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Finance

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Finance

Tech barons cozied up to Trump. What will they do in newly blue America?

Democrats’ success was helped by popular anger over tech, AI and the super rich – life for billionaires could become much more difficult The photo of Silicon Valley centibillionaires at Donald Trump’s inauguration – Musk, Bezos and Zuckerberg, front row and side by side – now looks like a hitlist for a blue Congress hellbent on making life difficult for billionaires. The picture symbolized at the time the bending of the knee by the richest men in the world to its most powerful, a symbiosis of the ultra-rich. Already unfathomably wealthy, Silicon Valley tycoons believed a Maga-sized public shif

The Guardian
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Finance

Poundland’s US owner says retailer remains ‘vulnerable’, after talks with ministers

Gordon Brothers still in ‘active discussions’ with interested parties and seeking to ‘protect as many jobs as possible’ The US owner of Poundland has said the high street chain remains “challenged and vulnerable” after holding talks with ministers amid government criticism of its handling of the retailer. Gordon Brothers said on Thursday morning that it was still in “active discussions” with interested suitors and had been seeking to “protect as many jobs as possible”. Continue reading...

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Finance

Elon Musk’s nearly half a billion dollars in midterms spending was a flop

The tech billionaire set spending record as he poured $446m into campaigns for failed Republican candidates Elon Musk set a record for election spending this year after pouring nearly half a billion dollars into backing Republicans in the US midterm elections. It turned out to be a poor investment. The SpaceX and Tesla CEO contributed at least $446m to Republican-aligned Super Pacs and groups over the course of the elections, specifically targeting several key Senate races in an effort to help the Trump administration retain Republican control of Congress. He outdid his own 2024 spending of ne

The Guardian
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Finance

LIV Golf’s attempted relaunch collapses after new lead investor withdraws, reports say

BC Partners reportedly walks away after player exodus LIV set to appear at bankruptcy hearing on Thursday The rebel LIV Golf tour’s attempt to relaunch itself after filing for bankruptcy has collapsed following the withdrawal of the new lead investor BC Partners, according to reports on Wednesday. The private capital firm made the decision to walk away after struggling to convince several star players to commit fully to the league going forward, the Financial Times and the Athletic reported, citing anonymous sources. Continue reading...

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Finance

The great sleeping giant of America has awakened | Robert Reich

The real question in my mind is whether Democrats will take advantage of the new age of populism The great sleeping giant of the US has awakened, taken a hard look at what’s become of the nation, and roared a thunderous “NO!” What occurred on Tuesday was not – as some are saying – the inevitable midterm swing of the pendulum against the party in power. Texas hasn’t elected a Democratic senator since 1988. The last time Kansas elected a Democratic senator was 1932. Robert Reich, a former US secretary of labor, is a professor of public policy emeritus at the University of California, Berkeley. H

The Guardian
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Finance

Billions in revenue proves Fifa right on the World Cup – but only on things it cares about

The 2026 edition of the tournament brought in untold amounts of money to Gianni Infantino’s governing body The total hasn’t entirely stopped rising yet, still clicking away towards a final tally. Still, Fifa has already announced that it surpassed its own lofty revenue projections for the 2026 World Cup, bringing in $15bn, significantly more than anticipated. It appears that a third of that total – $5bn – came from ticket sales and hospitality alone, per reporting from the Times. That would mean direct income from the matchgoing fans came in five times as high in the United States, Canada and

The Guardian
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Finance

Trump’s billionaire-blue collar coalition has been smashed by class politics | Aditya Chakrabortty

As tech bosses get richer and ordinary Americans struggle, Democrats put the case against the US’s grotesque unfairness – and voters responded Remember the “vibe shift”? Just last year, columnists and corporate boardrooms alike declared that the second coming of Donald Trump meant the old rules of politics and even everyday civility were roadkill. “I feel liberated,” one top banker told the Financial Times. “We can say ‘retard’ and ‘pussy’ without the fear of getting cancelled … it’s a new dawn.” Continue reading...

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Finance

Airbnb can be positive for the community | Letters

Readers respond to an article by Arwa Mahdawi on some self-catering hosts calling for a strike in response to new guidelines Regarding Arwa Mahdawi’s article (Airbnb feels like a soulless rip-off – and its hosts are revolting, 28 October), I’m really sick of being scapegoated. I’m aware that Airbnb has negatively impacted some urban communities, but without the income from the two self-catering cottages on my family croft, I couldn’t afford to live in Wester Ross, raise my kids here, spend my money in the village stores and volunteer as a community councillor for the last 25 years. There may b

The Guardian
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Finance

US stocks rise, dollar slides as investors digest Democrats’ midterm victories

Government bond yields fall while initial fears ease over impact of election results on world’s biggest economy US midterm elections – live updates After US midterms, what will lame-duck Trump mean for global economy? US stocks have surged as investors digest the Democrats’ victories in the midterm elections, lifted by hopes that Donald Trump’s turbulent policymaking would be restrained and shaking off initial fears about the impact on growth in the world’s largest economy. The Dow Jones rose close to 3%, its best day in over a year, while the tech-heavy Nasdaq and the benchmark S&P 500 gained

The Guardian
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Finance

After the US midterms, what will a lame duck Trump mean for the global economy?

Republicans’ crushing setback will play out in stock markets, inflation, interest rates and economic growth Donald Trump’s loss of control of the House of Representatives and the Senate has put the world economy on notice for an unpredictable final two years of his presidential term. After Democrats swept aside his Republican party in the midterm elections, analysts said the prospect of a highly erratic lame-duck president would have significant implications for financial markets, growth, inflation, government borrowing costs and living standards. Continue reading...

The Guardian
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