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Sunday newspaper round-up: Debt deal, Rolls-Royce, supermarkets

(Sharecast News) - The legislation needed to implement the debt deal agreed between president Joe Biden and House speaker Kevin McCarthy is being urgently worked on so that it can be put to a vote in Congress. Lawmakers were expected to be given the details of the agreement on Sunday with McCarthy aiming for it to be brought to the floor of the House on Wednesday. Biden was nevertheless confident that the deal would pass in Congress. - Guardian

Thousands of jobs are set to go at Rolls-Royce as the engineer launches a dramatic turnaround plan aimed at cutting costs. Consultants at McKinsey will advise on how to streamline the business. One consultancy source said that the merger of departments could reduce the company's 30,000 non-manufacturing positions by a tenth. Rolls-Royce however says that no decision has been taken. The company has also identified £1.5bn of non profitable contracts which it aims to renegotiate and is also planning to reduce its working capital. - The Sunday Times

Ministers are analysing together with supermarkets how to voluntarily cap the prices of basic food items in order to alleviate the cost of living squeeze. Among the essentials that will likely be included are bread and milk. The agreement appeared to be similar to that recently reached in France between food retailers and the government to set the "lowest possible price" for everyday products during an initial period of three months. - Guardian

The Bank of England will step in if the recent chaos in the bond market continues. For former Trade Minister Liam Fox, the chaos is Bank's fault for taking their eye off the ball on inflation. Experts caution that further interest rate hikes could break the pensions sector and add to the pain of the 1.3m homeowners who are set to remortgage in 2023. Hiking Bank Rate to 5.5% could send more shockwaves through financial markets, some say. - Financial Mail on Sunday

Lloyds Bank slammed Facebook-owner Meta for what it said was its failure to stop a 'Wild West' surge in digital shopping scams known as 'purchase' frauds. For years now, lenders and insurance companies have fumed at the fact that social media outfits are not held responsible for their fair share of compensation to the victims of fraud through their platforms. - The Financial Mail on Sunday

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Thursday newspaper round-up: CMA, Riverford, Lloyds, Arm Holdings
(Sharecast News) - The appointment of the former boss of Amazon UK to lead the competition watchdog poses a threat to its independence and pledge to hold big tech to account, according to a group including tech companies and the former business secretary Vince Cable. The group - which includes the News Media Association, the Firefox developer Mozilla, the consumer group Which? and the Future of Technology Institute - has written to the chancellor, Rachel Reeves, to raise concerns about the appointment of Doug Gurr as the interim chair of the Competition and Markets Authority (CMA). - Guardian
Wednesday newspaper round-up: Thames Water, Johnson & Johnson, BoE
(Sharecast News) - Thames Water may need as much as £10bn in debt and equity investment to repair its finances, according to a representative of creditors hoping to lend the struggling utility another £3bn. London's high court heard evidence on Tuesday that suggested the UK's largest water company may need significantly more resources than the roughly £6.3bn it has previously indicated. - Guardian
Monday newspaper round-up: Zero-hours contracts, Barclays, Asos
(Sharecast News) - Hundreds of thousands of British workers are on zero-hours contracts despite being with the same employer for years, according to analysis from the TUC. The majority of zero-hours contract workers have been with their employer for more than 12 months, while one in eight have not been granted regular employment rights after more than a decade working in the same place, the organisation said. - Guardian
Friday newspaper round-up: Apple, Daily Mail, OpenAI, Homebase
(Sharecast News) - Apple slightly beat analysts' expectations in its first-quarter earnings for fiscal year 2025 on Thursday. The iPhone-maker's revenue rose by 4%, coming in at $124.30bn, barely above estimates of $124.12bn. Earnings per share were $2.40, just ahead of analysts' expectations of $2.35. Shares rose more than 8% in extended trading after CEO Tim Cook indicated in an earnings call on Thursday that Apple is on the trajectory for revenue growth next quarter. - Guardian

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