Pound hits lowest since April as investors anticipate budget tax rises after Reeves speech – business live

The pound has now dropped to $1.3064, a new six-month low, as City traders anticipate tax rises in this month’s budget.Sterling has lost more than 0.5% today, or around three-quarters of a cent, with analysts pointing to Rachel Reeves’s promise of an “iron clad” commitment to her fiscal rules, and her failure to rule out tax rises.Fiona Cincotta, senior market analyst at City Index, says:In a rare pre-budget speech, Reeves reiterated her commitment to budget goals and what many are considering as weaves, paving the way for more tax hikes and tough decisions in the Budget that would come close to breaking the party’s manifesto pledges

BP signals more cost cuts on way after fall in profits

BP has said it will ramp up efforts to hive off parts of the business, as the energy company reported a drop in profits in its latest quarter.The company reported an underlying profit of $2.2bn (£1.7bn) in the three months ended in September. It marked a slowdown against its previous quarter, when it made a profit of $2

Elon Musk’s $1tn Tesla pay deal to be rejected by huge Norway wealth fund

Norway’s sovereign wealth fund has said it will vote against a $1tn (£765bn) pay package for the Tesla chief executive, Elon Musk.The fund, which is the biggest national wealth fund in the world, said that while it appreciated the “the significant value created under Mr Musk’s visionary role” it would vote against his performance award.“We are concerned about the total size of the award, dilution and lack of mitigation of key person risk – consistent with our views on executive compensation,” it said. “We will continue to seek constructive dialogue with Tesla on this and other topics.”The warning from Norges Bank, which is the seventh biggest single shareholder in Tesla with a stake worth $17bn, comes two days before the carmaker hosts its annual shareholder meeting

Apple Watch SE 3 review: the bargain smartwatch for iPhone

Apple’s entry level Watch SE has been updated with almost everything from its excellent mid-range Series 11 but costs about 40% less, making it the bargain of iPhone smartwatches.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.The new Watch SE 3 costs from £219 (€269/$249/A$399), making it one of the cheapest brand-new fully fledged smartwatches available for the iPhone and undercutting the £369 Series 11 and the top-of-the-line £749 Apple Watch Ultra 3

Ben Stokes signals 2027 Ashes readiness by signing new two-year central contract

Ben Stokes has signalled his desire to play in the 2027 Ashes at home after signing a new two-year central contract with England.Stokes will be 36 the next time England host the Ashes and, having sustained hamstring and shoulder injuries over the past 12 months, there were thoughts that this winter’s series could be his last.But the release of England’s latest contract list suggests otherwise, with Stokes and Joe Root – the second highest run-scorer in Test history and six months older than his captain – among a batch of 14 players who have committed to the national team until September 2027.Jacob Bethell and Jofra Archer are among the other notable inclusions on the two-year list, likewise Will Jacks despite the all-rounder only recently securing a recall to England’s Test squad this winter.Ollie Pope and Zak Crawley are both on one-year contracts, reflecting their Test specialism but perhaps also a need to increase their output

The Breakdown | Fixation on forward rotation threatens to turn rugby contests into war of attrition

There was a time in rugby union when the phrase “Bomb Squad” felt novel. South Africa were ahead of the game in maximising the impact of replacement forwards off the bench and the sight of all that fresh beef rumbling on to the field early in the second half was certainly arresting. As the Springboks have proved repeatedly, it works a treat if you possess the requisite strength in depth.As with all good ideas, however, other people love to copy them. And so we have a modern-day arms race