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Friday newspaper round-up: Elon Musk, Metro Bank, Mike Lynch

(Sharecast News) - Elon Musk is under investigation by the US Securities and Exchange Commission over his $44bn takeover of social media giant Twitter, it was revealed on Thursday. The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X, as well as statements and SEC filings he made about the deal. - Guardian

Sam Bankman-Fried's crypto fraud trial gained steam on Thursday when the co-founder of his fallen exchange, Gary Wang, took the stand as a government witness in Manhattan federal court. His testimony came as the highly anticipated trial entered its third day. Bankman-Fried faces seven counts on fraud and conspiracy charges in relation to the implosion of his crypto exchange FTX and its related hedge fund, Alameda Research. - Guardian

Jeremy Hunt must not let Britain's spending watchdog dictate tax policy, a leading think tank has warned. The Institute for Fiscal Studies (IFS) said the Chancellor should not be bound by the Office for Budget Responsibility's (OBR) "short-run" forecasts about the cost of the Government's flagship business investment tax break. - Telegraph

The Bank of England is closely monitoring depositors' behaviour at Metro Bank for any sign of panic after reports that the lender is trying to raise up to £600 million to shore up a potentially shaky balance sheet. Robert Sharpe, Metro's chairman, was due to meet senior officials at the Bank's Prudential Regulation Authority yesterday for a previously scheduled meeting. Analysts said the Bank would be asking for daily, it not hourly, reports on flows, especially as Metro suffered sharp outflows in 2019 after an earlier spell of jitters about its financial strength. - The Times

Mike Lynch, the technology entrepreneur once regarded as a British Bill Gates, is trying to have criminal charges against him dropped in the United States. In May, after a long-running battle, Lynch was extradited to face fraud allegations over Hewlett-Packard's $11 billion acquisition in 2011 of Autonomy, the software company he founded. - The Times

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Thursday newspaper round-up: Border controls, McKinsey, KPMG
(Sharecast News) - New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result. With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson's Brexit deal could add 10% to import costs over the first year. - Guardian
Wednesday newspaper round-up: Shoplifting, EnQuest, Klarna
(Sharecast News) - The government is investing more than £55m in expanding facial recognition systems - including vans that will scan crowded high streets - as part of a renewed crackdown on shoplifting. The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being forced to wear a tag to ensure they do not revisit the scene of their crime, under a new standalone criminal offence of assaulting a retail worker. - Guardian
Tuesday newspaper round-up: Pharma companies, Puig, Thames Water
(Sharecast News) - Rachel Reeves has said an incoming Labour government would launch a £5bn crackdown on tax avoiders to close a gap in its spending plans exposed by Jeremy Hunt scrapping the non-dom regime to finance tax cuts. Warning households and businesses that Labour was prepared to adopt tough measures to tackle tax fraud and non-compliance, Reeves said the funding would be used to pay for free school breakfast clubs and additional NHS appointments. - Guardian
Monday newspaper round-up: Boeing, rent rises, e-scooters, Santander UK
(Sharecast News) - US airline regulators have launched an investigation after an engine cowling on a Boeing plane fell off during takeoff and struck the wing flap. The Southwest Airlines flight 3695 rose to about 10,300ft (3,140 metres) before returning safely 25 minutes after takeoff to Denver international airport at about 8.15am local time on Sunday. It was towed to the gate after landing. The Boeing aircraft with 135 passengers and six crew members aboard had been headed to Houston. No one was injured. - 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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