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Keir Starmer aide's former firm in lobbying probe
Keir Starmer aide's former firm in lobbying probe

The National

time5 days ago

  • Business
  • The National

Keir Starmer aide's former firm in lobbying probe

Varun Chandra, the Prime Minister's special adviser on business and investment, is facing claims a meeting he organised in 2022 between leading financiers and then-business secretary Kwasi Kwarteng was never properly disclosed. Chandra was a managing partner at the 'global strategic advisory firm' Hakluyt and Company until 2024 when he began working for No 10. A lengthy investigation by openDemocracy has uncovered a host of meetings between Chandra and senior figures in the former Conservative government. The investigation by the Office for the Registrar of Consultant Lobbyists (ORCL) is understood to centre around a meeting held on April 4, 2022 at Hakluyt's office in Mayfair, central London. Hakulyt has denied any wrongdoing. Kwarteng (above) and people at Hakluyt had breakfast, according to the Government's official records and was classified as 'hospitality', implying that it did not relate to Government business. It also said that only the senior Tory's team and people at the company were present, however, additional documents obtained by openDemocracy suggest that 10 finance companies attended, private equity giants Permira and KKR and asset managers Macquarie and Global Infrastructure Partners, the latter of which is owned by BlackRock. A readout of the meeting reviewed by openDemocracy shows that over the course of an hour or so, the UK's secretary of state for business, energy and industrial strategy offered the finance executives significant insider insights into the Tory government's strategies, priorities and plans. READ MORE: Convicted fraudster sets up GoFundMe for Union Jack dress girl's father Kwarteng also reportedly took questions from those gathered, telling them that the 'Government will seek to keep taxes as low as possible'. At stake is whether Hakluyt should have registered as a 'consultant lobbyist' over the meeting, as this activity is regulated. Failing to register as a 'consultant lobbyist' is an offence under the Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Act 2014. Consultant lobbying is a legal term, distinct from lobbying – which can refer to a number of activities not covered by the 2014 Act. To meet the threshold of consultant lobbying, a company must not only communicate with a government minister or senior civil servant about a matter of government business, but they must do so on behalf of a third party and in return for payment. They must also be VAT registered in the UK. ORCL can issue fines of up to £7,500 for companies and individuals who meet the definition of consultant lobbying but fail to register as such. An ORCL spokesperson told openDemocracy: 'The registrar is investigating Hakluyt in relation to potential unregistered consultant lobbying. 'A case summary will be published when the investigation is complete. The registrar does not comment on ongoing investigations.' READ MORE: Unconvinced campaigners respond to John Swinney's 'new' independence push Ben Worthy, a leading academic at Birkbeck University studying government transparency, said the findings highlighted a 'lack of clarity' in the laws governing lobbying. He said: 'Any member of the public would see this as lobbying, and it illustrates once again the gap between politicians abiding with their own rules and how the public sees it, which is one of the central problems.' (Image: UK Parliament) Labour MP Jon Trickett (above) added: 'These revelations are extremely concerning. It is right that the regulator now investigates whether the law has been broken. We need a total clampdown on lobbying by private companies. Profiteers should not be allowed to use their connections to influence government policy.' Many of the companies Chandra engaged with at Hakluyt now enjoy significant access to and influence with the Labour leadership, including asset managers Macquarie and Global Infrastructure Partners. In his new post, Chandra had dinner with a sovereign wealth fund that attended the April 2022 roundtable meeting, which then met with the PM and chancellor Rachel Reeves the following day, as well as top civil servants, to discuss working together. A spokesperson for Hakulyt said: 'We are not a lobbying organisation – no lobbying occurred at these meetings. Any suggestion that Hakluyt has conducted consultant lobbying within the meaning of applicable legislation is entirely false.'

Apple should acquire Perplexity AI to boost AI strategy, says Wedbush
Apple should acquire Perplexity AI to boost AI strategy, says Wedbush

Yahoo

time09-07-2025

  • Business
  • Yahoo

Apple should acquire Perplexity AI to boost AI strategy, says Wedbush

-- Apple Inc. (NASDAQ:AAPL) should acquire Perplexity AI Inc. to strengthen its artificial intelligence offerings, according to Wedbush analyst Daniel Ives, who called the potential acquisition a "no brainer." Ives highlighted that major tech companies including Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Meta (NASDAQ:META), OpenAI, and Oracle (NYSE:ORCL) are engaged in an "arms race" to monetize AI, which he described as "the biggest tech trend in the last 50 years." Meanwhile, Apple appears to be falling behind in this technological revolution despite having "the biggest and most entrenched consumer installed base in the world with 2.4 billion iOS devices and 1.5 billion iPhones," Ives noted. The analyst pointed to Apple's disappointing internal efforts to develop Apple Intelligence and the lack of significant AI announcements at this year's Worldwide Developers Conference (WWDC), which he said "massively disappointed investors and most importantly developers." Ives suggested that Apple's traditional approach of developing technology internally may no longer be sufficient in the rapidly evolving AI landscape. "The time has come Apple needs to acquire Perplexity to significantly boost its AI platform," he wrote. Perplexity, an AI search engine currently valued at approximately $14 billion, could "redefine Apple's AI strategy and would fit in very well with Siri," according to Ives. He estimated that Apple might need to pay around $30 billion for the acquisition, which he described as "a drop in the bucket relative to the monetization opportunity." The analyst also noted that such a move could help Apple address both offensive and defensive strategies related to the ongoing Google search trial. Apple's largest acquisition to date was its $3 billion purchase of Beats in 2014. Related articles Apple should acquire Perplexity AI to boost AI strategy, says Wedbush JP Morgan upgrades Bloom Energy on restored fuel cell tax credit Cruise stocks Q2 earnings: Analyst says this name will deliver a beat and raise 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

Apple should acquire Perplexity AI to boost AI strategy, says Wedbush
Apple should acquire Perplexity AI to boost AI strategy, says Wedbush

Yahoo

time09-07-2025

  • Business
  • Yahoo

Apple should acquire Perplexity AI to boost AI strategy, says Wedbush

-- Apple Inc. (NASDAQ:AAPL) should acquire Perplexity AI Inc. to strengthen its artificial intelligence offerings, according to Wedbush analyst Daniel Ives, who called the potential acquisition a "no brainer." Ives highlighted that major tech companies including Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Meta (NASDAQ:META), OpenAI, and Oracle (NYSE:ORCL) are engaged in an "arms race" to monetize AI, which he described as "the biggest tech trend in the last 50 years." Meanwhile, Apple appears to be falling behind in this technological revolution despite having "the biggest and most entrenched consumer installed base in the world with 2.4 billion iOS devices and 1.5 billion iPhones," Ives noted. The analyst pointed to Apple's disappointing internal efforts to develop Apple Intelligence and the lack of significant AI announcements at this year's Worldwide Developers Conference (WWDC), which he said "massively disappointed investors and most importantly developers." Ives suggested that Apple's traditional approach of developing technology internally may no longer be sufficient in the rapidly evolving AI landscape. "The time has come Apple needs to acquire Perplexity to significantly boost its AI platform," he wrote. Perplexity, an AI search engine currently valued at approximately $14 billion, could "redefine Apple's AI strategy and would fit in very well with Siri," according to Ives. He estimated that Apple might need to pay around $30 billion for the acquisition, which he described as "a drop in the bucket relative to the monetization opportunity." The analyst also noted that such a move could help Apple address both offensive and defensive strategies related to the ongoing Google search trial. Apple's largest acquisition to date was its $3 billion purchase of Beats in 2014. Related articles Apple should acquire Perplexity AI to boost AI strategy, says Wedbush William Blair starts Wingstop at Outperform on steady growth, expansion JP Morgan upgrades Bloom Energy on restored fuel cell tax credit Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

ORCL Stock Warning: Analysts Say Oracle May Need to Raise Cash Soon
ORCL Stock Warning: Analysts Say Oracle May Need to Raise Cash Soon

Yahoo

time08-07-2025

  • Business
  • Yahoo

ORCL Stock Warning: Analysts Say Oracle May Need to Raise Cash Soon

Oracle (ORCL) is a provider of cloud-based solutions that touch database and middleware software, cloud infrastructure, infrastructure as a service, and software as a service. Oracle's stock is up 41% YTD after rallying close to 90% in the last 3 months. The stock easily outperforms the benchmark S&P 500 Index ($SPX), which has gained just under 6% YTD. Oracle's stock is also up 62% in the 52-week timeframe while trading at its all-time high. This Analyst Just Raised His Broadcom Stock Price Target by 70%. Should You Buy AVGO Now? 2 ETFs Offering Juicy Dividend Yields of 20% or Higher Why Alibaba Stock Looks Like a Screaming Buy After Falling 27% From Its 2025 Highs Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Barclays analyst Keith Bachman has issued a note to clients warning of Oracle's limited liquidity. The analyst has assigned a 'Outperform' rating to the tech giant, with a price target of $245, indicating upside of 5% from the current market level. Despite his rating and price target, Bachman is concerned about Oracle's future capital needs. The analyst pointed toward the company's increased expenditure pattern, as well as the cash it needs for dividends and planned share buybacks. He believes that Oracle might need to raise capital in the following years, most likely its fiscal 2026 or 2027. Bachman anticipates Oracle to further boost its artificial intelligence (AI) expenditure, which, coupled with its high-value debt maturity, indicates the company's need for close to $20 billion over the next two years. The analyst warns that despite the situation being manageable at present, several capital-raising events might hamper its earnings. Bachman anticipates Oracle's free cash flow could turn a negative $1 billion in FY26 and $100 million in FY27, far below consensus estimates of $213 billion and $1.957 billion, respectively. Bachman says that the company might look to raise $10 billion in FY26 and another $10 billion in FY27. This translates to a cost of $0.14 per share. Oracle's latest financial report came on June 11, when the company posted its fiscal fourth-quarter results showing a profit of $3.43 billion or $1.70 per adjusted share. The figure surpassed analysts' $1.64 per share estimate. Revenue for the quarter came to $15.9 billion again beating Wall Street's $15.54 billion estimate. The company's cloud services and license support segment contributed $11.7 billion, up 14%, while cloud infrastructure (OCI) revenue surged 52% to $3 billion, reflecting heightened demand for AI and multicloud solutions. Oracle's remaining performance obligations (RPO) climbed 41% to $138 billion, signaling strong future revenue visibility. For the full fiscal year, Oracle generated $57.4 billion in revenue, up 8%, with operating cash flow of $20.8 billion, a 12% increase. CEO Safra Catz projected even stronger growth in FY26, with cloud infrastructure revenue expected to grow over 70% and total cloud revenue by more than 40%. Oracle has garnered some optimistic views on the Wall Street with a consensus 'Moderate Buy' rating and a mean price target of $222.44, which is 5% below the stock's current trading price. The stock has been rated by 35 analysts with 22 'Strong Buy' ratings, one 'Moderate Buy' rating, and 12 'Hold' ratings. On the date of publication, Ruchi Gupta did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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

ORCL's Cloud Database Gains Steam: Is it the Next Revenue Pillar?
ORCL's Cloud Database Gains Steam: Is it the Next Revenue Pillar?

Yahoo

time08-07-2025

  • Business
  • Yahoo

ORCL's Cloud Database Gains Steam: Is it the Next Revenue Pillar?

Oracle ORCL has taken critical steps to advance its database capabilities. As the company experiences enterprise shifts from on-premise databases to the cloud, it anticipates cloud database services to become the third pillar for revenue growth. In the fourth quarter of fiscal 2025, cloud database services rose 31% year over year and now have annualized revenues of $2.6 billion as usage continues to grow. ORCL's launch of the Oracle 23 AI platform has enhanced enterprise functionality through secured training of business data with AI models. The company's flexibility to run its databases anywhere, with embedded AI and analytics via training of popular models, explains its growing popularity among enterprises seeking scalable and secure solutions globally. To further boost its database command, ORCL is actively migrating customers to its Autonomous databases, which are designed to be more self-managing and cost-efficient. This transition has been visible, as Autonomous database consumption revenues rose 47% on top of 27% growth reported last year. These initiatives are expected to drive cloud consumption, directly impacting top-line growth. ORCL's capital expenditure for fiscal 2026 is expected to exceed the $25 billion mark, with a focus on building 47 multi-cloud data centers. This infrastructure expansion is critical for supporting the surging demand for Autonomous databases and Oracle 23AI, as well as fulfilling the $138 billion in remaining performance obligations. Our model estimate for ORCL's fiscal 2026 cloud services and license revenues is pegged at approximately $52 billion, indicating year-over-year growth of 17.3%. Oracle is facing stiff competition from Amazon's AMZN AWS and Microsoft's MSFT Azure in cloud database services. Amazon's AWS is the leading provider of cloud infrastructure to enterprises. The company recently launched Nova Premier, a multimodal model designed to handle complex tasks like coding and natural language processing. Amazon plans to invest over $1 billion to build AI-enabled data centers in Ohio and Georgia, further strengthening AWS as a key profit driver for the company. Microsoft Azure commands a significant portion of the cloud space with its expertise in delivering scalable solutions across infrastructure, software and platforms. The company's presence in more than 70 announced Azure regions has strengthened its position, and Microsoft further plans to invest $80 billion in developing AI-focused data centers globally. ORCL's shares have appreciated 43.3% in the year-to-date period, outperforming both the Zacks Computer and Technology sector's return of 7% and the Zacks Computer-Software industry's growth of 16.4%. Image Source: Zacks Investment Research Oracle trades at a three-year EV/EBITDA of 28.69X, substantially above the industry average of 20.07X. ORCL has a Value Score of F. Image Source: Zacks Investment Research The Zacks Consensus Estimate for ORCL's fiscal 2026 earnings is pegged at $6.71 per share, which has remained steady over the past seven days. This indicates an 11.28% increase from the figure reported in the year-ago quarter. Oracle Corporation price-consensus-chart | Oracle Corporation Quote ORCL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Inc. (AMZN) : Free Stock Analysis Report Microsoft Corporation (MSFT) : Free Stock Analysis Report Oracle Corporation (ORCL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 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

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