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Tuesday newspaper round-up: Energy suppliers, JLR, business optimism

(Sharecast News) - Switching between energy suppliers is expected to return later this year after a two-year pause due to lack of competition amid high bills. The energy consultancy Cornwall Insight said on Monday that easing costs later this year would present consumers with the chance to "take back some control" over their bills, as suppliers compete for customers again. - Guardian Switching to a four day week makes companies more money while also boosting staff happiness and reducing burnout, a major study has suggested. The landmark research project run in part by the University of Cambridge has found that, on average, businesses adopting a four-day working pattern increased their revenues by more than a third. It comes amid a fierce debate about how to solve Britain's long-running productivity crisis. - Telegraph

Jaguar Land Rover is racing to hire tech workers who have been laid off across Europe as it attempts to develop a self-driving car. The company (JLR) intends to recruit 100 more engineers at new hubs in Munich, Germany; Bologna, Italy; and Madrid, Spain. Its recruitment drive follows a wave of redundancies at big tech companies following a global slowdown. The parent companies of Google and Facebook are axing 23,000 jobs between them, with many other players following suit. - Telegraph

Bosses of small companies are increasingly upbeat about their prospects, according to a survey, adding to evidence that the outlook for the British economy may not be as bad as has been feared. A poll of small and medium-sized firms commissioned by Barclays found that 41 per cent were optimistic about their outlook, the highest level since the second quarter of last year. Fifty-five per cent were expecting to increase revenues this quarter compared with a year earlier, while a third were planning to hire more staff in the next 12 months. - 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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