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Tuesday newspaper round-up: Bluesky, British Steel, FRC

(Sharecast News) - Social media platform Bluesky has picked up more than 700,000 new users in the week since the US election, as users seek to escape misinformation and offensive posts on X. The influx, largely from North America and the UK, has helped Bluesky reach 14.5 million users worldwide, up from 9 million in September, the company said. - Guardian The owners of British Steel are to keep the blast furnaces at its Scunthorpe site running past Christmas amid talks over government support for a switch to less polluting technology. The government is thought to be considering aid for British Steel at the same level or even higher than the £500m pledged to Tata Steel, which closed its two blast furnaces in Port Talbot in September. However, no decisions on the shape of a package have been made. - Guardian

Rachel Reeves's tax raid risks turning high streets into "ghost towns" for much of the week, as pubs, restaurants and shops prepare to shut earlier and open on fewer days. Retail and hospitality chiefs said they were actively looking at reducing opening hours in response to Ms Reeves's decision to raise employers' National Insurance contributions. It raises fears that the Budget will worsen problems for Britain's high streets and leave town centres largely shuttered outside the busiest shopping days of the week. - Telegraph

Herbert Smith Freehills is planning to merge with its US rival Kramer Levin to create one of the 20 largest law firms in the world. The combined operation will have more than $2 billion of annual revenue and 2,700 lawyers, including 640 partners across 25 offices. The merger is designed to accelerate growth in the US across sectors including energy, infrastructure, mining and technology. - The Times

The Financial Reporting Council is looking to remove the mention of "the environment and society" from its definition of good stewardship for institutional investors. Currently, the accounting watchdog describes stewardship as "the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society". - The Times

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(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
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(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - Guardian
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(Sharecast News) - An increasingly complex tax system is burdening the government and businesses with hundreds of millions of pounds more in administration costs, Whitehall's spending watchdog has warned. The report by the National Audit Office (NAO) also said "poor levels of service" meant some taxpayers and their representatives were "finding it more difficult to deal with their tax matters and are losing trust in HM Revenue & Customs [HMRC]". - 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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