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Tag: United Kingdom

  • Biden and Sunak meet amid a turning point in the Russia-Ukraine war | CNN Politics

    Biden and Sunak meet amid a turning point in the Russia-Ukraine war | CNN Politics



    CNN
     — 

    When United Kingdom Prime Minister Rishi Sunak visited the White House on Thursday, he hoped a shared perspective on Ukraine and a new push for economic partnership could reinforce what has been a steady, if rather business-like, working relationship.

    For President Joe Biden and his team, a relatively low-key prime minister whose term has outlasted a wilting head of lettuce – unlike his predecessor’s – is reason enough for celebration.

    “There is no issue of global importance, none, that our nations are not leading together and where we’re not sharing our common values to make things better,” Biden said at the start of a news conference, during which the leaders unveiled a new economic partnership that stopped short of a free trade agreement.

    Stability in 10 Downing Street has allowed for better coordination on Ukraine, according to officials, and helped resolve a festering dispute over Northern Ireland trade rules. Sunak’s pragmatic approach in some ways mirrors Biden’s, even if they hold opposing ideological outlooks.

    That made Thursday’s meeting in the Oval Office – Sunak’s first since taking office – a key moment for the men as they look to deepen their relationship.

    As the meeting got underway, Biden thanked Sunak for his partnership on Ukraine, and hailed the relationship between their two countries.

    “You know Prime Minister Churchill and Roosevelt met here a little over 70 years ago and they asserted that the strength of the partnership between Great Britain and the United States was strength of the free world. I still think there’s truth to that assertion,” Biden said.

    The talks come at a turning point in the Russia-Ukraine war, following the collapse of the Nova Kakhovka dam and ahead of a widely expected counteroffensive meant to retake territory. The White House said Ukraine would be “top of mind” in Thursday’s meeting.

    In his news conference, Biden said he was confident that Congress would continue providing support for Ukraine, despite a divide among Republicans.

    “The fact of the matter is that I believe we’ll have the funding necessary to support Ukraine as long as it takes,” Biden said. “I believe that we’re going to get that support, it will be real.”

    As he began his visit in Washington, Sunak said Wednesday it is “too early” to determine what caused the destruction of the dam in southern Ukraine’s Kherson region.

    “Our military and security services are currently investigating it. But if it is intentional, it would represent an unprecedented level of barbarism,” he told Sky News in Washington.

    The US and UK have been the leading contributors of military aid to Ukraine, and are coordinating on providing F-16 fighter jets to reinforce long-term deterrence against Russia.

    At the same time, Sunak is coming into the meeting with major economic priorities, including a push for closer investment links and more resilient supply chains.

    He’s also expected to deliver a pitch on making Britain a world leader on developing and regulating artificial intelligence – an area that a British official said was “very much on the prime minister’s mind” and that Biden’s aides are also watching closely. Because of Britain’s exit from the EU, the country has been left out of talks with the US and Europe on the emerging technology. Sunak, who studied in Silicon Valley and views tech as a key issue, is proposing a summit meeting in the fall to discuss AI.

    Biden said he was looking at “watermarks on everything that has to do with, produced by AI,” and acknowledged the technology’s potential for both good but also “great damage.”

    Ahead of the visit, Sunak cast his economic objectives as directly linked to the security agenda.

    “The UK and US have always worked in lockstep to protect our people and uphold our way of life. As the challenges and threats we face change, we need to build an alliance that also protects our economies,” he said. “Just as interoperability between our militaries has given us a battlefield advantage over our adversaries, greater economic interoperability will give us a crucial edge in the decades ahead.”

    Not on the agenda, according to US and UK officials, is a new bilateral trade deal, which had been discussed under former President Donald Trump but now remains on ice.

    The broad agenda reflects the typically extensive list of issues between the two nations, whose partnership is nearly always described by their leaders as a “special relationship.” Indeed, officials in London and Washington both describe the bond between Biden and Sunak as warm and friendly, as would be expected between the leaders of two countries so closely aligned.

    When Biden met Sunak in San Diego earlier this year, he made reference to the condo the Stanford MBA graduate maintains in California.

    “That’s why I’m being very nice to you, maybe you can invite me to your home,” Biden said, perhaps unknowingly raising what has been a controversial issue for the prime minister.

    Still, there are undeniable differences between the two men, not least on issues of government economic intervention and the complicated exit of Britain from the European Union.

    Few see Biden and Sunak developing a transatlantic friendship akin to Ronald Reagan and Margaret Thatcher, George W. Bush and Tony Blair, or Barack Obama and David Cameron (who called each other “bro”).

    While the two men have encountered each other several times over the past year, including last month at the Group of 7 summit in Japan, it will be Sunak’s first time at the White House for formal talks since he assumed the premiership in October.

    Sunak traveled to San Diego in March for a three-way defense summit and met with Biden in Belfast during the president’s visit to Northern Ireland in April. Yet that meeting was only a brief chat over tea; Biden spent most of his visit to Ireland exploring his ancestral roots.

    There is little question the two men hold very different political ideologies, even if they share a pragmatic, low-drama style – at least compared with their predecessors.

    Some members of Sunak’s government have openly criticized Biden’s Inflation Reduction Act, calling green subsidies included in the package protectionist and warning they would harm American allies. And Sunak has voiced a more limited view of government’s role in the economy, akin to his ideological predecessor Thatcher.

    Biden’s intense interest in resolving a long-festering dispute in Northern Ireland over trade rules has also caused tension. He said after visiting the island in April his trip was intended “to make sure the Brits didn’t screw around” with the region’s peace structure – a comment that only intensified views among unionists of his pro-Irish allegiances.

    There are also generational differences; at 43, Sunak is the youngest leader in the G7 club of industrial democracies while Biden is the oldest at 80.

    Still, Sunak has acted as a stabilizing force at 10 Downing Street after a tumultuous period that saw three prime ministers take the job over the course of two months.

    Biden and his aides made little attempt to disguise their frustrations with Boris Johnson, a top Brexit proponent. His successor, Liz Truss, was barely in office long enough for Biden to form a full opinion.

    By comparison, Sunak has sought to resolve some of the sticky issues that felled his predecessors. He did strike an agreement with the European Union on trade rules in Northern Ireland, though the deal wasn’t enough to bring unionists back to a power sharing government

    And he has been a staunch proponent of economic and military support for Ukraine, most recently in a pledge to help train Ukrainian pilots on western fighter jets.

    One area of discussion likely to arise will be NATO’s next secretary general. Sunak has been lobbying for the British defense secretary Ben Wallace, but other candidates are also thought to be under consideration. The job is typically reserved for a European but would require Biden’s sign-off.

    This story has been updated with additional information.

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  • UK blocks Microsoft takeover of Activision Blizzard | CNN Business

    UK blocks Microsoft takeover of Activision Blizzard | CNN Business


    London
    CNN
     — 

    The UK antitrust regulator has blocked Microsoft’s $69 billion purchase of Activision Blizzard, thwarting one of the tech industry’s biggest deals over concerns it will stifle competition in cloud gaming.

    The Competition and Markets Authority said in a statement Wednesday that it was worried the deal would lead to “reduced innovation and less choice for UK gamers over the years to come.”

    The acquisition would make Microsoft

    (MSFT)
    “even stronger” in cloud gaming, a market in which it already holds a 60%-70% share globally, the regulator added.

    Activision Blizzard is one of the world’s biggest video game developers, producing games such as “Call of Duty,” “World of Warcraft,” “Diablo” and “Overwatch.” Microsoft, which sells the Xbox gaming console, offers a video game subscription service called Xbox Game Pass, as well as a cloud-based video game streaming service.

    The deal to combine the businesses has been met with growing opposition by antitrust regulators worldwide. In December, the US Federal Trade Commission sued to block the takeover over similar competition concerns. A hearing is scheduled for August. The European Union is also evaluating the transaction

    Microsoft could seek to make Activision’s games exclusive to its own platforms and then increase the cost of a Game Pass subscription, the Competition and Markets Authority said.

    “The cloud allows UK gamers to avoid buying expensive gaming consoles and PCs and gives them much more flexibility and choice as to how they play. Allowing Microsoft to take such a strong position in the cloud gaming market just as it begins to grow rapidly would risk undermining the innovation that is crucial to the development of these opportunities,” it added.

    “The evidence available… indicates that, absent the merger, Activision would start providing games via cloud platforms in the foreseeable future.”

    Both companies plan to appeal the decision. “Alongside Microsoft, we can and will contest this decision, and we’ve already begun the work to appeal to the UK Competition Appeals Tribunal,” Activision Blizzard CEO Bobby Kotick said in a statement.

    Microsoft President Brad Smith added: “This decision appears to reflect a flawed understanding of the market and the way the relevant cloud technology actually works.”

    The Competition and Markets Authority, which launched an in-depth review of the blockbuster deal in September, said Microsoft’s proposed remedies to its concerns had “significant shortcomings.”

    “Their proposals… would have replaced competition with ineffective regulation in a new and dynamic market,” explained Martin Coleman, chair of the independent panel of experts conducting the investigation.

    “Microsoft already enjoys a powerful position and head start over other competitors in cloud gaming, and this deal would strengthen that advantage, giving it the ability to undermine new and innovative competitors,” Coleman continued. “Cloud gaming needs a free, competitive market to drive innovation and choice.”

    The UK cloud gaming market is expected to be worth up to £1 billion ($1.2 billion) by 2026, around 9% of the global market, according to the Competition and Markets Authority.

    -— Josh du Lac and Brian Fung contributed reporting.

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  • Apple faces $1 billion UK lawsuit by app developers over App Store fees | CNN Business

    Apple faces $1 billion UK lawsuit by app developers over App Store fees | CNN Business

    More than 1,500 app developers in the United Kingdom brought a £785 million ($1 billion) class action lawsuit against Apple Tuesday over its App Store fees.

    Revenues at Apple

    (AAPL)
    ’s services business, which includes the App Store, have grown rapidly in the last few years and now hover around $20 billion per quarter.

    However, the commissions of 15% to 30% that the company charges some app makers for using an in-app payment system have been criticized by app developers and targeted by antitrust regulators in several countries.

    Apple has previously said that 85% of developers on the App Store do not pay any commission and that it helps European developers access markets and customers in 175 countries around the world through the App Store.

    The UK lawsuit at the Competition Appeal Tribunal is being brought by Sean Ennis, a professor at the Centre for Competition Policy at the University of East Anglia and a former economist at the Organisation for Economic Co-operation and Development, on behalf of 1,566 app developers.

    He is being advised by law firm Geradin Partners.

    “Apple’s charges to app developers are excessive and only possible due to its monopoly on the distribution of apps onto iPhones and iPads,” Ennis said in a statement.

    “The charges are unfair in their own right and constitute abusive pricing. They harm app developers and also app buyers.”

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  • “Alfastreet is very positive about ICE London, and we expect a huge turn-out of our customers and partners” | Yogonet International

    “Alfastreet is very positive about ICE London, and we expect a huge turn-out of our customers and partners” | Yogonet International

    ICE London 2023 is just around the corner. The showcase, which will kickstart the year for many of the major players in the gaming sector, will see companies from all over the world exhibit their latest products and solutions at ExCeL London, providing a glimpse into the future of the industry. Alfastreet is no stranger to this yearly event. 

    In conversation with Yogonet, CEO Tjasa Luin Peric spoke about this upcoming edition, and explained that the pre-ICE month is always the busiest one for the business. “This year we will have to make some additional efforts,” she pointed out, as some of the products are currently being built. However, most of the new developments were finalized in the past months. 

    Peric further tells Yogonet that Alfastreet will be showing a new key single terminal named Verso. “This product will be unique in its class, offering absolutely competitive solutions to satisfy even the most demanding operators,” the CEO noted.

    The development process began with Verso’s design, combined with different materials and solutions to guarantee long-time successful operation, according to the executive. Alfastreet also updated its R5 product and will showcase it along with new wall displays, signages and software solutions.

    Alfastret's stand at ICE 2022.

    New cabinets, new software solutions, new graphics and new video content are in the second phase of development, preparing to be unveiled at the ICE gaming exhibition. Alfastreet is very positive about the upcoming event, and we expect a huge turn-out of our customers and partners,” Peric commented. 

    The company is also preparing a special, extended lounge area in its stand, adding to the environment that they usually provide. “After almost three years of reduced travels and face-to-face meetings, the Alfastreet sales staff can’t wait to meet everybody in the upcoming gaming shows,” she added. 

    When it comes to the current demands from the industry and its clients, Peric explained that the company has diversified according to each market. “Alfastreet needs to adapt its solutions to a vast range of requirements to keep its competitiveness and offer unique solutions to its customers,” the CEO noted. 

    “Due to the increasingly stringent regulations worldwide it is not always possible to satisfy every wish from the customers, but they still manage to come very, very close,” the executive assured. “The highly capable and knowledgeable staff in dedicated departments has the wealth of 30-year experience and the drive to implement future solutions and technologies into products that keep setting the standard in the industry.”

    However, Peric deems these times as difficult: “Managing is challenging since we are coping with huge delays in the material supply.” The company expects this situation to improve in the coming months to allow it to complete all the orders and deliveries to its customers. 

    “For this ICE show, we expect our customers from different parts of the world, surprisingly this year we will also have more operators from LATAM and Asian markets,” she stated. 

    Peric added that the company’s ambitions for 2023 are higher compared to last year’s as it is expecting at least a 30% improvement in sales results. “2023 will be very intensive and challenging because of all the ongoing development and novelties planned for January 2024,” the Chief Executive tells Yogonet.

    Alfastreet has achieved a strong position in the global gaming market as it always prioritizes new developments, a practice that will remain unchanged, according to the company’s CEO. Therefore, Peric assures there is a “massive investment” of resources and time into new projects, some of which will be already prepared “for the beginning of next season.”

    The company is planning several private presentations and exhibitions in the coming months, but the final marketing plan will be confirmed by the end of January. The company will also be exhibiting at major regional gaming shows, and it will attend this year’s Singapore showcase in May. 

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  • Britain’s ‘profound economic crisis’ gives Rishi Sunak only unpleasant choices | CNN Business

    Britain’s ‘profound economic crisis’ gives Rishi Sunak only unpleasant choices | CNN Business


    London
    CNN Business
     — 

    Rishi Sunak, Britain’s third prime minister in seven weeks, took office on Tuesday with a pledge to fix the “mistakes” of predecessor Liz Truss and tackle a “profound economic crisis.”

    The task won’t be an easy one, he acknowledged.

    “This will mean difficult decisions to come,” Sunak said in his first speech from No. 10 Downing Street.

    The United Kingdom was already sliding towards a recession when Truss took office in September, as soaring energy bills ate into spending. Now, Sunak has another headache: He must restore the government’s credibility with investors after Truss’ unfunded tax cuts sparked a bond market revolt, forcing the Bank of England to intervene to prevent a financial meltdown. Borrowing costs, including mortgage rates, shot higher.

    Accomplishing this goal will require delivering a detailed plan to put public finances on a more sustainable path. (A government watchdog warned in July that without major action, debt could reach 320% of the UK’s gross domestic product in 50 years.)

    The problem? There’s little appetite for government spending cuts after years of austerity in the wake of the 2008 global financial crisis. Plus, failing to help households deal with surging living costs could prove politically devastating and further weigh on the economy.

    “It’s not a particularly pleasant economic hand to be dealt [as] a new prime minister,” said Ben Zaranko, a senior research economist at the Institute for Fiscal Studies.

    Finance minister Jeremy Hunt got the ball rolling last week when he reversed £32 billion ($37 billion) in tax cuts that formed the bedrock of Truss’ plan to boost growth.

    Yet Sunak and Hunt — who will stay in his job — still need to find between £30 billion and £40 billion in savings to bring down public debt as a share of the economy in the next five years, according to calculations by IFS, an influential think tank.

    “It is going to be tough,” Hunt said in a tweet. “But protecting the vulnerable — and people’s jobs, mortgages and bills — will be at the front of our minds as we work to restore stability, confidence and long-term growth.”

    Sunak and Hunt won’t have the option of going light on the details. If investors don’t buy into their plan and borrowing costs shoot up again, getting the situation under control would only become trickier, as interest payments on government debt rise.

    “If markets don’t [see] the plans as credible, then filling the fiscal hole could become even harder,” said Ruth Gregory, senior UK economist at Capital Economics.

    One area Sunak may be tempted to tap is the social welfare budget. Questions have swirled about whether the Conservative government may try to avoid boosting state benefits in line with inflation, as is customary. (American recipients of Social Security will receive the biggest cost-of-living adjustment in more than four decades next year.)

    Most UK working-age benefits would typically go up by 10.1% next April based on inflation data. But there’s speculation the increase could be linked instead to average earnings, which are growing at a much slower rate than inflation. That could save £7 billion ($8 billion) in 2023-24, according to IFS.

    Such a move would prove controversial, however — especially since benefits have not kept up with rampant inflation in 2022.

    “I would like to see if we could find a way to increase benefits by inflation, but what I will say is that trade-offs are involved,” former Conservative cabinet minister Sajid Javid told ITV this week.

    A more palatable option, at least for households, would be extracting more taxes from corporations.

    Hunt has already said that corporate taxes will rise from 19% to 25% next spring. The Financial Times has reported that Hunt could also target earnings from oil and gas companies by extending a windfall tax on profits.

    In an interview with the BBC earlier this month, Hunt said he was “not against the principle” of windfall taxes and that “nothing is off the table.” Higher taxes on the financial sector are also under consideration, according to the Financial Times.

    Industry groups are already circling the wagons. Banking trade association UK Finance said its members already pay “a higher rate of taxation overall than any other sector,” and urged the government not to “risk the competitiveness of the UK’s banking and finance industry.”

    Sunak could also walk back Truss’ commitment to boosting defense spending to 3% of the economy by 2030, though that carries its own political risks given Russia’s war in Ukraine. Other countries in the region, such as Germany, have said they will ramp up military investments, and the United Kingdom may be loath to fall behind, Zaranko said.

    Investors and economists expect that the government will announce a mixture of tax increases and spending cuts shortly. Hunt is due to reveal his plans in greater depth on October 31.g

    “Despite the fiscal U-turns, the government will still need to show a fiscally credible path next week in the budget to balance the books,” Sonali Punhani, an economist at Credit Suisse, said in a note to clients this week.

    That could exacerbate the country’s downturn. The Bank of England has projected that the United Kingdom is already in a recession, and a gauge of business activity in October slumped to its lowest level in 21 months.

    “We are seeing quite a dramatic shift in the fiscal outlook from being much looser than we expected just a few weeks ago to being much tighter than we expected,” Gregory of Capital Economics said. “I think the risk is that the recession is deeper or longer than we expect.”

    A weaker economy would present its own complications.

    No one wants to repeat the errors of the brief Truss era, when her gamble that unfunded tax cuts would jumpstart growth backfired spectacularly.

    But business groups are warning that completely abandoning the objective of boosting Britain’s anemic economic growth would create problems, too.

    The austerity of the 2010s produced “very low growth, zero productivity and low investment,” Tony Danker, head of the Confederation of British Industry, told the BBC on Tuesday.

    “The country could end up in a similar doom loop where all you have to do is keep coming back every year to find more tax rises and more spending cuts, because you’ve got no growth.”

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  • Ladbrokes partners with 02, AEG Presents and NME on new entertainment platform Ladbrokes Live | Yogonet International

    Ladbrokes partners with 02, AEG Presents and NME on new entertainment platform Ladbrokes Live | Yogonet International

    UK bookmaker Ladbrokes has launched Ladbrokes LIVE, a new digital entertainment platform. LIVE is described as set to reward “thousands of fans” with free access to the UK’s “best live shows”, powered by strategic partnerships with O2, AEG Presents and NME.

    The Ladbrokes LIVE digital hub will give both existing customers and new Ladbrokes users the chance to win free access to live music and comedy shows. Users must be eighteen and over to register for the platform. No betting is required to participate.

    The Ladbrokes LIVE launch sees Ladbrokes partner with The O2, a live entertainment, leisure and retail destination; AEG Presents, which promotes and manages concerts and tours; and music news publication NME

    Through these partnerships, Ladbrokes LIVE promises to reward with “free access to thousands of tickets and unique live experiences,” including premium tickets to live shows at The O2 within a specially designed Ladbrokes LIVE Private Box.

    Kelly Rose, Head of Brand for Ladbrokes, said: “We’re embarking on an exciting new era for Ladbrokes connecting thousands of fans with free access to artists and talent through the Ladbrokes LIVE platform.”

    “In The O2, AEG Presents, and NME we’re working with three of the biggest and most iconic brands in the entertainment industry and this means we will be able to reward our audiences with the chance to attend some of the most exciting live shows in Britain for free.”

    In addition to music, those signing up on the Ladbrokes LIVE platform will have the chance to win free access to a wide range of live events including the Just For Laughs comedy festival,  the Luno Presents All Points East festival, and other touring shows across the country. 

    The collaboration between Ladbrokes and NME also sees the return of the Club NME nights with a series of dates across the UK featuring “headline talent and unmissable DJ sets”. Fans will be able to win free access to Club NME nights through the Ladbrokes LIVE platform.

    The Ladbrokes LIVE campaign also includes “significant” digital OOH media inventory at The Oand sponsorship of the NME Awards show. 

    Georgina Iceton from AEG Global Partnerships added: “We are pleased to welcome Ladbrokes as a brand partner, and its customers to our world-famous venues like The O2, and best-in-class festivals with AEG Presents.”

    “The creation of a specially designed guest box at The O2, alongside unique live experiences across AEG Europe’s venues and live events will bring an exciting new dimension of entertainment not just for Ladbrokes customers, but all our visitors.”

    Holly Bishop, Chief Operating and Commercial Officer at NME, said: “We are thrilled to announce the return of the legendary Club NME, once again providing fans with unforgettable live music experiences at some of the UK’s best venues. Thanks to Ladbrokes, all tickets will be completely free, making Club NME more accessible than ever.”

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