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Tuesday newspaper round-up: SVB, Country Garden, pensions

(Sharecast News) - SVB Financial Group and two top executives have been sued by shareholders over the collapse of Silicon Valley Bank, as global stocks continued to suffer on Tuesday despite assurances from US president Joe Biden. The bank's shareholders accuse SVB Financial Group chief executive Greg Becker and chief financial officer Daniel Beck of concealing how rising interest rates would leave its Silicon Valley Bank unit "particularly susceptible" to a bank run. - Guardian China's top property developer expects to record a loss in 2022 - its first since the company went public in 2007 - in another blow for the country's embattled property sector. In a filing to the Hong Kong stock exchange, Country Garden said that the losses for 2022 would amount to between 5.5bn yuan and 7.5bn yuan (£663.6m-£904.9m). In 2021 Country Garden's profits reached 26.8bn yuan. - Guardian

Jeremy Hunt is preparing to boost the tax-free allowance for pensions by more than half a million pounds as he battles the wave of early retirement that has squeezed growth. The so-called lifetime allowance (LTA) - which is the maximum amount of money workers can put in their pensions before they are taxed - is expected to be lifted from just over £1m in the Chancellor's maiden Budget. - Telegraph

Older people have not stopped working since the pandemic because of ill-health or to look after their grandchildren but because they can afford to retire early, a think tank has claimed. There are about 516,000 more economically inactive people in Britain now than there were before Covid, about 60 per cent of whom are aged between 50 and 64, according to the Centre for Policy Studies. - The T|imes

The government has been urged to invest in green technologies to create a "jobs engine" that could help the country to hit its net zero targets. Britain could create up to 1.6 million jobs over the next ten years if it emulates the United States and the European Union with a plan for investing in renewable energy sources and other green infrastructure, according to the Institute for Public Policy Research. - The Times

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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
Thursday newspaper round-up: Car production, UK retailers, water bills, KPMG
(Sharecast News) - The architect of a ban on newspaper takeovers by foreign states has demanded that an Abu Dhabi fund be forced to sell The Telegraph by Easter. Baroness Stowell, the Conservative chairman of the Lords communications and digital committee, said the Government should impose an ultimatum on RedBird IMI. It should be backed by the threat of regulatory action, she said, to strip the fund of control of what has been dubbed "the newspaper auction from hell". - Telegraph

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