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Intel acquired Mobileye in a $15.3 billion deal in 2017 but relisted its shares five years later through an initial public offering.

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Donations to Harvard University fell 14 per cent in the fiscal year ending June 30, as large donors cut ties and prominent alumni in the financial industry criticised its administration over a botched response to protests around the Israel-Palestinian conflict.

Overall gifts to the western world’s wealthiest university dropped to $896mn from $1.05bn a year ago, as outrage over campus protests led to the resignation of president Claudine Gay.

The drop came exclusively in donations to the university’s endowment, where the very largest gifts tend to be concentrated. Those gifts fell by one-third, while donations to the operating fund, which covers day-to-day expenses, rose 9 per cent year on year to $528mn.

Harvard representatives did not immediately respond to a request for comment. But the university referred to president Alan Garber’s statement on Thursday to the in-house news service that “alumni and others demonstrated both their concern and their care for the future of the institution through growing levels of support over the course of the year”.

Student protests over the response by Israel to Hamas’s attack on October 7 2023 roiled the Cambridge, Massachusetts, campus for much of the past school year, and wealthy alumni criticised the school for its handling of the demonstrations. Hedge fund manager Bill Ackman led a vocal campaign for Gay’s ousting and Citadel founder Ken Griffin, a big donor, urged the university to embrace “western values”.

Though donations fell, the school’s endowment generated gains, returning 9.6 per cent. That pushed total holdings back up to $53.2bn, about level with June 2021, before Russia’s full-scale invasion of Ukraine sent the endowment tumbling along with public equity and bond markets.

The 2024 results trailed the median returns of 10.1 per cent for US colleges and universities, as calculated by Cambridge Associates, but they beat Harvard’s target annual return of 8 per cent, a level that is well below the results posted over the past 10 years by almost all of the university’s Ivy League peers.

The university is taking a conservative investment approach because its endowment funds nearly 40 per cent of Harvard’s budget, up from 31 per cent 10 years ago.

“The endowment’s orientation towards strong investment returns has been tempered by the imperative for budgetary stability,” Narv Narvekar, chief executive of Harvard Management Company, which manages the endowment, wrote in a message announcing the results.

Private equity, the biggest component of HMC’s investment portfolio, lagged behind public equity for the second year in a row as a slump in stock listings as well as mergers and acquisitions put the asset class under stress.

Narvekar said in the letter that HMC’s private equity portfolio underperformed in part because portfolio managers who had not marked down their holdings sharply during the 2022 market crash then also refrained from valuing their investments upward “in the context of rising public equity markets” in 2023 and 2024.

HMC’s private equity allocation has more than doubled to 39 per cent of its assets since Narvekar took the helm in 2016.

Roger Vincent, founder of Summation Capital and a former senior investment officer at Cornell University’s endowment, said he was “reasonably impressed” with Harvard endowment’s one-year return as it stood above some of its Ivy League peers with “similar portfolio constructions”.

“With a very heavy allocation to alternatives and illiquid (assets), it has produced what looks like a very good return, but it doesn’t matter unless they look OK on a longer time horizon.”

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Market Impact

Ecuador, Barbados, Belize, Gabon and Seychelles have all made such swaps in recent years, but the African initiative would be the first to involve multiple countries sharing a distinct ecosystem.

SAVVY shoppers can make big savings this Christmas by carefully timing purchases.

Prices in the shops fluctuate throughout the year as retailers adjust costs based on demand.

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Here is how to get some of the best deals ahead of December 25 . . . 

MAKE A LIST: If you note down what you expect to need for Christmas, you can spread the cost of spending and buy things when they are at the best price.

You can use price comparison sites such as idealo.co.uk to look at the price history of specific items, as well as setting up email alerts so that you know as soon as costs fall.

If you’re shopping specifically on Amazon, price-tracking sites bobalob.com and camelcamelcamel.com do a similar job.

DIARY DATES: Anyone planning to buy a tablet this year should take a look this Sunday, as prices average £604, down £43 from September, according to Idealo.

Laptops are typically best priced on December 19 at £1,267 after falling by around £90 from November.

For a capsule coffee machine head to the shops on November 17 when the lowest average price comes in at £135 — £30 less than average prices in October.

Wait to the last minute for trainers, as the cheapest price is on December 24 when you will save around £5 compared with November.

SHOPPING EVENTS: It is also worth keeping an eye on prices on Black Friday, which this year falls on November 29, as some retailers offer special discounts at this time.

Make sure you sign up to marketing emails of your favourite stores to get exclusive offers or discounts that you can use towards shopping.

Sometimes you can also get money off products by popping it in your shopping basket online and not checking out.

Some retailers will then email with a discount on the item to help get the purchase over the line.

• All prices on page correct at time of going to press. Deals and offers subject to availability.

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A snapshot from a stay at Villa Embrace. Image by Laurent Benoit

The most luxurious property in the Caribbean and winner of the Luxury Lifestyle Awards, Villa Embrace is etched into a lush mountainside with panoramic views of the cerulean waters and the super yachts moored in Gustavia Harbor.

The award-winning four-story property is immaculate – a bold and modern interpretation of the luxury villa experience. The brainchild of Martin and Michelle Weinberg, Villa Embrace has been mindfully designed to capture the spectacular views while ensuring refined comfort, personalized service and a unique sense of place.

During a stay at Villa Embrace, guest’s wishes are fulfilled by a dedicated concierge, housekeeping team, a personal butler and in-house chef. The highly trained and sophisticated staff anticipate your every need whether at the villa or around the island, while being discreet and appearing whenever they are sought.

So, what exactly is it like to spend a day in one of the world’s most exclusive villas?

In the morning, awaken to see St Barths bathed in a golden sunrise glow from your very own private terrace, before taking a dip in the island’s largest infinity pool spanning 100-feet in length – one of two pools at the property. 

Afterwards, sit down to breakfast in the outdoor kitchen as your own personal chef prepares dishes from an extensive and delicious menu designed for you. Upon arrival, the chef speaks with guests to curate a customized menu that caters to individual tastes. At Villa Embrace, the culinary experiences are as extraordinary as the surrounding views, and food and beverages are served on-demand, at any time of the day.

The first half of the day can be spent enjoying personalized excursions organized by the villa’s concierge team, with each activity catering to your individual interests. Guests can enjoy everything from helicopter golf excursions to Anguilla, luxury sailboat excursions to Wave Runner tours and exploring underwater marine life on a seabob.

A snapshot from a day out on the yacht. Image by Hugo Allard

Those preferring to remain on terra firma can hike to natural pools, learn about local history in Gustavia, arrange an intimate white glove picnic on one of the island’s 20 secluded beaches or even attend a vibrant brunch party, arriving via private water shuttle at the world-famous Nikki Beach.

In the afternoon, venture to the iconic Eden Rock Hotel nearby. Villa Embrace enjoys a close partnership with the world-renowned five-star hotel, and thanks to this, villa guests can experience VIP amenities and deluxe spa treatments as if they were staying there. Alternatively, spa services including massages and facials can be arranged for those that want to be pampered in the privacy of the villa or at Embrace Spa five minutes walk away.

Later, the elegant Games Room beckons with chess, poker, baccarat, backgammon and more. Games are played on the hand crafted, specially designed T.T.Trunks leather games table. Challenge friends and family while sipping a refreshing cocktail and relaxing on sensuous, avant-garde Vladimir Kagan armchairs.

A snapshot from a dinner at Villa Embrace. Image by Hugo Allard

As evening falls, make the most of mesmerizing Caribbean sunsets while participating in a private yoga session on the terrace before a dip in the pool, or work-out in the villa’s state-of-the-art gym. There is still time to enjoy a relaxing soak in a traditional outdoor Japanese tub before dinner surrounded by exotic plants as the lights of Gustavia begin to illuminate. Guests also have the opportunity to have a professional attend to their hair and make-up before a big night out.

A snapshot from a guided yoga session at Villa Embrace. Image by Hugo Allard

Dinner options at Villa Embrace are abundant – served alfresco with island and sea views, or indoors in the sophisticated dining room seated around a bespoke nautical inspired Barbarini & Gunnell table. The intimate atmosphere is accentuated by a dazzling solid glass droplet light fitting and rare artworks created by Roy Lichtenstein and Andy Warhol from the owners’ personal art collection.

Those preferring to discover St Barths’ enviable array of top-tier restaurants can secure VIP reservations at the island’s hottest spots. Dinner can also be enjoyed on the beach by a roaring bonfire or on an idyllic sunset catamaran cruise – all arranged by the villa’s intuitive concierge team.

End a magical evening wine tasting in the Great Room, sipping vintages from the villa’s own private cellar or indulge in a fun movie night or private musical performance in the Family Room. During annual island events, guests can also gain outstanding views of colorful and dramatic firework displays from the terrace.

A thoroughly memorable day at Villa Embrace concludes with a custom turndown service that may include customized lighting, music, personalized gifts and delicacies, readying you for a dreamy night’s sleep to prepare you for another day of elevated and exciting adventures in this one-of-a-kind Caribbean destination.

Billions of pounds of government borrowing could be spent on new infrastructure projects because of new self-imposed Treasury rules.

The “guardrails” will allow the government to borrow for investment “more efficiently going forward”, the Treasury Chief Secretary Darren Jones said.

The admission is the clearest sign yet ahead of the Budget that the government is willing to relax self-imposed fiscal rules on public spending.

However, the decision comes as the government faces a backlash from ministers for spending cuts elsewhere.

The “guardrails” for government infrastructure spending form part of the government’s plan to encourage the private sector to invest in British projects.

Under this plan, “expert-led checks and balances” will determine the quality of government borrowing for investment.

At the moment, the amount of money the government can borrow for investment is determined by government debt.

But the Treasury effectively confirmed it will loosen the long standing self-imposed target on falling debt in order to borrow billions more to invest in a range of major projects.

Ahead of this month’s Budget and this morning’s meeting of the new British Infrastructure Taskforce, the chief secretary to the Treasury Darren Jones said the “guardrails” will allow the government to borrow for investment “more efficiently going forward”.

Jones said the new guardrails are in contrast to Former Prime Minister Liz Truss’ “borrowing for unfunded policies”.

“We need expert, institutional and some independent guardrails to make sure everybody has confidence in the way that the government is spending taxpayer money,” Jones said.

“What I’m confirming today is we put those in place for capital investment and infrastructure delivery.”

These involve the establishment of a National Infrastructure and Service Transformation Authority that will oversee a 10 year strategy for a pipeline of major projects, aligned with a series of Spending Reviews, and long term budgets for capital spending on, for example, buildings, roads and rail.

The National Audit Office and a new Office for Value for Money will also offer ongoing appraisals of “mega projects” such as major train lines.

The government said the moves will “depoliticise” infrastructure decisions and offer “independent checks and balances” against government, similar to the Office for Budget Responsibility.

In the government’s view this system will provide an independent quality control on major projects spending, that has been beset with delay and overspend, and proved more expensive in the UK than other major economies.

It is being put in place as a guarantee that an expected significant increase in capital spending is focussed on projects that have the greatest long term returns for the UK economy.

Ministers are actively pointing to the existing budget rule where the national debt as a proportion of the economy had to fall in five years’ time, as the reason for poor quality UK public services.

The debt rule constrained, they argue, some necessary investment and did not prevent poor quality investment in failing projects.

As that rule is loosened with a change in the debt target, this system will be the check on this sort of spending.

A Cabinet minister told the BBC: “When we do invest in projects we will make sure they deliver genuine value for money, they bring a return on investment and they deliver for communities.

“The Conservatives’ wasted billions of taxpayers’ pounds on ministerial pet projects that never delivered and were about trying to buy votes. The Budget will be about changing that.”

The comments give the strongest indication yet that the government will change its own fiscal rules around borrowing.

The announcement comes as the government faces scrutiny over how it will choose to spend money in the Budget at the end of October.

On Wednesday, ministers wrote to the prime minister to call for an eleventh-hour rethink of the spending review which they worry would see their own department’s budgets slashed.

Those reportedly concerned included Deputy Prime Minister Angela Rayner, Justice Secretary Shabana Mahmood, and Transport Secretary Louise Haigh.

Jones’ comments come alongside the government’s introduction of a “taskforce” for infrastructure spending – a group of private sector bosses including from HSBC, Lloyds, and M&G – who will advise government on where to invest for infrastructure.

“Increasing investment in infrastructure is a vital part of delivering on our number one mission to grow the economy and create jobs,” Chancellor Rachel Reeves said.