Trump says new 10% tariff on China could come by Feb. 1, repeating November pledge

Published

2 hours ago

January 22, 2025

Markets were cautiously optmistic after Trump took a lighter approach to China on Monday. That sentiment lasted a day. Read More

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Europe could be a casualty under Donald Trump’s promised American ‘golden age’

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2 minutes ago

January 22, 2025

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Donald Trump was sworn in as the 47th U.S. president—that could mean more tariffs and different picture for trade with Europe. Read More

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Vertice raises $50M for its AI-powered SaaS spend platform

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3 minutes ago

January 22, 2025

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Vertice raises $50M for its AI-powered SaaS spend platform

Vertice has made a name for itself over the years in the crowded world of expenditure management by focusing on applying AI to optimize an area where businesses are sinking hundreds of billions of dollars annually: software and cloud spend.

The London-based startup’s business has grown 13x in the three years since its inception (similar how fast software spend has increased), and it has now raised $50 million in new funding to expand its vision.

“[Vertice] is designed to standardize companies’ processes around how they buy anything, not just software and cloud,” its CEO and co-founder Roy Tuvey (pictured above, left) told TechCrunch. “A lot of companies today have disparate solutions, different silos that they look at, and procurement teams are generally under a lot of pressure to deliver savings and efficiencies. They don’t have amazing technology today. So we’ve brought it all together in a unified and simplified platform.”

Lakestar, a new investor in the company, is leading this Series C round. Perpetual Growth and CF Private Equity, as well as previous backers Bessemer Venture Partners and 83North (which co-led Vertice’s Series B almost exactly a year ago) are also participating.

The startup has now raised around $100 million in total, and while it’s not disclosing valuation, Tuvey confirmed that this Series C was an up-round, valuing the company higher than the “several hundred millions” it was pegged at 12 months ago.

The size of Vertice’s customers has grown, too: Its clientele now number in the hundreds across Europe, the U.S. and Asia Pacific, including the likes of chip giant ASML, Euronext, Grant Thornton, and banking behemoth Santander.

For some more context, Vertice’s founders have a strong history of entrepreneurship: Roy and his brother Eldar previously founded two security startups, ScanSafe, which they sold to Cisco in 2009 for $200 million; and Wandera, which was acquired by Jamf for $400 million in 2021.

Gartner predicts that spending on data centers in 2025 (thanks to cloud and AI), software, related IT and communication services will increase by more than 9% to just under $5 trillion, so it isn’t surprising to see Vertice working in a crowded part of the enterprise market.

Its competitors include a plethora of platforms that offer varying levels of services like product recommendations, pricing, side-by-side feature comparisons, and more. These include Spendbase, Spendesk, Gartner and G2.

Vertice’s point of differentiation, Tuvey said, is how it integrates with a business’s data to better understand what to suggest. Tapping into the same approaches that a cybersecurity firm might use to better understand activity in a network, Tuvey said Vertice uses AI and other tools to build a picture of what a company does, how much it spends typically, and what it might need or want to buy next.

In effect, the startup has built, along the lines of a large language model, a “large software procurement model,” where the parameters are not facts and insights, but software usage. The company claims it has ingested data on some $3.4 billion worth of SaaS and cloud expenditure, as well as benchmarking data on more than 16,000 software vendors (none of these have any financial relationship with Vertice, Tuvey confirmed).

Customers essentially use Vertice to speed up the process of buying and also to save money. The startup says that purchasing cycles can typically be cut in half, yielding savings between 20% and 30%.

“We ingest all the contract information through AI,” Tuvey said, adding that it uses the tech to build co-pilots to help with purchasing, automating work that finance teams might have to do manually before. “We surface benchmark pricing insights and analytics that they need at the point of purchase. AI is really interesting when it comes to procurement orchestration, because you can learn where the company has bottlenecks in their processes.”

That, in turn, helps Vertice understand how the wider business is working, he added.

“For example, if a company is always spending a long time with certain steps, for example to check pricing but also security compliance, we can see how to run them in parallel and save time,” he said. “And you can just imagine — the more and more apps you have, the AI can learn and make recommendations.”

It’s the Tuveys’ background, how they are applying it to procurement, and the resulting growth that has had investors knocking on the door, said Georgia Watson, the Lakestar partner leading this round. At the moment, expenditure is top of mind for companies looking to bring down operational costs — especially at startups given the constrictions they are facing around funding at the moment.

“Some of our portfolio companies are using Vertice,” Watson said, citing the pressure to bring down software expenditure. “That’s been a conversation we’ve been having… and feedback was overwhelmingly positive,” she noted, adding that Lakestar had been trying to invest previously, and finally pulled it off this time around.

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Ethereum Core Developer Eric Conner Departs for AI Venture Freysa

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5 minutes ago

January 22, 2025

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(Duncan Rawlinson/Flickr Creative Commons)

Eric Conner, a prominent core developer at Ethereum, has left the ecosystem community after a nearly 11-year affiliation citing network co-founder Vitalik Buterin’s dismissal of a leadership shake-up proposal.

Conner is a co-author of EIP-1559, the major network change that shifted how transaction fees worked on Ethereum. He isn’t officially employed by Ethereum but has advised, invested, and was among those who led the charge on ecosystem growth since its early days.

Conner is joining AI-focused protocol Fresya.AI, he said in a follow-up X post.

Buterin swatted calls for changing the leadership structure at the Ethereum Foundation, which oversees the development of the second-largest blockchain by market cap.

Buterin said on X that he wants to create a “board” to manage the foundation, but until then he is the leader. Buterin’s comment came amid calls by ecosystem stakeholders for a change in the network’s leadership with founding member Anthony Donofrio opining that the blockchain has lost its way.

The network is also planning to roll-out its Pectra upgrade, which promises speed efficiency and other improvement, in March.

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Crypto Price Analysis 1-22: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, HEDERA: HBAR, STELLAR: XLM

Published

11 minutes ago

January 22, 2025

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Crypto Price Analysis 1-22: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, HEDERA: HBAR, STELLAR: XLM

Bitcoin (BTC) has gained nearly 3% over the past 24 hours, approaching its all-time high at one point as the Trump administration completed its first day in office. Markets were choppy but stabilized after the United States Securities and Exchange Commission unveiled plans to overhaul rules and regulations for the sector. BTC is trading around $105,846 and has registered gains of nearly 10% over the past week.

The crypto market has rebounded over the past 24 hours. Ethereum (ETH) rose nearly 3% to reclaim $3,300 and is currently trading around $3,342. Meanwhile, Ripple (XRP) is up 2.50%, while Solana (SOL) is up nearly 8%, remaining above $250. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Tron (TRX), Sui (SUI), Polkadot (DOT), and Litecoin (LTC) also registered substantial gains. The TRUMP meme coin is also up nearly 15%, gaining a staggering 530% since launch.

SEC Gives Crypto First Win Of Trump Presidency

The United States Securities and Exchange Commission’s new leadership has announced the creation of a task force to develop a clear regulatory framework for digital assets. This is the first attempt by the Trump administration to overhaul crypto policy. Coinbase Chief Legal Officer Paul Grewal said the SEC is moving quickly on Trump’s agenda, stating,

“The president has moved quickly on his agenda. The SEC has made it clear they understand that and want to be a part of that.”

The task force was created by the acting Chair of the SEC, Mark Uyeda. Its primary goal would be to develop a clear and comprehensive regulatory framework for crypto assets. SEC Commissioner Hester Pierce will lead the task force. Pierce has urged the public to collaborate with the SEC to shape the future of crypto. However, she added that the process would require significant time and effort.

“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties.”

The task force was announced a day after former SEC Chair Gary Gensler stepped down, and President Trump nominated Uyeda as acting Chair. Trump has nominated Paul Atkins as the next Chair of the SEC. However, the pick is subject to approval from the US Senate. The SEC released a statement on its website regarding the task force, stating,

“Drawing from talented staff across the agency, the Task Force will collaborate with Commission staff and the public to set the SEC on a sensible regulatory path that respects the bounds of the law. To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way. Clarity regarding who must register and practical solutions for those seeking to register have been elusive. The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The SEC can do better.”

TRUMP, MELANIA Meme Coins Crash After Inauguration

The cryptocurrency market witnessed a sharp pullback on Tuesday following the inauguration of Donald Trump. Despite reaching a new all-time high on Monday, Bitcoin (BTC) registered a dramatic drop, falling to $102,408 before recovering on Tuesday. The sharp decline came after Trump emphasized his plans for imposing trade tariffs, amending immigration policy, and energy deregulation. However, Trump did not make any specific references to crypto. Failure to mention crypto in his inaugural speech has left some market watchers disappointed at a time when expectations from the Trump administration regarding digital assets were sky-high. Matthew Dibb, the Chief Investment Officer at Crypto Asset Manager Astronaut Capital, stated,

“I think in the short term there’s a chance this could be a sell-the-news event. The market has some great expectations about a Bitcoin strategic reserve and a loosening of regulations around digital assets, but it’s more likely these developments will be drip-fed over a series of months rather than days. Bitcoin has already retreated … We expect further volatility here and likely a selloff.”

The Trump administration is expected to introduce several regulatory changes and potentially create a Bitcoin strategic reserve. However, Trump’s involvement in the crypto market has led to ethical concerns and concerns about potential conflicts of interest.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has registered a marginal dip during the ongoing session as it struggles to build momentum despite surging to an all-time high on Monday. BTC reached $109,350 on Monday but quickly plummeted to test the $100,000 support, dropping to an intraday low of $99,514 before recovering to settle at $102,408. BTC’s price action suggests that despite a bullish market, sellers are keeping pressure on the $100,000 price boundary. Trump’s inauguration day saw significant price volatility but disappointed many in crypto after the president failed to mention BTC, crypto, or a Bitcoin strategic reserve. As a result of the volatility, longs saw significant liquidations. One analyst on X stated,

“I’d take a long from 99.5K~ if offered. I think the gray box needs to hold for local bullishness, and sweeping all the Trump leadup/news PA makes sense. I’d also accept a sweep of the 97K low, but that’s the farthest it should go. Any good amount of time spent past 96-97K and my plan / read is likely off. Inval low 90’s, aiming for new ATH’s.”

The Bitcoin price chart suggests considerable choppiness in the market, and we could see a definitive trend emerge by the end of the week. While BTC has maintained an upward trajectory after recovering from last week’s collapse, it has faced increasing volatility over recent sessions. BTC plummeted to an intraday low of $89,397 on Monday as selling pressure peaked. However, it recovered to reclaim $90,000 and ultimately settled at $94,492. Markets recovered on Tuesday, and BTC registered an increase of 2.19%, going past the 20-day SMA and settling at $96,566. Bullish sentiment intensified on Wednesday as BTC crossed the 50-day SMA, registering an increase of 3.61% and settling at $100,051. Sellers returned to the market on Thursday as BTC dropped to an intraday low of $97,094. However, it recovered from this level and settled at $99,798, ultimately registering only a marginal decline.

Source: TradingView

BTC made a strong recovery on Friday, rising almost 4% to surge past $100,000 and settle at $103,732. However, bearish sentiment and volatility returned over the weekend as BTC plummeted to an intraday low of $101,591 on Saturday before ultimately settling at $103,579. Buyers attempted a recovery on Sunday as BTC surged to an intraday high of $106,552. However, it lost momentum after reaching this level and registered a drop of just over 2% to settle at $101,434. BTC rallied to a new all-time high on Monday when it hit $109,350. However, it rapidly declined after reaching this level and settled at $102,408, registering an increase of nearly 1%. Sellers attempted to drive BTC below $100,000 on Tuesday as the price dropped to an intraday low of $100,173. However, buyers bought the dip, allowing the price to recover. As a result, BTC rose 3.56% and ended the day at $106,054. The current session sees BTC marginally down as sellers look to drive the price below $105,000. However, if market sentiment changes and buyers regain control, BTC could see a move past $110,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is trading close to the psychological $3,300 level as it continues to experience volatility, leading to a considerable lack of momentum. ETH’s price struggles come as Ethereum co-founder Vitalik Buterin lashed out at growing criticism of Ethereum Foundation executive director Aya Miyaguchi and calls for her to step down from her role. The ongoing tussle between the Ethereum Foundation and the Ethereum community has also had a detrimental impact on ETH, with the asset underperforming compared to BTC, XRP, and SOL over the past weeks.

ETH’s price chart shows the asset experiencing significant volatility since recovering from an intraday low of $2,927 on Monday. ETH recovered to reclaim $3,000 and settle at $3,137 before registering an increase of 2.85% on Tuesday and moving to $3,336. Bullish sentiment registered a substantial increase on Wednesday as ETH surged past the 20-day SMA, rising nearly 7% to $3,450. However, buyers lost momentum after reaching this level, and ETH dropped 4.10% on Thursday to slip below the 20-day SMA and settle at $3,308. Buyers returned to the market on Friday, with ETH registering an increase of nearly 5% to move past the 20-day SMA and settle at $3,473. Once again, ETH was back in the red on Saturday, dropping nearly 5% to slip below the 20-day SMA and settle at $3,305.

Source: TradingView

Sellers retained control on Sunday after thwarting a recovery attempt. As a result, ETH dropped nearly 3% to $3,212. The current week began with ETH experiencing significant volatility as buyers and sellers attempted to establish control. Buyers ultimately gained the upper hand as ETH rallied to an intraday high of $3,446 before settling at $3,280. Buyers retained control on Tuesday, with ETH rising 1.44% to $3,327. However, ETH is struggling to move past the 20-day SMA, which acted as a dynamic resistance level. The current session sees ETH marginally down and trading just above the $3,320 level. If sellers continue to dominate the market, ETH could decline to $3,000. On the other hand, if buyers regain control, ETH could look to move past the 20-day SMA and push towards $3,500.

Solana (SOL) Price Analysis

Like Bitcoin (BTC), Solana (SOL) too surged to a new all-time high on Sunday, driven by the launch of the TRUMP and MELANIA meme tokens created on the Solana blockchain. The success of both meme coins generated considerable interest in SOL as well, helping boost the price. SOL has been bullish since recovering from an intraday low of $169 last Thursday. SOL recovered on Tuesday, rising 2.58% to $187. Bullish sentiment registered a substantial increase on Wednesday as SOL surged past the 20-day SMA and $200 to settle at $205 after rising nearly 10%. Buyers retained control on Thursday as SOL pushed above the 50-day SMA and settled at $211. Friday saw SOL register an increase of 4% and move to $219.

Source: TradingView

The weekend saw renewed buying activity as SOL surged a staggering 19.19% on Saturday to smash past $250 and settle at $261. Bulls retained control during the first half of Sunday as SOL surged to a new all-time high of $295. However, it could not get beyond this point as buyers lost momentum. As a result, sellers took over, and SOL dropped nearly 4% to $252. Buyers attempted a recovery on Monday as SOL reached an intraday high of $272. However, sellers took control and drove SOL below $250 to $241. The price recovered on Tuesday despite considerable volatility, rising 3.47% to reclaim $250. The current session sees SOL up by 2.31% and trading around $256. Buyers will look to build momentum and push towards $280-$290.

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) has been trading in a downward trajectory since the weekend after failing to move past $2 on Sunday. WIF was quite bullish last week despite starting it on a bearish note. The meme coin recovered from Monday’s low to register an increase of nearly 4% on Tuesday and settle at $1.54. Bullish sentiment registered a substantial increase on Wednesday as WIF rallied a staggering 14% and settled at $1.76. With the 20-day SMA coming into play, WIF lost momentum on Thursday and registered a marginal decline. However, it recovered on Friday, rising 6.14% to move past the 20-day SMA and settle at $1.87.

Source: TradingView

Buyers attempted a move past $2 on Saturday as WIF reached an intraday high of $1.98. However, WIF lost momentum at this point and dropped over 5% to slip below the 20-day SMA and settle at $1.77. Bullish sentiment intensified on Sunday as WIF dropped nearly 14% to $1.53. The current week began with WIF firmly in the red, dropping over 9% to $1.38. Buyers returned to the market on Tuesday as WIF rose 4.50% to settle at $1.45. The current session sees WIF marginally down, trading around $1.43.

Hedera (HBAR) Price Analysis

Hedera (HBAR) surged to an intraday high of $0.402 on Friday but has since been trading primarily in the red as selling pressure intensifies. HBAR’s bullish momentum began on Tuesday when it registered a substantial increase of 4.25% to move past the 50-day SMA and settle at $0.287. Buying activity registered a significant increase on Wednesday as HBAR surged past the 50-day SMA and $0.30 to settle at $0.322 after an increase of 12.09%. Bullish sentiment persisted on Thursday as HBAR surged over 12% and moved to $0.361. The price reached an intraday high of $0.402 on Friday. However, buyers lost momentum at this point, and the price dropped to $0.373, an increase of 3.23%.

Source: TradingView

HBAR turned bearish over the weekend, dropping nearly 5% on Saturday and settling at $0.355. Bearish sentiment intensified on Sunday, with the price dropping 8.48% to $0.324. Buyers returned to the market on Monday as HBAR rose to an intraday high of $0.373. However, it could not go higher and ultimately settled at $0.342, registering an increase of 5.32%. HBAR registered a marginal decline on Tuesday, dropping nearly 3% during the ongoing session and trading around $0.327.

Stellar (XLM) Price Analysis

Stellar (XLM) surged past the 50-day SMA last Wednesday after registering a staggering rise of nearly 14% and moving to $0.488. Buyers pushed the price to an intraday high of $0.514 on Thursday. However, XLM lost momentum after reaching this level and dropped 1.28% to $0.482, but not before falling to an intraday low of $0.464. Buyers returned to the market on Friday as XLM rose 1.24% to $0.488. XLM dropped to an intraday low of $0.451 on Saturday as sellers attempted to drive the price below $0.45. However, XLM recovered from this level to register a marginal increase and end the day at $0.49.

Source: TradingView

Selling pressure returned on Sunday as the price plummeted over 11%, slipping below the 20-day SMA and settling at $0.433. The current week began with XLM rising to an intraday high of $0.477. However, the price could not push higher and ultimately settled at $0.445, registering an increase of nearly 3%. Bearish sentiment returned Tuesday as XLM dropped almost 1% to $0.441. The current session sees XLM down 2% and trading around $0,432.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Business

Borrowing hits a four-year high for December | Money News

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14 minutes ago

January 22, 2025

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The Treasury borrowed more than expected last month to record the highest December sum for four years, official figures have shown, with higher debt interest payments adding to the bill.

The Office for National Statistics (ONS) reported a net borrowing figure for December of £17.8bn when a sum just above £14bn had been expected by economists.

It left public sector net borrowing £10.1bn up on the same month last year and £8.9bn higher than at the same point in the last financial year but still within the range expected by the Office for Budget Responsibility.

Borrowing is on the up amid a budget-led drive for public sector investment but the ONS data showed an £8.3bn debt interest bill – the third-highest December total on record.

Money latest: UK mortgage rules could be about to change

The report said that higher bill was mainly explained by shifts in the rate of inflation linked to the borrowing.

A £1.7bn payment for the repurchase of military dwellings added to the total December figure.

The data was revealed as Chancellor Rachel Reeves attends the World Economic Forum in Davos for a series of meetings with global business leaders in a bid to showcase the UK.

There is a chill, however, around the UK’s immediate economic prospects with investors recently piling pressure on her stewardship of the public finances by demanding higher risk premiums to hold UK government debt in the form of bonds, known as gilts.

Long-term borrowing costs hit highs not seen since 1998 earlier this month, with the 30-year UK gilt yield still above 5%.

It ticked up by eight basis points in the wake of the ONS report being released.

The first six months in charge of the public finances has proved a baptism of fire for the chancellor, who promised during the election campaign to make economic growth her top priority.

But she and the prime minister have been subsequently accused of shattering confidence through warnings of a “tough” budget ahead due to an alleged black hole in the public finances inherited from the Tories.

It was measured at £22bn and her fiscal statement on 30 October put business mainly on the hook for £40bn of tax increases announced.

The economy is estimated to have largely flatlined during the second half of last year, with major employers warning that investment, jobs and pay growth ahead are under threat to help offset the impact of the additional costs due from April when tax hikes, including from employer national insurance contributions, take effect.

They have also stated that higher prices for consumers will also form part of the mix.

Employment figures released on Tuesday suggested that firms were already taking action.

Data from HM Revenue & Customs showed the number of payrolled employees was estimated to have fallen by 47,000 during the 12 months to December – the biggest drop since November 2020.

Economists see economic growth being supported this year by public sector investment announced in the budget.

The big question mark is over the contribution from the private sector.

Jessica Barnaby, deputy director for public sector finances at the ONS, said: “At almost £18bn, borrowing last month was the third highest in any December on record.

“Compared with December 2023, spending on public services, benefits, debt interest and capital transfers were all up, while an increase in tax receipts was partially offset by a reduction in national insurance contributions, following the rate cuts earlier in 2024.”

Chief secretary to the Treasury Darren Jones said of the data: “Economic stability is vital for our number one mission of delivering growth, that’s why our fiscal rules are non-negotiable and why we will have an iron grip on the public finances.

“Through our Spending Review we will interrogate every line of government spending for the first time in 17 years. We’ll root out waste to ensure every penny of taxpayer’s money is spent productively and helps deliver our Plan for Change.”

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Ethereum core developer departs for AI amid leadership concerns

Published

17 minutes ago

January 22, 2025

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Ethereum core developer Eric Conner exits, citing Vitalik Buterin’s leadership decisions, shifts focus to building AI tools like Freysa.ai.

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Inheritance tax receipts hit £6.3bn as HMRC rake in ‘record sums’ in bonus for Government coffers

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23 minutes ago

January 22, 2025

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Inheritance tax receipts hit £6.3bn as HMRC rake in 'record sums' in bonus for Government coffers

HMRC has raked in an extra £620million as inheritance tax (IHT) receipts hit £6.3billion for the first three quarters of the 2024/25 financial year.

As inheritance tax receipts continue to rise, Britons are reminded they can claw back some cash from the taxman with effective tax planning.

The rise in receipts is mainly due to increasing asset prices, the freezing of tax thresholds (which has been extended for another two years in the Budget), and additional changes to inheritance tax rules.

These factors are expected to keep driving higher IHT revenues for the Government.

There are specific factors which are expected to keep driving higher IHT revenues for the Government

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Stephen Lowe, group communications director at retirement specialist Just Group said: “The latest IHT receipts data for December will be a welcome end-of-year bonus for the Government’s coffers as the tax continues to deliver record sums.

“The latest changes to IHT announced by the Chancellor in the Autumn Budget are likely to see the Treasury collect billions more in Inheritance Tax before the end of the decade.

“According to OBR estimates approximately one in 10 deaths is forecast to incur IHT by 2029-30, almost double the proportion in 2023-24, as the tax begins to bite a wider swathe of Middle Britain.”

The specialist has encouraged people to make sure they have an up-to-date valuation of their estate, including a recent assessment of their property wealth, to help them understand if they are likely to incur IHT.

Estate planning is complex and professional financial advice can be “immensely helpful” for people who want to manage their estate efficiently and “pass on the maximum inheritance to loved ones”.

Shaun Moore, tax and financial planning expert at Quilter said: “This relentless rise is no coincidence. With inheritance tax thresholds frozen until 2030, more families are being pulled into the scope of IHT, and this trend shows no signs of slowing.

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“Add to that the significant changes coming in April 2027, when pensions will be drawn into taxable estates, and the Government looks set to cash in on an ever-expanding pool of taxpayers.

“Farming families, too, could face tougher times as reductions to Agricultural Property Relief start to bite, potentially forcing some to make difficult decisions about the future of their farms.

“Meanwhile, tweaks to Business Relief and AIM share rules are also likely to keep boosting HMRC’s coffers in the years ahead.”

How to cut your inheritance tax bill

Giving away assets during one’s lifetime could help their loved ones pay less inheritance tax, but strict rules are in place:

Anyone can give up to £3,000 of their assets to loved ones each tax year without that sum becoming liable for IHT. If they didn’t use the allowance last year, they can combine it and pass on £6,000.
Britons can give £5,000 to their children for their wedding, £2,500 to their grandchildren or great-grandchildren, and £1,000 to any other person.
They can make further gifts as they please, but if they die within seven years of making the gift, IHT will be payable on a sliding scale known as taper relief.

Britons can also make gifts out of any excess regular income.

Gifts from surplus income are not subject to inheritance tax, no matter how large the amount. But to qualify, the gift-giver must be able to prove the gift has come from income rather than capital. The gift must also not impact the giver’s quality of life.

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Norway’s oil fund places £306mn bet on Mayfair property

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26 minutes ago

January 22, 2025

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Grosvenor, the Duke of Westminster’s property company, has sold a £306mn stake in its historic Mayfair estate in London to the Norwegian oil fund as the landlord looks to reinvest into development and lending.

The $1.7tn Norwegian sovereign wealth fund will take a 25 per cent stake in a new joint venture worth roughly £1.2bn, adding to its large bets on the fortunes of London’s West End.

Grosvenor will maintain control and continue to manage the portfolio of 175 buildings around Mount Street and Grosvenor Street, including The Connaught hotel.

The deal is the largest sale to outside investors from the Mayfair estate, which was developed under the stewardship of the Grosvenor family beginning in the 1720s.

“It is incredibly significant for us,” said James Raynor, chief executive of Grosvenor’s UK property division. “We thought long and hard about this. The ongoing management and control was crucial.”

It also marks the first big new investment by the Norwegian oil fund in London since 2018. The fund already owns a stake in Regent Street alongside the Crown Estate, and last year boosted its ownership share of the Pollen Estate, located near Savile Row, where it first invested in 2014.

The fund last year also took full ownership of the Meadowhall shopping centre in Sheffield, paying £360mn for British Land’s 50 per cent stake, and is a major investor in listed London landlords such as Great Portland Estates.

“We have confidence in the long-term value creation inherent in the West End,” said Jayesh Patel, head of the fund’s UK real estate.

An ariel view of Mayfair looking towards Grosvenor Square and Hyde Park — The bulk of Grosvenor’s £4.8bn UK property portfolio consists of its large holdings in the Mayfair and Belgravia neighbourhoods © Andrew JL Holt

The £1.2bn joint venture is only one part of Grosvenor’s £4.8bn UK property portfolio, the bulk of which consists of its large holdings in the Mayfair and Belgravia neighbourhoods. Grosvenor will keep the freehold ownership of the buildings, while the joint venture holds a long lease.

Although prestigious and highly valued, the core portfolio yields a lower return than riskier ventures. Grosvenor, which also has a large agricultural business and overseas investments, said it would invest some of the proceeds into its expanding UK residential development lending business, which finances residential projects across the country.

“It provides a different kind of return for us. It is much higher yielding than the estate. That is a good balance for us,” said Raynor.

He said Grosvenor made a strategic decision to bring in a partner to help “release some capital”, which was more attractive than other options such as borrowing. “We’re a very long-term business. We’re constantly thinking in generations. So our approach to debt is very conservative,” added Raynor.

Grosvenor selected the joint venture portfolio to represent a mix of uses, with about 45 per cent office space, 30 per cent retail and 10 per cent residential.

Mount Street is known for its luxury shops and some of Mayfair’s best-known restaurants, such as Scott’s, while Grosvenor Street has more office buildings.

The company will also use the money to help fund its £1.3bn 10-year development pipeline, which includes an overhaul of Grosvenor Square and a £500mn redevelopment centred around South Molton Street, near Bond Street station. Grosvenor has partnered with Mitsui Fudosan on the South Molton scheme.

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Reeves: Can’t Always Say ‘No’ to UK Planning Decisions

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37 minutes ago

January 22, 2025

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UK Chancellor of the Exchequer Rachel Reeves says “the answer can’t always be no” when it comes to approving major infrastructure works and planning decisions. She made the comments during a discussion with Bloomberg Editor-in-Chief John Micklethwait at Bloomberg House on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland.

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Technology

Indian fintech Jar turns cash flow positive

Published

39 minutes ago

January 22, 2025

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Indian fintech Jar turns cash flow positive

Indian fintech Jar has turned cash flow positive, an executive at the Tiger Global-backed startup confirmed on Wednesday, as it gears up to deepen its offerings.

The three-year-old startup, which offers its users the ability to start their savings and investment journey, achieved the milestone while still growing by more than 10 times last year, according to an investor note TechCrunch has reviewed.

The profitability push comes as many fast-growing Indian startups are improving their financials and paring down expenses to become IPO-ready.

Jar has expanded its offerings in the past year and a half, adding lending and online jewelry sales to its business. Its jewelry business, called Nek, is doing an annualized sales of about $13 million annually, according to the investor note.

The new offerings come at a time when the Bengaluru-headquartered startup is in talks to raise as much as $50 million in a new round of funding, according to Indian newspaper Economic Times. Jar declined to comment on the fundraising talks.

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