Exclusive: MPs say profit-making levels in England are ‘scandalous’ and call for cap on amount private companies can make from NHS Private firms providing services to the NHS including healthcare and consultancy have made £1.6bn in profits over the last two years, research reveals . The findings – on the basis of contracts worth £12bn – have prompted claims of “scandalous” profiteering, concern th...
Exclusive: MPs say profit-making levels in England are ‘scandalous’ and call for cap on amount private companies can make from NHS Private firms providing services to the NHS including healthcare and consultancy have made £1.6bn in profits over the last two years, research reveals . The findings – on the basis of contracts worth £12bn – have prompted claims of “scandalous” profiteering, concern that the health service is being “taken for a ride” and calls for ministers to impose a cap on maximum profit levels. £2bn of the £12bn of contracts went to firms with owners based outside the UK. £533m of that £2bn went to companies owned by people living in tax havens such as Jersey and the Cayman Islands. Firms, especially those owned by private equity outfits, used £353m of their £12bn NHS income to pay interest on debts. Continue reading...
Researchers say hardship is a direct legacy of welfare benefit cuts imposed by Tory governments in recent years More than a fifth of all “austerity generation” British children have been scarred by poverty for at least half their childhood, a direct legacy of the welfare benefit cuts imposed by Conservative governments in recent years, research reveals. The proportion of children born after 2013 w...
Researchers say hardship is a direct legacy of welfare benefit cuts imposed by Tory governments in recent years More than a fifth of all “austerity generation” British children have been scarred by poverty for at least half their childhood, a direct legacy of the welfare benefit cuts imposed by Conservative governments in recent years, research reveals. The proportion of children born after 2013 who spent at least six of their first 11 years of life in hardship surged after ministers froze working age benefits levels and imposed policies such as the two-child limit, it found. Continue reading...
The bold, lively and versatile flavours of the Yemeni spice mix bring out the natural earthiness of roast vegetables Hawaij is a Yemeni spice mix that came into my life during my time at the Palomar in London, and it has not left my spice cupboard ever since. It’s a mix of turmeric, black pepper, cardamom and ground coriander, giving it an earthy, vegetal flavour, and it’s traditionally used in so...
The bold, lively and versatile flavours of the Yemeni spice mix bring out the natural earthiness of roast vegetables Hawaij is a Yemeni spice mix that came into my life during my time at the Palomar in London, and it has not left my spice cupboard ever since. It’s a mix of turmeric, black pepper, cardamom and ground coriander, giving it an earthy, vegetal flavour, and it’s traditionally used in soups and stews; it’s also a key component in zhoug , a spicy coriander and chilli sauce. It’s one of the most enlivening and versatile spice mixes I know, and should be your forever companion, too. Continue reading...
The prime minister’s meal in a Yunnan restaurant in Beijing has spawned a national menu. The man has, bizarrely, become a phenomenon It’s always heartening when people agree with you. I had Keir Starmer down as a non-ideological technocratic centrist dad the moment I first clocked him, with a tin ear for both simple human interaction and the darker subtleties of the political arts. So despite carr...
The prime minister’s meal in a Yunnan restaurant in Beijing has spawned a national menu. The man has, bizarrely, become a phenomenon It’s always heartening when people agree with you. I had Keir Starmer down as a non-ideological technocratic centrist dad the moment I first clocked him, with a tin ear for both simple human interaction and the darker subtleties of the political arts. So despite carrying his famous “ Ming vase ” over the line in the 2024 election, I’ve been wholly unsurprised by him flatfooting and pratfalling through jagged shards of porcelain ever since, living down to all my worst fears. Now absolutely everybody else thinks he’s crap too. Or so I thought, until a family visit to China last month, when I established a connection beyond mythical Ming vases. The “Keir Starmer menu” has become a foodie phenomenon. Martin Rowson is a cartoonist and author Continue reading...
Carpenter is fired out of a car on water jets, David Byrne wears head to toe orange, and the reclusive Bieber steps into the limelight Continue reading...
Carpenter is fired out of a car on water jets, David Byrne wears head to toe orange, and the reclusive Bieber steps into the limelight Continue reading...
Shell Chief Executive Officer Wael Sawan joins Francine Lacqua to discuss the oil major's controversial strategy around the energy transition, and fostering a culture that shifts from “all-knowing” to “all-learning.” He reflects on navigating volatility in the global energy system, emphasizing disciplined decision-making and focusing on what leaders can influence going forward. (Source: Bloomberg)
Shell Chief Executive Officer Wael Sawan joins Francine Lacqua to discuss the oil major's controversial strategy around the energy transition, and fostering a culture that shifts from “all-knowing” to “all-learning.” He reflects on navigating volatility in the global energy system, emphasizing disciplined decision-making and focusing on what leaders can influence going forward. (Source: Bloomberg)
Franklin Templeton’s credit management arm has appointed Takeshi Yamamoto as head of capital formation for Japan, according to a document seen by Bloomberg. Yamamoto joins Benefit Street Partners, which has $92 billion in assets under management, from Blue Owl Capital. Prior to that, he worked at Credit Suisse Securities Japan, where he helmed the distribution of global credit and alternative inve...
Franklin Templeton’s credit management arm has appointed Takeshi Yamamoto as head of capital formation for Japan, according to a document seen by Bloomberg. Yamamoto joins Benefit Street Partners, which has $92 billion in assets under management, from Blue Owl Capital. Prior to that, he worked at Credit Suisse Securities Japan, where he helmed the distribution of global credit and alternative investment strategies to Japanese investors. A representative for Franklin Templeton didn’t immediately respond to a request for comment.
A sign at BP Plc petrol station in London, UK, on Monday, Aug. 4, 2025. Bloomberg | Bloomberg | Getty Images A growing chorus of dissenting investors appear to be ramping up the pressure on BP ahead of its annual general meeting. The Local Authority Pension Fund Forum (LAPFF), a top U.K. pension fund body, said late last week that it would recommend its members vote against BP Chair Albert Manifol...
A sign at BP Plc petrol station in London, UK, on Monday, Aug. 4, 2025. Bloomberg | Bloomberg | Getty Images A growing chorus of dissenting investors appear to be ramping up the pressure on BP ahead of its annual general meeting. The Local Authority Pension Fund Forum (LAPFF), a top U.K. pension fund body, said late last week that it would recommend its members vote against BP Chair Albert Manifold and other board-supported resolutions at the April 23 meeting. It follows recommendations from two influential proxy advisers, Glass Lewis and ISS, and one of Europe's biggest asset managers, Legal & General Investment Management , for shareholders to vote against BP's wishes. Glass Lewis and ISS hold significant sway over how institutional investors tend to vote at AGMs and rarely advocate for voting against a firm's board. BP's AGM comes while the energy major is in the process of pivoting back to its core business of oil and gas – and away from renewables – and as former Woodside Energy boss Meg O'Neill takes the reins as CEO. Shares of the London-listed firm have soared since early April last year, when the company found itself firmly in the spotlight as a prime takeover candidate . BP has notched gains of nearly 32% so far this year, outpacing many of its U.S. and European rivals. Stock Chart Icon Stock chart icon Shares of BP over the last 12 months. In a statement, LAPFF urged its members to vote against the re-election of BP's Manifold, who only assumed his role as chair in October, reject BP's push to retire two resolutions requiring company-specific climate reporting and oppose a resolution permitting virtual-only AGMs. LAPFF said its recommendations came amid "serious governance concerns" and cited BP's recent move to exclude a shareholder proposal put forward by Dutch activist group Follow This. The motion tabled by Follow This, which has a long history of pushing for Big Oil to do more to tackle climate change , would have required BP to share its longer-term...
Coach believes there’s no limit to 18-year-old’s talent while athlete himself says he’s ‘ready for more’ Having cracked the 20-second barrier with a sizzling run over 200m – and in the process fulled comparisons with the great Usain Bolt – the question now is, how fast can Gout Gout go? “How long’s a piece of string?” said Gout’s coach and mentor, Di Sheppard, after he clocked 19.67sec at the Aust...
Coach believes there’s no limit to 18-year-old’s talent while athlete himself says he’s ‘ready for more’ Having cracked the 20-second barrier with a sizzling run over 200m – and in the process fulled comparisons with the great Usain Bolt – the question now is, how fast can Gout Gout go? “How long’s a piece of string?” said Gout’s coach and mentor, Di Sheppard, after he clocked 19.67sec at the Australian championships in Sydney on Sunday. Continue reading...
Brandon Woyshnis/iStock Editorial via Getty Images When I analyze holdings, the first metric I compare is NAV relative to price. And on POAHY today, we are dealing with a discount of almost 35%. A wide discount, worth taking a closer look at. The market has to deal with a contraction in the margins of the core holdings, which negatively affects expectations for the holding’s dividends. Specificall...
Brandon Woyshnis/iStock Editorial via Getty Images When I analyze holdings, the first metric I compare is NAV relative to price. And on POAHY today, we are dealing with a discount of almost 35%. A wide discount, worth taking a closer look at. The market has to deal with a contraction in the margins of the core holdings, which negatively affects expectations for the holding’s dividends. Specifically, attention today goes to Porsche AG, which accounts for about 25% of the POAHY holding. This is because the Porsche reports U.S. retail sales for first quarter 2026 reported a contraction of more than 12% in total. A figure I had been eager to confirm compared with my last coverage . The question is: do the latest sales numbers really change the thesis on POAHY? My honest opinion? No. But before getting into the calculations behind this reasoning… A TL;DR of the latest analyses For new readers, I invite you to follow my narrative thread, started here , and continued with this coverage . I still think it is necessary to provide a quick summary of what POAHY is before introducing the thesis: First of all, the holding is not simply composed of VW (53.3%) + Porsche AG (25%+1) . There is also a growing "portfolio" segment: AI for trucks (Waabi), mobility (Flix), military drones (Quantum Systems). An element I want to focus on because it clearly shows the holding’s intention to move towards the tech/industrial segment (widely rewarded by the market in recent months). A segment that still does not play a significant role in distributions, therefore in expected returns, but that could in the future . POAHY: core investment complemented (PSE) A second element an investor should consider is the U-turn on EV by Porsche. POAHY has stated that ICE and PHEV models will have an extended life, and that some ICE will become "brand-defining". This while the EV market is growing globally (+30% Europe, +43% Germany). The paradox: 60% of Macan sales are already EV, and the declines in 2025 co...