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Britain’s King Charles cashes in as Crown Esta

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  King Charles III in Camberley, England. Dan Kitwood | Getty Images Entertainment | Getty Images LONDON — Britain’s King Charles III is set for a bumper £45 million ($58 million) pay raise after profits at the sovereign’s public estate more than doubled, according to official records. Profits of The Crown Estate — a portion of which funds the monarchy — increased 148% from £443 million in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24, an  annual report  showed Wednesday. These bumper profits mean the taxpayer-funded Sovereign Grant, which supports the official duties of the King Charles-headed Royal Family, will rise more than 50% from £86.3 million in 2024-25 to £132 million during the following year. The Crown Estate, the national portfolio of historical and commercial land-holdings, is owned by the British monarch but managed independently and its revenues are given to the government. In exchange, the monarchy currently  receives 12%  of Crown Estate profits — a proportion calc
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Outgoing UK PM Rishi Sunak quits as Conservative Party leader after crushing election defeat

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  Outgoing Conservative Prime Minister Rishi Sunak speaks to the media as he leaves 10 Downing Street following Labour’s landslide election victory on July 5, 2024 in London, England.  Leon Neal | Getty Images News | Getty Images LONDON - Outgoing UK Prime Minister Rishi Sunak on Friday said he will step down as the leader of the Conservative Party after the opposition Labour Party secured a landslide victory in Thursday’s nationwide election. Sunak announced he will step down as the leader of the Conservative Party as soon as the formal arrangements for selecting his successor are in place. He then had an audience with King Charles III where he tendered his resignation as prime minister. “This is a difficult day, at the end of a number of difficult days,” Sunak said during a final address outside of Downing Street. “But I leave this job honored to have been your prime minister.” WATCH NOW VIDEO 00:59 UK PM Rishi Sunak concedes defeat Speaking to crowds on 10 Downing Street, Sunak said
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Wall Street punishes Alphabet and Microsoft despite earnings beats after stocks hit record

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  Google CEO Sundar Pichai speaks at a panel at the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce on June 09, 2022 in Los Angeles, California. Anna Moneymaker | Getty Images Results were good, but not good enough. That’s Wall Street’s reaction to quarterly results on Tuesday from  Alphabet  and  Microsoft . Both companies reported revenue and earnings that exceeded estimates, yet the stocks sold off in extended trading. In investor speak, the stocks were priced for perfection. Alphabet shares are up 56% for the year and  climbed to a fresh high  last week, exceeding the prior record from late 2021, the peak of the tech boom. Microsoft is up 70% over the past 12 months, also reaching a fresh high recently and surpassing  Apple  as the  most valuable  publicly traded company. The companies generated excitement last year by riding the artificial intelligence wave, and were also lauded by shareholders for their dramatic cost-cutting efforts, which included eliminating t
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Tesla shares drop almost 6% on earnings miss and warning of volume growth decline this year

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  Elon Musk, CEO of Tesla, speaks at the Atreju political convention organized by Fratelli d’Italia (Brothers of Italy) in Rome, Italy, on Dec. 15, 2023. Antonio Masiello | Getty Images Tesla  reported revenue and profit for the fourth quarter that missed analysts’ estimates as automotive revenue increased just 1% from a year earlier. The stock slid almost 6% in extended trading. Here are the key numbers: Earnings per share:  71 cents, adjusted vs. 74 cents expected by LSEG, formerly known as Refinitiv. Revenue:  $25.17 billion vs. $25.6 billion expected by LSEG. Total revenue increased 3% from $24.3 billion a year earlier. Operating margin for the quarter came in at 8.2%, down from the year-ago quarter’s figure of 16% and slightly higher than 7.6% in the prior quarter. Meager growth in auto revenue was partly due to a reduced average selling price following steep price cuts around the world in the second half of the year. Net income for the quarter more than doubled to $7.9 billion, o
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Jim Cramer says the market needs a solid earnings season after Thursday’s hotter-than-expected inflation numbers

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  WATCH NOW VIDEO 02:58 Bad earnings coupled with hot CPI report could ‘crack the exterior’ of the markets, says Jim Cramer CNBC’s  Jim Cramer  bemoaned Thursday’s hotter-than-expected  inflation  figures for December, saying the data was a blow to bulls hoping for interest rate cuts from the Federal Reserve. He said the market needs a solid start to earnings season on Friday to improve the averages. “The bulls didn’t get the cool inflation number they wanted. Consider that strike one of a two-strike game,” he said. “Tomorrow’s earnings bring another pitch. If we get another swing and a miss, I don’t think the averages will be able to rebound like they did this afternoon.” The  consumer price index  increased 0.3% in December from the month before, higher than most economists estimated, which suggests the U.S. doesn’t yet have a handle on inflation. Following the news, the  Nasdaq Composite  closed flat, the  Dow Jones Industrial Average  gained 0.04% and the  S&P 500  edged down 0
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Russian ruble slumps to near 17-month low, moves past 100 against the dollar

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  This pool image distributed by Sputnik agency shows Russian President Vladimir Putin meeting with the Tver region governor at the Kremlin in Moscow on August 9, 2023. Mikhail Klimentyev | AFP | Getty Images The Russian ruble slid past 100 to the U.S. dollar on Monday, nearing a 17-month low as President Vladimir Putin’s economic advisor blamed loose monetary policy for the rapid depreciation. The ruble has lost around 30% against the greenback since the turn of the year. The Bank of Russia has blamed the country’s shrinking balance of trade, as Russia’s current account surplus fell 85% year-on-year from January to July. By late morning in London, the ruble was trading at around 101.41 to the dollar. Putin’s economic advisor Maxim Oreshkin told Russia’s state-owned Tass news agency that the depreciation of the currency and acceleration of inflation was mainly due to “loose monetary policy” and that the central bank has “all the necessary tools to normalize the situation in the near fu
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