Cost of living crisis: Bus fares in England to be capped at £2 between January and March - Sky News

Bus journeys in England will be capped at £2 between January and March next year to help people deal with the rising cost of living.

The Department for Transport said the plan could see some passengers save more than £3 per single bus ticket.

The average fare for a three-mile journey is around £2.80, the DfT said, adding that this means passengers will save 30% each time they travel.

Transport Secretary Grant Shapps, who announced the scheme, said: "This £60m boost will mean everyone can affordably get to work, education, the shops and doctors' appointments.

"We know people will be feeling the pressure of rising costs this winter, and so we have been working hard this summer to provide practical concrete help that will lower daily expenditure."

Bus operators representing 90% of the market have expressed support for the plan, the DfT said.

Paul Tuohy, chief executive of Campaign for Better Transport, said: "This will be very welcome news for the millions of people who rely on the bus to get to work, to the shops, to medical appointments, and to connect with friends and family.

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"Buses have great potential to cut traffic and carbon emissions, to connect communities and ease loneliness.

"This £2 fare cap - which we have called for - will help set buses on the road to a bright future."

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UK forecast to enter recession this year

Alison Edwards, policy director at the Confederation of Passenger Transport, said the idea was "eye-catching" - adding that she is looking forward to "understanding in detail how the proposed fare cap will work in practice to ensure it supports the long-term sustainability of bus networks".

In August, the government announced £130m in funding to keep England's bus services running in the face of severe cuts.

Labour said the fare cap plan was an inadequate "half measure", with shadow transport secretary Louise Haigh adding: "This weekend Labour mayors will be lowering bus fares for millions of people for the long-term.

"The government's temporary 90-day reprieve after years of soaring fares fails to match the scale of the crisis.

"Passengers across the country facing a cost of living emergency need more than half measures."

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2022-09-03 02:51:56Z
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Reclusive owner of OnlyFans has made $517M since the end of 2020 - Daily Mail

Reclusive owner of OnlyFans has made $517 MILLION since the end of 2020 as profits soared and subscribers doubled during the pandemic

• Leonid Radvinsky, 40, raked in about about $517 million since the end of 2020
• OnlyFans profits were up 600% last year to $433M as users flocked to the site
• Radivinsky was paid $284M in dividends last year and another $233M in 2022 
• The Ukrainian-American entrepreneur bought the private company in 2018 

By Keith Griffith For Dailymail.com

Published: 18:14 BST, 2 September 2022 | Updated: 19:15 BST, 2 September 2022

The reclusive owner of OnlyFans has raked in $517 million in dividends since the end of 2020, as profits at pornography site soared, company filings show.

Ukrainian-American businessman Leonid Radvinsky, 40, reaped windfall dividend earnings of $284 million last year through the end of November, and $233 million so far this year, according to annual filings on Thursday. 

Radvinsky, who lives in a lavish $4 million mansion in Boca Raton, Florida, took control of London-based OnlyFans in 2018, buying a majority stake from the sites British founder for an undisclosed sum.

Founded in 2016, OnlyFans has surged in popularity, attracting celebrity names such as Blac Chyna, Bella Thorne, and Cardi B, who make millions from monthly subscribers. Many OnlyFans 'creators' post hardcore pornography, although most established stars who join the platform upload far less risque content. 

OnlyFans' top 10 highest earners: Bella Thorne and Blac Chyna rake in MILLIONS a month on the site

According to Influencer Marketing Hub, these A-listers rake in millions of dollars a month, with Blac Chyna topping the list of the site's biggest earners. 

Here are the estimated monthly earnings of the site's top creators: 

1. Blac Chyna: $20million
2. Bella Thorne: $11million 
3. Cardi B: $9.34million 
4. Tyga: $7.69million
5. Mia Khalifa: $6.43million
6. Erica Mena: $4.49million
7. Pia Mia: $2.22million
8. Safaree Samuels: $1.91million
9. Megan Barton Hanson: $1.06million
10. Jem Wolfie: $900,000 

OnlyFans takes a 20 percent cut of the monthly fees from users, with the rest going to the content creators themselves. 

While the pandemic shuttered many traditional porn studios, self-generated content on OnlyFans surged, and the company has seen explosive growth.

Radivinsky is currently the sole owner of OnlyFans holding company Fenix International Ltd, according to Bloomberg, which first reported the company's annual results. 

According to the new annual report, in last year's period, OnlyFans more than doubled the number of subscribers and boosted the number of creators by more than a third. 

Revenue rose to $932 million from $358 million a year earlier, and OnlyFans posted pretax profits of $433 million, seven times more than it earned in the previous year.

The site's owner, Radvinsky, is a veteran of the porno industry but maintains a low public profile, living quietly in a gated mansion in Florida.

In 2018, he purchased OnlyFans from founder Timothy Stokely, the British son of a banker. 

The site has been credited with revolutionizing the adult industry, but some performers have claimed they feel pimped by the service, and it has also faced criticism for not doing enough to prevent under-age users selling explicit content. 

In response, the firm told the BBC it was continually improving its approach to safety and content moderation.

OnlyFans is proving highly lucrative for creators as well as Radvinsky, with users spending $4.5 billion on the site last year. 

OnlyFans has traditionally been used by porn stars and sex workers to sell explicit content to paying users. 

But it also provides a platform for musicians, fitness trainers and influencers to sell content. 

Last year, the site announced it was banning explicit material to appease financial backers, only to cave in following a backlash from users. 

The controversy spurred a change in leadership, with former marketing boss Amrapali Gan taking over as CEO.

Gan said in the annual report: 'We are empowering creators to monetise their content and have real control over it.'

'Our unwavering commitment to our creators has powered our success over the last 12 months,' she added.

'We will continue to invest in the creator economy by enhancing safety, developing original OFTV content, and continuing to grow our community of creators and fans.'

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2022-09-02 17:14:12Z
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Record-low Forecast for Pound Sterling - Pound Sterling Live

• Capital Economics release dire predictions
• This will be GBP's biggest crisis to date
• GBP/USD faces record lows
• But GBP/EUR to stay steady

Image © Adobe Images

The British Pound is forecast to plumb record lows against the U.S. Dollar in 2023 as a seemingly inexorable decline continues into coming months, but against the Euro the UK currency looks better supported.

This is according to new projections and research released by Capital Economics, an independent research provider, which shows the 'cost of living crisis' will be Sterling's most severe.

"If we are right in expecting the UK economy to contract by around 1% at the same time as high inflation prevents the Bank of England from providing any support, then the pound probably has further to fall. Our forecast is for sterling on a trade-weighted basis to depreciate by a further 5% by the end of 2022," says Paul Dales, Chief UK Economist at Capital Economics.

The call comes at a time of significant selling pressure for the Pound which has this week fallen to its lowest level against the Dollar since March 2020, a time when markets were gripped by Covid panic.

The Pound to Euro exchange rate is 1.78% lower this week alone, at 1.1572, taking bank account quotes for euro payments to around 1.1167 and quotes at independent providers to around 1.1537. The Pound to Dollar exchange rate is down 1.56% this week, taking bank account quotes for dollar payments to around 1.1320 and quotes and independent providers to around 1.1520.

Much of the decline has been powered by the relentless rise in the value of the U.S. Dollar, with the Bloomberg Dollar index hitting a record high on September 01.

But, Sterling's weakness is evident against other major currencies, including the Euro, confirming a distinct UK-centric flavour to the selling pressure.

"We think the UK has fallen into recession, while the US may avoid one. If anything, the recent surge in UK wholesale gas prices suggests that the risks are tilted towards a deeper and longer recession in the UK," says Dales.

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The Dollar's rampant ascent also comes amidst an ongoing decline in 'risk assets', most evident in the decline of global stock markets.

Investors fear a significant global economic slowdown is underway amidst the combination of war in Europe, China's stubborn insistence on 'zero covid' and the Federal Reserve's excruciating interest rate hikes as it battles to cool inflation.

Where the Dollar is a beneficiary in times of global investor panic, the Pound tends to be a loser. If you are concerned about current FX rate movements, you can consider locking in today's exchange rate for future use, to protect against adverse movements, learn more here.

"We now anticipate a mild recession globally. The resulting fall in risk appetite will hurt the pound which, because of the UK’s large current account deficit, tends to behave more like a risky asset than a safe haven," says Dales.

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Above: GBP/USD & UK Less U.S. 1-Year Rate Expectations. Image courtesy of Capital Economics.

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Bank of England policy and UK interest rates will also likely prove unsupportive for Sterling, according to Capital Economics.

"Relative rate expectations will be a headwind for sterling against both the dollar and the euro," says Dales.

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Above: GBP/EUR & UK Less EZ 1-Year Rate Expectations. Image courtesy of Capital Economics. Don't miss your ideal exchange rate, set a free alert here.

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The Bank of England is expected to raise interest rates by a further 50 basis points in September with markets anticipating the peak for Bank Rate towards 4.30% by 2023.

In fact, money markets now show investors expect more interest rate hikes from the Bank of England over the remainder of 2022 than any other major central bank, a reflection of the UK's excruciatingly high inflation rates.

The ability to deliver an expected ~180 bp of hikes by year end is questionable as it implies at least one 75 basis hike from the Bank before the year is out. Judging by Sterling's ongoing poor performance it would appear the currency market has long decided the Bank will be unable to meet these expectations.

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Above: Market expectations for the future of Bank of England's Bank Rate. Derived from 3-year Forward Expectations. Image courtesy of Goldman Sachs.

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"We think UK interest rates will rise by much less than money markets now discount, but that investors are broadly correct about the degree of tightening required in the euro-zone and the US," says Dales.

Given the above expectations, Capital Economics now thinks the Pound will fall to below the levels reached before the 1985 Plaza Accord ($1.09), after the UK left the Exchange Rate Mechanism in 1992 ($1.43), during the 2008/09 Global Financial Crisis ($1.38), after the 2016 Brexit vote ($1.21) and during the 2020 COVID-19 crisis ($1.21).

The Pound to Dollar exchange rate is forecast to fall to 1.05 by mid-2023, "in fact, $1.05 would be an all-time record low," says Dales.

Capital Economics thinks the Euro-Dollar rate will fall to a trough of 0.90.

The Pound to Euro exchange rate is meanwhile projected at 1.17 by mid-2023, confirming there might be little to differentiate the Euro from the Pound.

Elsewhere, the FTSE 100 is forecast to fall by about 10% to 6,700 between now and the end of 2022.

"The risk is that the UK recession is deeper than we expect and UK equity prices fall further," says Dales.

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2022-09-02 08:04:43Z
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UK to enter recession this year, British Chamber of Commerce says - Sky News

The UK will enter recession before the end of this year, with growth expected to be weak into 2024.

That is the latest forecast from the British Chambers of Commerce (BCC), which said it expects the UK economy to record three consecutive quarters of contraction - the definition of a recession - this year.

However, unlike the Bank of England, the BCC expects the economy to grow in 2023, albeit at a very low 0.2%, with a slight increase to 1% in 2024.

The forecast also included unemployment at 3.8% this year before rising to 4.1% next year and in 2024.

Inflation is expected to peak at 14% in the fourth quarter of this year, falling to 5% by the end of 2023 and further to the Bank of England's target 2% by the final quarter of 2024.

Alex Veitch, director of policy at the British Chambers of Commerce, said "The extreme inflationary pressures already present are only likely to increase as we head towards Christmas; with the UK economy already thought to be in recession.

"Tackling these pressures must be at the top of the new prime minister's inbox when they take up their position next week."

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Read more:
Food prices in August rose at the fastest rate since 2008
Energy bills to soar for millions as price cap hiked to £3,549
Explainer: Everything you need to know about higher bills

The UK will find out on 5 September if the next prime minister will be Liz Truss or Rishi Sunak, with Ms Truss the front runner.

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Mr Veitch said: "Action is needed now, and the BCC has set out a comprehensive plan for government to provide vital support to firms.

"Along with taxation and labour measures, the BCC business support plan includes key asks to help businesses with spiralling energy costs.

"These include COVID-style support by introducing a Government Emergency Energy grant, a temporary cut in VAT on energy bills to 5% to reduce costs for firms and increased regulation of the energy market for businesses by Ofgem.

"Through our extensive research and forecast work, we know the problems currently facing businesses. Time is fast running out, the government must step up to the plate and do what is needed to protect businesses, livelihoods and jobs."

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2022-09-01 21:46:54Z
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OnlyFans' owner nets $500mn windfall as platform for sex workers booms - Financial Times

The owner of OnlyFans has collected a $500mn windfall over the past two years from the booming popularity of the platform for sex workers and celebrities to sell content to their followers on the internet.

The dividend payments to Leo Radvinsky, a Ukrainian-American pornographer and internet entrepreneur, were disclosed by the UK-based company on Thursday as it unveiled a sevenfold surge in profits.

Payments of $284mn in 2021 and $233mn this year make Radvinsky one of the best-paid owners of an internet start-up in Britain and underline the explosive growth of OnlyFans since the pandemic.

OnlyFans allows content creators such as fitness instructors, musicians and erotic stars to sell video clips, messages and articles directly to fans who pay between $5 and $50 a month, of which the group takes a 20 per cent cut.

In its annual report, the company revealed pre-tax profits in the year to November 2021 jumped from $61mn to $433mn while revenues soared from $358mn to $932mn.

In total OnlyFans users spent nearly $4.8bn on the platform in 2021 for pornography, workout advice and cooking tips, the bulk of which went directly to creators.

Publicity-shy Radvinsky made his fortune in online pornography and adult live-video sites before buying OnlyFans in 2018. Its founders Tim Stokely, an Essex-based entrepreneur, his father Guy, a former City of London banker, left the company late last year.

OnlyFans flourished because it allowed people with a large social media following to monetise content without having to rely on sponsored adverts or promotional deals, a breakthrough for adult entertainers who struggled to get viewers to pay for a product freely available on many other sites.

OnlyFans profits now far exceed those of MindGeek, the adult entertainment empire behind sites such as Pornhub and YouPorn.

In recent years OnlyFans has tried to craft a more mainstream brand, claiming that a growing number of its creators sell non-sexual content. But it has yet to disclose figures on the breakdown of its revenues.

The company faced a wave of criticism and mockery last year when it unexpectedly banned pornography on the site before backtracking on the decision.

Founder Stokely told the Financial Times at the time the move was prompted by banks, wary of being associated with pornography, flagging and rejecting its payments to performers all around the world.

Amrapali Gan, Stokely’s successor as chief executive of OnlyFans, said: “Our creator-first approach to building the world’s safest social media platform propelled OnlyFans to a record-breaking 2021.”

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2022-09-01 18:04:45Z
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Soaring US dollar pushes pound to biggest monthly fall since 2016 - Sky News

The soaring US dollar has pushed the pound to its biggest monthly fall since October 2016.

The pound shed 4.6% in August, having lost 14% so far this year, as concerns grow about the state of the British economy.

On Thursday afternoon it hovered just above $1.15.

The news was not much better against the euro - August was sterling's worst month there since May 2021 and on Thursday it dropped as low as 86.7p.

It comes after UK inflation passed 10% in July - the latest figure available and the highest in 40 years - squeezing the wages of householders also facing record increases in energy bills.

Viraj Patel, global macro strategist at Vanda Research in London, told Reuters news agency: "It seems like a bit of a perfect storm now for the pound.

"There is this whole 'sell Europe, sell UK' theme going on right now and it is getting quite extreme given the myriad of
political and energy risks.

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"There's also a Liz Truss risk premium starting to get priced in.

"Clearly the market is not responding well to some of the policies Truss has announced, especially the funding of the twin deficit in the UK."

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Consumer confidence hits rock bottom amid 'acute concerns' about cost of living
Inflation hits double figures soaring to new 40-year high as cost of living crisis deepens

Liz Truss, the foreign secretary, is widely expected to replace Boris Johnson as prime minister when the result of the leadership contest are confirmed on 5 September.

But it is not just the UK's political and economic situation that is hurting the pound - it is also against a very strong US dollar.

The greenback hit a 24-year high against the Japanese yen on Thursday and gained more than 1.2% against the euro.

Michael Hewson, chief markets analyst at CMC Markets, said of the pound's difficulties: "It's not just sterling weakness - it's a dollar strength story.

"Sterling has its problems, but they are not unique to it - high inflation, surging energy prices and falling disposable incomes."

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2022-09-01 15:38:22Z
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House prices defy forecasts to continue double-digit increase, according to Nationwide - The Times

The housing market continues to defy the wider economic gloom, with prices rising for the thirteenth month in a row last month.

In the face of rising mortgage rates, a cost of living crisis and tumbling consumer confidence, many market commentators have been forecasting a slide in house prices, which is still yet to come.

In August UK house prices increased by an average of 0.8 per cent on the previous month, according to the latest Nationwide house price index. That compares with a month-on-month rise of 0.2 per cent in July.

It means that the average house price now stands at £273,751, a new high. Since the pandemic erupted house prices across the country have risen by close to 25 per cent. Back

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2022-09-01 07:30:00Z
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