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Thursday newspaper round-up: Stamp duty, pensions, Tate galleries, Flutter

(Sharecast News) - Rachel Reeves has been urged to abolish the "sin tax" of stamp duty in the budget by property experts including TV presenter Kirstie Allsopp, as the chancellor faced calls to replace it with an annual property tax. Allsopp, presenter of Channel 4 property shows including Location, Location, Location, said "people are in a panic" about potential stamp duty changes, and "sitting tight" ahead of the 26 November budget. - Guardian Bots and third parties will be banned from booking driving tests as part of a government shake-up to tackle a severe backlog of almost 670,000 learners booked in for a practical assessment. The Department for Transport (DfT), which recently consulted on how to crack down on touts reselling test slots at inflated prices, said that only learner drivers themselves and not their instructors would be able to make bookings. - Guardian

Rachel Reeves's plans to unlock billions of pounds from private sector pensions risks a repeat of the Robert Maxwell embezzlement scandal, his victims have warned. The Association of Mirror Pensioners (AMP), which was set up after it emerged that Maxwell had raided £450m from his companies' retirement funds, branded Ms Reeves's plans to relax rules around gold-plated pension schemes "a recipe for disaster". - Telegraph

Workers at the Tate galleries have voted to strike in a move that threatens to disrupt the opening of a new JMW Turner and John Constable exhibition later this month. Public and Commercial Services (PCS) union members voted overwhelmingly in favour of strike action in a dispute over pay and the loss of staff benefits. - Telegraph

A former senior WPP executive has claimed he was fired for blowing the whistle over the alleged concealment of billions of dollars in client rebates at the advertising group. Richard Foster, the British former global chief executive of Motion Content Group, a subsidiary of GroupM Worldwide, now known as WPP Media, has filed a lawsuit in New York against WPP and GroupM seeking damages of more than $100 million. WPP said the company would defend itself against the allegations "vigorously". - The Times

Flutter Entertainment, the world's largest online betting company, sharply cut its full-year profit growth forecast on Wednesday, primarily due to another long winning streak by gamblers that increased its payouts. Already No 1 in the booming US sports-betting market through its FanDuel brand, Flutter and its partner CME Group also announced the launch of the FanDuel Predicts app next month to target what it described as a significant growth opportunity in the rapidly expanding event contracts market. - The Times

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Thursday newspaper round-up: 'Buy EU', BrewDog, Morgan Stanley
(Sharecast News) - The European Commission has proposed a "Buy EU" plan to boost domestic low-carbon industries and help the continent compete against China. The commission published a draft regulation - called the Industrial Accelerator Act - on Wednesday, setting demands for EU-made and low-carbon content on bodies spending public money. The rules mark a big shift in economic thinking from Brussels, long a bastion of open markets. - Guardian
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(Sharecast News) - News Corp's global chief executive has described news organisations as a valuable "input" for artificial intelligence, as the media empire signs an AI content licensing deal with Meta worth up to US$50m (A$71m) a year. In an upbeat presentation, the chief executive of Rupert Murdoch's company, Robert Thomson, said the "reliable" breaking news and information in publications like the Australian, the Times of London and Dow Jones was "hard to beat" as an "input" for AI. - Guardian
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(Sharecast News) - The AI model Claude has surged in popularity after being blacklisted by the Pentagon last week over ethics concerns. Claude climbed to the No 1 spot on Apple's chart of top free apps on Saturday in the US - dethroning OpenAI's ChatGPT, just one day after the Pentagon tapped OpenAI to supply AI to classified military networks. The bot's app climbed the iPhone app charts in the UK but did not beat out ChatGPT. Claude also raced up the Android charts in the US and UK, though ChatGPT reigned supreme, according to data from Sensor Tower. - Guardian
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(Sharecast News) - Rachel Reeves must reform the Office for Budget Responsibility (OBR) to open the way to more public investment, an alliance of thinktanks has argued ahead of the chancellor's spring forecast on Tuesday. With Keir Starmer's government under intense pressure after Labour's defeat by the Greens in Thursday's Gorton and Denton byelection, the thinktanks called on Reeves to review the watchdog's remit. - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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