Hapag-Lloyd posts 3.1% lower net profit in H1, lowers top of FY forecast
The company projected full-year earnings before interest and taxes in a range between 0.2 billion and 1.1 billion euros, compared with between breakeven and 1.5 billion euros assumed previously.
($1 = 0.8549 euros)
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Telegraph
37 minutes ago
- Telegraph
How Rachel Reeves created a generation of accidental pension millionaires
Are you planning to contribute sums to your children or grandchildren's pensions? Get in touch at: money@ Young people are poised to inherit a colossal windfall from their parents and grandparents. Baby boomers – born between 1946 and 1964 – are expected to pass at least £5.5tn of wealth to younger generations by 2047, more than double Britain's GDP. This 'great wealth transfer' is already well under way. The inheritances of Generation Z and millennials – born between 1980 and 2009 – have almost doubled in value every 20 years since 1979, according to a report by think tank Demos. But now an inheritance tax squeeze is prompting many of the boomer generation to employ new strategies to help their descendants. Paying money directly into their retirement pots is one way to beat the taxman – and could create a lucky generation of pension millionaires. 'Significant windfall' In her Budget last year, Rachel Reeves announced that unspent private pensions will be liable for inheritance tax from April 2027. The move has prompted many boomers to raid their pension pots and give away their wealth in order to avoid a potential 40pc tax hit for their family. Inheritance tax rules mean unlimited amounts of money and assets can be gifted to friends and relatives without them paying any eventual inheritance tax, as long as the transfer happens at least seven years before the person giving the gift dies. A so-called taper tax rate of between 8pc and 32pc is applied to gifts given between seven and three years before death, once the total value of gifts made in the seven years before a person dies exceeds the £325,000 tax-free threshold. Money given less than three years before is taxed at the full inheritance tax rate of 40pc. Giving away cash to help children and grandchildren get on to the housing ladder is becoming increasingly popular. Over half (52pc) of first-time buyers received financial help from family members last year, with an average sum of £55,572, according to estate agents Savills. The total value of Bank of Mum and Dad assistance has reached £38.5bn since 2021, 71pc more than in the previous four years. However, one overlooked option is for 'surplus income' to be paid into a young family member's pension. Under current rules, a parent or grandparent can contribute up to £2,880 a year into a child's pension. A pension contribution at this level is topped up by HM Revenue & Customs (HMRC) to £3,600, as basic rate income tax is claimed back on the payment, with any gains shielded from tax. If these gifts are made regularly – and do not affect the giver's standard of living – then the money is automatically exempt from inheritance tax, and the seven-year rule does not apply. Paying into adult children's pensions is also possible, although they would not benefit from tax relief. Transferring even relatively modest amounts in this way could turn younger generations into future millionaires, according to accountancy firm RSM. The firm calculates that contributing the £2,880 maximum each year would give a grandchild a pension pot of £105,000 by the time they turn 23, assuming 4pc annual growth. Even if they don't save another penny, the pot would likely be worth over £607,000 by age 67. Annual returns of 5pc would boost this to over £1m. Chris Etherington, of RSM, says: 'There will usually be an upfront income tax cost to consider for anyone withdrawing sums from their pension. That should also be taken into account when determining the best course of action and the overall potential benefits. 'However, many may consider it makes sense to incur an upfront income tax liability so they can make gifts earlier and in turn, secure the financial future of generations to come while also reducing their inheritance tax exposure.' Ian Cook, of wealth management firm Quilter Cheviot, says decades of investment growth mean beneficiaries could net a 'substantial sum' by the time they come to retire. He added: 'Contributing to a child or grandchild's pension can be a smart way to pass on wealth without triggering an immediate inheritance tax bill. 'For some families, pensions are also appealing because the funds are locked away until at least the normal minimum pension age, currently 55, but rising to 57 in 2028. 'This avoids the concern that can come with gifting large sums into a junior Isa, where the recipient gains full control at 18, an age at which not everyone is ready to handle a significant windfall.' Growing wealth divide This strategy could prove to be a lifeline for the young people fortunate enough to inherit wealth. Experts have warned that Britain faces a 'pension savings crisis', as the current 8pc minimum contribution level is not enough to fund adequate retirements. Under auto-enrolment rules, employees put at least 5pc of their salaries into a pension, in addition to a minimum 3pc employer contribution and government tax relief. Labour has committed to not changing these rates during this Parliament. On current contribution rates, an average earner on a £35,000 salary risks falling £700,000 short of a 'comfortable' living standard in retirement, according to the Pensions and Lifetime Savings Association, a trade body. Boomers – on average – have it better. Some are lucky enough to enjoy lucrative 'defined benefit' pensions which guarantee an inflation-linked income in retirement, based on final or average salary. These schemes are close to extinction in the private sector, as they have become too expensive for employers to maintain. They have been replaced by much less generous 'defined contribution' schemes, where the final value depends on how well investments perform. It's easy to see why many younger people see owning a nice house or having a good pension as impossible – unless they inherit it. Differences in pension wealth and the swelling value of homes have widened the generational wealth gap over the last 20 years. A study by the Resolution Foundation think tank found that between 2006-08 and 2018-20, median wealth among Britons in their 60s rose by 55pc in real terms, but for those in their 30s, it fell by 34pc. At the same time, the share of Britain's wealth held by the under-40s has fallen from 7.5pc in 2010 to 4pc today. Molly Bloome, of the Resolution Foundation, warns that younger generations are becoming more reliant on financial gifts, and that this form of trickle-down economics will only widen the generational wealth gap. 'There's a big element of luck at play – you can't choose who your parents are, and having wealthier parents obviously puts you in a much better position, especially if they own their own home.' But there is an implicit obligation attached to these transfers, she adds. 'It's a case of, 'Help me on to the housing ladder, then I'll help you pay for care in old age'. It's not just a one-way street.'
Telegraph
37 minutes ago
- Telegraph
Unemployed to get AI chatbot for filling out ‘boring' job applications
Unemployed people will be given an AI chatbot to help them fill out job applications as part of a government scheme to help Britons cut down on 'boring life admin'. The Government will next week unveil plans to develop an 'AI helper' that will help people apply for work – a move that critics warned could mean employers are flooded with irrelevant job applications. The scheme comes amid a surge in working-age Britons on jobless benefits and a slump in entry-level roles. Official data published this week showed that 3.7 million Britons are now claiming Universal Credit with no work requirements – a rise of more than a million since Labour came to power. On Monday the Department for Science, Innovation and Technology will issue a notice inviting AI companies to help develop an 'agent' that can fill in forms, complete job applications and register patients at doctors' surgeries. While existing chatbots such as ChatGPT are best known for answering questions, AI agents are capable of handling tasks such as booking flights and sending emails as well as answering questions. The Government's AI agent is expected to be in use in 2027. It could also be used to help people update addresses on driving licences and register to vote. Doing so would only require a short prompt, rather than filling in multiple pages of forms. Officials said the initiative was designed to 'save people time and modernise the state'. However, it comes as employers are grappling with a deluge of job applications as AI tools mean candidates can instantly generate CVs and cover letters tailored to job descriptions. A study by recruitment website Totaljobs released on Friday found that recruiters are drowning in CVs, with almost three quarters saying they were being inundated with irrelevant applications. Claire McCartney, of the Chartered Institute of Personnel and Development, said: 'When used appropriately, AI tools can be a useful aid for jobseekers.' However, she added: 'If candidates heavily rely on or misuse AI tools, it could mean that they're unsuitable for the roles they've applied for.' She said a quarter of firms were attempting to reduce or monitor the use of AI by applicants. Neil Carberry, the chief executive of the Recruitment and Employment Confederation, said: 'If you are advertising a job you will get hundreds more CVs than a few years ago and a large number will demonstrate they haven't really thought about the job. 'They have done 50 applications in a couple of days where previously they'd have done 10 good ones.' AI tools such as ChatGPT have been blamed for a decline in graduate opportunities, but Rachel Reeves has also been criticised for hitting the jobs market with record-breaking tax rises.
Daily Mail
an hour ago
- Daily Mail
Get hold of capital quickly! The small business funding platform making dreams come true FAST: 'I got way more money than I was expecting'
Daily Mail journalists select and curate the products that feature on our site. If you make a purchase via links on this page we will earn commission - learn more Owning a small business is not for the faint of heart. There are so many challenges that come with the territory when you're getting started. Money can solve a lot of problems — but only if you actually have it! Small business owners in particular can find it difficult to secure capital when they need it most, potentially derailing years of hard work. 1West was created to prevent exactly that. Getting approved for funding can be life-changing, taking your business in an entirely new direction so you can focus on achieving those big dreams Unlike other financing marketplaces, 1West takes a different approach. It's committed to helping small business owners find their way at any stage of their journey. The difference really is in the details — and those details are what set the company apart from other lenders. Applicants only need to be in business for a minimum of three months, and even if you've been turned down in the past, you have a chance to secure funds here. In fact, you don't have to check the usual boxes to make a case for your loan through 1West. You don't need perfect credit, a certain amount of collateral, or a stellar reputation with years of experience behind you. Through funding from 1West, you can finally realize many of the dreams you've harbored for your business. Imagine never having to overthink every move or worrying that you may not be able to make rent or pay a vendor next month. Those kinds of problems become things of the past when you're approved for unsecured working capital through 1West. Terms range from two months to two years, with the possibility of securing anywhere from $5,000 to $1 million. With rates as low as 18 percent, and the money in your bank account within a couple of days, your entire financial picture could change in a matter of hours! Given that cash flow is one of the biggest reasons that small businesses fail, you're doing yourself a big favor by making this a priority. Dealing with lenders that complicate the process with lengthy approval processes can make business ownership even harder. Luckily, it's easier than ever to get started with 1West. It's a simple, streamlined, step-by-step process that begins with a quick form. After you've supplied your information, 1West's SmartFunding system scans different financial possibilities for you. With hundreds of lenders and programs available, it will zero in on the options that are best suited to your situation. After answering some questions, you'll receive several funding options within 24 hours — and your money will be in your account within two business days You'll receive those options in a day, upon which you can select the one that's most appropriate for your business. That's it — the funds will be in your account within just two business days! The beauty of 1West is that it's completely transparent. You aren't bound by any obligations or fees, and your credit won't dip just because you applied. User reviews are exceptional. 'They made funds available in less than 24 hours and gave me access to more than double the money I thought my business would qualify for,' raved one thrilled customer. 'I was able to apply and get a loan in the same day,' marveled another. A third reviewer was stunned to note that the 'money was deposited to my account in one day!' Are you ready to finally grow your small business? Turn to 1West for the SmartFunding solution that could just help you make your vision a reality.
