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Monday newspaper round-up: Russian assets, Amazon, City banks

(Sharecast News) - Truss told MPs last week she was supportive of the idea that the government could seize frozen Russian assets in the UK and redistribute them to victims of Russia's war in Ukraine. She said: "I am supportive of the concept. We are looking at it very closely. The Canadians have in fact just passed legislation This is an issue that we are working on jointly with the Home Office and the Treasury, but I certainly agree with the concept. We just need to get the specifics of it right." - Guardian Amazon is launching a fleet of e-cargo bikes and a team of on-foot delivery staff to replace thousands of van deliveries on London's roads. The online retailer is opening its first "micromobility" hub in Hackney, east London, which - along with an existing fleet of electric vehicles - will contribute to 5m deliveries a year across about a 10th of the capital's ultra low emission zone postcode districts. The bikes will be operated by a variety of partner businesses, not directly by Amazon, it is understood. - Guardian

British banks have made more profit than French rivals for the first time since 2015, despite efforts by EU officials to shift more jobs out of London and onto the continent post-Brexit. UK banks generated $55.1bn (£46bn) in pre-tax profits last year as big lenders benefited from an economic bounce back from Covid, a private equity deal-making boom and a soaring housing market. - Telegraph

Elon Musk's Tesla is facing a $440m (£363.5m) writedown on its Bitcoin holdings after a spectacular slump in the digital currency's value. Tesla bought $1.5bn worth of Bitcoin early last year in a radical move that made it the biggest company to move part of its cash reserves into cryptocurrency. - Telegraph

One of Europe's largest clusters for life science companies is to be created via a joint venture between UBS Asset Management and Reef Group to invest up to £900 million to develop land at a GSK research site in Stevenage. UBS Asset Management, other unnamed investors and Reef, as development partner, have acquired 33 acres of land from GSK, the FTSE 100 drugs group, to create an estimated 1.4 million sq ft of laboratory and office facilities, providing space for up to 5,000 "highly skilled" new jobs. The Hertfordshire site hosts one of GSK's two main global research and development facilities as well as the Cell and Gene Therapy Catapult, a biotechnology hub, and the Stevenage Bioscience Catalyst. - The Times

The Manufacturing Technology Centre, an organisation that develops and implements technology emerging from universities, is offering its 820 staff the option of a four-day week. The decision follows a two-year trial of flexible working conducted with more than 600 of its staff members, which saw half of them reporting higher productivity and morale when they were able to choose how and when they worked. - 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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