Rishi Sunak joins Goldman Sachs as adviser, to give his salary to charity; this condition set for his appointment
has joined
Goldman Sachs
as a senior adviser. In his new role, Sunak will advise Goldman Sachs executives and clients on geopolitical and economic issues.
Tired of too many ads? go ad free now
According to a report by Financial Times, Sunak will donate his salary from the role to a
UK charity
focused on education. Sunak's earnings will go to the Richmond Project, a charity he runs with his wife Akshata Murty, which works to improve numeracy skills in the UK, the report adds. The appointment marks Sunak's return to the investment bank where he began his career more than two decades ago. He worked at Goldman Sachs as a summer intern and junior analyst between 2001 and 2004.
This is Sunak's first major role since stepping down as leader of the
Conservative Party
following the party's defeat in the July 2024 UK general election. The party lost more than two-thirds of its seats, falling from 365 to just 121. Sunak resigned shortly after the results were announced. He served as Prime Minister from October 2022 to July 2024.
What Goldman Sachs CEO said on Rishi Sunak's appointment
Speaking on Sunak's return, Goldman Sachs CEO David Solomon said 'I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser'.
He continued: "In his role, he will work with leaders across the firm to advise our clients globally on a range of important topics, sharing his unique perspectives and insights on the macroeconomic and geopolitical landscape. He will also spend time with our people around the world, contributing to our culture of ongoing learning and development.'
Rishi Sunak's wealth and career background
According to the Sunday Times Rich List, Sunak and his wife Akshata Murty have a combined estimated net worth of £640 million, with most of the wealth linked to Murty's stake in Infosys, founded by her father,
.
Before entering politics in 2015, Sunak worked in finance and hedge funds. After leaving Goldman Sachs in 2004, he joined the hedge fund TCI and later helped launch Theleme Partners.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
20 minutes ago
- First Post
UK PM Starmer to convene cabinet over Gaza amid calls to recognise Palestinian state
British Prime Minister Keir Starmer is expected to recall his cabinet next week to address the crisis in Gaza, following mounting pressure from Labour MPs to recognise a Palestinian state read more British Prime Minister Keir Starmer will convene a cabinet meeting next week, a government source said on Sunday, most likely to discuss the situation in Gaza after coming under growing pressure to recognise a Palestinian state. The Financial Times, which initially reported the story, said ministers, currently in a summer recess until September 1, would reconvene to discuss Gaza. Starmer's office did not immediately reply to a Reuters request for comment. The recall comes after Starmer said on Friday the British government would recognise a Palestinian state only as part of a negotiated peace deal, disappointing many in his Labour Party who want him to follow France in taking swifter action. STORY CONTINUES BELOW THIS AD President Emmanuel Macron said on Thursday France would recognise a Palestinian state, a plan that drew strong condemnation from Israel and the United States, after similar moves from Spain, Norway and Ireland last year. More than 220 members of parliament in the UK, mostly Labour members representing about a third of the House of Commons, wrote to Starmer on Friday urging him to recognise a Palestinian state. Successive British governments have said they will formally recognise a Palestinian state when the time is right, without setting a timetable or specifying the necessary conditions. Starmer's approach has been complicated by the arrival in Scotland on Friday of U.S. President Donald Trump, with whom he has built warm relations. In foreign policy terms, Britain has rarely diverged from the United States. Israel has been facing growing international criticism, which Prime Minister Benjamin Netanyahu's government rejects, over the humanitarian crisis in Gaza.
Mint
17 hours ago
- Mint
China's baby bonus: Can cash incentives convince young Chinese to have kids?
As China prepares to roll out a nationwide child-care subsidy next year, policymakers are betting that modest cash incentives will help reverse one of the country's most worrisome long-term trends: its shrinking population. The central government is planning to provide 3,600 yuan ($503) a year for each child under age three, starting in 2025, according to recent Chinese state media reports. The move marks the first national-level effort to directly support families with newborns, following years of local experimentation and mounting concern over declining birthrates. If the subsidy amount seems paltry by American standards, keep in mind that China's nominal per capita income this year was just $13,687, according to IMF estimates. China's population has contracted for three consecutive years, with just 9.54 million births in 2024—down from nearly 19 million in 2016. The drop poses a structural threat to the world's second-largest economy, where fewer young people mean a shrinking workforce, waning productivity, and growing pressure on the pension system. But whether the few hundred dollars a year will convince reluctant young couples to start families is far from certain. 'I can see the government is trying, but it's not enough to change my mind," said Liu Wen, a 28-year-old marketing analyst in Hangzhou. 'The cost of raising a child here isn't just diapers and formula—it's school, housing, and our own careers. A subsidy won't fix that." That sentiment reflects a broader challenge facing Beijing. While the new program represents a shift in the central government's willingness to fund pronatalist policy, analysts say its size may be too small to shift behavior in a meaningful way. Goldman Sachs estimates the total cost of the program at around 100 billion yuan ($14 billion) annually in a steady state, or less than 0.1% of GDP. Because the subsidies will also retroactively cover children born before January 2025 who are still under age three, Goldman projects a larger 250 billion yuan expenditure in the second half of 2025. Even so, the impact on growth is expected to be modest—adding about 25 basis points to GDP in late 2025 but fading quickly thereafter. 'International experience suggests that a program of such size may not boost birthrates by much," Goldman analysts wrote in a recent report, adding that the move reflects 'China's new policy thinking and long-term planning to counteract cyclical and structural growth headwinds." Michelle Lam, Greater China economist at Société Générale, said in a note that the measure was 'tiny" in scale but notable for signaling 'a change in mind-set and [paving] the way for more stimulus to come." Indeed, the symbolic weight of the policy may matter more than its near-term effect. For years, central authorities avoided the direct handouts common in other advanced economies, preferring tax breaks or indirect support. Now, China appears to be embracing a more direct approach, with the central government reportedly funding up to 95% of the program in less-developed regions. Some local governments have already gone further. Hohhot, the capital of China's Inner Mongolia region, offered couples 50,000 yuan for a second child and 100,000 yuan for a third earlier this year. Cities like Hefei, Tianmen, and Panzhihua have also implemented targeted programs, with mixed results. Goldman notes that Tianmen saw a temporary reversal in birthrate declines after launching its subsidy in 2023, while Panzhihua managed to slow the drop. Still, experts caution that financial incentives alone are unlikely to reverse deeper societal trends. China's marriage rate hit a nearly 50-year low last year, and many young people cite job insecurity, high housing prices, and burnout as reasons to delay or forgo parenthood entirely. That's especially true in major cities, where career pressure and the high cost of living collide. 'I'm still trying to pay off my own student loans and save for a down payment," said Zhang Rui, a 32-year-old software engineer in Shanghai. 'How can I think about a baby right now?" Beijing has started to acknowledge these structural obstacles. In his annual government work report this March, Premier Li Qiang pledged to expand child-care services and reduce the burden on working families. But details remain sparse, and the pace of implementation is uneven. For investors, the implications go beyond demographics. A sustained drop in births could weigh on long-term growth, consumer demand, and labor supply, while also reshaping sectors from education and housing to healthcare and insurance. The question now is whether China's latest policy shift marks the beginning of a broader family support agenda—or merely a symbolic gesture. Either way, the stakes are clear. United Nations projections suggest China's population could fall to 1.3 billion by 2050 and below 800 million by 2100. Without a meaningful rebound in fertility, China's economic future may rest on a shrinking base. For now, though, most young families seem unconvinced that a few thousand yuan a year is enough to tip the scales. Write to editors@
India Today
a day ago
- India Today
Silicon Valley startup says it has found way to turn mercury into gold, if proven may hit gold prices
A fusion energy startup claims to have found a way to turn mercury into gold. According to the Financial Times report, San Francisco-based Marathon Fusion says that the same process that could one day represent a limitless source of clean energy could also be used for literal alchemy. As detailed in a yet-to-be-peer-reviewed paper, nuclear transmutation, effectively changing an element or isotope into a different one by ripping out protons from its nucleus, could be used to synthesise gold particles. "On paper, it looks great and everyone so far that I talk to remains intrigued and excited," Department of Energy plasma physicist Ahmed Diallo, who reviewed the study, told the Financial the last three years, Marathon Fusion has raised almost $6 million in investments and $4 million in government grants, focusing its efforts on making fusion power systems more the concept of replicating the conditions in the Sun's core to produce a net positive amount of energy has remained extremely elusive, despite decades of research. Scientists are only beginning to crack the point at which fusion plants generate more energy than they require to operate. Scaling up these operations is proving just as difficult, with scientists struggling to contain extremely high-energy and unpredictable plasma inside enormously complex reactors. Earlier this year, Marathon turned its attention to nuclear transmutation, proposing to introduce a mercury isotope, mercury-198, into a fusion reactor to turn it into mercury-197. That's in addition to the conventional fuels used to realise fusion inside a reactor, such as lithium and hydrogen this time, there's an interesting side effect: mercury-197 is an unstable isotope that eventually decays into the process remains unproven, the startup's leadership is seeing dollar signs — or gold ingots, as the case may be. CTO Adam Rutkowski and CEO Kyle Schiller say they could produce 11,000 pounds of gold a year per gigawatt of electricity generation, and without affecting the overall power output of the claims its breakthrough technique could allow fusion reactors to produce gold as a bonus byproduct, without reducing the plant's energy output or compromising its ability to sustain its own fuel cycle. According to the company's projections, a fusion power station with a capacity of one gigawatt could generate around 5,000 kilograms of gold every year using this firm notes that while the gold created through this transmutation process would be stable, trace amounts of radioactive isotopes could still be present. This might mean the gold would need to be stored securely for as long as 18 years before it could be handled or sold techno-economic modelling suggests that such a setup could make gold production just as valuable as the electricity the plant generates, effectively doubling the commercial potential of a fusion facility and dramatically reshaping the economic case for fusion gold, the company adds that the same nuclear processes could also be used to create other high-value materials, such as components for 'nuclear batteries,' medical isotopes for healthcare, and precious metals like a result, the hypothetical fusion power plant could theoretically double its revenue, they also suggested that the key insight here is that it can be used in a set of fast neutron reactions to make really large quantities of gold while satisfying the fuel cycle requirements of the system. Of course, it's not quite as simple as that. For one, other gold isotopes created in the process could make the valuable metal radioactive, which could mean it would have to be stored for anywhere from 14 to 18 years before it's safe to with a massive surge in new startups attracting billions of dollars in investments to turn fusion reactors into a viable form of energy production, the basic concept of fusing atoms to generate electricity has yet to become practical.- EndsTrending Reel
