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Monday newspaper round-up: Hospitality, wind generation, Vertical Aerospace

(Sharecast News) - Great Britain "lags behind" Europe on measures to restrict betting adverts, according to a report released days after official data showed a sharp increase in the number of children with a gambling problem. Restrictions on ads by bookmakers and casinos are increasingly becoming "the norm" across Europe in response to public health concerns, according to a report commissioned by GambleAware, the UK's leading gambling charity. - Guardian Hospitality businesses will be forced to close while others will have to slash jobs and investment as a result of changes to national insurance announced in the budget, according to a letter to the chancellor signed by the bosses of more than 200 of the UK's largest restaurant, pub and hotel businesses. The letter - with signatories including the Premier Inn owner Whitbread and pub and restaurant group Mitchells & Butlers - comes as reports suggested Tesco would face an additional £1bn in costs over the course of the current parliament as the result of the increase in employers' national insurance contributions (NICs). - Guardian

Britain's wind generation is set to plummet to virtually zero this week as Ed Miliband presses ahead with plans to increase the nation's reliance on renewable energy. Much of the UK has seen zero hours of sunshine this month, and the first part of this week will see already-light winds hit fresh lows in many areas, according to Met Office forecasters. - Telegraph

A City grandee, business groups and a staff union have urged MPs to intervene to ensure the publication of a long-delayed report on a £1 billion fraud at Lloyds Banking Group. Lord Tyrie, former chairman of the Treasury committee, said the handling of the Dame Linda Dobbs review into whether Lloyds covered up a fraud at HBOS, the lender it rescued in 2009, was "itself becoming a scandal". - The Times

Vertical Aerospace is in advanced negotiations with creditors over a rescue deal that will probably result in its founder ceding control of the Bristol-based would-be manufacturer of electric flying taxis. Vertical could announce a deal as early as Tuesday with Jason Mudrick, an American distressed debt investor, based on the conversion of $200 million of loans from his Mudrick Capital into a big equity stake, significantly diluting the Ovo Energy tycoon Stephen Fitzpatrick's 70 per cent control of the company. - 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

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