Some wealthy individuals in the UK are asking the government to increase taxes on the very rich, including themselves. This call comes as part of a campaign for a special tax on wealth over £10 million. Meanwhile, uncertainty over tax changes has caused businesses, especially in the housing industry, to delay decisions until the government's budget plan is clearer.
Key Facts
Millionaires in the UK are calling for higher taxes on wealth over £10 million.
Dale Vince, a renewable energy company founder, supports paying more taxes and is part of a campaign with over 85 millionaires.
Stephen Kinsella, a lawyer, also joined the campaign, advocating for a fairer society through increased taxes on the wealthy.
UK Chancellor Rachel Reeves has stated there is no need for a new wealth tax, pointing to existing taxes on the wealthy.
Businesses, particularly in the housing sector, are delaying actions due to uncertainty over potential tax changes in the upcoming budget.
The housing market is experiencing a slowdown, with buyers hesitating on purchases until more is known about the budget.
The company Clarkson Evans, which trains apprentices for home electrical work, reports its business is affected by the housing market stall.
The managing director of Business West notes a widespread pause in business activities as companies await the budget's outcome.
The owner of a bar in Altrincham, Greater Manchester, has banned solo drinkers after 9 PM, citing safety reasons. This policy, which intends to protect patrons from potential disturbances, has sparked varied reactions on social media.
Key Facts
A bar in Altrincham, Greater Manchester, has a rule blocking solo drinkers after 9 PM.
The bar owner, Carl Peters, says the policy aims to keep the environment safe for all customers.
The rule has faced mixed comments online, with some calling it discriminatory and others supportive.
Mr. Peters believes solo patrons can pose risks, such as needing help in emergencies or bothering groups.
He stated the policy has been in place since the bar opened in 2022.
Peters posted about the policy on Instagram, leading to increased online discussion.
Richard Taite, once a homeless drug addict, founded the luxury rehab center Cliffside Malibu and sold it for a large sum. Despite the success, he continues to address America's drug crisis, particularly focusing on fentanyl, by opening new treatment centers. Taite's experiences with addiction shape his work, and his focus is on helping others recover.
Key Facts
Richard Taite is the founder of Cliffside Malibu, a luxury treatment center for addiction recovery.
He sold Cliffside Malibu for a nine-figure amount in 2018.
Taite has personal experience with addiction, having struggled with drugs for 25 years.
He has opened new treatment centers to tackle the U.S. fentanyl crisis.
Before achieving sobriety, Taite tried multiple recovery methods, including therapy and Alcoholics Anonymous.
Taite helps others in recovery, believing in making a living through helping people.
His work in recovery is influenced by his early life experiences and struggles.
In 2025, many well-known retail stores are closing locations across the United States. This is happening despite an increase in the number of people visiting malls. Retailers such as Macy's, JCPenney, and Forever 21 are among those closing stores due to factors like expiring leases and a shift to online shopping.
Key Facts
Macy's plans to close 66 stores in 2025, with the total rising to around 150 in 2026.
JCPenney will close eight stores because of expiring leases and market conditions.
Forever 21 is closing all 350 of its U.S. stores after declaring bankruptcy.
Claire's is shutting down 235 stores in North America as part of restructuring.
Torrid will close 180 stores as it focuses more on online sales.
Party City is closing approximately 700 stores nationwide after filing for bankruptcy.
Walgreens plans to close 450 locations to reduce its physical presence.
Overall, over 3,700 retail locations are expected to close in 2025, a significant increase from previous years.
Some Sirius XM subscribers are cancelling their subscriptions after Megyn Kelly made comments about Jeffrey Epstein on her show. Kelly questioned the age of the victims involved with Epstein, which led to backlash and calls for boycotts. Social media users are expressing their reasons for cancelling, saying they do not want to support a service that airs her views.
Key Facts
Megyn Kelly made comments about Jeffrey Epstein on her Sirius XM show, raising questions about the ages of his victims.
Some subscribers stated their intention to cancel Sirius XM in protest of Kelly's comments.
Kelly described Epstein's behavior as "sick" and "disgusting" but suggested a "distinction" in the ages of the victims.
Epstein was a convicted sex offender who faced federal charges of sex trafficking minors before his death in 2019.
The legal age of consent is 17 in New York and 18 in Florida, the locations tied to Epstein's activities.
Social media users have been sharing their subscription cancellations, stating they do not support Sirius XM's platforming of Kelly.
Online discussions include calls for boycotts and detailed guides on how to cancel subscriptions.
Jose Da Costa Diogo faces losing his home due to an unpaid interest-only mortgage. Many people in England and Wales are experiencing similar issues, with a rise in home repossessions. Experts link these cases to rising interest rates and living costs.
Key Facts
Jose Da Costa Diogo cannot pay £80,000 on an interest-only mortgage and risks losing his home.
His home in Thetford, Norfolk, is subject to repossession after a short court hearing.
Jose cannot sell the property because his ex-wife is still on the mortgage documents.
England and Wales saw 10,853 mortgage repossession orders in 2024-25, the highest in five years.
The number of people reporting homelessness due to repossession doubled over recent years.
Housing legal aid availability is low, making it hard for many to get legal advice.
Local councils struggle with increased demand for temporary housing due to repossessions.
Gustav Klimt's painting "Portrait of Elisabeth Lederer" sold for $236.4 million at Sotheby's auction in New York City. This sale makes it the most valuable modern artwork ever sold and the second-most expensive auctioned artwork overall.
Key Facts
The painting is called "Portrait of Elisabeth Lederer."
It was created by Austrian artist Gustav Klimt.
The painting sold for $236.4 million at an auction.
Sotheby's held the auction in New York City.
It is now the most valuable modern artwork in terms of auction sales.
The painting is also the second-most expensive artwork ever sold at an auction.
The Advertising Standards Authority (ASA) has banned ads from four major hotel and travel companies in Britain for showing misleading prices for rooms. The companies involved include Hilton, Travelodge, Booking.com, and Accor. The ASA found that these ads promoted prices that were not widely available, which could mislead customers.
Key Facts
The ASA banned ads from Hilton, Travelodge, Booking.com, and Accor for misleading price promotions.
The ads used "from" prices, suggesting more rooms were available at the stated rates than actually were.
ASA found only a few rooms were available at the advertised prices, which could mislead consumers.
Hilton and Travelodge had specific ads banned for not having enough availability of rooms at the promoted rates.
The ASA used artificial intelligence to identify these misleading advertisements.
The investigation is part of a larger effort by the ASA to ensure advertised prices align with actual availability.
The ASA also criticized Butlins for extending the deadline of a sale, which could pressure consumers unfairly.
The action coincides with a probe by the Competition and Markets Authority into misleading online price claims by several companies.
Polymarket CEO Shayne Coplan criticized traditional sportsbooks, calling them a "scam" and suggested that the Supreme Court may eventually decide on the legality of prediction markets for sports betting. He highlighted issues with current state regulations on sports gambling and suggested that Polymarket aims to offer novel solutions to potential sports corruption challenges.
Key Facts
Polymarket CEO Shayne Coplan called traditional sportsbooks scams.
Coplan believes the U.S. Supreme Court might eventually rule on prediction markets for sports betting.
Prediction markets use "event contracts" to legally offer sports betting in some states.
Coplan criticized state regulations and the dominance of DraftKings and FanDuel in the U.S.
Polymarket is not currently profitable but plans to charge a fee in the future.
DraftKings and FanDuel are developing prediction market products where they can't offer traditional sports betting.
Less than 1% of bettors in Massachusetts face betting limits to prevent large wins.
Sports gambling scandals have raised concerns about how betting could affect the fairness of games.
The Baby Shark video, published in 2016 by Pinkfong, became a global hit and led to the creation of a $400 million business. Pinkfong, originally known as SmartStudy, launched on the South Korean stock market, gaining a valuation of over $400 million. The company grew from a small startup to a firm with 340 employees and international offices.
Key Facts
The Baby Shark video was released in June 2016 and became YouTube's most viewed video with over 16 billion views.
Kim Min-seok, the CEO of Pinkfong, initially did not expect the video to become such a massive success.
Pinkfong started as SmartStudy in 2010, focusing on digital content for children.
The company debuted on the Korea Exchange with shares rising by over 9%, valuing the company at more than $400 million.
Pinkfong has grown to around 340 employees with offices in major cities like Tokyo, Shanghai, and Los Angeles.
In 2019, Pinkfong faced a legal challenge for plagiarizing an American composer's work, but the South Korean Supreme Court ruled in Pinkfong's favor.
The company aims to diversify its content beyond Baby Shark, with other projects underway like Bebefinn and Sealook.
Jesse Cohn from Elliott Investment Management spoke about the importance of active investing at an Axios event. He believes active investors play a crucial role in ensuring companies are held accountable and perform well. Elliott has been actively pushing companies to make changes that it believes will improve performance.
Key Facts
Jesse Cohn is associated with Elliott Investment Management.
He spoke at Axios' BFD event about active investing.
Cohn believes active investors help keep companies accountable.
He argued that passive investors can lead to less dynamic markets.
Elliott Investment Management has pushed companies like Phillips 66 and PepsiCo to make changes.
The firm manages around $76.1 billion in assets.
Elliott's involvement with PepsiCo led to a significant rise in PepsiCo's stock price.
Entrepreneur Emma Grede spoke about her views on work/life balance and challenges women face in business. She defended her earlier comments that hard work, including nights and weekends, is needed for success. Grede is involved in successful fashion ventures like Good American and Skims.
Key Facts
Emma Grede discussed work/life balance and women's expectations in business during an interview.
A video of her earlier comments about working extra hours for success went viral.
Grede believes men do not face as much backlash for similar views on hard work.
She stated that women can be both empathetic leaders and focused on their careers.
Grede cofounded Good American and is a founding partner of Skims.
Skims recently raised $225 million in funding, valuing it at $5 billion.
The funding will help open more physical Skims stores, with about one new store opening each month.
Paramount Skydance is reportedly planning to bid $71 billion to acquire Warner Bros Discovery. The bid reportedly involves sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi, though Paramount Skydance denies their involvement. Warner Bros Discovery is currently exploring financial options, including potential sales, due to struggles in its TV business.
Key Facts
Paramount Skydance plans to bid $71 billion to acquire Warner Bros Discovery.
The bid includes involvement from sovereign wealth funds, although Paramount Skydance disputes this.
Paramount Skydance's CEO, David Ellison, is the son of Oracle co-founder Larry Ellison.
Warner Bros Discovery is facing financial issues and considering different business strategies.
Paramount Skydance is reportedly the only company seeking a full acquisition.
Donald Trump's administration influences the media landscape, impacting potential deals.
Other companies like Netflix and Comcast are also considering bids, requiring regulatory approval.
The merger of large media outlets raises antitrust and civic concerns about media diversity and independence.
Major companies like Paramount, Comcast, and Netflix are preparing bids to acquire Warner Bros. Discovery (WBD) before the November 20 deadline. Paramount is seeking to buy the entire company and is negotiating to increase its offer, while Comcast and Netflix are mainly interested in WBD's studio and streaming services. WBD's board is still considering splitting the company into two separate entities.
Key Facts
Paramount, Comcast, and Netflix plan to make formal bids for Warner Bros. Discovery by November 20.
Paramount wants to buy all of WBD and is working on increasing its offer to $30 per share.
WBD is considering splitting into two companies: one for studio and streaming, another for cable networks.
WBD's stock price increased significantly after news of a possible takeover by Paramount.
Comcast and Netflix are mainly interested in WBD's studio and streaming parts.
The deal would require approval from the U.S. Department of Justice (DOJ), but not the Federal Communications Commission (FCC).
Paramount argues it can keep WBD together, including its cable assets, if it succeeds in buying the company.
The DOJ's decision history shows they might face challenges in blocking such mergers, based on past cases.
Coinbase, along with major companies like Google and Amazon, donated to President Trump's $300 million White House ballroom renovation. The donations, managed by a nonprofit, have raised concerns about influencing government decisions. Ethics experts warn that such contributions may lead to expectations of favors in return.
Key Facts
Coinbase contributed to a $300 million renovation project for a ballroom at the White House.
Emilie Choi of Coinbase mentioned the donation was partly to maintain good relations with the White House.
The project has received donations from companies such as Google, Amazon, and Apple.
Funds are managed by The Trust for the National Mall, a nonprofit organization.
President Trump hosted a dinner for donors, some giving up to $25 million.
Ethics experts expressed concerns about donations influencing government actions.
The project supporters argue private donations help improve government buildings.
Coinbase's president, Emilie Choi, suggested that more companies might leave Delaware due to concerns about activist judges. Coinbase itself plans to move its corporate base from Delaware to Texas, partially because of a recent court decision in Delaware involving Tesla.
Key Facts
Coinbase announced plans to relocate from Delaware to Texas.
The move is partly due to concerns about activist judges affecting business decisions in Delaware.
Emilie Choi mentioned a Delaware judge's decision that led to Tesla's exit from the state.
Choi highlighted that the company is looking for business-friendly environments.
She also spoke about the potential for a slowdown in the cryptocurrency market, known as a "mini winter."
Despite possible downturns, Choi believes that quieter times often lead to significant innovation in the crypto sector.
The U.S. Department of Energy will lend $1 billion to restart a nuclear reactor at Three Mile Island in Pennsylvania. The plant, which has been inactive since 2019, will supply power to Microsoft data centers once operational again in 2027.
Key Facts
The U.S. Department of Energy plans to loan $1 billion for the Three Mile Island nuclear reactor restart.
The reactor, owned by Constellation Energy, has been offline since 2019.
Microsoft has a 20-year agreement to purchase power from the restarted reactor.
The reactor can produce 835 megawatts, enough to power about 800,000 homes.
The restart is part of a broader effort to support nuclear energy and AI development.
This initiative is funded through a $250 billion federal energy infrastructure program.
The Three Mile Island site experienced a major nuclear incident in 1979.
Jeep is introducing new electric and hybrid SUV models, including the fully electric Recon, to expand its lineup and appeal to more customers. The company is working to improve relationships with U.S. dealers and rebuild confidence after a period of sales decline and leadership changes.
Key Facts
Jeep is showcasing its new electrified SUVs at the LA Auto Show, including the fully electric Recon model.
The Grand Cherokee now offers models that can drive about 25 miles using only electricity.
The Grand Wagoneer will have an extended-range electric vehicle system, which uses a gas engine to charge a battery that powers the car wheels.
Jeep faced challenges with U.S. dealers, leading to leadership changes at Stellantis, Jeep's parent company.
New Jeep CEO Bob Borderdorf is optimistic about the brand's future and is focusing on improving dealer relationships.
Jeep's diverse mix of powertrains aims to meet varying customer needs and support the brand's electrification goals.
The company aims to capture a range of customers, including those interested in off-road capabilities and mainstream electric vehicle consumers.
A record number of loan applications were rejected by banks last month, as reported by the New York Federal Reserve. This rise in rejections is linked to economic challenges like rising inflation and tariffs. Banks are being more cautious in their lending due to these conditions.
Key Facts
The New York Federal Reserve reported that nearly one in four credit applications was rejected in October.
There is an increase in auto loan rejections and nonperformance of subprime debts.
Higher interest rates have made debt-to-income ratios exceed what lenders allow.
Banks have become more protective of their finances since the pandemic.
New tariffs could increase costs for consumers, especially during the holiday season.
Banks are rejecting loans not because applicants are riskier but because financial conditions have worsened.
Stricter lending means loans will be harder to get unless applicants have strong credit histories.
Bitcoin's value dropped below $90,000 for the first time in seven months, erasing all gains from 2025. The decline is linked to waning investor interest and uncertainties about future U.S. interest rate cuts. Cryptocurrency markets lost significant value recently, impacting companies holding large crypto investments.
Key Facts
Bitcoin fell under $90,000, erasing gains for the year 2025.
It rebounded slightly as U.S. markets opened but remained about 30% below an October peak of $126,000.
The overall value of cryptocurrencies dropped by $1.2 trillion in the past six weeks.
Concerns include potential delays in U.S. Federal Reserve interest rate cuts and a risk-averse market sentiment.
Companies and institutions are selling off positions, increasing market risks.
Recent outflow includes exchange-traded funds (ETFs) as retail investors react to last month's market volatility.
The value of crypto investments by public companies is at risk, with some being "underwater" if Bitcoin drops further.
Ethereum, another major cryptocurrency, also lost significant value, down nearly 40% from a recent high.
