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What would a Labor government do about taxes and finance?
Rishi Sunak has called a general election for July 4th. But the ruling conservative party, which has been in power since 2010, is significantly behind in the polls. What do we know about the economic policies of Labour, the party now expected to take power?
“Against this backdrop, and in the absence of any major surprises, we do not expect the UK election to be a market-moving event,” said head of multi-asset at Royal London Asset Management, Trevor Greetham.
But changes in government are extremely significant for the economy and financial markets, not to mention the savers, investors and pensioners who depend on the clarity (or lack thereof) produced in Whitehall.
As such, each party’s manifesto will be analyzed by policy experts, lobbyists and savers in a search for signs of major updates to fiscal and monetary policies. Until we see the documents, it is difficult to make judgments about which party would be “best” for the UK economy, which has been in a state of low growth and high inflation since the pandemic, and is still dealing with the legacy of Brexit. .
What’s more, a long-standing obsession about taxpayer value and the impact of so-called mini budget it now means that manifesto “costs” are an important part of the UK political dialogue. There is every sense that such documents are as much a stick with which to defeat parties as they are a call to action or a vision for change.
The Labor Party says ‘We have changed’. Will this change anything?
When Rishi Sunak, who was previously responsible for the UK economy as chancellor, spoke on Wednesday, he immediately cited his record during the pandemic and argued that his Labor counterparts had “no plan” for growth.
Fortunately, this has occurred in a context of improving economic conditions: the UK has emerged from recession, inflation is at 2.3% instead of 11.1%, the job market is generally robust and the stock market is at record levels. Even the International Monetary Fund expects a recovery in growth in 2025.
Still, there are big political problems. Sunak is under pressure due to the UK’s tax burden, which is at its highest level since the Second World War. British public services are under great pressure. Mortgage rates are also at levels last seen during the 2008 financial crisis.
The Labor Party has been working on its response to this for a long time. Much of his approach has been informed by the perceived legacy of Jeremy Corbyn, but there is more to it than that. Long before Corbyn was leader, the Party occasionally struggled to present itself as “pro-business”. No wonder it has already published a plan for the City of London, itself a key “constituency” that has traditionally been seen as pro-Conservative.
The woman at the center of this effort is shadow chancellor Rachel Reeves, whose only major gaffe so far appears to have been an incident involving allegations that she plagiarized sections of a book she wrote about women economists.
A former Bank of England economist, Reeves suggested that corporation tax would be capped at the current rate of 25%, end chancellors’ ability to eliminate fiscal rules and promised not to re-impose a cap on bankers’ bonuses, an issue controversial. measure.
Introduced by the last Labor government as a populist measure after the global financial crisis, banks got around the bonus cap by increasing base pay. Dealing with the Labor Party’s own legacy here has been tricky, but ultimately it’s as much a question of optics as whether the party is actually uncomfortable with people earning large sums in Canary Wharf.
And then there’s the meeting room. Still dominated by men. Still looking for ways to contribute to the UK’s economic growth. And still under enormous regulatory pressure.
In the 2019 election, executives took a dim view of talk of wealth taxes and renationalization. And yet, since then, popular discourse has viewed such ideas a little more kindly. Right-wing media have always been keen to portray Jeremy Corbyn and his shadow chancellor, John McDonnell, as Marxist disruptors. Naturally, the financial sector did not like his ideas.
In 2024, however, I’ve heard about renationalizing Thames Water, and uneasiness (to say the least) about the payment of dividends to irresponsible bosses is a growing avenue of discussion. Labor may have more room to maneuver here than they realise.
Would a Labor government cut taxes?
But none of this is exactly comprehensive. In fact, we could go further and say that the Labor Party is still being deliberately vague. One of its few solid commitments has been the application of VAT to private school fees. You can’t build a government just based on that.
It has already suffered a backlash for diluting plans to spend £28 billion a year on green industry, but it maintains the idea of creating Great British Energy, a state-owned renewable energy company. Oil and gas companies are footing the bill and, like all European governments, Labor will have to tackle the climate change transition.
Enter Ed Miliband, himself no stranger to losing elections, who reprized his former role as Secretary of State for Energy and Climate Change (2008-2010) in the shadow cabinet. His current role is different, as shadow secretary of state for energy security and net-zero emissions, but the mandate is the province of a man whose “Ed-Stone” was the last gasp of the Labor Party’s failed re-election bid in 2015 .
In the personal finance space, although we may not see the “British ISA” promised by current chancellor Jeremy Hunt This year (or ever), the Labor Party will be keen not to dismantle the current savings and investment regime too quickly. Yet Rachel Reeves meddles with proposed policy on the taxation of pensions, savings products and financial advice, all of which need simplification.
The affordability of current state pensions is an issue that governments want to avoid talking about, but the problem will need to be understood. And conservatives know this. Jeremy Hunt has already said that a new Conservative government stay with the triple lock after the electionbut there is every feeling that this is just a political grenade to be thrown at any potential government of a different color.
And then there is the tax burden.
High levels of public debt mean that the next government will have very little room for maneuver to cut taxes. As the party of the NHS, the Labor Party is likely to find itself in a real dilemma regarding the funding of health services, which is still seen as a common issue in opinion polls.
On this, readers with long memories will remember all the discussions about Gordon Brown’s decision in 2002 to allocate 1% to National Security contributions to fund a £6 billion increase in NHS spending. Today, the NHS costs the state £180 billion, ambulances don’t arrive on time and GP appointments have to be fought through the 8am call queue. After gilt yields soared and the pound fell sharply during the “Trussononomy” After the mini-budget debacle, markets seem to be paying close attention to how tax increases are financed.
Pray for growth
With this peculiar and difficult set of circumstances, it is no wonder that Reeves is advocating a Labor government with economic growth at the center of attention.
Without better economic growth, she said in a recent talk, a Labor government would have to make “impossible” decisions on taxes and spending. This perhaps makes sense, but it may have angered economists who wanted the shadow chancellor to make a stronger case for stimulating the economy with government money.
All of this means that Reeves and Starmer may well act cautiously at first, but that assumes there is a program for radical change to emerge later. An alternative theory is that a Labor government won’t change much. After all, the British voter is now used to high taxes and, after the pandemic era of furlough and “helicopter money”, a fair amount of government intervention. More of the same may not be particularly controversial. Either way, both parties have been stealing each other’s ideas for years.
That aside, decent economic growth won’t hurt. But if it wants to do anything with the results, the Labor Party must first perform well. It’s time to see whether Keir Starmer’s determination to put “power before protest” will pay off at the polls.
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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It is) |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
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ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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