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4,500 jobs at risk as TGI Fridays enters administration

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4,500 jobs at risk as TGI Fridays enters administration

The UK operator of TGI Fridays has gone into administration, placing 4,500 jobs at risk.

A total of 87 of the chain’s restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses.

It hopes to complete a sale by the end of September, which would keep the brand running and help to secure jobs.

Hostmore said the American-inspired chain “continues to operate normally and all existing stores remain open”.

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Minor Hotels opens NH Bangkok Sukhumvit Boulevard

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Minor Hotels opens NH Bangkok Sukhumvit Boulevard

The property is the first NH-branded hotel in Bangkok

Continue reading Minor Hotels opens NH Bangkok Sukhumvit Boulevard at Business Traveller.

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Meta’s plan for nuclear-powered AI data centre thwarted by rare bees

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Plans by Mark Zuckerberg’s Meta to build an AI data centre in the US that runs on nuclear power were thwarted in part because a rare species of bee was discovered on land earmarked for the project, according to people familiar with the matter.

Zuckerberg had planned to strike a deal with an existing nuclear power plant operator to provide emissions-free electricity for a new data centre supporting his artificial intelligence ambitions. 

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However, the potential deal faced multiple complications including environmental and regulatory challenges, these people said.

The discovery of the rare bee species on a location next to the plant where the data centre was to be built would have complicated the project, Zuckerberg told a Meta all-hands meeting last week, according to two people familiar with the meeting. 

The blow comes as rivals Amazon, Google and Microsoft have all struck deals recently with nuclear power plant operators to fulfil rising energy demands from data centres as they race to train and maintain power-hungry AI models. One AI query consumes up to 10 times the energy of a standard Google search. 

Meta is continuing to explore various deals for carbon-free energy, including nuclear, one of the people said. Meta declined to comment.

Nuclear is increasingly viewed as a way to get stable, round-the-clock power during the AI wars between Big Tech groups.

However, it also has high upfront costs and takes a long time to build. The industry in the west has historically relied on Russia for nuclear fuel.

Critics also caution about the risks of the build-up of toxic radioactive waste, which has to be stored safely or it could severely harm both humans and the environment. 

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In September, Microsoft announced it would revive the mothballed nuclear plant at Three Mile Island, Pennsylvania.

Amazon paid $650mn in March to put a data centre next to the Susquehanna Steam Electric nuclear plant, also in Pennsylvania.

Google, meanwhile, said last month that it had ordered six to seven small modular nuclear reactors from US start-up Kairos Power, becoming the first tech company to commission new nuclear power plants.

Zuckerberg is under pressure to prove to investors that his all-in bet on AI will bear fruit, as the company’s capital expenditures continue to rise given its investments in running servers and data centres to develop the cutting-edge technology. 

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Zuckerberg told staffers at the all-hands that, had the deal gone ahead, Meta would have been the first Big Tech group to wield nuclear-powered AI, and would have had the largest nuclear plant available to power data centres, two people said.

One person familiar with the matter said that Zuckerberg has been frustrated with the lack of nuclear options in the US, while China has been embracing nuclear power. China appears to be building nuclear reactors at a fast clip, whereas only a handful of reactors have been brought online over the past two decades in the US. 

Meta said it had already hit “net zero” emissions in its operations since 2020.  

Additional reporting by Malcolm Moore in London

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The Budget of bad journalism

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The Budget of bad journalism
Image credit: Shutterstock

It’s impossible to count the number of headlines written over the last few months declaring the 25% tax-free pension lump sum was in danger of being scrapped in last week’s Budget to boost clicks and comments.

Anyone with a working brain and the slightest bit of political nous could see there was no way the chancellor would do something so politically suicidal, especially after the Winter Fuel Allowance fiasco. Shame on those claiming it was ever likely.

There was also a glut of poorly-researched pieces on how the lump sum allowance might come down to £100,000.

The headlines were nothing more than clickbait and our journalists and so-called experts should know better

It took me less than a minute to ask whether such a reduction would require secondary or primary legislation in a recent CPD webinar, and the answer was primary. This means, even if the chancellor had taken this step, it would not have taken effect immediately, so there was no need for investors to crystallise quickly.

How many articles about this featured this fact? None that I saw.

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The headlines were nothing more than clickbait and our journalists and so-called experts should know better.

There were many stories on the raising of capital gains tax (CGT) to income tax rates, but how many of them recalled we used to have that model but with an inflation deduction? Not many. Any adviser writing about it should have seen that angle. I don’t know anyone who thinks taxing investors on the effect of inflation is reasonable.

It turned out the chancellor simply brought shares and other assets into line with property investments and didn’t punish all those landlords with that 45% income tax I kept reading about.

Do better research and think more deeply about these issues before you start scaring my clients for clickbait

The new government (and the last one) wants landlords to sell because more supply reduces prices or keeps them steady while wages rise. It would not have matched this plan to have introduced tax at 40% and 45% on gains. Any expert in the property market should know that but how many wrote about it?

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And what of those investors who have pulled out their pension commencement lump sum to hold it in an unwrapped investment, now subject to 6% or 14% more CGT?

Do I think any journalist will accept responsibility for whipping up the furore? Will any be investigated because an investor acted on what they thought was good advice?

No – and nor should they. But I do implore all the experts, commentators and journalists to do better research and think more deeply about these issues before you start scaring my clients for clickbait.

Greg Neall is chartered financial planner at Wake Up Your Wealth

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Happy 50th, Hello Kitty

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Happy 50th, Hello Kitty

Unlock the Editor’s Digest for free

Boden recycled polyamide hooded jacket, $85, nordstrom.com

Boden recycled polyamide hooded jacket, $85, nordstrom.com

Bloomingville Mini wool-felt Idrees mobile, €139, lespetits.fr

Bloomingville Mini wool-felt Idrees mobile, €139, lespetits.fr

Carolina Bucci gold and stone Forte bead bracelet, £1,630

Carolina Bucci gold and stone Forte bead bracelet, £1,630

Grimm’s wood Romanesque building blocks set, £119, consciouscraft.uk

Grimm’s wood Romanesque building blocks set, £119, consciouscraft.uk

Moon x Hello Kitty electric toothbrush, $79.99

Moon x Hello Kitty electric toothbrush, $79.99

Mini Rodini polyamide-mix Stripe swimsuit, €65, mytheresa.com

Mini Rodini polyamide-mix Stripe swimsuit, €65, mytheresa.com

The Masie wood and metal Aiora bookshelf, €104.95

The Masie wood and metal Aiora bookshelf, €104.95

Noa gold and enamel Mini Cherry charm, £450

Noa gold and enamel Mini Cherry charm, £450

Péro cotton Hello Péro dress, Rs65,000 (about £590)

Péro cotton Hello Péro dress, Rs65,000 (about £590)

Joha thermal wool socks, £11, childrensalon.com

Joha thermal wool socks, £11, childrensalon.com

Tiffany & Co cotton-mix Tiny Tiffany Seahorse plush toy, £285

Tiffany & Co cotton-mix Tiny Tiffany Seahorse plush toy, £285

Nessi Byrd cotton crochet top and matching shorts, €83, bambinifashion.com

Nessi Byrd cotton crochet top and matching shorts, €83, bambinifashion.com

Tarnawa wood shoe lacing toy, £18, madeofwood.uk

Tarnawa wood shoe lacing toy, £18, madeofwood.uk

Hello Kitty 50th-anniversary plush toy, $46, sanrio.com

Hello Kitty 50th-anniversary plush toy, $46, sanrio.com

Stella McCartney vegan leather crossbody bag, £117

Stella McCartney vegan leather crossbody bag, £117

Djeco FSC-certified wood musical instruments, €27.50 for set of three, pipipupu.com

Djeco FSC-certified wood musical instruments, €27.50 for set of three, pipipupu.com

Donna Wilson cotton Mixed Fizz bath sheet, £55

Donna Wilson cotton Mixed Fizz bath sheet, £55

Bonton palm leaf basket, €34, bambinifashion.com

Bonton palm leaf basket, €34, bambinifashion.com

Vivobarefoot recycled-polyester-mix Pluma toddler shoes, €76

Vivobarefoot recycled-polyester-mix Pluma toddler shoes, €76

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New buy now, pay later launches in the UK to rival Klarna, Clearpay and PayPal – how does it compare?

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Major Buy Now, Pay Later update for millions as huge rule change to protect shoppers will happen within months

A MAJOR US buy now, pay later firm has launched in the UK in a bid to rival big brands Klarna and ClearPay.

Affirm offers a buy now pay later (BNPL) service alternative to credit cards.

Buy now pay later firms let customers split payments into instalments

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Buy now pay later firms let customers split payments into instalmentsCredit: Getty

This enables customers to spread the cost of items bought online and in shops across several payments.

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Affirm will let users pay in instalments such as six, nine or 12 months.

This could be helpful if customers are making a big-ticket purchase such as a sofa or fridge.

The Average Purchase Rate (APR), which refers to the total cost of borrowing for a year, will vary depending on your purchase.

Read more on buy now pay later

For example, a £900 purchase may cost £75 a month for 12 months and have an APR of 22%.

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Affirm does not charge fees for customers who do not make payments on time, unlike other BNPL firms.

Shoppers will also be assessed on whether they can repay before their purchase is approved.

Affirm was founded in 2012 by Max Levchin, who co-founded PayPal.

The company now has more than 18 million active customers in the US, which makes it one of the biggest BNPL lenders in the country.

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It currently partners with around 300,000 retailers worldwide including eBay, Apple and Amazon.

Major buy now pay later firm with 300,000 users collapses into administration

BNPL grew in popularity during the Covid-19 pandemic as customers turned to online shopping and wanted more flexible payment options because of the cost of living.

Companies including Klarna and ClearPay already offer BNPL in the UK, as do banks such as HSBC, NatWest and Monzo.

But shoppers have previously been warned that it’s easy to rack up debt using these services, and you can incur high charges if you don’t meet the repayments.

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How will Affirm work?

To use the service simply select Affirm at the checkout and enter a few details for an in the moment decision.

How to get free debt help

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

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

You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.

Speak to one of these organisations – don’t be tempted to use a claims management firm.

They say they can write off lots of your debt in return for a large upfront fee.

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But there are other options where you don’t need to pay.

Checking if you qualify for an Affirm fixed sum loan will not affect your credit rating.

The company has a minimum spend, which may vary from time to time.

It has not confirmed what this will be in the UK.

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You can also set up AutoPay to ensure you do not miss a repayment.

Customers will be able to manage their account and see their purchase history online.

Martyn James, a consumer champion, said: “We can only compare the US version of Affirm at the moment, but if it follows the same model, it’s pretty much identical to the big BNPL companies in the UK.

“The business offers both interest bearing credit (regulated) in the US and a 4 payment interest free version.”

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How does its service compare?

Affirm does not charge late fees for customers who do not make payments on time, unlike rivals Klarna and ClearPay.

Klarna charges a late fee of around £5.

At ClearPay there is an initial £6 late fee if an instalment is not paid on or before its due date.

A further £6 late fee will apply if a payment is still unpaid seven days after the due date.

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Late fees are capped at £24, or 25% of the order value, whichever is less.

Meanwhile, PayPal charges a hefty late fee of £12 for overdue payments.

Andrew Hagger, founder of personal finance website Money Comms, said: “Affirm’s main difference appears to be that at launch it won’t be charging late payment fees like Klarna and Clearpay – this is obviously a positive for consumers.”

Affirm will also assess shoppers on whether they can repay any money they borrow before their purchase is approved.

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At Klarna each purchase a customer attempts generates a new automated approval decision, which is based on current credit data, regardless of past approvals or rejections.

A rejection will not negatively impact your credit score.

ClearPay also performs pre-authorisation checks on your credit or debit card before you can use it to make a purchase to ensure you can pay it back.

What happens if you miss a payment?

Affirm said that failing to make your minimum payment could lead to you getting a late payment fee and your credit rating may be affected.

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The industry is not regulated which means borrowers using BNPL do not have access to some of the protections provided by other consumer credit products such as credit cards.

But new rules which are set to come into force in 2026 will mean that BNPL companies will have to check that shoppers can afford repayments before they are given a loan.

This will help to prevent people from building up unmanageable debt.

Companies will also need to provide clear, simple and accessible information about loan agreements before a customer applies for one.

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This will allow customers to make informed decisions and understand the risks of making a payment late.

BNPL customers will also be given stronger rights if a problem arises with products they have bought, making it quicker and easier to get compensation.

This will include Section 75 of the Consumer Credit Act, which allows customers to get a refund from their lender.

They will also be able to use the Financial Ombudsman Service to make a complaint.

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Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Major airline reveals its new ‘cuddle cabins’ for passengers – with double beds, privacy doors and seat warmers

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Lufthansa has revealed its new first class cabins

AN airline has launched their new first class seats – and they’ve been dubbed ‘cuddle cabins’.

German flag carrier Lufthansa recently revealed its new cabin upgrades which included economy and business class.

Lufthansa has revealed its new first class cabins

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Lufthansa has revealed its new first class cabinsCredit: Lufthansa
The seats come with a two-person bench

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The seats come with a two-person benchCredit: Lufthansa

But also being rolled out on their A350-900s, aircraft are its new first class cabins.

Called the Allegris First Class suites, they have been designed by Lufthansa and London-based PriestmanGoode.

There are just three onboard; two for solo passengers and one for two travelling.

But don’t think you can flash the cash to make it on – the suites are currently invite-only.

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The two seats on the window sides of the cabin are for one passenger, while the internal “cuddle cabin” is for two passengers travelling together.

Passengers can either sit next to each other or opposite on the two bench seats, although it fits up to four passengers at a squeeze.

The seat then folds out into a 1.4 metre double bed.

Each one has private sliding doors and high walls so expect extreme privacy.

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Other extras include 4K inflight entertainment screens, wireless headphones and even a wardrobe.

If you’re often too cold on planes, there are even warming pads in the seats, similar to in a car.

European airline to launch ‘business class style’ economy seats without the cost

Passengers might be confused by the lack of overhead lockers, taken up by the high walls – with cabin bags being stored in the seats instead.

The first airline with the suites will be from Munich to Bangalore on November 9.

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While they are currently invite only, they will eventually be open to bookings when more are added to the A350s.

A price point has not been confirmed although the average price of first class flights according to Kayak is around £6,500 return.

The airline explained: “As soon as more aircraft with the new First Class are part of the fleet, targeted upgrades by passengers and later targeted bookings will be possible step by step.”

Lufthansa has some other snazzy upgrades coming to their flights, including the world’s first airline with VR headsets.

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They even come with private wardrobes and huge entertainment screens

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They even come with private wardrobes and huge entertainment screensCredit: Lufthansa
The benches fold out into double beds

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The benches fold out into double bedsCredit: Lufthansa

Business class suite passengers will be able to use it to watch films and play games.

The airline said it would “exclusively offer content such as captivating cinema-style movies, engaging VR 360-degree travel podcasts, interactive games and soothing relaxation exercises”.

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And business class style seats are being added to its premium economy.

The seats will have fold-out leg rests as well as extra legroom and hidden cocktail tables in the arms.

Even Lufthansa’s overhead lockers are getting a makeover.

The airline will be the first to roll out the new style of L bins which will allow more luggage onboard.

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Full list of The Sun’s airline reviews

Rather than stacking bags on their backs, suitcases will be put in on their sides, fitting up to three extra bags per locker.

Launching on January 2025, other airlines including Iberia and British Airways are also set to introduce them.

The cabins are currently invite only

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The cabins are currently invite onlyCredit: Lufthansa

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