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Top US firms that backed Voting Rights Act donate to groups working to undermine it
The Guardian·

Top US firms that backed Voting Rights Act donate to groups working to undermine it

Watchdog data shared with Guardian shows contributions to Republican Attorneys General Association and others Over a dozen US companies that signed a 2021 letter urging Congress to strengthen the Voting Rights Act continue to contribute to state political groups that are actively working to undermine the legislation, according to a campaign finance watchdog. Researchers at the Center for Political Accountability (CPA), a nonpartisan organization that tracks financial disclosures, found that companies – including Airbnb, DoorDash, Target and Zillow – that signed the letter are contributing to groups known as 527 organizations that prop up key state races, according to data provided exclusively to the Guardian. Continue reading...

Thames Water creditors accused of ‘shuffling deckchairs’ with plan for new board
The Guardian·

Thames Water creditors accused of ‘shuffling deckchairs’ with plan for new board

Campaigners say proposal for £10bn rescue deal in bid to avoid nationalisation is a ‘cosy stitch-up’ Business live – latest updates The group of creditors pursuing a rescue bid for Thames Water have been accused of shuffling the deckchairs on the Titanic after proposing an overhaul of the stricken utility’s board. In a bid to stave off temporary nationalisation by Andy Burnham, the lenders said they would appoint Liz Barber, the former chief executive of Yorkshire Water, and Clive Selley, the former chief executive of network operator Openreach, as directors if they are allowed to take formal control of the company. Continue reading...

The treasury bond mess: is this the demise of the US as a safe haven?
The Guardian·

The treasury bond mess: is this the demise of the US as a safe haven?

The US is scooping up treasury bonds in an effort to raise their price and push yields down – but it’s not working The bond market is driving the Trump administration crazy. Last week, the treasury secretary, Scott Bessent, announced that the government would sharply ramp up its purchase of treasury bonds, in an effort to raise their price and thus push down their yield, which amounts to the interest rate the government pays on its debt. It didn’t quite work as planned. Yields on treasurys fell after Bessent’s bond market intervention but soon bounced back. By Friday afternoon, the yield on the 10-year treasury was back near where it was before the secretary’s announcement. The yield on the 30-year bond was again trading around its highest level in 20 years or more. Continue reading...

Fast-fashion giant Shein sets cut-price $27bn valuation for Hong Kong IPO
The Guardian·

Fast-fashion giant Shein sets cut-price $27bn valuation for Hong Kong IPO

China-based retailer swung to $99m loss in first quarter and faces scrutiny over its environmental footprint Business live – latest updates Shein, which built a fast-fashion empire on what seemed like impossibly low prices, has been forced to lower its own valuation in a cut-price stock market float, after falling into the red earlier this year. The online retailer will list on the Hong Kong stock exchange on 1 September at a valuation of close to $27bn (£19.8bn), significantly down from a near-$100bn private market peak four years ago. Continue reading...