctional facility in California on Sept. 27, 2024.

Binance’s decision to sever ties with its VC arm began taking shape after CZ’s release. In a post on X following his incarceration, Zhao stated that he would focus on “impact” investments rather than financial returns. He also announced plans for an educational project called Giggle Academy.

With YZi Labs, CZ plans to refine the venture capital unit’s incubation program, which will include reintroducing residency initiatives for project founders. The firm will also continue to support its existing portfolio of 250 projects.

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BTC Faces Massive Volatility Above $100K as Liquidations Surge to $300M

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BTC Faces Massive Volatility Above $100K as Liquidations Surge to $300M

Bitcoin’s price actions were somewhat dull for most of the day, but the asset went on a wild rollercoaster in the past hour or so, pumping and dumping by several grand.

This has caused a lot of pain for over-leveraged traders, with more than 120,000 such market participants getting wrecked in the past 24 hours.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

As reported earlier today, the primary cryptocurrency had started to lose traction following the Monday drop, subsequent all-time high, and yet another decline, and stood at $102,000. Its value decreased a bit more as the day progressed and slipped to $101,200.

It recovered some ground to $102,000 but then exploded out of the blue to $106,000 within minutes. This somewhat surprising rally was met by a steep rejection that pushed it south to $102,500 before the bulls sent it to $104,000 as of now.

Perhaps the most evident reason behind this substantial volatility is a cryptic couple of tweets by US Senator from Wyoming – Cynthia Lummis. The long-term BTC supporter, who has actively been pushing for a Bitcoin reserve in the US, used the asset’s logo to say, “₿ig things are coming” at 10 AM (probably EST).

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Although that time has passed and there’s no big announcement yet, her comments were seen by almost 4 million people in an hour, which could explain the hype around BTC.

Fox Business’ Eleanor Terrett picked up the post and said that Lummis is likely to be voted in to become the chair of the digital asset subcommittee.

Data from CoinGlass shows that the total value of liquidations is up to $300 million on a daily scale, with 124,000 traders wrecked within the same timeframe. The biggest liquidated position took place on OKX and was worth almost $6 million.

Liquidation Heat Map. Source: CoinGlass
Liquidation Heat Map. Source: CoinGlass
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Barclays to slash CEO’s fixed pay as package capped at £14m | Money News

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Barclays is proposing to slash the fixed pay it hands to its chief executive each year as part of an overhaul of his remuneration package that will see his maximum earnings capped at just over £14m.

Sky News has learnt that Barclays has this week written to its largest shareholders to notify them of detailed proposals that will change the way it pays CEO CS Venkatakrishnan and group finance director Anna Cross.

Under the plans, which will be put to investors at the bank’s annual meeting in the spring, Mr Venkatakrishnan will see his annual fixed pay – comprising salary and a share allowance – nearly halved from £2.95m to £1.59m.

His new arrangements would, if approved by shareholders, see him become eligible for bonuses and long-term stock awards worth up to eight times his new £1.59m salary.

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That would mean Mr Venkatakrishnan’s total maximum package increasing from £9.8m to £14.3m, although people briefed on the plans said he could only earn rewards at the upper end of the spectrum if Barclays achieved a return on tangible equity in excess of 14% – a level well beyond the targets the bank has said it is aiming for.

Ms Cross, meanwhile, would see her maximum pay package rise to £8.1m.

The new arrangements will mean that Barclays asks shareholders to vote on its directors’ remuneration policy (DRP) a year earlier than it is required to.

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Its move follows the government’s decision to abolish the pre-Brexit cap which restricted senior bankers from earning more than twice their fixed pay in bonuses and other variable awards.

Last year, Barclays investors voted overwhelmingly to allow the company to set its own bonus cap.

For hundreds of so-called material risk-takers (MRTs) at the UK-headquartered bank, that ratio has been set at 10:1, meaning a banker earning £1m in fixed pay could be awarded a maximum of £10m in bonuses.

Other leading investment banks, including Goldman Sachs, have set that ratio at a significantly higher level than Barclays.

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In a letter to top shareholders, seen by Sky News, Brian Gilvary, the non-executive director who chairs Barclays’ remuneration committee, said the changes would “simplify the structure of Executive Director pay and to align the outcomes more closely to the performance of our business and the experience of our shareholders”.

Mr Gilvary said that Barclays had already engaged with investors accounting for roughly 40% of its share register.

The bank’s proposals come at a time of sharper debate about boardroom pay in the UK, with companies seeking to argue more volubly that bigger remuneration packages are necessary to preserve Britain’s economic competitiveness.

Addressing that point in his letter to Barclays shareholders, Mr Gilvary wrote that its overhaul of executive directors’ pay provided “recognition that Barclays competes with a broad range of peer banks, including the leading US universal and investment banks, though we must ensure maximum total compensation does not approach the level of US peers to reflect our UK-listed context”.

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Last week, it emerged that David Solomon, the Goldman chief executive, was being handed an $80m retention plan, as well as being paid $39m for his work in 2024.

JP Morgan and Morgan Stanley, two other firms with which Barclays competes in investment banking, have also handed big retention awards to their CEOs.

Under Mr Venkatakrishnan, Barclays’ performance has improved markedly: its shares have doubled in the last year, outperforming other UK banks.

It now has a market capitalisation of over £42bn.

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If Mr Venkatakrishnan achieved his on-target performance, he would receive a pay package under the new plan worth £9.2m – less than the current maximum of £9.8m.

He would have been paid less under the revised compensation package being put to investors this year than under the existing framework in nine of the last ten years, Mr Gilvary wrote in his letter to shareholders.

As part of its plans, Barclays intends to increase the weighting of its executive directors’ variable pay to financial measures such as profit before tax, cost:income ratio and return on tangible equity – all of which are key measures of banks’ performance.

Mr Gilvary’s letter also said investors should be “[reassured] that we will retain current Board-level overrides and discretions, to ensure that incentive outcomes are aligned with shareholder experience of the results achieved, and that the executive directors’ remuneration continues to support our risk and control culture”.

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Barclays was no stranger to battles with shareholders over top pay in the years after the 2008 financial crisis, most notably during the periods when the bank was run by CEOs Bob Diamond and, later, Jes Staley.

On Thursday, Ambrose Faulks, a fund manager at Artemis Investment Management, one of Barclays’ ten largest shareholders, backed the board’s plans, saying: “We have engaged with the Barclays board over this – post-the lifting of the bonus cap – and see this as a good opportunity to get a better alignment of investor interests.

“These targets are stretching and performance-driven.

“If we aspire to compete globally then our companies need good CEOs, shareholders should be prepared to have structures that are suitably aligned with international peers.”

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In a statement issued to Sky News, a Barclays spokesperson said: “The remuneration committee meets with stakeholders throughout the year to gather feedback on our remuneration policy.

“Whether or not the committee chooses to propose any change to our current Directors’ Remuneration Policy in 2025, the policy will continue to focus on rewarding sustainable performance, and close alignment with shareholders’ interests.

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“The committee will publish their views and decisions in the 2024 annual report on 13 Feb.”

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CNN is building a new streaming service nearly three years after killing its last one

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CNN is building a new streaming service nearly three years after killing its last one

CNN is developing a new streaming service — and it sounds a lot like the one it shut down nearly three years ago. In an internal memo shared with The Verge, CNN CEO Mark Thompson says the service will give viewers the ability “to stream news programming from us on any device they choose” as part of a broader restructuring plan.

CNN jumped on the streaming bandwagon in 2022 with the launch of CNN Plus, a short-lived service that shut down after just one month. Thompson doesn’t say whether the new service will mirror the content on its linear channel, or if it will stick to original programming, similar to CNN Plus.

“It’s early days but we’ve already established that there’s immense demand for it not just in America but across much of the world,” Thompson wrote. “We’ll have more to say about this new digital product in the coming months, including content plans and how we will work with our existing and future distribution partners to bring this to market.”

Along with the new streaming service, Thompson’s memo also said Alex MacCallum, CNN’s executive vice president for digital products and services, will announce the company’s “first lifestyle-oriented digital product” and a “major pivot to digital video.”

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As part of these changes, CNN will lay off six percent of jobs, making up around 200 employees. Thompson says the company “doesn’t expect total headcount to fall much this year” because of a $70 million investment from CNN parent company Warner Bros. Discovery, The Hollywood Reporter says.

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