How Does the UK's New Tax Policy Affect Where the Ultra Wealthy Live?
The end of the non-dom rule is sending millionaire Britons to new cities in the EU, but is it really a wealth exodus? (Source: Bloomberg)
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Yahoo
28 minutes ago
- Yahoo
Billionaire takes on Heathrow with plan for cut-price expansion
A billionaire hotel entrepreneur is spearheading a rival proposal to expand Heathrow, as he vows to deliver the project more cheaply than the airport would. Surinder Arora is drawing up plans for the project after Mike Kane, the aviation minister, said last week that the Government was open to alternative bids to build a third runway. As one of the biggest landowners at Heathrow through his eponymous property empire, Mr Arora has teamed up with US engineering giant Bechtel to forge ahead with his development bid. 'The Government has asked for submissions this summer and we will be there,' he told The Telegraph. Mr Arora welcomed the comments from Mr Kane, who has confirmed that ministers had 'asked for Heathrow or a third party' to present alternative runway proposals. 'It's exactly what we've been asking for,' said Mr Arora, who previously led a rival expansion bid in 2018. 'We have said previously that we could do Heathrow between 32pc and 34pc cheaper,' he said. 'Obviously, times have moved on, but I think we will look to push on that. 'We can deliver the whole thing, and without a shadow of a doubt, we'd build it cheaper than Heathrow Airport Limited. 'This will give the airlines and passengers the chance to make a choice.' Mr Arora signalled that he has already enlisted hundreds of consultants to work on the project, which could include plans for a shorter third runway. However, he has vowed to listen to what airlines want before submitting his proposal. The possibility of a shorter airstrip at Heathrow has emerged as a potential alternative to the airport's more ambitious plans, which some claim could cost up to £ a runway could both slash costs and shave years off the project's completion date by removing the need to divert the M25, Britain's busiest motorway, under the new strip. Like Mr Arora, Heathrow is also working on a proposal. But this is expected to include plans for a full-length runway. While that blueprint is enshrined in an Airports National Policy Statement (ANPS) adopted by Parliament in 2018, estimated costs are understood to have swelled from £14bn at 2014 prices to between £42bn and £63bn. A truncated runway would impose limits on the planes able to use it, but would nevertheless find favour with airlines that have pushed back against paying for the pricier option. The boss of one major carrier, speaking at the IATA industry gathering in Delhi last week, said the latest costing for the full-scale plan would require what he called an 'eye-watering' increase in ticket prices of between £75 to £100. Sir Tim Clark, head of Emirates, the world's biggest long-haul airline, said at the same event that he was against diverting the M25 and would back a shorter runway 'for landing purposes or single-aisle aircraft, anything to declutter what's there'. Heathrow Reimagined, a campaign group that includes British Airways (BA) and Virgin Atlantic, said it 'welcomes competition and alternative proposals designed to increase capacity at the airport more efficiently'. BA, which operates about half of the flights at Heathrow, declined to specify its favoured option but said 'a solution should consider the airport boundaries, runway length, total project cost and the impact on consumers.' Willie Walsh, the former chief of parent group IAG, said in 2017 that spanning the motorway would add unnecessary cost and complexity. 'Airlines were never consulted on the runway length and they can operate perfectly well from a slightly shorter runway,' he said. According to stipulations in the ANPS, Heathrow's third runway should have a length of 'at least 3,500m' that would be able to handle 260,000 extra flights or more each year. However, a strip measuring 3.2km could accommodate 90pc of flights, according to the boss of a UK airline speaking at the same event in India, who described the prospect of diverting the M25 as 'scary'. Heathrow's northern runway stretches for 3.9km, making it the longest active landing airstrip in the UK, while the southern one measures almost 3.7km. Reports in March suggested that Heathrow itself was looking seriously at modifying its pending submission to the Government to feature a shorter runway in order to cut costs. However, Heathrow chief Thomas Woldbye denied that it was the case, saying that he intended to deliver the longer runway specified and that ripping up the busiest two-mile stretch of the M25 could not be avoided. What remains unclear is how much weight the Government will give to reducing delivery costs versus the extra time in planning that a radical alternative to the previous proposals might require. Rachel Reeves, the Chancellor, said in January she wanted to see 'spades in the ground' on the project before the next general election and the start of flights by 2035. Departing from the requirements of the ANPS could mean that the planning process would be lengthier. The outcome of a Civil Aviation Authority (CAA) review of Heathrow's mechanism for charging airlines in the context of the third runway will also be of fundamental importance. Heathrow Reimagined is pressing ministers to abandon rules under which money spent on the airport can be charged directly to airlines through increased fees. While those fees are regulated by the CAA, carriers say the system provides no incentive for Heathrow to wring efficiencies from infrastructure projects. In his comments, reported in the London Standard, Mr Kane declined to say if Heathrow shareholders, airlines or passengers should foot the bill. Meanwhile, a Labour insider said Mr Kane's comments were intended to convey a willingness to introduce competition into the runway process, rather than a pledge to do so. However, it appears the ball may already be rolling. 'Heathrow is a huge business, and competition is a good thing,' said Mr Arora. 'We're not here to slow or delay things. We will do whatever is necessary.' The Department for Transport said that while Heathrow Airport had previously been deemed the only credible party able to deliver the runway project in its entirety, it remains open-minded and will treat other proposals fairly. A spokesman said: 'There is no live planning application for Heathrow expansion at present, but when plans come forward, we will ensure any expansion is assessed against the Government's legal, carbon and environmental obligations.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Meta in Talks for Scale AI Investment That Could Top $10 Billion
(Bloomberg) -- Meta Platforms Inc. is in talks to make a multibillion-dollar investment into artificial intelligence startup Scale AI, according to people familiar with the matter. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The financing could exceed $10 billion in value, some of the people said, making it one of the largest private company funding events of all time. The terms of the deal are not finalized and could still change, according to the people, who asked not to be identified discussing private information. Representatives for Scale and Meta declined to comment. Scale AI, whose customers include Microsoft Corp. and OpenAI, provides data labeling services to help companies train machine-learning models and has become a key beneficiary of the generative AI boom. The startup was last valued at about $14 billion in 2024, in a funding round that included backing from Meta and Microsoft. Earlier this year, Bloomberg reported that Scale was in talks for a tender offer that would value it at $25 billion. This would be Meta's biggest ever external AI investment, and a rare move for the company. The social media giant has before now mostly depended on its in-house research, plus a more open development strategy, to make improvements in its AI technology. Meanwhile, Big Tech peers have invested heavily: Microsoft has put more than $13 billion into OpenAI while both Inc. and Alphabet Inc. have put billions into rival Anthropic. Part of those companies' investments have been through credits to use their computing power. Meta doesn't have a cloud business, and it's unclear what format Meta's investment will take. Chief Executive Officer Mark Zuckerberg has made AI Meta's top priority, and said in January that the company would spend as much as $65 billion on related projects this year. The company's push includes an effort to make Llama the industry standard worldwide. Meta's AI chatbot — already available on Facebook, Instagram and WhatsApp — is used by 1 billion people per month. Scale, co-founded in 2016 by CEO Alexandr Wang, has been growing quickly: The startup generated revenue of $870 million last year and expects sales to more than double to $2 billion in 2025, Bloomberg previously reported. Scale plays a key role in making AI data available for companies. Because AI is only as good as the data that goes into it, Scale uses scads of contract workers to tidy up and tag images, text and other data that can then be used for AI training. Scale and Meta share an interest in defense tech. Last week, Meta announced a new partnership with defense contractor Anduril Industries Inc. to develop products for the US military, including an AI-powered helmet with virtual and augmented reality features. Meta has also granted approval for US government agencies and defense contractors to use its AI models. The company is already partnering with Scale on a program called Defense Llama — a version of Meta's Llama large language model intended for military use. Scale has increasingly been working with the US government to develop AI for defense purposes. Earlier this year the startup said it won a contract with the Defense Department to work on AI agent technology. The company called the contract 'a significant milestone in military advancement.' The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Sign in to access your portfolio
Forbes
an hour ago
- Forbes
Tesla Pulls Off Miracle Recovery In Norway And Australia
The new Model Y doing well in Norway. Photo by Tesla It's not all doom and gloom for Tesla. Elon Musk's company might have just pulled off a minor miracle in both hemispheres. Thanks to Musk's controversial work with DOGE, and the global backlash against that perceived interference and his support of the far-right AdF party in Germany, the American electric vehicle company may be going through a tough time in most of Europe this year with significant 30% plus sales drops in France, Portugal, Sweden, Denmark and the Netherlands. Tesla is one such company that can make news at all times, even when it is not doing well globally. Tesla sales are not doing so great in Europe, except for this one country where Tesla is on a roll. News coming out of Norway in contrast, shows sales results that will lift Tesla's, and Elon's spirits, thanks to public's positive response to the heavily updated Model Y. In May, Reuters reported that the EV company sold 2,600 cars, a huge 213% increase from last year. Leading the charge of course was the popular Model Y, in a country where as many as 92.7% of vehicles sold are EVs. The Y is still holding its spot as Norway's best-selling car for the third consecutive year. Here are some highlights. Robotaxi to debut on June 12 in Texas Photo by Tesla Head of the Norwegian EV Association, Christian Bu, said that the Model Y is the ideal car for Norwegians. He pointed out how the new AWD system, higher ground clearance, and other advanced features only serve to add to the Y's value. Meanwhile in May in Australia, where the Model Y has only just debuted, the Y comprised 3,580 of Tesla's 3,897 total sales down under. Translated that's a 122.5% rise over May 2024 and was Tesla's best month in Australia since June last year. In the U.S., where Tesla deliveries in Q1 were down by 13%, the company desperately needs some good news. That is expected to come from Tesla's highly anticipated upcoming Robotaxi launch in Austin on June 12.
