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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Tuesday newspaper round-up: TikTok, Arrival, Twitter

(Sharecast News) - As the US legislative battle over TikTok continues to escalate, Shou Zi Chew, the chief executive of the video-sharing app, will make his first appearance before Congress to testify next month. Chew will testify before the House energy and commerce committee on 23 March, Republican representative Cathy McMorris Rodgers confirmed in a statement on Monday, as scrutiny of the Chinese-owned app over data privacy concerns grows. - Guardian The British electric vans startup Arrival is cutting 800 jobs, about half its remaining workforce, to reduce costs as it seeks extra funding and plans US expansion to take advantage of green energy subsidies. The troubled electric vehicle maker said "approximately 50%" of the company's 1,600-strong global workforce would leave the company. Arrival told investors that the job cuts, and other measures to trim spending, would results in a halving of its operating costs to "approximately $30m (£24m) per quarter" following a review of its operations. - Guardian

Elon Musk is going head to head with his old company PayPal as Twitter gears up to become an online payments business. The social media company has been applying for payments processing licences across the US as well as hiring people to start building a payments system. - Telegraph

Britain's electric car market risks being left behind as the EU ramps up a transatlantic subsidies war with the US, Chancellor Jeremy Hunt has been warned. Brussels is preparing to unveil a package of measures on Wednesday aimed at supporting renewable energy, electric vehicles and other green technologies, in response to similar measures in Joe Biden's $430bn Inflation Reduction Act. - Telegraph

The UK is on course to be the world's worst-performing big economy this year, according to the International Monetary Fund. In an update to its growth outlook, the IMF delivered a hefty blow to Britain's prospects despite brightening global conditions, with a 0.9 percentage point downgrade to the UK's annual growth projection year. - The Times

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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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