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Commerce Department to reduce Intel's funding on semiconductorsGoogle Play Store Top Free Apps List: Meesho, Instagram, WhatsApp, PhonePe and Flipkart Among Most Downloaded Play Store Apps This Week
Xsolla has partnered with telecommunications firm StarNest to create a new game development academy. The academy and incubator program established with Azerbaijan's Innovation and Digital Development Agency (IDDA) will train 90 young designers, as well as offer mentorship, financial support, and opportunities to exhibit their games worldwide. Xsolla is also hoping to establish a regional hub in Baku and dedicated facilities that will, according to PocketGamer , "act as a technology hub for central Asia." "This partnership represents a significant milestone for Xsolla as we collaborate with Azerbaijani leaders to unlock the region's potential," said Xsolla SVP of global strategic partnerships Rytis Joseph Jan. "By combining our global expertise with the visionary leadership of our partners, we aim to empower the next generation of talent in Azerbaijan and drive meaningful innovation with global impact." Xsolla has predicted that mobile gaming will produce $98.7 billion in total revenue in 2024 , with China forecast to lead the market by generating $34.6 billion. This is according to its recent Autumn 2024 State of Play report, which has also estimated that the compound annual growth rate from 2024 to 2027 will grow by 6.4%, with the market expected to reach $118.9 billion by 2027.Ducks F Trevor Zegras leaves game abruptly, ruled out with lower-body injuryHeritage Investment Group Inc. increased its stake in shares of Alphabet Inc. ( NASDAQ:GOOGL – Free Report ) by 23.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,828 shares of the information services provider’s stock after purchasing an additional 544 shares during the period. Heritage Investment Group Inc.’s holdings in Alphabet were worth $469,000 as of its most recent SEC filing. Other institutional investors have also added to or reduced their stakes in the company. Christopher J. Hasenberg Inc increased its stake in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after acquiring an additional 60 shares during the last quarter. Kings Path Partners LLC bought a new position in Alphabet in the 2nd quarter worth about $36,000. Denver PWM LLC bought a new position in Alphabet in the 2nd quarter worth about $41,000. Quarry LP bought a new position in Alphabet in the 2nd quarter worth about $53,000. Finally, Summit Securities Group LLC bought a new position in Alphabet in the 2nd quarter worth about $55,000. Hedge funds and other institutional investors own 40.03% of the company’s stock. Insiders Place Their Bets In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total value of $3,975,075.00. Following the sale, the chief executive officer now directly owns 2,061,806 shares of the company’s stock, valued at approximately $364,259,266.02. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link . Also, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. This trade represents a 8.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here . Over the last three months, insiders have sold 206,795 shares of company stock valued at $34,673,866. 11.55% of the stock is currently owned by corporate insiders. Alphabet Trading Down 0.2 % Alphabet ( NASDAQ:GOOGL – Get Free Report ) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same period in the previous year, the company posted $1.55 earnings per share. Research analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year. Alphabet Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is 10.61%. Analysts Set New Price Targets A number of brokerages have weighed in on GOOGL. JMP Securities upped their target price on Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald restated a “neutral” rating and issued a $190.00 target price on shares of Alphabet in a research note on Wednesday, October 30th. Tigress Financial increased their price objective on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 26th. BMO Capital Markets reissued an “outperform” rating and set a $217.00 price objective (up from $215.00) on shares of Alphabet in a report on Wednesday, October 30th. Finally, Needham & Company LLC reissued a “buy” rating and set a $210.00 price objective on shares of Alphabet in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.90. View Our Latest Stock Analysis on GOOGL Alphabet Profile ( Free Report ) Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. Further Reading Five stocks we like better than Alphabet CD Calculator: Certificate of Deposit Calculator The Latest 13F Filings Are In: See Where Big Money Is Flowing How to Invest in Blue Chip Stocks 3 Penny Stocks Ready to Break Out in 2025 Profitably Trade Stocks at 52-Week Highs FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. ( NASDAQ:GOOGL – Free Report ). Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter .
The Ministry of Electronics and Information Technology (MeitY) has notified the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. These rules cast specific due diligence obligations on intermediaries, including social media intermediaries. The rules mandate that intermediaries should not host, store, or publish any information that violates any law in force. This was stated by Jitin Prasada, the Minister of State for Electronics and Information Technology, in a written reply in the Rajya Sabha. The intermediaries are required to ensure their accountability, which includes their swift action towards the removal of unlawful information categorized under the IT Rules, 2021, or based on grievances received against any information that is harmful to the child or encourages money laundering or gambling. In addition to these measures, the Ministry of Education has issued an advisory for parents and teachers on overcoming the downsides of online gaming. The advisory warns that unrestricted and limitless online gaming can lead to serious gaming addiction, which is considered a gaming disorder. The Ministry of Information and Broadcasting has also issued an advisory to all private satellite television channels on 'Advertisements on Online Games, Fantasy Sports, etc.', advising all broadcasters to comply with the guidelines issued by the Advertising Standards Council of India (ASCI). These measures are part of the government's comprehensive approach to tackle the issue of online gaming addiction and its potential harms. To provide a comprehensive and coordinated framework to deal with cybercrimes, the Ministry of Home Affairs has established the Indian Cyber Crime Coordination Centre (I4C). The I4C has been instrumental in blocking over 3,000 URLs and 595 apps connected to cybercrimes since its inception in October 2018. In a related development, the Indian Cyber Crime Coordination Centre (I4C) reported that cybercriminals had fraudulently withdrawn over Rs 10,300 crore from the country since April 1, 2021. However, authorities successfully prevented approximately Rs 1,127 crore from leaving the country. The I4C also reported a significant increase in cybercrime cases, with over 15.56 lakh cases reported in 2023, translating into 129 cybercrime cases reported per lakh population. The government's measures to curb online gaming addiction and cybercrimes have been met with some criticism. Rajya Sabha MP Kapil Sibal criticized the Centre's decision to appoint a fact-checker to track fake news and have them taken down, arguing that the government should not be the one to decide what is fake and what is not. Priests' Grand conclave to be held in Varanasi today PM Modi on 3-day visit in Odisha, to address DG/IGP Conference Frigid temperatures and snow grip millions of Americans ahead of ChristmasLOS ANGELES (AP) — The Biden administration plans on reducing part of Intel's $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations. The reduction is largely a byproduct of the $3 billion that Intel is also receiving to provide computer chips to the military. President Joe Biden announced the agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans in March. The changes to Intel’s funding are not related to the company’s financial record or milestones, the people familiar with the grant told The Associated Press. In August, the chipmaker announced that it would cut 15% of its workforce — about 15,000 jobs — in an attempt to turn its business around to compete with more successful rivals like Nvidia and AMD. Unlike some of its rivals, Intel manufactures chips in addition to designing them. Two years ago, President Biden hailed Intel as a job creator with its plans to open a new plant near Columbus, Ohio. The president praised the company for plans to “build a workforce of the future” for the $20 billion project, which he said would generate 7,000 construction jobs and 3,000 full-time jobs set to pay an average of $135,000 a year. The California-based tech giant's funding is tied to a sweeping 2022 law that President Biden has celebrated and which is designed to revive U.S. semiconductor manufacturing. Known as the CHIPS and Science Act , the $280 billion package is aimed at sharpening the U.S. edge in military technology and manufacturing while minimizing the kinds of supply disruptions that occurred in 2021, after the start of the coronavirus pandemic, when a shortage of chips stalled factory assembly lines and fueled inflation . The Biden administration helped shepherd the legislation following pandemic-era concerns that the loss of access to chips made in Asia could plunge the U.S. economy into recession. When pushing for the investment, lawmakers expressed concern about efforts by China to control Taiwan, which accounts for more than 90% of advanced computer chip production. In August, the administration pledged to provide up to $6.6 billion so that a Taiwanese semiconductor giant could expand the facilities it is already building in Arizona and better ensure that the most advanced microchips are produced domestically for the first time. The Commerce Department said the funding for Taiwan Semiconductor Manufacturing Co. meant the company could expand on its existing plans for two facilities in Phoenix and add a third, newly announced production hub. The administration has promised tens of billions of dollars to support construction of U.S. chip foundries and reduce reliance on Asian suppliers, which Washington sees as a security weakness. _____ Boak reported from Washington. Josh Boak And Sarah Parvini, The Associated Press
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A massive coaching change is coming to college football in the state of Florida. Former Central Florida coach Gus Malzahn is resigning to be the new offensive coordinator at Florida State, ESPN's Pete Thamel reported Saturday . Malzahn will also serve as the lead play caller, according to Thamel, which was a role previously held by FSU coach Mike Norvell. Malzahn and Norvell go back to when they were assistants at Tulsa in 2007-08, when Norvell was a graduate assistant during Malzahn's tenure as the co-offensive coordinator for the Golden Hurricane. REQUIRED READING: UCF head coach Gus Malzahn leaves Knights to be Florida State offensive coordinator The 59-year-old coach just finished his fourth season at UCF, which saw its season end Friday in a loss to Utah. The Knights finished 28-24 in four seasons with the Knights and chose to take a step down to lead the Seminoles ' offense rather than coach at UCF. Florida State has now filled one of its two open coordinator spots after Norvell fired both Alex Atkins and Adam Fuller midseason, amid one of the worst FSU seasons in a long time: The Seminoles are currently 2-9 going into their regular season finale against Florida on Saturday. REQUIRED READING: Notre Dame, Texas upsets lead college football bold predictions for Week 14 Malzahn, who was the head coach at Auburn from 2013-20, led the Tigers to the 2014 BCS national championship game, when they fell to none other than Florida State. Malzahn is known for his high-powered offenses, including when he served as Auburn's associate head coach, quarterbacks coach and offensive coordinator when it won the national championship in 2010.Elon Musk is easily the world’s wealthiest man, with a net worth topping $300 billion. But even he stands to make more money from his association with the federal government after placing a winning bet on Donald Trump’s election to the presidency. “It’s going to be a golden era for Musk with Trump in the White House,” Wedbush Securities analyst Dan Ives said. Musk’s aerospace company SpaceX received billions of dollars in federal contracts, and could be in line for more, while his five other businesses could gain from a lighter regulatory touch. Trump named Musk to co-head a new Department of Government Efficiency, or DOGE — a nod to the cryptocurrency Musk adores. However, federal law bars executive branch employees, which can include unpaid consultants, from participating in government matters that will affect their financial interests, unless they divest of their interests or recuse themselves. Trump’s transition team has sought a work-around, saying he would “provide advice and guidance from outside of Government” with the work concluding by July 2026, according to a news release. Richard Painter, a University of Minnesota Law School professor and former chief White House ethics lawyer, said that if Musk is truly working outside the government he doesn’t have to sell his assets, but that limits his influence. “He can make recommendations, but ultimately the decisions are made by government officials,” Painter said. Trump’s campaign and Musk’s companies didn’t respond to requests for comment. Here’s how Musk could benefit from Trump’s presidency. If there’s one Musk business that could profit the most from the incoming Trump administration, it’s SpaceX. The company, which announced this year it would move its headquarters from California to Texas, already received at least $21 billion in federal funds since its 2002 founding, according to government contracting research firm The Pulse. That includes contracts for launching military satellites, servicing the International Space Station and building a lunar lander. However, that figure could be dwarfed by a federal initiative to fund a Mars mission, which is the stated goal of SpaceX. “Elon Musk is wealthy, but he’s not wealthy enough to completely fund humans to Mars. It needs to be a public/private partnership, because of the tens of billions of dollars that this would cost, or even hundreds of billions dollars,” said Laura Forczyk, executive director of space industry consulting firm Astralytical. SpaceX already made big strides testing Musk’s Starship rocket, the most powerful ever built. NASA envisions employing the rocket in its Artemis program to return humans to the moon, but it has been designed to have enough thrust to propel a spacecraft to Mars. What’s more, Trump, during his first presidency, speculated on Twitter about why the United States was focusing on the moon instead of Mars. Still, there are technical challenges, with SpaceX yet to complete the $4 billion Starship lunar lander, which would have to be modified for Mars. And without a pressing geopolitical threat, Congress may be unwilling to spend more on space exploration, as it did during the 1960s with the Apollo program, Forczyk said. Should a Mars project not materialize, SpaceX could still reap rewards in the next four years. For example, the Federal Communications Commission denied SpaceX nearly $900 million in federal subsidies to provide rural broadband access through its Starlink satellite network. Under new FCC leadership, Forczyk sees that being reversed. Trump’s policies could reduce the sales of electric vehicles, but with Musk’s influence, his administration’s policies could boost Tesla — though not with federal funding. For example, Trump, who tempered criticism of electric vehicles after Musk backed him, might end a $7,500 tax credit for electric vehicles. That would hurt Tesla’s unprofitable rivals that rely more on the tax credits to lure customers. “Tesla is the only automaker that has the scale and scope to price vehicles in a $30,000-to-$40,000 range and make significant profits,” Ives said. “It would essentially take competition out of the market.” Trump’s Republican administration also is considering imposing tariffs on Mexico and China, which could make cars more expensive. Ives said he expects Trump to make exceptions for Tesla and Apple so they’re not hit by a tax on imported goods. Tesla receives only a smattering of federal contracts, according to USAspending.gov , a database that tracks U.S. government spending. This year, Tesla received at least $2.8 million from the Pennsylvania Department of Transportation through a federally funded program to deploy EV charging stations. Musk’s startup xAI doesn’t appear to have federal government contracts, but artificial intelligence companies could benefit in other ways under Trump. Republicans and Musk have expressed support for cutting regulation to fuel AI innovation, a crucial part of the future of tech companies. But Musk has also warned that AI could pose a threat to humanity, and it’s unclear how Trump plans to address potential safety risks that come with technology including fraud, bias and disinformation. X, formerly known as Twitter, served as an online megaphone for Musk, who constantly shared his support for Trump during the election season. The social media site, which recently relocated its San Francisco headquarters to Texas, doesn’t appear to have any federal government contracts, but X could benefit from policy changes that affect its rivals such as Meta and TikTok. Musk, who has declared himself a “free speech absolutist,” recently shared an old Trump video with the words “YES!” In the video from 2022, Trump says he would change Section 230, a law that shields platforms from liability for user-generated content. Platforms would qualify for immunity only if the companies “meet high standards of neutrality, transparency, fairness and nondiscrimination,” Trump said. Fed up with Los Angeles traffic, Elon Musk launched The Boring Co. with two tweets in 2016, promising “to build a tunnel boring machine and just start digging.” The Bastrop, Texas, company, formerly headquartered in Hawthorne, has completed a 1.7-mile loop under the Las Vegas Convention Center and is building a larger citywide loop — both without federal funding. Projects in some other cities didn’t get past the proposal stages. However, at Trump’s urging, congressional representatives could earmark local transportation projects to the benefit of Boring Co., though the company would still have to compete to win them, said Greg Griffin, a former urban planning professor at the University of Texas at San Antonio, who studied that city’s proposed Boring Co. project. Controlling robotic limbs. Seeing without eyes. Those are the kinds of miraculous advances Musk’s Neuralink startup has been trying to achieve. The Fremont, California, company he co-founded in 2016 doesn’t receive federal money, but its technology and clinical trails are regulated by the Food and Drug Administration. The more hands-off approach favored by Trump could aid such medical device developers. “We’re concerned that regulation in general in the FDA will be weakened under the second Trump administration, and particularly concerned about medical devices,” said Dr. Robert Steinbrook, health research group director for the consumer rights group Public Citizen. Get local news delivered to your inbox!Spotlight on Carl Medearis: Pioneering Sustainable Real Estate Development in Colorado
Patrick Stewart's first act as Rangers chief executive could be to sack Philippe Clement By STEPHEN MCGOWAN Published: 22:00, 25 November 2024 | Updated: 22:00, 25 November 2024 e-mail View comments Following his departure from Manchester United in April, Patrick Stewart took some time to travel and recharge his batteries. After 18 seasons of overseeing legal affairs at Old Trafford, the Aberdonian travelled to Germany to support Scotland at Euro 2024. In the parlance of professional football, he spent some time with the family. Day one at Rangers could make all of that feel like a distant mirage if he is faced with the most difficult decision any football chief executive has to make. Sharing a name with a famous actor has its downside and Stewart has spent most of his adult life batting away the Star Trek humour which followed news of his return to football as the replacement for James Bisgrove. He can expect more of that if his new employers come up short against Ange Postecoglou ’s Tottenham on December 12 then lose the Premier Sports Cup final to Celtic at Hampden three days later. By the time he’d reached the top of the marble staircase, briefcase in hand, Stewart would be under pressure to go boldly where so many of the occupants of the Ibrox hotseat have gone before by dismissing a manager before lunchtime. Patrick Stewart will take over as Rangers CEO the day after their League Cup final against Celtic Clement's position as Rangers manager would become impossible if they lose at Hampden While a start date of December 16 might disassociate the new man from guilt by association with two precarious fixtures, it won’t insulate him from the toxic fall-out if results go badly. He’d be straight in at the deep end, facing calls to axe Philippe Clement with immediate effect. A 1-1 draw with Dundee United on Saturday only added to the clamour for the Belgian’s removal. Eleven points behind Celtic in the Premiership, with no evidence of a pattern of play, a tactical vision or forward momentum, supporters have seen enough now. On Sunday night, Whatsapp rumours swept Glasgow suggesting Clement and Rangers had parted company by mutual consent. They were inaccurate — they usually are — but the blaze ignited quickly because the situation is now flammable. Most now regard Clement’s exit as a question of ‘when’ rather than ‘if’. The progress of his first season in charge is now a distant memory. Despite moments of individual quality from the likes of Vaclav Cerny and Nedim Bajrami, all that talk of improvement and progress fools no one these days. The team is now going backwards and, while the imminent arrival of a new chief executive and permanent chairman will bring more stability to the boardroom, the men in grey suits can’t put the ball in the net or stop the opposition doing the same. Malcolm Offord looks set to be named as Rangers' non-executive chairman in the weeks ahead Clement has yet to win a game against Celtic in five attempts. And defeat in the first showpiece final of the season at Hampden would render his position impossible. More so if the defeat is as convincing as the 3-0 humbling at Parkhead in September. It’s not impossible that Rangers will win at Hampden. While a long-awaited victory over Celtic would bring respite and relief, the title already looks too far gone. And, to deliver the financial equilibrium Rangers need off the pitch, Stewart really needs a manager capable of winning games and trophies on it. Champions League football is critical. He won’t be expected to do it all on his own. Malcolm Offord — Lord Offord of Garvel to give him his Sunday name — is expected to be named as the Rangers non-executive chairman in the coming weeks, replacing interim incumbent John Gilligan. Read More Rangers confirm appointment of former Man United man as chief executive officer six months after his predecessor's departure A political heavyweight with the clout to corral boardroom factions, Offord will work closely with the new CEO and, if the two men decide that Clement has to go, it’s their job to find a replacement. For that reason alone, it made sense to delay a decision on the manager until they were in the building. Like Michael Nicholson at Celtic, Stewart stems from a legal background and sees no value in being a front-of-house figure, courting journalists. Ask colleagues who cover Manchester United what they know about his background and the response is a shrug of the shoulders. Growing up in the Granite City, supporting his local team, Stewart was part of UEFA’s Champions League marketing agency for five years. He then moved to Old Trafford as the club’s first General Counsel in March 2006, the attraction of working with Sir Alex Ferguson too strong to resist. A graduate of Glasgow University, he built up the legal function from scratch. One of the first in-house lawyers at an English top-flight club, he was responsible for signing off on everything from player contracts to kit deals and liaised with the Premier League. A member of various football industry groups at the Football Association, the English Premier League and the European Club Association, Stewart also held a position at the Court of Arbitration for Sport and eventually became a Manchester United director before he was handed the job of interim CEO, overseeing the transition of power from the Glazers to Jim Ratcliffe before his departure in April. Click here to visit the Scotland home page for the latest news and sport Advertisement A political big hitter with a bulging contacts book will be good for a club which has spent recent years engaging in battles they couldn’t win. Rangers need figureheads capable of winning friends and influencing other clubs and both Offord and Stewart know their way around the corridors of power. While luring a man with an impressive CV drawn from Manchester United should be seen as a coup, there is an obvious drawback. Rangers are not Manchester United and, in recent times, Manchester United haven’t looked much like Manchester United either. Like Rangers, they’ve lost their way, on the field and off it. If nothing else, the appointment of a chief executive brings stability to Ibrox and, after a turbulent six months, they need that at least. Discussing Stewart’s appointment on the Jim White show on TalkSport yesterday, Mail Sport columnist Simon Jordan probably summed it up best. ‘It certainly alleviates the observations that they’re rudderless,’ said Jordan. ‘Whether he’s a good oarsman, we’ll see.’ Share or comment on this article: Patrick Stewart's first act as Rangers chief executive could be to sack Philippe Clement e-mail Add commentRachel Reeves vows to take an 'iron fist against waste' - as Chancellor launches the biggest audit of government spending in almost two decades By HARRIET LINE and MARTIN BECKFORD Published: 22:30, 9 December 2024 | Updated: 22:46, 9 December 2024 e-mail View comments Rachel Reeves has vowed to take an 'iron fist against waste' as she launches the biggest audit of government spending in almost two decades. Every pound of Whitehall spending will be examined 'line-by-line' in the Chancellor's spending review, which will not be completed until June. Ms Reeves will tell government departments to find savings in their budgets - as she warned she would 'not tolerate' taxpayers' cash being spent on poor value projects. The review - covering three years - will be focused on meeting Labour 's priorities. It will be the first 'zero-based' exercise since 2007 - starting from scratch with every expense to be justified. Departments will be told to stop spending if it does not contribute to a priority. Budgets will be scrutinised by 'challenge panels of external experts' - including former senior managers from banks including Lloyd's, Barclays and Co-operative Group. Ms Reeves said last night: 'By totally rewiring how the government spends money we will be able to deliver our Plan for Change and focus on what matters for working people. 'The previous government allowed millions of pounds of taxpayers' money to go to waste on poor value for money projects. Rachel Reeves speaking at a press conference after a meeting of Eurozone finance ministers in Brussels. The Chancellor will say she would 'not tolerate' taxpayers' money being spent on poor value projects 'We will not tolerate it; I said I would have an iron grip on the public finances and that means taking an iron fist against waste. 'By reforming our public services, we will ensure they are up to scratch for modern day demands, saving money and delivering better services for people across the country. 'That's why we will inspect every pound of government spend, so that it goes to the right places and we put an end to all waste.' The Chancellor's review will also set out a timetable for achieving the party's ambition of raising defence spending to 2.5 per cent of GDP. But she told the Mail at the weekend that any extra cash for the military would have to come out of the same 'spending envelope' as other priorities, such as schools, hospitals and the police. Ms Reeves' warning on waste came as a report into the growth of red tape revealed some of Britain's biggest watchdogs are growing faster than the sectors they oversee. Research by the Policy Exchange think-tank has found that headcount at seven major regulators grew by 84 per cent over the past decade. The Financial Conduct Authority, which regulates banks and other City businesses, has seen staff levels double (116.6 per cent increase) since 2013-14. Numbers at the Financial Reporting Council, in charge of accountants, have more than tripled (256 per cent) while the Competition and Markets Authority has seen a 69.8 per cent increase. Over the same period, however, the number of people working in financial services and related professional services only grew by 6.5 per cent. Headcount at broadcast regulator Ofcom has risen by 87.7 per cent despite job cuts across the TV industry. The biggest 17 watchdogs spend £5billion a year and employ 39,000 people, the report says, but the overall cost of the 'regulatory state' including the bureaucratic burden on businesses is put at some £70bn. Ms Reeves' warning on waste came as a report into the growth of red tape revealed some of Britain's biggest watchdogs are growing faster than the sectors they oversee (file photo) It said the UK's regulatory rulebook has experienced almost 'unchecked growth for decades', imposing increasing costs on businesses, damaging innovation and making the lives of public servants and professionals 'increasingly miserable'. The report blames a safety-first political culture, a bureaucracy in which is it is 'remarkably cheap' to introduce new rules and a 'complete lack of incentives' to cut red tape. It recommends that ministers establish a 'gateway' requiring that £2 in savings must be found for every £1 in new regulatory costs introduced - and that businesses should be allowed to appeal if official Impact Assessments underestimate the effects of a new rule. The report has been backed by former Cabinet Secretary Lord Sedwill, who wrote in a foreword: 'Government adds a safety margin to Parliament's legislation, regulators add a safety margin to Government's, compliance teams in the private sector and public service add a safety margin to the regulators.. Big institutions can bear this burden. Small ones find it stifling.' Rachel Reeves Barclays Labour Share or comment on this article: Rachel Reeves vows to take an 'iron fist against waste' - as Chancellor launches the biggest audit of government spending in almost two decades e-mail Add commentKendrick Lamar 'Squabble Up' Video Highlights L.A. Culture, Announces Compton Event
China's leaders on Monday pledged "more proactive" fiscal measures and "moderately" looser monetary policy next year to boost domestic consumption, according to an official readout of a key policy meeting that outlined upcoming economic priorities. The Politburo, a top decision-making body led by President Xi Jinping, said it will stabilize property and stock markets while strengthening the "unconventional counter-cyclical" adjustment, the Communist Party's CNBC-translated readout said. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are This breaking news story is being updated. Also on CNBC China's top leaders are set to discuss GDP growth target, stimulus measures amid economic worries China consumer inflation rate drops to a five-month low, missing expectations as economy slows Electric car stock plays for 2025 as GM, Tesla struggle in China