News

Boris Johnson pulls out of race to become Britain’s next PM

Published

2 years ago

October 24, 2022

Former United Kingdom Prime Minister Boris Johnson will not take part in the contest to replace outgoing leader Liz Truss

This is despite reports that some Conservative MPs had backedJohnson for the top job and that he had told allies over the last couple of days that he would formally join the contest. With this news, the Conservative field for leadership appears to be wide open.

It is unclear what exactly changed for Johnson in the span of a few days. The U.K.’s Telegraph newspaper reported on Tuesday that he was “on the brink” of confirming his candidacy and had already started to line up support from potential donors.

But in a statement late Sunday, Johnson said it was “simply not the right time.” He added he had “cleared the very high hurdle of 102 nominations” to take part in the latter stages of the contest.

Around 60 lawmakers had publicly backed the ex-PM but there had been question marks over exactly how many nominations he had received.

Johnson mentioned his two rivals in his statement, Rishi Sunak and Penny Mordaunt, who have both officially entered the contest.

“And though I have reached out to both Rishi and Penny — because I hoped that we could come together in the national interest — we have sadly not been able to work out a way of doing this,” Johnson said.

Johnson’s office did not immediately respond to CNBC’s request for comment outside of regular office hours in London.
Truss announced her decision to step down as leader of the U.K.’s governing Conservative Party on Monday, saying she wanted to focus on her young family. An election to replace her will take place over the summer.

All eyes on Rishi Sunak

RISHI Sunak ditched his usual slick branding and snazzy campaign videos.

The runaway favourite to replace Liz Truss hoovered up almost half of Tory MPs and won over some big-name backers from the Brexit wing of the party.

News

The EV transformation expands to legacy vehicles

Published

12 mins ago

April 29, 2024

ticker NEWS

This week witnessed another milestone in the automotive industry as the legendary Mercedes-Benz G-Wagen embarked on its electric journey, aligning with global sustainability efforts.

Simultaneously, Toyota and Mazda debuted EV offerings tailored for the booming Chinese market, signalling a strategic shift towards collaboration with advanced Chinese partners.

While the electric G-Wagen promises both eco-friendliness and off-road prowess with its innovative design, questions arise about Japanese automakers’ perceived lag in EV development, countered by the strategic imperative to tap into the rapidly growing Chinese EV market. As automotive icons embrace electrification and traditional players adapt through partnerships, it’s clear that collaboration and innovation will drive the future of mobility.

News

The degree dilemma, income shifts, debt, and dream homes

Published

17 mins ago

April 29, 2024

ticker NEWS

As individuals face the daunting choice between paying off student debt, saving for a first home deposit, or exploring alternative options like rentvesting, careful consideration of various factors becomes imperative.

In the midst of these challenges, a couple in the inner north ingeniously employed a strategy to realise their dream of a larger home while managing HECS debt and affordability hurdles.

Rentvesting emerges as a viable solution for individuals grappling with the burdens of high HECS debt and property affordability issues.

Moreover, the decreasing income premium tied to a university degree is closely intertwined with changing economic dynamics and shifts in the job market, underscoring the need for innovative approaches to education and financial planning in today’s society.

News

President Biden signs TikTok bill – what’s next?

Published

3 days ago

April 26, 2024

ticker NEWS

TikTok users could soon find that the popular social media service is either under new ownership or could be outright banned in the United States.

President Joe Biden signed a bill into law that requires TikTok to find a new owner—or face a ban in the United States.

Over the past several months, Washington D.C. has been under pressure to ban the popular Chinese-owned social media app.

Lawmakers and security experts have long raised concerns that the Chinese government could tap TikTok’s trove of personal data about millions of U.S. users.

TikTok’s CEO said the bill is disappointing and reiterated that the company has committed to challenge it.

David Zhang from China Insider. joins Veronica Dudo to discuss