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The S&P 500 closed lower on Thursday following weak earnings results from companies, including Tesla Inc TSLA and AT&T Inc. T .

Tesla shares dropped around 9.8% on Thursday after the company reported a decrease in operating margins. Elon Musk said Tesla has the potential to price its vehicles at zero profit.

AT&T shares tumbled over 10% after the company reported mixed Q1 financial results. American Express Co AXP also posted downbeat quarterly earnings.

As far as the earnings season is concerned, 16% of the S&P 500 companies have released quarterly results so far, with around 76% of those exceeding market estimates.

On the economic data front, U.S. initial jobless claims increased by 5 thousand to 245 thousand in the week ended April 15, above market estimates of 240 thousand.

Majority of the sectors on the S&P 500 closed on a negative note, with consumer discretionary and real estate stocks recording the biggest losses on Thursday. However, consumer staples stocks closed slightly higher during the session.

The Nasdaq 100 fell 0.78% to close at 12,985.98 on Thursday, amid a decline in shares of Tesla Inc TSLA and NVIDIA Corporation NVDA .

The S&P 500 dropped 0.60%, while the Dow Jones lost 0.33% to 33,786.62 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 4.3% to close at 17.17 on Thursday, after dropping to its lowest level since Nov. 2021 on Wednesday.
What is CBOE Volatility Index?

The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.

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Entertainment

Sean ‘Diddy’ Combs attempting to obstruct justice from jail, prosecutors say

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Sean 'Diddy' Combs attempting to obstruct justice from jail, prosecutors say

Sean “Diddy” Combs has attempted to contact prospective witnesses from jail in a bid to sway public opinion ahead of his upcoming sex trafficking trial, prosecutors have claimed.

The accusations were made in a Manhattan federal court filing in which the prosecution opposes the 55-year-old rapper‘s latest $50m (£39m) bail proposal. A bail hearing is scheduled for next week.

Combs pleaded not guilty to charges that he coerced and abused women for years with the aid of a network of associates and employees, while silencing victims through blackmail and violence, including kidnapping, arson and physical beatings.

He says his sexual relationships were consensual, and strenuously denies all wrongdoing.

In the latest step of the ongoing case, prosecutors say a review of recorded jail calls made by Combs shows he has asked family members to reach out to potential victims and witnesses and has urged them to create “narratives” to influence the jury pool.

They say he has also encouraged marketing strategies to influence public opinion.

The filing said: “The defendant has shown repeatedly – even while in custody – that he will flagrantly and repeatedly flout rules in order to improperly impact the outcome of his case.

“The defendant has shown, in other words, that he cannot be trusted to abide by rules or conditions.”

Prosecutors wrote that it could be inferred from his behaviour that Combs wants to blackmail victims and witnesses into silence or into providing testimony helpful to his defence.

Read more: What is Sean Combs charged with?

It is alleged that Combs began breaking rules almost as soon as he was detained at the Metropolitan Detention Center in Brooklyn, New York City, after his arrest in September.

Two judges have concluded he is a danger to the community and at risk of fleeing, rejecting two previous bail requests.

In Combs’s latest request, his lawyers cited changed circumstances, including new evidence, which they said made it sensible to release him ahead of his trial next year.

But prosecutors said defence lawyers created their latest bail proposal using some evidence prosecutors turned over to them, and the new material was already known to defence lawyers when they made previous bail applications.

In their submission to a judge, prosecutors said Combs’s behaviour in jail shows he must remain locked up.

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They cited examples including Combs enlisting family members to plan and carry out a social media campaign around his birthday earlier this month, “with the intention of influencing the potential jury in this criminal proceeding”.

They say he encouraged his seven children to post a video to their social media accounts showing them gathered to celebrate his birthday.

Afterwards, they say he allegedly monitored the analytics, including audience engagement, from inside the jail and “explicitly discussed with his family how to ensure that the video had his desired effect on potential jury members in this case”.

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Prosecutors also alleged Combs made clear his intention to anonymously publish information that he thought would help his defence team.

“The defendant’s efforts to obstruct the integrity of this proceeding also includes relentless efforts to contact potential witnesses, including victims of his abuse who could provide powerful testimony against him,” they wrote.

Sky News has contacted Combs’s lawyer for comment.

Combs is currently in custody in Manhattan. His criminal trial is scheduled for 5 May 2025.

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Politics

Row over how many farms will be affected by inheritance tax policy – as PM doubles down ahead of farmers protest

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Row over how many farms will be affected by inheritance tax policy - as PM doubles down ahead of farmers protest

Sir Keir Starmer has insisted the “vast majority of farmers” will not be affected by changes to Inheritance Tax (IHT) ahead of a protest outside parliament on Tuesday.

It follows Chancellor Rachel Reeves announcing a 20% inheritance tax that will apply to farms worth more than £1m from April 2026, where they were previously exempt.

But the prime minister looked to quell fears as he resisted calls to change course.

Speaking from the G20 summit in Brazil, he said: “If you take a typical case of a couple wanting to pass a family farm down to one of their children, which would be a very typical example, with all of the thresholds in place, that’s £3m before any inheritance tax is paid.”

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The comments come as thousands of farmers, including celebrity farmer Jeremy Clarkson, are due to descend on Whitehall on Tuesday to protest the change.

And 1,800 more will take part in a “mass lobby” where members of the National Farmers’ Union (NFU) will meet their MPs in parliament to urge them to ask Ms Reeves to reconsider the policy.

Speaking to broadcasters, Sir Keir insisted the government is supportive of farmers, pointing to a £5bn investment announced for them in the budget.

He said: “I’m confident that the vast majority of farms and farmers will not be affected at all by that aspect of the budget.

“They will be affected by the £5bn that we’re putting into farming. And I’m very happy to work with farmers on that.”

Sir Keir’s spokesman made a similar argument earlier on Monday, saying the government expects 73% of farms to not be affected by the change.

Environment, Farming and Rural Affairs Secretary Steve Reed said only about 500 out of the UK’s 209,000 farms would be affected, according to Treasury calculations.

However, that number has been questioned by several farming groups and the Conservatives.

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Farming industry is feeling ‘betrayed’ – NFU boss

Government figures ‘misleading’

The NFU said the real number is about two-thirds, with its president Tom Bradshaw calling the government’s figures “misleading” and accusing it of not understanding the sector.

The Country Land and Business Association (CLA) said the policy could affect 70,000 farms.

Conservative shadow farming minister Robbie Moore accused the government last week of “regurgitating” figures that represent “past claimants of agricultural property relief, not combined with business property relief” because he said the Treasury does not have that data.

Read more:
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Minister downplays risk of empty shelves if farmers strike

Farmers' tractor protest outside the Welsh Labour conference in Llandudno, North Wales
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Welsh farmers carried out a protest outside the Welsh Labour conference in Llandudno, North Wales, over the weekend

Agricultural property relief (APR) currently provides farmers 100% relief from paying inheritance tax on agricultural land or pasture used for rearing livestock or fish, and can include woodland and buildings, such as farmhouses, if they are necessary for that land to function.

Farmers can also claim business property relief (BPR), providing 50% or 100% relief on assets used by a trading business, which for farmers could include land, buildings, plant or machinery used by the business, farm shops and holiday cottages.

APR and BPR can often apply to the same asset, especially farmed land, but APR should be the priority, however BPR can be claimed in addition if APR does not cover the full value (e.g. if the land has development value above its agricultural value).

File pic: iStock
Image:
APR and BPR can apply to farmland, which the Conservatives say has been overlooked by the Treasury in compiling its impact figures. File pic: iStock

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Mr Moore said the Department for the Environment, Farming and Rural Affairs (DEFRA) and the Treasury have disagreed on how many farms will be impacted “by as much as 40%” due to the lack of data on farmers using BPR.

Lib Dem MP Tim Farron said last week1,400 farmers in Cumbria, where he is an MP, will be affected and will not be able to afford to pay the tax as many are on less than the minimum wage despite being asset rich.

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Politics

Cabinet split over assisted dying as Education Secretary Bridget Phillipson latest to reveal she will vote against bill

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Cabinet split over assisted dying as Education Secretary Bridget Phillipson latest to reveal she will vote against bill

A split is emerging in the cabinet, with Education Secretary Bridget Phillipson revealing she will join several of her colleagues and vote against the bill to legalise assisted dying.

Ms Phillipson told Sky News she will vote against the proposed legislation at the end of this month, which would give terminally ill people with six months to live the option to end their lives.

She voted against assisted dying in 2015 and said: “I haven’t changed my mind.

“I continue to think about this deeply. But my position hasn’t changed since 2015.”

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Details of end of life bill released

MPs will be given a free vote on the bill, so they will not be told how to vote by their party.

The topic has seen a split in the cabinet – however, Prime Minister Sir Keir Starmer has yet to reveal how he will vote on 29 November.

Ms Phillipson joins some other big names who have publicly said they are voting against the bill

These include Deputy PM Angela Rayner, Health Secretary Wes Streeting, Justice Secretary Shabana Mahmood and Business Secretary Jonathan Reynolds.

Border security minister Angela Eagle is also voting against the bill.

Senior cabinet members voting in favour of assisted dying include Energy Secretary Ed Miliband, Science Secretary Peter Kyle, Work and Pensions Secretary Liz Kendall, Culture Secretary Lisa Nandy, Northern Ireland Secretary Hilary Benn, Transport Secretary Louise Haigh and Welsh Secretary Jo Stevens.

The split over the issue is said to be causing friction within government, with Sir Keir rebuking the health secretary for repeatedly saying he is against the bill and for ordering officials to review the costs of implementing any changes in the law.

Read more:
What is in the assisted dying bill?

Why is assisted dying so controversial and where is it already legal?

Health Secretary Wes Streeting delivering a keynote speech on the second day of the 2024 NHS Providers conference and exhibition, at the ACC Liverpool. Picture date: Wednesday November 13, 2024. PA Photo. See PA story POLITICS NHS. Photo credit should read: Peter Byrne/PA Wire
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Health Secretary Wes Streeting has called for a cost report into assisted dying. Pic: PA

Sky News’ deputy political editor Sam Coates has been told Morgan McSweeney, the PM’s chief of staff, is concerned about the politics of the bill passing.

He is understood to be worried the issue will dominate the agenda next year and, while he is not taking a view on the bill, he can see it taking over the national conversation and distracting from core government priorities like the economy and borders.

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Details of the bill were published last week and include people wanting to end their life having to self-administer the medicine.

It would only be allowed for terminally ill people who have been given six months to live.

Two independent doctors would have to confirm a patient is eligible for assisted dying and a High Court judge would have to give their approval before it could go ahead.

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