In the City: Even a Reversal May Not Bring the Ultra-Rich Back
It's no secret the Labour government's policy to tax the UK's wealthiest as part of its effort to fix a budget crisis left by the Conservatives has caused Prime Minister Keir Starmer some headaches. The biggest exodus of wealth in the UK's recent history appears to be underway, and the data shows the departure is likely to be a drain on the economy. But is it enough for Chancellor of the Exchequer Rachel Reeves to change course? And should she? Bloomberg reporter Benjamin Stupples joins host Allegra Stratton to discuss.
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New York Times
27 minutes ago
- New York Times
Newcastle's search for their next sporting director: What we're hearing
Andy Howe and Steve Nickson have been placed in interim charge of first-team recruitment as Newcastle United look to appoint their third sporting director inside a year. Howe, Newcastle's assistant head of recruitment, and nephew of Eddie Howe, the head coach, has been tasked with driving the hunt for new signings alongside Nickson, given Paul Mitchell is leaving his role on June 30. Advertisement While Mitchell will remain involved until then, agents and clubs are now being directed towards Andy Howe, with Nickson, the head of recruitment, also heavily involved, given his experience. This arrangement was effectively formalised on Tuesday. Mitchell only took up his position last July, when Dan Ashworth's four-month spell on gardening leave ended and he joined Manchester United. Despite having announced his decision to leave 'by mutual consent' on May 27, Mitchell is continuing to advise Newcastle on their transfer strategy. Meanwhile, Newcastle are sounding out permanent candidates to replace him. The next sporting director is expected to come from outside the club, rather than from within, even though Nickson has been proposed publicly, and he, along with Andy Howe, has been empowered during this interim phase. Here is what The Athletic is hearing about that process and its consequences. As one senior figure put it — speaking on condition of anonymity, like others throughout this article — the situation is 'far from ideal'. There are short and long-term answers. As far as Newcastle's permanent structure is concerned, Excel Search & Advisory (formerly Nolan Partners) are leading the search. Nolan Partners were involved in Ashworth's recruitment, plus that of Peter Silverstone, Newcastle's chief commercial officer. If Ashworth was seen as a club-builder, growing and connecting departments and giving them a common vision, Mitchell was, in the words of Newcastle's outgoing chief executive Darren Eales, about '90 per cent recruitment'. That was not the case in practice, with the role all-encompassing, but Eales' remark suggested Mitchell was brought in to oversee transfers. There is no single blueprint for what a sporting director should look like, but multiple sources have told The Athletic that Newcastle are leaning towards the architect model: someone to direct all football operations. Advertisement When the search is completed, Newcastle's ownership group will conduct interviews and make a final decision. Unlike with Mitchell, when Eddie Howe was given little-to-no notice of who would be coming in above him — a cause of huge disruption last summer — the head coach has been kept informed during the process. In the short term, Newcastle are insisting publicly that it is business as usual, in the limited sense that their transfer strategy is clearly mapped out. A transition has been occurring across June, with Mitchell passing on responsibility to varying departments. A similar transitional period may follow for Eales on the business side, depending upon when his replacement joins. With transfers, it is Andy Howe and Nickson, using the target list compiled at Eddie Howe's behest, who are collectively directing things. Bids are yet to be made for top targets, but the uniform message is that Newcastle are now in a position to make offers and try to conclude deals. It is hoped a signing or two can be made by the time Newcastle reconvene for pre-season training on July 7. Sales to ensure PSR (the Premier League's profit and sustainability rules) compliance are not required by June 30, though Newcastle will look to trade outwards as well as inwards. Mitchell will provide guidance and advice until the end of the month, Eales is still in post, while Jamie Reuben, the co-owner, and Jacobo Solis, the director, will be involved. Solis is head of European direct investments at Saudi Arabia's Public Investment Fund (PIF), Newcastle's majority owners, and is a regular decision-making voice. While Nickson's title theoretically makes him Andy Howe's superior, the latter has worked with Eddie long-term and was influential in the purchases of Sandro Tonali, Anthony Gordon, Tino Livramento and Bruno Guimaraes, among others. He understands precisely what the head coach desires in a player and is said to be highly regarded by the board. Nickson has been head of recruitment since 2017, led the signings of Sven Botman and Joelinton, and has driven the purchase of young prospects, including Antonio Cordero and Vakhtang Salia. Advertisement No firm timescale has been announced — even internally — regarding how long this improvised structure will be in place. Newcastle want to get this sporting director appointment right, given the recent churn in what is supposed to be a long-term strategic position, and are unlikely to rush into a decision. The suspicion at the top of the club is that a new CEO — former Real Madrid executive David Hopkinson is among the leading contenders — is still likely to precede a successor for Mitchell. Several of the names admired are believed to have lengthy notice periods in their contracts, as Ashworth did, so compensation would be required should Newcastle wish to extricate them early. The direction of travel appears to be more towards a 'club builder' in the Ashworth mould, someone who continues to connect departments and plan for the long run. Given the size of the club — and scale of the role — rookie operators are unlikely to get far, with Mitchell's replacement required to have an immediate effect. Aiding and improving the club's ability to spot and sign young and emerging talent is also deemed crucial, given how vital that is in a world governed by PSR. Maintaining a positive relationship with the head coach is also vital, especially given the well-documented early tension between Howe and Mitchell. Howe's authority has been fortified following a historic season, and it is critical the head coach and sporting director operate effectively. Ideally, Newcastle desire experience working at a club which has regularly qualified for European football — and preferably the Champions League. Although those already at the club, including Howe, have learned immeasurably from the 2023-24 campaign, aside from performance director James Bunce, few senior figures are seasoned at dealing with the additional demands of European football. Advertisement Someone who has overseen a multi-club model (MCM) elsewhere would also be valued. Mitchell has continued to explore the possibility of Newcastle creating an MCM of their own — that is part of Jack Ross's remit as head of strategic technical football partnerships — and, while progress is not necessarily imminent, it remains an attractive long-term option. Mitchell had European and MCM experience, which is partly why the ownership brought him in, but few sporting directors boast a background in both. There is also a belief that Newcastle's use of data can still be modernised and the department bolstered. The insistence from the top of Newcastle is that a leading contender has yet to emerge, although other sources have suggested Ross Wilson is regarded as the early front-runner. Wilson, who is Nottingham Forest's chief football officer, has worked in senior positions at Southampton, Huddersfield Town, Watford, Falkirk and Rangers, who won their first league title for a decade during his tenure, and reached the Europa League final. Wilson is believed to have a positive relationship with Howe and was spoken to during Newcastle's previous sporting director searches. He fits the general profile they are examining — the club have huge infrastructure projects in the pipeline — rather than being a specialist in recruitment. Julian Ward, the technical director for Fenway Sports Group, Liverpool's owners, is also admired, having overseen the signings of several current players and worked at the highest level on player development. This kind of experienced candidate is supported by some internally. Jason Ayto, former assistant sporting director at Arsenal, and Gavin Fleig, a backroom figure at Manchester City, have also been discussed. Dougie Freedman, now sporting director at Al Diriyah, turned down an approach from Newcastle prior to Mitchell's appointment while he was at Crystal Palace. Johannes Spors, now at Southampton, also made the final two-man shortlist last time. The strong suggestion is that it will not be an internal promotion because, according to multiple sources, it is 'too big a job' for that. One insider describes it as a 'monster of a job, but in a good way' — which hints at the magnitude of Newcastle's ambitions. Yasir Al-Rumayyan, club chairman and PIF governor, has repeatedly demanded that Newcastle strive to reach the top and the sporting director is vital to that. The misconception that a sporting director solely signs players is widespread (and Eales' comment compounded that). Mitchell has held responsibility for all footballing departments, from recruitment to the academy, medical, performance and the women's side. Advertisement In theory, the sporting director's remit is holistic and is about focusing upon the long term, even if the tenure of those in the position at Newcastle has been damagingly short. When he accepted the role, Mitchell was unaware of the extent of Newcastle's PSR limitations and significant work has been undertaken creating 'headroom' through restricted spending and sales. His successor will be tasked with providing Howe with the maximum permissible resources to achieve on-field success while maintaining financial prudence. The ownership does not want a repeat of last year's mad scramble to avoid a feared double-digit points deduction, or to have a repeat of their three-window stretch of failing to improve the first XI. That requires a tweaked 'trading model', with increased player sales essential to improve sustainability, and perversely to prevent the need to sell top talents like Alexander Isak or Tonali for knockdown prices. Newcastle's internal data revealed they had the third-highest average age for minutes played in the Premier League last season and the squad's age profile requires reducing. Although a further expansion of Newcastle's Benton facility is in the offing, the goal is still to build a state-of-the-art training centre and the sporting director will be important for that. There have been suggestions that Newcastle will look to tweak their executive football structure. Eales tried to reshape the power lines last summer when he appointed Mitchell, which theoretically weakened Howe's influence over transfers, and it is unclear whether the next sporting director will be as recruitment-focused. There have been claims Newcastle may split the position, with multiple figures instead given narrower remits — though that has not been confirmed. Regardless, a technical director has been sought for months, while a senior addition under a newly-created title is set to arrive later this summer. Grace Williams is joining from Crystal Palace as women's director of football, too. Ultimately, all big calls at Newcastle are ratified by Al-Rumayyan, but the board is expected to make a recommendation to the chairman. Should a CEO be appointed first, then they may have a say. Howe is, according to multiple sources, being made aware of developments this time. How far his influence stretches in this regard has been disputed, with some suggesting he will have a voice. (Top photos: Getty Images)
Business Upturn
40 minutes ago
- Business Upturn
Marksans Pharma's UK subsidiary secures approval for Oxybutynin Hydrochloride oral solution
By Aditya Bhagchandani Published on June 19, 2025, 09:14 IST Marksans Pharma Limited announced today that its wholly owned UK-based subsidiary, Relonchem Limited, has received Marketing Authorization for Oxybutynin Hydrochloride 2.5mg/5ml Oral Solution from the UK's Medicines & Healthcare Products Regulatory Agency (MHRA). The product, used primarily for treating overactive bladder and urinary incontinence, expands Marksans' offering in the urology therapeutic segment and strengthens its European portfolio. The company, headquartered in Mumbai, manufactures and markets generic pharmaceutical formulations globally, with facilities in India, the US, and the UK—approved by regulatory bodies including the USFDA, UKMHRA, and Australia's TGA. 'This approval further reinforces our commitment to expanding our presence in regulated markets through high-quality generic products,' the company said in a press release. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Wall Street Journal
an hour ago
- Wall Street Journal
Elon Musk's Vindication, British Version
Elite progressive conformity is a problem across the Western world, and a telling example was exposed this week in the United Kingdom. A hat tip to Elon Musk for prodding the Brits to confront the scandal of so-called grooming gangs. These are men who shower adolescents with attention and gifts before coercing them into having sex. Louise Casey, a member of the House of Lords, released an audit Monday that confirms what the public has long suspected: The gangs are disproportionately Asian, such as Pakistani—and the government has tried to obfuscate this fact.
