Labour’s High-Tax Gamble, Devastating Hong Kong Fire, Private Equity Resistance
Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Chancellor of the Exchequer Rachel Reeves did enough in her budget to help her and Prime Minister Keir Starmer survive, building back a vital fiscal buffer and expanding welfare.(2) The UK government is expecting a bigger windfall from major reforms to a preferential tax system for wealthy residents, despite a growing number of ultra-rich individuals relocating to other territories.(3) Hong Kong’s deadliest residential fire in decades has killed at least 44 people and left hundreds missing, throwing fresh scrutiny on the city’s housing standards as Chinese President Xi Jinping urges all-out efforts to reduce casualties(4) Global equities were close to erasing their November losses as rising bets for Federal Reserve interest-rate cuts revived markets after a selloff sparked by worries over frothy AI valuations.(5) US economic activity was little changed in recent weeks, though overall consumer spending declined further except among higher-end shoppers, the Federal Reserve said. Podcast Conversation: To Wear or Not to Wear PJs Is the Ultimate Air Travel QuestionSee omnystudio.com/listener for privacy information.
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Special Episode: Reeves Hikes Taxes After Budget Pre-Release Shambles
UK Chancellor of the Exchequer Rachel Reeves expanded her fiscal headroom to £22 billion by upping a range of taxes including: a levy on homes valued above £2 million, increasing fuel duty, and freezing the threshold people start paying income tax for longer. But her crucial budget was overshadowed when the Office for Budget Responsibility released its economic analysis, including all the budget's key measures, ahead of the Chancellor's big speech. Our budget top team of Bloomberg's Chief UK economist Dan Hanson, our UK Political Editor Alex Wickham, and Opinion Columnists Rosa Prince and Marcus Ashworth.See omnystudio.com/listener for privacy information.
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Make Or Break UK Budget, US Envoy’s Kremlin Advice, Africa's Political Fish
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) In the 83 days since UK Chancellor of the Exchequer Rachel Reeves announced the date of her second budget, she’s told both bond-market investors and Labour Party backbenchers that it’s been drafted with them in mind. Today it will become clear whether she can please both of these very different audiences. (2) Reform UK's leader Nigel Farage has rejected claims he made racist comments as a teenager, after an investigation rocked his attempts to paint Reform UK as a moderate party. (3) US presidential envoy Steve Witkoff, fresh from the triumph of the Gaza peace deal, held a phone call last month with a senior Kremlin official to suggest they work together on a similar plan for Ukraine — and that Vladimir Putin should raise it with Donald Trump. (4) White House National Economic Council Director Kevin Hassett is seen by advisers and allies of President Donald Trump as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter, as the search for a new central bank leader enters its final weeks. (5) Apple will retake its crown as the world’s largest smartphone maker for the first time in more than a decade, lifted by the successful debut of a new iPhone series and a rush of consumers upgrading devices, according to Counterpoint Research. (6) During the Ukraine war, Russia has stepped up its courting of African governments with offers of military cooperation, weapons, grain, and fertilizers - but also fish.Podcast Conversation: AI Slop Recipes Are Taking Over the Internet — And Thanksgiving DinnerSee omnystudio.com/listener for privacy information.
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Russia & Ukraine Trade Fire, Trump-Xi Taiwan Tightrope, Pret’s Recipe For Revival
On today's podcast: (1) Russia and Ukraine exchanged fire early Tuesday with heavy air raids on Kyiv and assaults on southern Russian areas, just hours after President Donald Trump struck a positive tone on prospects for a ceasefire deal. (2) The European Union’s antitrust chief ruled out easing the bloc’s tech rulebook, after US Commerce Secretary Howard Lutnick said Brussels needed to change its digital regulations in order to get a deal to lower steel and aluminum tariffs. (3) President Donald Trump held back-to-back calls with the leaders of China and Japan, as escalating tensions over Taiwan threaten to derail his weeks-old trade truce with Beijing. (4) Nvidia shares fell on a report that Meta Platforms is in talks to spend billions on Google’s AI chips, suggesting the internet search leader is making headway in efforts to rival the industry’s bestselling AI accelerator. (5) Chancellor Rachel Reeves will slash the amount Britons can save in their tax-free cash ISA each year to £12,000 in a bid to get households investing more in UK stocks. (6) Pret’s CEO is searching for the right recipe for the chain in a post-pandemic world where inflation remains high, competition is stiff and consumers are feeling the pinch.Podcast Conversation: Is Food No Longer What Makes a Great Restaurant Great?See omnystudio.com/listener for privacy information.
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump’s proposed Nov. 27 deadline to secure Ukraine’s support for a US-backed peace plan isn’t set in stone and could drift into the following week, US Secretary of State Marco Rubio said, suggesting that plenty of work remains. (2) Chief executive officers are bracing for Rachel Reeves to pile further costs on their businesses in her budget — and some are warning they’ll slash investment in the UK if she does. (3) BHP Group has walked away from a fresh takeover approach for Anglo American Plc, ending an unexpected and short-lived attempt by the world’s largest miner to thwart a planned tie-up between its smaller rival and Canada’s Teck Resources. (4) British Prime Minister Keir Starmer unveiled a strategy to make critical minerals at home and reduce reliance on the fragile global supply chain. (5) In President Donald Trump’s second term, crypto assets transformed his family’s wealth. Now the Trumps — and their followers — are getting a crash course in the wild volatility ingrained in digital currencies. (6) Five years after being battered by Covid-19 and the rise of home working, Canary Wharf is making a comeback. Podcast Conversation: How Breathwork Became the New MeditationSee omnystudio.com/listener for privacy information.
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