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Sunday newspaper round-up: Wilko, John Lewis, ARM...

(Sharecast News) - Administrators to discount chain Wilko have won the backing of creditors for a rescue deal led by HMV tycoon Doug Putman that could save about 8,000 jobs. PwC is understood to have secured support from the Pension Protection Fund, an industry-backed lifeboat, as well as other creditors, including major landlords and suppliers, for the deal. - The Sunday Times EY, the auditor of collapsed retail chain Wilko, is facing a backlash for its oversight of the group after signing off its accounts despite the firm having warned that it did not have enough funds to cope with a sharp drop in sales. [...] The risk of insolvency appears to have been flagged as long ago as January last year when the firm was putting the finishing touches to its most recent set of annual accounts, for the year to 29 January, 2022. - Mail on Sunday

John Lewis faces "extreme challenges" in making a paper profit on its flagship housing scheme, its advisers have warned. A scheme to build more than 400 flats above a Waitrose in West Ealing risks costing significantly more to build than it is worth on paper. The project threatens to deliver a negative return of £57m, planning documents show. The official early analysis, commissioned by John Lewis Partnership, raises fresh questions about the retailer's plans to expand into property under chairman Dame Sharon White. - The Sunday Telegraph

British chip designer Arm is seeking a valuation of between $50 billion (£40 billion) and $55 billion when it floats in the US this month, a significant cut to the $64 billion figure it achieved in a deal last month. The downgrade appears to be a big climbdown for its owner, the Japanese investment giant SoftBank, which acquired the 25 per cent of Arm it did not already control from its own Vision Fund for $16.1 billion in August. The deal implied a value of $64 billion. - The Sunday Times

Britain faces the biggest jump in age-related healthcare spending in Europe as a result of a rapidly expanding NHS and an increasingly elderly population. Spending on healthcare for the elderly is on course to rise by just under 8pc of gross domestic product (GDP) over the next 50 years, official projections show - or around £200bn in today's money. This compares with a predicted rise of less than 1pc of GDP over the same period in Germany and around 2pc in France, where health insurance is mandatory. - The Sunday Telegraph

Chancellor Jeremy Hunt has insisted that his plan to halve inflation is "working" despite further expected interest rate hikes and rising energy bills set to inflict more pain on households. [...] Mr Hunt said he knew family budgets were still stretched, but he insisted "we are on track to halve inflation this year and by sticking to our plan we will ease the pressure on families and businesses alike". - The Independent

The government is in advanced talks with the country's largest steel producer, Tata Steel, over a £500m package to secure its long-term future in the UK, according to reports. [...] Under the deal, Tata Steel would also be required to commit to building electric arc furnaces to reduce carbon emissions. The production process, which is less labour-intensive than current blast furnaces, could result in the loss of thousands of jobs. - The Guardian

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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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