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Monday newspaper round-up: Coal power plant, Deloitte, RBS scandal

(Sharecast News) - Britain's only remaining coal power plant at Ratcliffe-on-Soar in Nottinghamshire will generate electricity for the last time on Monday after powering the UK for 57 years. The power plant will come to the end of its life in line with the government's world-leading policy to phase out coal power which was first signalled almost a decade ago. - Guardian Almost half of British adults will ration their energy use this winter, a survey has found, as energy bills will rise again by 10% this week. Charities have called on the government to do more to help vulnerable people to heat their homes, with the average household bill scheduled to rise by £149 after the energy price cap increases on Tuesday. - Guardian

Deloitte cut its UK partners' pay packets by £48,000 in the last financial year as it sought to promote more people to its senior ranks. The "big four" firm said average partner pay was down to £1.012m for the year to the end of May, compared with £1.060m in 2023. It said this reflected the fact it had been increasing its number of people in senior posts, with 80 of its employees promoted to partner over the past 12 months. - Telegraph

The Government is poised to approve the extension of HS2 into Euston station, despite concerns it could saddle the taxpayer with billions of pounds in extra costs. The move will ensure that the high-speed rail route runs into the centre of London rather than ending at Old Oak Common in the west of the capital. Chancellor Rachel Reeves will reportedly use her first Budget next month to approve funding for the project, which will also include a multi-billion-pound transformation of Euston. - Telegraph

Instead of the London Stock Exchange's junior market looking forward to celebrating its 30th birthday next year, the City is braced for the threat of a Halloween "Nightmare on Aim Street" at next month's budget. In the run-up to Labour's first budget in almost 15 years - to be delivered the day before Halloween - investors have been spooked by concerns that the Treasury is considering cutting a "vital" tax relief that has underpinned the Alternative Investment Market (Aim) since shortly after it was launched in 1995. - The Times

The Financial Conduct Authority permitted the destruction after only 12 months of more than one million documents collated during a banking scandal investigation - despite the fact that the regulator has a policy of retaining documents for 25 years. The regulator told Promontory, a private sector firm it commissioned to look into the mistreatment of thousands of small businesses by Royal Bank of Scotland, that it needed to keep the documents it had compiled for one year after it had completed its work. - The Times

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(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
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(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - Guardian
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(Sharecast News) - An increasingly complex tax system is burdening the government and businesses with hundreds of millions of pounds more in administration costs, Whitehall's spending watchdog has warned. The report by the National Audit Office (NAO) also said "poor levels of service" meant some taxpayers and their representatives were "finding it more difficult to deal with their tax matters and are losing trust in HM Revenue & Customs [HMRC]". - 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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