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Sunday newspaper round-up: PD Ports, OneWeb, Tax cuts

(Sharecast News) - Australian investment outfit Macquarie is studying a possible £1bn bid for PD Ports, the logistics empire that includes the strike-plagued Felixstowe port in the south or Teesport in the northeast. An auction by PD 's owner, Canadian private equity firm Brookfield, was cancelled in November following a legal spat with the South Tees Development Corporation, which owns the land around Teesport. Bids at the auction had reached around £1.3bn but the economic backdrop and performance of PD Ports had worsened since then. Originally, PD Ports had sought a sale price of £2.0bn. - The Sunday Times OneWeb is looking to raise billions of pounds to finance a huge low-orbit communications network. The company is immersed in talks with a consortium of lenders to help finance its ambitious plans, including a new generation of launches, to the tune of around £3bn of debt. French state-backed lender BPI and America's credit export agency may also be involved. Nonetheless, the plans may take nine months or more to finalise. - Financial Mail on Sunday

The Chancellor is preparing to delay his first full budget until the following year, amid increasing concern that he wants to avoid his tax cuts from coming under scrutiny because they will likely breach the government's existing fiscal rules. Details of his plans for £30bn of tax cuts and for an energy price cap are expected on Friday. However, over the coming months he is expected to overhaul the fiscal rules in order to ensure compliance. At present, the tax cuts look set to break the rule mandating that debt, as a proportion of gross domestic product, should decline by 2024/25. - Guardian

Baby goods retailer Mothercare has warned that it may run out of cash should customers tighten their purse strings excessively during the cost of living crisis. The company warned that should "trading conditions were to deteriorate" past its most pessimistic forecasts and were it not able to reduce costs then it might run into liquidity problems. That could require new financing or debt waivers. Mothercare's sales were also hit by its exit from Russia. - The Financial Mail on Sunday

Johnson Matthey is looking at possible job cuts as part of a shake-up of the chemicals giant. The company reportedly told dozens of staff at Stockton-on-Tees that they might be made redundant and their work shifted to Malaysia. But after Johnson Matthey said that it was "exploring all options" as part of its "new strategy to simplify the business", stoking fears that further layoffs are possible. - The Financial Mail on Sunday

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Sunday newspaper round-up: Middle East, Aston Martin, Defence
(Sharecast News) - Britons must accept that their country was now involved in the Middle East conflict, Tobias Ellwood said. The former defence minister warned that "nobody was in full control" of the growing conflict as more and more countries were sucked in. Ellwood also said that Tehran's strike had taken the conflict into a "new dangerous territory". - Sunday Telegraph
Friday newspaper round-up: Everton, AstraZeneca, Amazon
(Sharecast News) - Everton has paid about £30m in interest charges to an opaque lender associated with a tax exile, corporate records suggest. The charges appear to have reached about £438,000 a week, according to the troubled Premier League club's most recent set of accounts, a figure more than three times the reported wages of the Everton and England goalkeeper Jordan Pickford. - Guardian
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

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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