BCC Director General Shevaun Haviland on BTV
The Director General of the British Chambers of Commerce, Shevaun Haviland, speaks with Bloomberg's Joe Mayes about the UK economy, trade and corporate taxation. Interview was recorded on June 25. (Source: Bloomberg)
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Business Secretary meeting Lotus after reports of plans to scrap UK carmaking
The Business Secretary will hold talks with Lotus after the carmaker appeared to shelve plans to shut its UK operations. After reports that Chinese owner Geely was planning to stop manufacturing at the Hethel plant in Norfolk, putting 1,300 jobs at risk, Lotus issued a statement saying it had 'no plans' to close the factory. Jonathan Reynolds will speak to the company on Sunday, the PA news agency understands. The British sportscar brand has been majority-owned by Chinese multinational Geely since 2017. The Financial Times had reported it was considering shutting up shop in the UK and in favour of a new plant in the US. On Saturday, Lotus sought to assuage concerns with a statement that it remains 'committed' to the UK, which it called its largest commercial market in Europe and the 'heart' of the brand. 'Lotus Cars is continuing normal operations, and there are no plans to close the factory,' it said. 'We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market. 'We have invested significantly in R&D and operations in the UK, over the past six years. Lotus remains committed to the UK, and its customers, employees, dealers, suppliers, as well as its proud British heritage.' A Government spokesperson said: 'The Government does not comment on speculation or the commercial affairs of private companies.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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‘Kisses yes, Bezos No,' protesters say, as Bezos wedding bonanza stirs controversy in Venice
VENICE, Italy (AP) — Hundreds of protesters marched through Venice's central streets on Saturday to say 'No' to billionaire Jeff Bezos, his bride and their much-awaited wedding extravaganza, which reached its third and final day amid celebrity-crowded parties and the outcries of tired residents. On Friday, the world's fourth-richest man and his bride Lauren Sanchez Bezos tied the knot during a private ceremony with around 200 celebrity guests on the secluded island of San Giorgio. The wedding, however, angered many Venetians, with some activists protesting it as an exploitation of the city by the billionaire Bezos, while ordinary residents suffer from overtourism, high housing costs and the constant threat of climate-induced flooding. As the two newlyweds prepared for the final party Saturday evening, hundreds of Venetians and protesters from across Italy filled Venice's tiny streets with colorful banners reading 'Kisses Yes, Bezos No' and 'No Bezos, no War.' The demonstration contrasted with the expensive wedding bonanza, seen by critics as an affront to the lagoon city's fragile environment and its citizens, overwhelmed by throngs of tourists. 'We are here to continue ruining the plans of these rich people, who accumulate money by exploiting many other people … while the conditions of this city remain precarious,' said Martina Vergnano, one of the demonstrators. The protest organizers claimed a victory after Saturday's wedding party, which was initially to be held in central Venice but which they said was later moved to a former medieval shipyard, the Arsenale. Bezos donated 1 million euros ($1.17 million) each to three environmental research organizations working to preserve Venice, according to Corila, the Venetian environmental research association. But many protesters blasted the move as a clear attempt to appease angry residents. 'We want a free Venice, which is finally dedicated to its citizens. … Those donations are just a misery and only aimed at clearing Bezos' conscience,' said Flavio Cogo, a Venetian activist who joined Saturday's protest. Details of the exclusive wedding ceremony Friday night were a closely guarded secret, until Sánchez Bezos posted to Instagram a photo of herself beaming in a white gown as she stood alongside a tuxedo-clad Bezos. Athletes, celebrities, influencers and business leaders converged to revel in extravagance that was as much a testament to the couple's love as to their extraordinary wealth. The star-studded guest list included Oprah Winfrey and NFL great Tom Brady, along with Hollywood stars Leonardo Di Caprio and Orlando Bloom, tech entrepreneur and philanthropist Bill Gates and top socialites, including the Kardashian-Jenner clan. Ivanka Trump, her husband Jared Kushner, and their three children also joined the celebrations. The bride and groom stayed at the Aman Venice hotel on the Grand Canal, where Bezos posed for photos and Sanchez Bezos blew kisses to the press. 'The planet is burning but don't worry, here's the list of the 27 dresses of Lauren Sánchez,' read one protest slogan, a reference to the bride's reported wedding weekend wardrobe. It featured a mermaid-lined wedding gown by Dolce & Gabbana and other Dolce Vita-inspired looks by Italian designers, including Schiaparelli and Bottega Veneta. The city administration has strongly defended the nuptials as in keeping with Venice's tradition as an open city that has welcomed popes, emperors and ordinary visitors alike for centuries. ___ Zampano reported from Rome. Associated Press journalist Niccolò Lupone in Venice contributed to this report.
New York Times
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Celtics and Blazers swing deal, but what is Portland doing?
Chicago and Cleveland make a deal. The Wolves are re-signing one of their own. Follow for the latest. Imagn Images I have a lot of thoughts on the late Monday trade of Jrue Holiday to Portland for Anfernee Simons and two second-round picks, because it wasn't really something I expected. The Blazers are a young team that is possibly on the rise but doesn't necessarily need to be paying a 37-year-old $37 million three years from now … especially when they're already committed to paying Jerami Grant $36 million the same season. One wonders how they'll have any money left over to pay the players who are actually central to their plans. On the flip side, Simons makes nearly as much as Holiday in 2025-26 and doesn't advance the ball that much in terms of digging the Celtics out of their second-apron hole. Let's start with Boston, though, because this was another tremendous swap by a front office that has won nearly every trade for the last half decade. The most amazing thing about this trade is that the Celtics got off the final two years of Holiday's deal while receiving draft picks instead of sending them out. The three years and $104.4 million left on Holiday's deal projected to be deeply underwater value-wise; I wondered whether the Celtics would have to give up two firsts to move off his money or whether they could get away with one. While Holiday is still a plus defender and an A-plus in the locker room, my BORD$ formula valued him at $19 million for the coming season – nearly identical to how it rated Simons – and he's making nearly double that. Presumably, his age-36 and age-37 seasons in the two years after would project worse, but Holiday's salary rises in those years. Setting aside what Simons can do on the court, the sheer value of dropping the final two years of that contract for Boston is massive. Simons, however, is a real basketball player who is on an expiring contract that pays him $27.7 million this coming season. Boston could theoretically extend Simons' deal, but that would only make sense if the Celtics were moving another big contract this summer. Otherwise, the next move for the Celtics might be to keep whittling down their cap number in a series of subsequent trades. Imagine, for instance, Boston flipping Simons to Sacramento for Malik Monk and Devin Carter, then flipping Monk to Dallas for P.J. Washington, then flipping Washington into a team's nontaxpayer midlevel exception for a draft pick. I'm not saying any of those trades are likely or even being discussed, but I am giving you an example of how the Celtics can stairstep down from Simons' $27.7 million, to a combined $23.7 million for Monk and Carter, to $14.1 million for Washington and $4.9 million for Carter, to just holding Carter's rookie contract for $4.9 million and being under the second apron. There are infinite pathways to doing something like this; also, it's possible the last step can be done in-season. One way or another, however, the Celtics are nowhere close to done, because the incentives for them to reduce their luxury-tax penalty (including a punitive repeater tax) and unfreeze their 2032 draft pick (by staying below the second apron three times in the next four years) are overwhelming in a 'gap year' where Jayson Tatum will miss the season recovering from a torn Achilles. As for Portland, I'm baffled. Between the recent contract extensions for GM Joe Cronin and coach Chauncey Billups and the fact that the team is for sale, it seemed like Blazers management was in a great situation to take the long view and spend one more year hunting young talent and developing players. They could push to move up in the fiercely competitive West once Deandre Ayton's $35.5 million salary was off their books and their younger players had another year of experience. The Blazers improved over the second half of last season, but this was a 36-win team that relied on Simons to create half-court offense on a squad with little dependable shooting and playmaking. The point guard reins are now seemingly turned over to 21-year-old Scoot Henderson, but his first two seasons have been a struggle. The one plus for Portland is that even the Holiday and Grant contracts might not push their salary structure past the breaking point because of the value that is the next three years of Deni Avdija's declining-money contract; Donovan Clingan will also still be on his rookie contact in the last year of the Holiday and Grant deals. Let's wait and see what else the Blazers cook up this offseason; maybe they can wave a magic wand and turn Ayton into a point guard and a shooter. At this moment, however, I am flabbergasted that they sent out draft capital to turn Simons into Holiday. Even if you think Holiday is the better short-term fit, the nine-year age difference on a team that is not exactly contention-ready is a major minus for the out years, and they got nothing else back for their trouble. I don't get it. The Trail Blazers briefly acquired Jrue Holiday in the 2023 trade that sent Damian Lillard to Milwaukee, but they redirected Holiday to the Celtics less than a week later. Now, two years later, Holiday has been traded to Portland again, this time in exchange for Anfernee Simons and second-round picks, according to league sources. A three-year, $54 million extension for Daniel Gafford would be solid business for Dallas because it would have no trade restriction. The Mavs inevitably will need to trade either Gafford or Dereck Lively II from their frontcourt logjam, but this deal does nothing to block that and, in fact, may improve the Mavs' prospects of getting a return for Gafford. The Dallas Mavericks and center Daniel Gafford are closing in on what is expected to be a three-year, $54 million contract extension, a team source confirmed to The Athletic . Gafford, who helped the Mavericks reach the NBA Finals in 2024, has one year remaining on his contract worth $14.4 million. His extension, when it is signed, will keep him under contract through the 2028-29 season. Scott Taetsch / Getty Images If Kel'el Ware was the holdup for Phoenix sending Kevin Durant to Miami, that's plenty reasonable. He's a promising 7-footer who plays above the rim, blocks shots, nails 3s and gets rave reviews as a willing, enthusiastic learner with ample upside. The Heat were good when Ware and Bam Adebayo shared the floor, outscoring their opponents by 4.6 points per 100 possessions in 541 minutes. And, in my opinion, the biggest reason to cling to Ware is financial: He has a cost-controlled contract in a league with fluid finances and harsh apron penalties. It would've been great if the Heat could've acquired Durant without trading Ware, but their assets beyond him might not have been enough. They didn't have the pieces to add Durant while still retaining future in flexibility, as the Rockets have now. It makes sense that the Heat came up short. Ronald Cortes / Getty Images I think San Antonio's reported lack of interest was what ultimately brought us here. To recap: Kevin Durant reportedly was open to trades to Miami, San Antonio and Houston. He doesn't have a no-trade clause, but if he signaled he was not going to be happy going to any other team, a team not on his wishlist would be trading for a different player than those that were. Instead of getting an aging superstar happy to sign an extension for a multi-year run, a non-Heat/Spurs/Rockets team would have been taking a one-year home-run hack with Durant, like the Toronto Raptors did with Kawhi Leonard — except Leonard was heading into his age-27 season in 2018-19, while Durant is heading into his age-37 season next year. Any Heat trade was likely to feature Andrew Wiggins as a big part of the returning salary. Miami lacks sweeteners, especially if Kel'el Ware was off the table. Say what you will about Jalen Green, but at least he comes with some upside given his age. The Spurs could have made this interesting had they been willing to dangle even Devin Vassell — forget the second pick or Stephon Castle. Reportedly, they had no such inclination, preferring to slow play things and keep more of their picks and prospects available for a player who better fits with Victor Wembanyama and, likely, Dylan Harper. So, how were the Suns supposed to push the Rockets to give up more? Even if Durant was Suns-or-bust in 2023, the Nets had already waited out Durant's trade request the previous offseason, and Durant still had 3 1/2 years left on his contract at the time. They could have just not traded him, having plenty of time to play chicken with new Suns owner Mat Ishbia. Phoenix didn't have that luxury now. I was surprised they couldn't get Cam Whitmore or Tari Eason. This is KD. But I wasn't shocked, because the Rockets had a better hand than Miami and were looking at a different version of Durant than any other team. GO FURTHER Did Kevin Durant's Suns departure leave Phoenix with enough for rebuild? Vince Bucci / AFP via Getty Images PHOENIX — On Aug. 19, 1996, the Phoenix Suns moved on from a memorable chapter in their history. They had just traded aging superstar Charles Barkley to the Houston Rockets for four players. At a news conference at America West Arena, the newcomers sat, left to right, forward Mark Bryant, guard Sam Cassell, forward Robert Horry and forward Chucky Brown. The Suns that afternoon promised a new basketball style, one built upon defense and tempo. Assistant coach Danny Ainge compared Barkley, who had led the Suns to the 1993 NBA Finals, to a Rolls-Royce. Four years earlier, team president Jerry Colangelo had acquired this fancy car at a good price, Ainge said. 'After he got good use from it, he sold it for a profit. And he had to sell it because the warranty was running out.' In a similar franchise-altering move, the Suns on Sunday traded superstar Kevin Durant to those same Rockets for guard Jalen Green, small forward Dillon Brooks, the 10th pick in this week's NBA Draft and five second-round picks. Like Barkley, Durant, who turns 37 in September, might be slightly past his prime. But unlike Barkley, his basketball warranty still has plenty of life. Durant remains one of the game's elite scorers, a perennial All-Star and devastating closer. His three seasons in Phoenix reflected as much, if little else. How the Suns got here is a lesson in roster construction and patience. Read the rest of my story here. GO FURTHER Suns' trade of Kevin Durant begins what could be a difficult stretch in Phoenix Slaven Vlasic / Getty Images The Suns seemingly imposed a deadline on themselves of getting a Kevin Durant trade done before the NBA Draft on Wednesday. Why? It's a great question. You can question a lot of things the Suns are doing under owner Mat Ishbia and company these days with that simple 'Why' instead of making it a complicated query process. They were able to meet their own arbitrary deadline by reportedly agreeing to a deal with the Rockets Sunday morning. I'll remind you that the Rockets went into this deal owning the Suns' first-round picks in 2025 (10th), 2027 and 2029, thanks to a deal with Brooklyn. This is the breakdown of what's headed where: Rockets receive: Kevin Durant Suns receive: Jalen Green, Dillon Brooks, 10th pick in 2025 draft, five future second-round picks Yep, that's it. No offense to Green, who I do think has a lot of talent and can be a good player, but this is an atrocious haul for even a soon-to-be 37-year-old Durant. Brooks will be a useful veteran for them. They can probably get a good player in the draft with the 10th pick. The five future second-round picks don't mean much until we know what they mean. The Suns didn't get any of their future picks back. They didn't get Jabari Smith Jr. or Tari Eason or even Reed Sheppard or Cam Whitmore! How is this the haul you get when you have other interested teams? This is what happens when you decide you need to rush this deal to get it done before the draft. This is also what happens when you hire the fourth-most successful coach in Dayton University history, who also has zero NBA front office experience, to handle this situation as your lead executive. If this is what it looks like when Ishbia is more involved as an owner, the rest of the league is going to be licking its chops at any potential deals. Teams will also start circling around wondering if/when Devin Booker might want out of town some day. This is an excerpt from The Bounce, The Athletic's daily NBA newsletter. Sign up here to receive The Bounce directly in your inbox. Michael Owens / Getty Images It's official: The New Orleans Pelicans have the worst injury luck in NBA history. They traded away the Pacers' 2026 first-round pick four days ago when they thought it would be in the late 20s. That's far less likely if Tyrese Haliburton misses significant time with this Achilles injury. Reacquiring their 2026 first-round pick gives the Pacers the potential option to 'gap year' tank for a season, in theory. Realistically, there is still far too much talent on hand to pursue this option. The Pacers were barely outscored in the non-Haliburton minutes in 2024-25, the East looks to be Charmin' soft once again and Indiana presumably will acquire another guard. Maddie Meyer / Getty Images Myles Turner might be the most contentious free-agent negotiation of the summer. Between his unrestricted status, the lack of competing cap-space teams, the Pacers' accomplishments this season, Indiana's potential tax and apron issues if it pays him big money and the fact his deal cannot be extended before he hits free agency … all the ingredients seem to be there for a prolonged staredown that ends with hurt feelings. Turner's BORD$ value is $31 million; while there is no chance of him getting this much in a market with no viable alternate suitors, it does indicate a figure for the Pacers to at least approach if they want him to sign for multiple years. Is three years for $75 million to $80 million fair? Even at $25 million a pop, Turner's next deal would take the Pacers sailing past the first apron and represent a first-ever foray into the tax for Indiana. That's for 2025-26; extending Bennedict Mathurin could push the Pacers to the second apron in 2026-27. Some tough decisions will need to be made at some point about other spots on the roster, but if you're not willing to pay the luxury tax for the franchise's best team in a quarter century, sell it to someone who will. Finally, note that Turner is eligible for a no-trade clause, although I doubt he has the juice to get one. Click here to see the rest of my top 25 free agents this summer. Dylan Buell / Getty Images The Pacers seemed likely to go into the luxury tax to retain center Myles Turner in free agency, and still might head in that direction if Tyrese Haliburton's Achilles injury is serious. By declining a $2.9 million option on Tony Bradley, using their 54th pick on a player who makes the rookie minimum, adding two other veteran minimum contracts and only carrying 14 players on the roster, Indiana would be $17 million from the luxury tax line before it re-signs Turner. Of perhaps greater significance, the Pacers would be $25 million from the first apron. Even if Turner makes more than $25 million in the first year of his new contract, Indiana has some outs if it wants to avoid paying luxury tax in a Haliburton-free season. The Pacers could try to sell high on Obi Toppin's $14 million a year deal and move 2023 lottery pick Jarace Walker into his role, for instance, especially if they could get another point guard in return. That injured player exception the Pacers could receive if Haliburton is ruled out for the 2025-26 season could be recycled into a new exception. Trading Toppin for a player an on expiring deal could generate a $14 million exception for Toppin that the Pacers could use in the 2026 offseason. For instance, imagine a deal where the Pacers send Toppin to Houston (or, more likely, to a third team) in return for a future first-round draft pick and old friend Aaron Holiday, who is on an expiring deal worth $4.9 million if the Rockets picked up his option (which they must to execute this trade). Holiday's expiring contract would qualify it to go into the Haliburton disabled player exception, and Toppin's outbound contract would create a new exception worth $14 million. The Pacers would be $26 million below the tax line after the trade and $34 million below the first apron, likely enough to accommodate re-signing Turner and either avoid the tax entirely or only pay a modest amount. The finances get more complicated if the Pacers try to sign a free agent guard with their nontaxpayer midlevel exception (capping them at the first apron). That could require a hard decision on whether to cash in their Bennedict Mathurin stock before he's due a rich extension that hits the cap in 2026-27. Indiana is eligible for a $22 million injured player exception if a league physician determines Tyrese Haliburton is likely to miss the entire 2025-26 season, including playoffs. However, the exception still counts toward the tax and aprons. That the Indiana Pacers lost the title to Oklahoma City on Sunday almost felt secondary when compared to the injury to their franchise player. Tyrese Haliburton suffered an Achilles tendon injury, according to his father, John, as relayed by the ESPN broadcast. The injury is to the same leg he'd suffered a strained calf muscle just a few days earlier. Assuming that's correct, Tyrese would likely miss all of the 2025-26 season. It threw what had been a brilliantly executed piece of short- and long-term roster construction into chaos. How can the Pacers overcome this? In the short term, it seems impossible. The Pacers had been set up for a two- or three-year window with their core group, while many of their potential opponents in the East faced either significant injuries to key players or, in the case of the New York Knicks, the fallout from players after firing a popular coach. Haliburton, Pascal Siakam, Andrew Nembhard, sixth-man extraordinaire T.J. McConnell and reserve forward Obi Toppin are all signed through the 2027-28 season. (McConnell has a partial guarantee of $5 million in the final year of his deal.) Forward Aaron Nesmith is signed through 2027. Fourth-year forward Isaiah Jackson, who missed most of this season after his own Achilles tear, will be a restricted free agent this summer. Bennedict Mathurin, another contributor off the bench, had some big moments in the postseason and will hit restricted free agency next summer. But there's no replacing Haliburton's rare abilities and face-of-the-franchise qualities, even as Indiana's front office, led by Pritchard and Buchanan, built a championship-level franchise around him — despite never having a top-five pick. Read more here. GO FURTHER Tyrese Haliburton's injury obscures the Pacers' magical run — and their future Justin Ford / Getty Images The Oklahoma City Thunder are now authors of one of the greatest seasons in NBA history after narrowly avoiding a stunning upset with the opponent's best player first hobbled then seriously injured. The Thunder won the franchise's second championship — and first since it moved to Oklahoma City from Seattle in 2008 and rebranded from the SuperSonics to the Thunder — by capturing Game 7 of the NBA Finals over the Indiana Pacers 103-91 on Sunday. The game featured a potentially devastating Achilles injury suffered by Pacers star Tyrese Haliburton in the first quarter. Haliburton, who had been playing with a strained right calf since Game 5, fell without contact as he was attempting to dribble past Gilgeous-Alexander and immediately pounded the court in agony without getting up. A replay showed his already injured calf ripple as he fell, and Haliburton's father, John, told the ESPN broadcast that the injury was to his son's Achilles. A non-contact injury, after a strained calf, immediately sparks fears of a torn Achilles, a la Kevin Durant in the 2019 finals. 'What happened with Tyrese, all of our hearts dropped,' Pacers coach Rick Carlisle said. 'He authored one of the great individual playoff runs in the history of the NBA with dramatic play after dramatic play. It was just something that no one's ever seen and did it as 1 of 17. You know, that's the beautiful thing about him. As great a player as he is, it's always a team thing.' Check out our live blog for more NBA Finals reaction. GO FURTHER Thunder win first NBA title since relocating to OKC, hold off Pacers in Game 7 Getty Images After its titanic roster teardown at the 2021 NBA trade deadline, the Orlando Magic front office earned a reputation around the league as risk-averse. Magic officials built the nucleus of their roster through the draft, adding Jalen Suggs, Franz Wagner and Paolo Banchero. Orlando made a few trades here and there, none of them franchise-altering. But rival teams cannot call the Magic apprehensive anymore, not after what they did on Sunday. Orlando traded for hard-nosed, floor-spacing wing Desmond Bane by sending four future first-round picks, a lightly protected 2029 first-round pick swap, veteran wing Kentavious Caldwell-Pope and guard Cole Anthony to Memphis. It wasn't quite an 'all-in' move, but it sure is close to one. Read more below. GO FURTHER Desmond Bane trade shows Magic's days of playing it safe are over Getty Images You normally wouldn't suspect the Orlando Magic and Memphis Grizzlies to be trade partners, since in many ways, the teams are birds of a feather. Both teams weathered multiple injuries en route to first-round playoff exits, both teams have young-ish rosters they're still figuring out but have now become expensive and, most importantly, both teams have the same strengths and weaknesses: A lot of defense and not much shooting. Nonetheless, the Magic and Grizzlies cut a big deal Sunday, one that may be revelatory about the next steps for both teams and the mindset of where they stand. In essence, it was a challenging trade regarding the value of Desmond Bane to a contender on his current contract. Orlando's project still felt too undefined as it waited and waited to push its chips in, with too many random guys and not enough starter-level talent; Memphis, on the flip side, felt too boxed by Bane's salary and the team's lack of transactional flexibility. Read more below. GO FURTHER In Desmond Bane trade, Grizzlies and Magic make opposite bets for the future Getty Images Our first big summer move that doesn't involve a coach being fired, or the New York Knicks calling about a coach under contract, just happened. The Memphis Grizzlies have shocked a lot of people by agreeing to trade Desmond Bane to the Orlando Magic for Kentavious Caldwell-Pope, Cole Anthony, four unprotected first-round picks and a first-round pick swap. That's a lot of draft capital for Bane, and the Magic are hoping he'll be a great complement to their young duo of Paolo Banchero and Franz Wagner. A complement to this trade news is a set of trade grades, where we'll slap down some red ink and figure out if we're complimenting one or all sides of the deal. Read more about the trade grades below. GO FURTHER Desmond Bane trade grades: Magic, Grizzlies swap guards, but did Orlando give up too much? Getty Images Before there was Kevin Durant getting dealt to the Houston Rockets, the NBA trades didn't stop. The first major trade of the offseason was the Memphis Grizzlies sending Desmond Bane to the Orlando Magic for Kentavious Caldwell-Pope, Cole Anthony and draft picks. Read The Athletic 's Josh Robbins for all the details and analysis from this trade. GO FURTHER Grizzlies trade Desmond Bane to Magic for Caldwell-Pope, Anthony, picks
