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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: News Corp, Shell, Stamp Duty tax

(Sharecast News) - Media conglomerate News Corp said on Thursday that it would cut 1,250 jobs after it missed estimates for second-quarter earnings due to weakness in its news and digital real estate businesses. Rising inflation and higher interest rates are forcing companies to curb their ad and marketing spend, denting one of the major sources of revenue for companies such as News Corp, which has major publishing platforms including the Wall Street Journal and New York Post in the US, the Sun and the Times in the UK, and the Australian. - Guardian British companies have been banned from paying ransomware hackers after a spate of attacks on businesses including Royal Mail and the Guardian newspaper. Foreign Secretary James Cleverly on Thursday unveiled sanctions on seven Russian hackers linked to a gang called Conti, effectively banning any payments to the group. - Telegraph

Shell investors are backing legal action against the company's directors, claiming they are failing to do enough to tackle climate change. Nest, the UK pension fund, and Danske Bank Asset Management, the Danish asset manager, are among those supporting a case brought by ClientEarth, an environmental charity that owns a small number of Shell shares. - Telegraph

A judge in New York yesterday extended a ban on the ability of Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, to contact employees of companies he once controlled and to use encrypted messaging technology while out on bail awaiting trial on fraud charges. This month District Judge Lewis Kaplan temporarily barred Bankman-Fried from contacting any present or former employees of FTX or Alameda Research, his hedge fund, after prosecutors raised concerns that the 30-year-old former billionaire may be trying to tamper with witnesses. As a condition of his release on a $250 million bond, the judge also prevented Bankman-Fried from using messaging apps such as Signal that allow users to auto-delete messages. - The Times

One of Britain's biggest investment platforms has added its voice to a campaign to scrap stamp duty on investment trust share purchases after calculating that its clients alone had paid £30 million in the tax over the past three years. Interactive Investor, which has about 400,000 clients, called the levy on investment trusts "anti-competitive and unfair" and it wants Jeremy Hunt to change the rules in the budget next month. - 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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