Business Secretary dismisses idea of ‘magic wealth tax' as ‘daft'
The Government's U-turns over welfare reform and winter fuel payments have left the Chancellor with a multibillion-pound black hole to fill, fuelling speculation she might target the assets of the wealthy in the next budget.
Rachel Reeves has not ruled out the possibility of a new wealth tax but has been eager to highlight that she will stick to her commitment not to hike tax for 'working people'.
Some in the Labour Party, including former leader Lord Neil Kinnock and Wales's First Minister Baroness Eluned Morgan, have called for a wealth tax.
However, Business Secretary Jonathan Reynolds dismissed the idea.
'This Labour Government has increased taxes on wealth as opposed to income – the taxes on private jets, private schools, changes through inheritance tax, capital gains tax,' he told GB News.
'But the idea there's a magic wealth tax, some sort of levy… that doesn't exist anywhere in the world.
'Switzerland has a levy but they don't have capital gains or inheritance tax.
'There's no kind of magic (tax). We're not going to do anything daft like that.
'And I say to people: 'Be serious about this.' The idea you can just levy everyone… What if your wealth was not in your bank account, (what if it was) in fine wine or art?
'How would we tax that? This is why this doesn't exist.'
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Forbes
28 minutes ago
- Forbes
NATO's Arming For World War III Aimed At Preventing Clash With Russia
While threatening to launch nuclear missiles against any Ally helping democratic Ukraine repel its Russian invaders, Kremlin commander-in-chief Vladimir Putin has also warned a direct, armed clash of civilizations with the West could spiral into World War III. Yet NATO's Secretary General is now pushing the Allies to swiftly build up their jet fighters, missiles and weaponized drones precisely to avert an all-out war with Russia, which is rearming at a feverish pitch. Across a series of interviews, scholars on Russia's race to expand its wartime armaments say Putin aims to trigger fear and inaction on the part of Ukraine's allies, even as he develops new weapons systems to face off with them. NATO's new call to arms, they say, stands a chance of freezing portions of Putin's masterplan for his tanks and troops to recreate the Russian Soviet Union by reconquering states that have broken free of Moscow's control. NATO chief Mark Rutte, while sketching out the escalating dangers posed by Putin and his expansionist quest, told military experts who gathered in London: 'Because of Russia, war has returned to Europe.' Sounding a worldwide alarm—aimed at defense planners across all 32 NATO nations—Rutte said Russia is teaming up with rogue powers stretching from North Korea to Iran as they strengthen their militaries. 'Putin's war machine is speeding up, not slowing down,' Rutte declared during a talk at the Royal Institute of International Affairs. 'Russia is reconstituting its forces,' the onetime prime minister of the Netherlands said, 'and producing more weapons faster than we thought.' 'In terms of ammunition, Russia produces in three months what the whole of NATO produces in a year.' Moscow's burgeoning defense factories are set to turn out 200 nuclear-capable Iskander missiles and 1500 tanks this year, and production rates are rising. 'Russia could be ready to use military force against NATO within five years: FIVE YEARS!' Rutte warned. Quoting Winston Churchill, from a dramatic speech exhorting the British House of Commons to launch a long-delayed weapons build-up to catch up with the Nazis' rising military power, Rutte said there was no time to lose for Europe to bolster its defenses. 'We need a 400% increase in air and missile defense.' 'We see in Ukraine how Russia delivers terror from above, so we will strengthen the shield that protects our skies.' NATO's allies, he said, need many more missile interceptors, more tanks, more rockets, and more expansive navies, even as they modernize their air forces. As just one step in this direction, he said NATO Allies are set to acquire 700 American F-35 fighter jets. NATO partners, he added, will begin building stockpiles of new-generation drones and missile systems, and step up investment in space technology and cyber-warfare expertise. 'On the battlefields of Ukraine,' Rutte boasted, '$400 drones, used the right way, are taking out $2 million Russian tanks.' 'History has taught us that to preserve peace, we must prepare for war,' he said. Secretary General Rutte suggested that by pumping five percent of each Ally's gross domestic product into this accelerating arms contest with Russia, the entire North Atlantic Treaty Organization might become so formidable that Moscow would never dare to attack even a single NATO nation, and that the group's collective defense shield would protect its billion citizens into the future. Yet leading scholars on Russia's defense strategies and new weapons programs say it is virtually impossible to pinpoint exactly how the West's next clash with the Kremlin will start or evolve, or how it could escalate to engulf widening sections of Europe. Some European military experts, along with Putin himself, have projected that Moscow's ongoing missile blitzkrieg of Ukraine could burst into a global conflict. But Spenser Warren, a scholar who is focused on Russia's drive to strengthen its nuclear arsenal and delivery systems, and on its defense strategies, says: 'I don't think you can predict whether or not this or any war will spiral into World War Three.' 'Most conflicts, even ones that start out seemingly small, have pathways for escalation,' he tells me in an interview. 'WW1 started from a single instance of extremist political violence that was fairly mundane at the time, and engulfed an entire continent plus large parts of Africa, the Middle East, and the Pacific.' A spectrum of scenarios could spark Russia's invasion of Ukraine to explode beyond the besieged democracy's borders, says Warren, a postdoctoral fellow at the University of California Institute on Global Conflict and Cooperation. 'If Russia broadened its attacks to include Western arms depots in places like Poland that are supplying Ukraine, or if a Russian airstrike killed a visiting U.S./European leader (whether intentionally or not), or if Russian pilots accidentally fired on NATO aircraft or a glitch in their navigation software caused them to mistakenly bomb NATO territory,' he says, the war could swiftly 'escalate into a regional conflict involving the United States and other NATO members.' If a limited clash were to erupt between the Kremlin and NATO nations, Warren says, 'it would be difficult to predict further escalation.' 'Could such a conflict continue to spiral towards a global war?' 'Yes, that is always an incredibly dangerous risk,' he forecasts. Warren says he backs NATO chief Rutte's warnings that the Kremlin could attack a NATO state by the end of the decade. 'There's of course no guarantee that Russia will be able to rebuild its military effectively in that time period.' But as of now, Warren says, 'They are churning out an incredibly high amount of material.' 'It's possible that they can maintain that rate long enough to rebuild or even expand their capabilities.' 'The threat is serious enough that I would agree with the Secretary General that European countries need to be improving their arms industries and increasing defense spending and production.' Europe's failure to match the rapid-fire rise of military rival Moscow—just as France and Britain were overtaken by the meteoric ascent of Hitler and his tanks and Luftwaffe—would make a Russian invasion of one or more EU states more likely. Putin, surrounded by expanding circles of nationalist zealots, has been laying out plans to despatch invading armies to recapture lands that were once part of the Russian Tsarist empires, or the Soviet Union that followed. The most likely scenario, Warren says, would likely start with a lightning attack against "former Russian territories'. 'Russian nationalists produce a lot of rhetoric about reconquering lands that the Russian Empire once held for expansionary purposes,' he says. The Kremlin might opt to attack 'a NATO ally (probably one or more of the Baltics) in blitzkrieg fashion,' he says, 'and seek to end the conflict before the U.S. and NATO can mount a large response.' 'One of the biggest factors, I think, will be Moscow's perception of American commitment to the region.' 'If the Kremlin believes the United States will move to defend its allies—and potentially commit enough forces to rollback Russian troops in someplace like the Baltic States or Poland or Romania—then the chance of Russia attacking goes way down.' 'If they believe the United States won't respond—or think they can create a fait accompli in the Baltics—that risk goes up,' he says. Elena Grossfeld, an expert on Russia's defense and intelligence operations at the prestigious King's College London, says the small, vulnerable Baltic states of Estonia, Latvia and Lithuania, taken over by the Soviet Union in just days at the start of the World War II, are likely prime targets in Putin's quest to resurrect imperial Russia. A fluent Russian speaker who closely tracks the Kremlin's evolving wartime strategies and even the Telegram posts by its most fervent militarists, tells me in an interview: 'The Baltics are being thrown around as a target by Russian propagandists, and also by some of Putin's friends.' 'Realistically due to their size, they could be run over pretty fast.' 'If Russia were to think that the U.S. would not interfere beyond issuing statements and offering thoughts and prayers - it's a possibility.' Grossfeld says it is still unclear how strong a defense the U.S. would mount if one of the NATO states, like Lithuania, were captured in an overnight invasion. Article 5 of the NATO treaty states: 'The Parties agree that an armed attack against one or more of them in Europe or North America shall be considered an attack against them all.' While every NATO member agrees to join a collective defense, she says, each ally determines its own contribution to that defense, 'which can include military force but does not have to.' With its mixed messages on participating in the joint defense of an invaded NATO partner, the U.S. might be opening the way for a series of Russian attacks on the alliance—always testing whether the U.S. will intervene or become increasingly isolationist. If the White House does pull back, France and Britain, which have already proposed sending peacekeepers into Ukraine after a ceasefire pact is signed, are likely to emerge as the new de facto leaders of NATO in Europe, even as the United States sees its own position on the global stage decline. As part of its ascent as a supreme guardian of the NATO alliance, France could extend its nuclear umbrella to cover all the other NATO partners across Europe. France has its own independent arsenal of nuclear weapons, with both submarine and jet bomber delivery systems. French President Emmanuel Macron, Grossfeld points out, has 'already expressed willingness to engage in discussions about extending France's nuclear deterrent to other European countries. 'France currently has a nuclear weapons stockpile of approximately 290 warheads,' say leading experts at the Federation of American Scientists' Nuclear Information Project. 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Yahoo
an hour ago
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JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY
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Furthermore, regarding their future cooperation, the Bidder and CECONOMY's largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, 'Convergenta') entered into a shareholders' agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of future partner Convergenta ahead of the launch of the Takeover Offer. CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY's growth as a stand-alone business and accelerate CECONOMY's transformation into Europe's leading omni-channel consumer electronics platform. renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY's capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY's Supervisory Board and Management Board fully support the public Takeover Offer. 'This partnership with CECONOMY will build Europe's leading next-generation consumer electronics platform,' said CEO Sandy Xu. 'CECONOMY's market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY's ongoing transformation. Our goal is to further grow CECONOMY's platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.' CECONOMY CEO Dr. Kai-Ulrich Deissner said, 'With outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don't just want to keep pace with the transformation in European retail – we want to continue leading it. is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with to strengthen European retail, based on complementary strengths and shared values.' 'We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,' said Jürgen Kellerhals of anchor shareholder Convergenta. 'The management team of CECONOMY has a clear strategic vision, and brings the resources and expertise required to accelerate the company's (CECONOMY's) next phase of growth. The technological expertise of is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.' The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company's cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026. The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information. About Inc. is a leading supply chain-based technology and service provider. The Company's cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 'SEC'), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with acquisitions, investments and alliances, including fluctuation in the market value of investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Investor RelationsSean Zhang+86 (10) 8912-6804IR@ Media Relations+86 (10) 8911-6155Press@ in to access your portfolio
Yahoo
an hour ago
- Yahoo
Top lawyers warn Starmer recognising Palestine could breach international law
Sir Keir Starmer's pledge to recognise a Palestinian state could break international law, an influential group of peers has warned. Some 38 members of the House of Lords, including some of the UK's most eminent lawyers, have written to Attorney General Lord Hermer about the Prime Minister's announcement. As first reported by the Times newspaper, the peers warned that Sir Keir's pledge to recognise Palestine may breach international law as the territory may not meet the criteria for statehood under the Montevideo Convention, a treaty signed in 1933. On Tuesday, Sir Keir announced the UK could take the step of recognising statehood in September, ahead of a major UN gathering. The UK will only refrain from doing so if Israel allows more aid into Gaza, stops annexing land in the West Bank, agrees to a ceasefire, and signs up to a long-term peace process over the next two months. Hamas must immediately release all remaining Israeli hostages, sign up to a ceasefire, disarm and 'accept that they will play no part in the government of Gaza', Sir Keir also said. In their letter to Lord Hermer, the peers said Palestine 'does not meet the international law criteria for recognition of a state, namely, defined territory, a permanent population, an effective government and the capacity to enter into relations with other states'. There is no certainty over the borders of Palestine they said, and no single government, as Hamas and Fatah are enemies. Lord Hermer has previously insisted that a commitment to international law 'goes absolutely to the heart' of the Government's approach to foreign policy. In their letter seen by the PA news agency, the peers added: 'You have said that a selective, 'pick and mix' approach to international law will lead to its disintegration, and that the criteria set out in international law should not be manipulated for reasons of political expedience. 'Accordingly, we expect you to demonstrate this commitment by explaining to the public and to the Government that recognition of Palestine would be contrary to the principles governing recognition of states in international law.' Among the respected lawyers to have signed the letter are Lord Pannick – who represented the previous government at the Supreme Court over its Rwanda scheme – as well as KCs Lord Verdirame and Lord Faulks. Some of Parliament's most prominent Jewish voices, including crossbench peer Baroness Deech, Labour's Lord Winston and the Conservatives' Baroness Altmann, have also put their name to the letter. Former Conservative cabinet ministers Lord Pickles and Lord Lansley have also supported it, as has Sir Michael Ellis KC, a former Conservative attorney general and the only non-peer whose name appears on the letter as seen by PA. The peers' intervention follows condemnation of Sir Keir's announcement by Emily Damari, a British-Israeli women who was held captive by Hamas for more than a year. The PM is 'not standing on the right side of history' after his pledge to recognise a Palestinian state, she said. Israeli Prime Minister Benjamin Netanyahu meanwhile claimed it 'rewards Hamas's monstrous terrorism'. But ministers have insisted the step is important and is not an example of gesture politics. 'This is about the Palestinian people. It's about getting aid in to those starving children,' Transport Secretary Heidi Alexander said on Wednesday morning. Asked directly whether the release of hostages by Hamas is an explicit condition of Palestinian recognition, Ms Alexander told BBC Radio 4: 'We will be making an assessment in September and we expect Hamas to act in the same way as we expect Israel to act.' She later added: 'We're giving Israel eight weeks to act. If they want to be sat at the table to shape that enduring peace in the region, they must act.' Sir Keir had been coming under pressure from MPs to recognise statehood, and last week more than 250 cross-party members signed a letter calling on him to act. Elsewhere on Wednesday, Palestine Action's co-founder won a bid to bring a High Court challenge over the group's ban as a terror organisation. Huda Ammori is challenging Home Secretary Yvette Cooper's decision to proscribe the group under anti-terror laws, announced after the group claimed responsibility for action in which two Voyager planes were damaged at RAF Brize Norton on June 20.
