OMV chief Stern will not stand for another term
His term runs until August 31, 2026.
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The Independent
6 minutes ago
- The Independent
A-list actor joins board of Soho House as take-private deal agreed
Soho House, the London-based private members' club business, is to be taken private by a consortium of investors in a deal valued at approximately US$2.7 billion (£2 billion). The consortium leading the takeover includes New York-based hotel giant MCR Hotels and private equity firm Apollo, with shareholders set to receive $9 (£6.64) per share. A-list actor and tech investor Ashton Kutcher will invest in Soho House as part of the deal and will join the company's board of directors. MCR boss Tyler Morse will also join the board as vice chairman, while a raft of existing shareholders, including Ron Burkle and founder Nick Jones, will retain their stakes. Soho House, founded in London in 1995, has expanded globally and currently operates 46 Soho House sites, eight Soho Works, and other hospitality businesses.
Daily Mail
6 minutes ago
- Daily Mail
Rachel Reeves forced to correct string of gaffes
Rachel Reeves has been forced to correct the official record after she got her facts about a flagship pension reform wrong, underestimated the unemployment rate and confused the name of a Northern town earmarked for a major tram network extension. The Chancellor, who has previously had to amend her profile on social networking site LinkedIn after overstating her qualifications as an economist, made the string of errors at a recent grilling by peers over her handling of the public finances. It prompted shadow business secretary Andrew Griffith to accuse her of a 'shocking grasp of detail'. And it came as Reeves prepares to unleash another volley of tax rises later this year that experts say will further strangle anaemic growth. In one exchange with former Chancellor Lord Lamont, Reeves twice claimed the £425 billion Local Government Pension Scheme was managed by '96 administering authorities' which she wants to cut to 'eight pools'. 'We are going to consolidate local government pensions, because we want them to work better for savers and taxpayers,' she added, flanked by two senior Treasury officials. But the LGPS is managed by 86 local authorities, not 96, while the number of pools is being cut from eight to six under controversial new laws that will force two of them covering the Tory shires of southern England to find new homes by March. After being contacted by The Mail on Sunday, Treasury officials corrected Hansard, Parliament's written record of debates. They were also forced to clarify to the House of Lords Economic Affairs committee that when Reeves told peers the unemployment rate was 'just over 4 per cent', the latest figure from the Office for National Statistics was closer to 5 per cent – at 4.7 per cent. Griffith told The Mail on Sunday: 'When she's writing such big cheques with taxpayers' money, it's no time to be loose with your numbers.' The Chancellor's geography also escaped her at the hearing, which took place three weeks after her tearful appearance before MPs during Prime Minister's questions. Reeves, who represents a constituency in Leeds, told peers that the Greater Manchester tram network was being extended to 'Bury and somewhere else'. In fact Bury already has a tram stop. The planned extension will go to Stockport, more than 20 miles away. Bury station is being upgraded but the work was 'not an extension to the metro line', Treasury officials admitted. The latest revelations about Reeves's lack of attention to detail come as she prepares to fill a hole of up to £50 billion in the public finances in her Autumn Budget . She has ruled out tax rises on 'working people' – namely income tax , VAT and employee National Insurance – but left the door open to raids on inheritance tax , pensions, gambling companies and banks. Reeves could also extend the freeze on income tax thresholds to help balance the books. The pause is due to end in 2028, from which point the thresholds are set to rise with inflation . But keeping the freeze for another two years would generate more cash for the Treasury, as rising wages and pensions pull more people into higher tax bands. Extending the stealth tax, known as 'fiscal drag', could raise £8 billion, claims the Resolution Foundation think-tank. Experts say she boxed herself in by also pledging to stick to her fiscal rules, which include only borrowing to invest by the end of this Parliament. Key to how much money she needs to find is how the official forecaster judges likely productivity growth – the rate of hourly output per worker. Reeves will have to find even more money if the Office for Budget Responsibility cuts its forecast for productivity growth, which it has consistently overestimated.
The Sun
6 minutes ago
- The Sun
Brighton footballers on path to winning MILLIONS after paying £40,000 to supplement their superstar horse into York race
BRIGHTON players including Premier League legend James Milner are a step closer to winning MILLIONS with their superstar horse Seagulls Eleven. Together they have stumped up £40,000 to supplement the horse into Saturday's Group 1 City Of York Stakes. 2 The mega-money race, worth £377,000 to the winner, is one of the biggest in Ebor week at the northern track with decent prize money all the way down to sixth. Seagulls Eleven, a three-year-old gelding trained by Hugo Palmer who cost around £50,000, has won two of his ten career races, bringing in just shy of £170,000. But his next few races could send his winnings into the stratosphere. Seagulls Eleven, who won more than £57,000 with his most recent victory, a Group 3 at Goodwood earlier this month, is one of 13 in the City Of York. He is likely to face Group 1 scorer Rosallion and 150-1 record winner Qirat, who returns after his unbelievable Sussex Stakes victory. Big names including John & Thady Gosden's former Lockinge winner Audience and Juddmonte's Cosmic Year are also in the line-up. But the races under a mile have been a lottery this season so anything could happen when they jump out this weekend. And while the cheque on offer at York is massive - far, far greater riches could lie in wait later this year. After his Goodwood win, Palmer said the £7.4million Golden Eagle in Australia in November was on the agenda. Interestingly, Brighton owner Tony Bloom won the race last year with Lake Forest and walked off an incredible £2.8m richer. Palmer said after Seagulls Eleven won at Goodwood that he would likely be supplemented for the City Of York. And the plan then would be, rather than race at Doncaster and Ascot later this year, to enter quarantine ahead of a trip Down Under. Speaking of how it all came about, Palmer, who trains football legend Michael Owen's horses, said: "It actually all started at Cheltenham. "There was a mare called Mrs Milner and Michael suggested to James Milner that he back it. "He did and it went from there. "They've bought a few horses and James is the ringleader. There are eleven players, who aren't all at Brighton anymore." Goalkeeper Jason Steele is another involved with Seagulls Eleven - and he can't wait to see what the future holds. He said: "It is up to Hugo and the team at Manor House Stables if he goes out to Australia, but the thought of him running there is amazing. "We have briefly spoken about it in our group chat and Hugo is going to find out more and whatever they want to do, I imagine the lads will support it. "We have a lot of ties with the Golden Eagle with our chairman Tony Bloom winning it last year with Lake Forest. "That would be a nice story to go over there and follow that up. 'To say we have owned a horse that has already run at the Curragh, and in America, and potentially Australia is unbelievable." Commercial content notice: Taking one of the offers featured in this article may result in a payment to The Sun. You should be aware brands pay fees to appear in the highest placements on the page. 18+. T&Cs apply. Remember to gamble responsibly A responsible gambler is someone who:
