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Monday newspaper round-up: Tourist tax, Amazon, FCA

(Sharecast News) - Millions of tourists to the UK could soon be asked to pay a local visitor levy as cash-strapped councils try to raise money to fund services. Nearly half of Scotland's local councils are considering a mandatory levy on overnight stays, known as a tourist tax, to help cope with a surge in visitors that has overwhelmed places such as Skye, the Callanish stones on Lewis and Orkney's neolithic sites. - Guardian Thousands of Amazon workers are expected to protest or strike in more than 20 countries during Black Friday to press for better workers' rights and climate action from the US retailer. Workers and representatives from unions and workers' groups intend to join protests against the Seattle-based company's practices between Black Friday and Cyber Monday (29 November and 2 December), one of the biggest shopping weekends of the year. - Guardian

Angela Rayner must bring planning officers out of retirement in order to achieve a government pledge to build 1.5m homes, the estate agent Savills has said. The Housing Secretary's plans to bring in an additional 300 planning officers will be far short of the "thousands" needed if it wants to follow through on its manifesto pledge to build 1.5m homes over the next five years, the head of planning at Savills has said. - Telegraph

The Observer made a profit of more than £3m last year, according to internal figures which raise questions over claims it must be offloaded to protect The Guardian. A report seen by The Telegraph shows that the Sunday title made a profit of £3.4m in the year to the end of March, outstripping forecasts by almost £300,000. - Telegraph

The City regulator is opaque and unaccountable and "widely seen as incompetent", according to a report due to be revealed in parliament on Tuesday. A study of views on the Financial Conduct Authority, which includes the opinions of some current and former staff, is due to report claims that the organisation has a "defective culture", is too close to those it regulates and is "slow to act and even slower to admit it has got things wrong". - The Times

Britain's 500 biggest companies paid a record £1.45 billion in audit fees this year, as accounting firms raised their prices to cover the extra work staff are having to put in. HSBC remains the most lucrative audit contract in the UK, with the bank paying £88 million to PwC, up from £78 million in 2023. Shell and BP, the two oil majors, are the next biggest audit fee payers at £51 million and £45 million respectively. - The Times

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Thursday newspaper round-up: Höfner, Sotheby's, Christie's
(Sharecast News) - Ministers and senior MPs have warned that the UK's agreements with Donald Trump are "built on sand" after the Guardian established that the deal to avoid drug tariffs has no underlying text beyond limited headline terms. The "milestone" US-UK deal announced this month on pharmaceuticals, which will mean the NHS pays more for medicines in exchange for a promise of zero tariffs on the industry, still lacks a legal footing beyond top lines contained in two government press releases. - Guardian
Wednesday newspaper round-up: Grangemouth ethylene plant, Warner Bros, ChatGPT
(Sharecast News) - Jim Ratcliffe's chemicals company Ineos has been granted £120m of government funding to help save the UK's last ethylene plant at Grangemouth, in a deal expected to protect more than 500 jobs. The investment in the Scottish plant was necessary to preserve a vital part of the country's chemicals infrastructure, the UK government said. The ethylene produced there was essential for medical-grade plastics production, water treatment and in aerospace and car-building, it added. - Guardian
Tuesday newspaper round-up: Nissan, Morrisons, Ford
(Sharecast News) - Nissan has started the production of its latest electric car in Sunderland, a crucial step in the UK automotive industry's transition away from petrol and diesel. The Japanese manufacturer will launch the third generation of the Leaf on Tuesday, which was the first mass-market battery electric car to be built in the UK. Nissan has made 282,704 Leaf models at the north-east England plant so far. - Guardian
Monday newspaper round-up: Cryptocurrencies, jobs downturn, Cycle Pharma
(Sharecast News) - Cryptocurrencies will be regulated in a similar way to other financial products under legislation coming into force in 2027. The Treasury is drawing up rules that will require crypto companies to meet a set of standards overseen by the Financial Conduct Authority (FCA). Ministers have sought to overhaul the crypto market, which has ballooned in popularity as a way of investing money and making payments. Cryptocurrencies have not been subject to the same regulation as traditional financial products such as stocks and shares, which means that in many cases consumers do not enjoy the same level of protection. - 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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