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Monday newspaper round-up: Manufacturers, landlords, Blackstone

(Sharecast News) - The UK's tax authority has not fined a single "enabler" of offshore tax evasion or noncompliance in five years, despite landmark powers to impose huge fines. Tory ministers claimed new laws introduced in 2017 allowed HM Revenue and Customs (HMRC) to pursue accountants, lawyers and bankers who facilitate offshore tax evasion would "create a level playing field", with potential fines of several millions of pounds. - Guardian Britain's largest manufacturers are expecting orders and output to increase dramatically in the second half of the year, even as a chronic shortage of skilled workers is threatening the ability of some companies to do business. Manufacturing is returning to normal business conditions after wild swings in demand during the pandemic, disruptions in prices after the Russian invasion of Ukraine, and the effect on supply chains of blockages and conflict around the Suez canal, according to a survey of 320 companies by the trade body Make UK. - Guardian

Labour's plan to strike a security pact with the European Union will threaten British sovereignty, Grant Shapps has warned. The Defence Secretary claimed the proposal would hand control over key defence decisions to Brussels and sow division within Nato, at a time when the EU is seeking to set up separate military structures to the transatlantic alliance. - Telegraph

Landlords will be hoping for a welcome boost from the Euros and Olympics this summer, but for many pubs it will come too late. Pubs are disappearing at a rate of 80 a month across England and Wales so far this year, according to analysis of official figures by property consultancy Altus Group. The monthly rate of "vanishing" pubs has jumped by 56pc compared to last year. The analysis measures the number of premises that have been either demolished or repurposed and includes some that were sitting vacant or up for let before disappearing. - Telegraph

Blackstone has taken the unusual step of paying directors at Hipgnosis Songs Fund an extra £250,000 in fees for the "increased workload" associated with getting the £1.2 billion sale of the music rights specialist over the line. The private equity firm improved its offer for the music rights owner to $1.6 billion this month and restructured the deal to make it easier to complete, ending a long-running takeover saga. - The Times

The rise in the minimum wage is piling pressure on employers, who are cutting back on hiring this summer amid broader fears of labour shortages in key sectors of the economy, according to new figures. Data from the Recruitment and Employment Confederation, an industry body, shows job postings for temporary summer jobs have fallen sharply in the hotel, restaurant, tourism and construction sectors in April and May, compared with the same months last year after a climb in the minimum wage. - 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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