Latest news with #JohnDixon
Yomiuri Shimbun
6 days ago
- Business
- Yomiuri Shimbun
Meta Becomes the Latest Big Tech Company Turning to Nuclear Power for AI Needs
John Dixon/The News-Gazette via AP, File This June 2, 2016 file photo shows the Clinton Clean Energy Center in Clinton, Ill. WASHINGTON (AP) — Meta has cut a 20-year deal to secure nuclear power to help meet surging demand for artificial intelligence and other computing needs at Facebook's parent company. The investment with Meta will also expand the output of a Constellation Energy Illinois nuclear plant. The agreement announced Tuesday is just the latest in a string of tech-nuclear partnerships as the use of AI expands. Financial details of the agreement were not disclosed. Constellation's Clinton Clean Energy Center was actually slated to close in 2017 after years of financial losses but was saved by legislation in Illinois establishing a zero-emission credit program to support the plant into 2027. The agreement deal takes effect in June of 2027, when the state's taxpayer funded zero-emission credit program expires. With the arrival of Meta, Clinton's clean energy output will expand by 30 megawatts, preserve 1,100 local jobs and bring in $13.5 million in annual tax revenue, according to the companies. The plant currently powers the equivalent of about 800,000 U.S. homes. George Gross, professor of electrical and computer engineering at the University of Illinois. estimates that 30 additional megawatts would be enough to power a city with about 30,00 residents for one year. 'Securing clean, reliable energy is necessary to continue advancing our AI ambitions,' said Urvi Parekh, Meta's head of global energy. Surging investments in small nuclear reactors comes at a time when large tech companies are facing two major demands: a need to increase their energy supply for AI and data centers, among other needs, while also trying to meet their long-term goals to significantly cut greenhouse gas emissions. Constellation, the owner of the shuttered Three Mile Island nuclear power plant, said in September that it planned to restart the reactor so tech giant Microsoft could secure power to supply its data centers. Three Mile Island, located on the Susquehanna River just outside Harrisburg, Pennsylvania, was the site of the nation's worst commercial nuclear power accident in 1979. Also last fall, Amazon said it was investing in small nuclear reactors, two days after a similar announcement by Google. Additionally, Google announced last month that it was investing in three advanced nuclear energy projects with Elementl Power. U.S. states have been positioning themselves to meet the tech industry's power needs as policymakers consider expanding subsidies and gutting regulatory obstacles. Last year, 25 states passed legislation to support advanced nuclear energy, and lawmakers this year have introduced over 200 bills supportive of nuclear energy, according to the trade association Nuclear Energy Institute. Advanced reactor designs from competing firms are filling up the federal government's regulatory pipeline as the industry touts them as a reliable, climate-friendly way to meet electricity demands from tech giants desperate to power their fast-growing artificial intelligence platforms. Still, it's unlikely the U.S. could quadruple its nuclear production within the next 25 years, like the White House wants. The United States lacks any next-generation reactors operating commercially and only two new large reactors have been built from scratch in nearly 50 years. Those two reactors, at a nuclear plant in Georgia, were completed years late and at least $17 billion over budget. Additionally, Gross recommends that the U.S. invest more in the transmission grid that moves that power around. 'That's my biggest concern,' Gross said, adding that spending on the grid has actually fallen off in recent years, despite the voracious demand for energy. Amazon, Google and Microsoft also have been investing in solar and wind technologies, which make electricity without producing greenhouse gas emissions. Shares of Constellation Energy Corp., based in Baltimore, were flat Tuesday.
Telegraph
02-06-2025
- Business
- Telegraph
‘I'm desperate to invest but afraid of piling more inheritance tax on my daughters'
Receive personalised tips on how to improve your financial situation, for free. Here's how to apply or fill in the form below. Rachel Reeves's inheritance tax raid means it's growing ever harder to escape paying death duties. The Chancellor's decision to strip pensions of inheritance tax relief as well as freezing the nil-rate band until 2030 means the number of estates liable to pay the death levy is forecast to more than double by the end of the decade, according to the Office for Budget Responsibility. John Dixon is hoping to buck the trend. He has so far made few plans for how best to pass on his inheritance to his two daughters, but the death of his late wife Valerie in October has spurred him into action. He says: 'Some of the inheritance tax rules are baffling. I'm concerned if I leave things as they are, I'll find myself in the 40pc bracket [the rate of tax charged on an estate above the threshold] and it's something I desperately want to avoid.' The nil-rate band allows Mr Dixon to pass on £325,000 without incurring death duties, and he can pass on a further £175,000 if he leaves his home to a direct descendant. As his wife's allowance was unused, it means he can effectively pass on up to £1m to his daughters tax-free. But, if Mr Dixon is going to avoid paying inheritance tax, he needs to act quickly. A highly successful career in the telecommunications industry has left the 74-year-old with an extensive portfolio of savings and investments. He has amassed £320,000 in cash savings, including £50,000 sitting in his current account, on which he only earns 2.5pc interest on the first £25,000. He also holds the maximum £50,000 in premium bonds, while the rest of his cash sits in a number of different savings accounts. Mr Dixon also has a stocks and shares Isa worth £53,000 after his wife's funds were transferred to his account. He says he does not regularly make use of the £20,000 tax-free allowance. He says: 'I've got way too much in cash savings and I know it's ridiculous how much is in my current account. I'm desperate to get it out of there and put it somewhere where it can't do any harm in terms of additional taxes.' Additionally, he owns his home outright and had it recently valued at £950,000, and a combination of the basic state pension and two workplace pensions provides an annual net income of around £43,000 a year. As well as a positive attitude to addressing his finances, Mr Dixon is aided by a clean bill of health. 'I am from the North East and we would say 'I'm as fit as lop'. Everything works. I've got my own hair, my own teeth and, bar a few aches and pains of course, nothing desperately wrong.' He also stays fit by playing 18 holes of golf four times a week, something that has provided great comfort. 'Since Valerie died, I found myself playing a lot more because it helps enormously to think about something else and not being dragged back to her death and all of the sadness associated with that. 'Golf has been enormously helpful in that respect and the guys that I play with regularly have also been very helpful and supportive.' Dan Caps, investment manager, Evelyn Partners Based on the figures Mr Dixon has provided, his estate is made up of his home – valued at £950,000 – his cash savings of £320,000 and his Isa of £53,000. All of this brings his estate to £1.3m. Mr Dixon will also need to think about any personal effects and chattels that may need to be considered. Mr Dixon has confirmed that his wife's nil-rate band is unused, and the good news is this will pass to him automatically. Mr Dixon should also be able to benefit from both his and his wife's additional residence nil rate band, which was introduced in 2017. As such, he can pass on the first £1m of his estate free from inheritance tax, while any excess over this level will be subject to inheritance tax at 40pc. It is worth bearing in mind that Mr Dixon would begin to lose the benefit of the resident nil-rate band should his estate exceed £2m on his death, but given the valuation this currently seems unlikely. So, based on the above estate value of £1,323,000, Mr Dixon's current inheritance tax liability is in the region of £129,200. There are several steps Mr Dixon can take to mitigate inheritance tax, and he has already mentioned he is exploring gifts out of surplus income. As Mr Dixon's income exceeds his expenditure, he is able to give away the surplus and this will immediately fall outside his estate for inheritance tax. Mr Dixon should be able to demonstrate that these funds are not necessary to meet his standard of living, and a regular pattern to these gifts helps evidence this. As with all gifts, these should be documented, which will help when it eventually comes to dealing with his estate. In addition to this, Mr Dixon could gift some of the funds he holds in cash or in his Isa, and he tells us he has 'way too much' in cash savings. Larger gifts are subject to the potentially exempt transfer rules, which means they will fall outside Mr Dixon's estate seven years after the gift is made. Before Mr Dixon gives away large sums, he should think whether he may need these funds for himself in the future – to meet any care fees, for example. He should plan carefully and think about talking to a financial planner, who will be able to construct a cash flow forecast for him, which will give him greater confidence when making gifts. There are also lots of other ways to mitigate inheritance tax, including life assurance policies, investments which attract business relief and are free from inheritance tax after two years of ownership, and other smaller annual gift exemptions. All inheritance planning strategies require some form of trade-off and often a combination of a number of different strategies is most suitable. Again, a financial planner will be able to help Mr Dixon review all the options available to him. Gary Steel, senior wealth planner, Canaccord Wealth The first step would be to consider Mr Dixon's current plans given his recent change in circumstances. Does he want to stay in his current home? What changes does he see for himself in the future? We need to make sure he has sufficient funds and flexibility to enable him to live the lifestyle he wishes while also planning for the future. I would also recommend that Mr Dixon reviews his will at this stage to make sure his wealth is passed to his daughters on his death. He should also ensure he has drafted suitable Lasting Power of Attorney documents – a qualified lawyer would be invaluable here. Mr Dixon's wife died less than two years ago, so it should be possible to vary her will – assuming she passed her estate to her husband – to pass some of her wealth to their daughters. This would reduce the value of Mr Dixon's estate for inheritance tax purposes. As well as making gifts from surplus income, up to £3,000 per tax year can also be gifted by Mr Dixon, which is immediately free of inheritance tax. HMRC Form 403 shows how to calculate surplus income. But before making gifts, Mr Dixon needs to carefully consider his own requirements. A key factor is to ensure he has enough money for the rest of his life. A detailed cash flow analysis with a financial adviser will help him explore various 'what if' scenarios, help him make informed decisions and give peace of mind as he moves into the next stage of his life. The remainder of Mr Dixon's cash could be invested to achieve potentially greater returns than bank deposits, as well as keep pace with inflation.
Associated Press
29-01-2025
- Sport
- Associated Press
Comcast and Apple Unveil New Integrated Viewing Experience for MLS Season Pass
Comcast and Apple today announced plans to offer all Xfinity customers an integrated viewing experience for MLS Season Pass in time for the start of the 2025 season. Customers can sign up for MLS Season Pass directly through Xfinity and soon find every live match seamlessly incorporated throughout the X1 and Xfinity Stream app user interfaces, making it easy for them to watch alongside their other favorite live sports, without having to switch between apps. This press release features multimedia. View the full release here: Comcast and Apple plan to offer all Xfinity customers an integrated viewing experience for MLS Season Pass (Photo: Business Wire) 'Xfinity provides customers an unrivaled access to sports entertainment, and our new partnership with Apple will offer soccer fans new ways to immerse themselves in Major League Soccer,' said John Dixon, Senior Vice President, Entertainment, Comcast. 'Through this new experience, our customers will be able to easily find, follow, and catch up on their favorite MLS teams with the best seat in the house.' When the season kicks off February 22, every MLS Season Pass match will be accessible from the channel guide on X1 and Stream in both English and Spanish. With an MLS Season Pass subscription from Xfinity, when a customer selects a game, playback will begin within Xfinity's viewing experience, without the need to open an app. The matches will also be featured within a curated MLS destination on both platforms, the center for all things MLS for Xfinity customers and accessible by saying 'MLS' into the Xfinity voice remote. Additionally, on X1, MLS matches will be available in the Xfinity Sports Zone app, a sports companion experience that gives customers the ability to watch one event while getting live updates on others in progress and quickly flip to different games when the action gets exciting. Comcast and Apple are also unlocking free access to MLS 360 for all Xfinity customers for the entire season, the first time the program has been available outside of an MLS Season Pass subscription. Available in the channel guide next to other sports channels and throughout the X1 and Stream user interfaces, MLS 360 is a matchday whip-around show featuring live look-ins and highlights from across the league. Comcast plans to make MLS 360 a part of its multiview experience, giving customers the ability to follow all the MLS action on the same screen as other popular sports like NCAA basketball, MLB and NBA & NHL playoffs. 'We're excited to provide Comcast customers with a new and convenient way to enjoy all the action of MLS Season Pass with no blackouts. Fans also get MLS 360 to stay up-to-speed on the best matchday moments with expert analysis and discussion throughout the league's 30th season,' said Oliver Schusser, Apple's Vice President of Apple Music, Apple TV+, Sports, and Beats. To celebrate the start of the 2025 season and the launch of the new viewing experience, Xfinity will offer all customers a free preview of MLS Season Pass from February 22 – March 2, accessible on both X1 and the Xfinity Stream app, after which they'll be able to subscribe to MLS Season Pass through Xfinity. In additions to access on X1 and the Stream app, customers who sign up for MLS Season Pass through Xfinity can enjoy the service on the Apple TV app on X1, Xumo, Apple TV and other third-party streaming devices. About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit for more information. Copyright Business Wire 2025. PUB: 01/29/2025 11:17 AM/DISC: 01/29/2025 11:17 AM
