Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Friday newspaper round-up: China, 'Stealth tax raid', Tapestry

(Sharecast News) - Joe Biden has called China a "ticking time bomb in many cases" because of its economic challenges, saying the country was in trouble because of weak growth. The US president pointed to the country's high unemployment and ageing workforce, saying: "China is in trouble." "They have got some problems. That's not good, because when bad folks have problems, they do bad things," Biden said at a political fundraiser in Utah on Thursday. He said he did not want to hurt China and wanted a rational relationship with the country.- Guardian

Rishi Sunak's stealth tax raid has seen payments to the Exchequer surge by 40pc since the pandemic, Organisation for Economic Cooperation and Development (OECD) analysis shows. Payments of taxes on earnings and wealth - such as income tax and capital gains tax - were up by 39.2pc in the first quarter of this year compared with the final months of 2019, the OECD found. The tax burden on households has shot up more quickly in the UK than in other big rich economies, analysts said, despite all facing similar blows from Covid-19. - Daily Telegraph

Top brands including Versace, Jimmy Choo, Michael Kors and Kate Spade will be brought together under one roof in a £7billion luxury mega-merger. Tapestry, the parent company behind the designer handbag seller Coach, is set to buy Capri Holdings creating a new US fashion powerhouse. New York-listed Tapestry owns brands including Kate Spade and shoe firm Stuart Weitzman, as well as Coach, whose bags are advertised by singer Jennifer Lopez. - Daily Mail

West African leaders have ordered a standby force to be immediately activated for possible use against coup leaders in Niger after the junta defied the bloc's deadline to reinstate the ousted president.Speaking after an emergency summit of the bloc, President Tinubu of Nigeria said "no option is taken off the tables, including the use of force as the last resort". An official communiqué was read out at the gathering of the Economic Community of West African States (Ecowas) in Abuja, which included a resolution asking the bloc's defence chiefs to "activate the Ecowas Standby Force with all its elements immediately". - The Times

The social media company formerly known as Twitter, now called X, will introduce video calls to its platform as executives led by Elon Musk attempt to transform it into an "everything app". X plans to launch the feature and enable users to ring one another without providing a phone number, Linda Yaccarino, its chief executive, said. Yaccarino, 59, the veteran advertising executive hired by Musk to revive the platform's fortunes, also claimed in an interview yesterday that brands including Coca-Cola and Visa had returned to Twitter. - The Times

Share this article

Related Sharecast Articles

Monday newspaper round-up: Renewable energy, BlackRock, Frasers Group
(Sharecast News) - A development company that sells off land no longer needed by Thames Water has paid out a £14m dividend despite warnings that it could become engulfed by the water group's financial woes. Accounts filed at Companies House show Kennet Properties paid out a £14.5m dividend in the year to 31 March 2023 despite the difficulties faced by the wider group, which is facing going into administration. - Guardian
Sunday share tips: Mitie, Costain
(Sharecast News) - The Financial Mail on Sunday's Midas column tipped shares of Mitie to its readers, highlighting it shift from facilities management to facilities transformation.
Sunday newspaper round-up: IDS, Ocado, Foxtons
(Sharecast News) - Asset manager Redwheel told regulators they should reduce the UK postal service's legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to let it cut the number of days per week during which it must deliver second-class mail from six to two or three. That would save the company £300m and see it shrink its workforce by 1,000. According to Redwheel, as first reported by the Sunday Times, the enforced costs of its legal obligations left the company "vulnerable to corporate predators". - Guardian
Friday newspaper round-up: Thames Water, Netflix, consumer confidence
(Sharecast News) - "Misleading" and "inconsistent" labels make it hard for shoppers to know where their food comes from, the consumer champion Which? has said, as it found supermarket chains were selling products with "meaningless" statements on their packaging. Retailers must supply the "country of origin" for specific foods including fresh fruit and vegetables, unprocessed meats, fish, wine and olive oil but the rules do not generally apply to processed meat or frozen or processed fruit and vegetables. - 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.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.