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Wednesday newspaper round-up: Alphabet, Uber, Marks & Spencer

(Sharecast News) - Alphabet revenue fell below analysts' expectations in the third quarter, it announced on Tuesday, as it continues to battle an industry-wide tech slowdown. The company reported a third quarter revenue of $69bn, up 6% from last year but lower than analyst estimates of $70.9bn. Like many tech and social media firms, Alphabet is struggling to compete with TikTok amid a broader economic downturn. - Guardian The whistleblower who revealed how Uber flouted the law and secretly lobbied governments around the world has called on European lawmakers to take on the "disproportionate" and "undemocratic" power held by tech companies. Speaking to a committee of MEPs in the European parliament, Mark MacGann, who was Uber's top lobbyist in Europe, said the cab-hailing company's practices were "borderline immoral" as he recalled the "almost unlimited finance" executives had to lobby and silence drivers with legal disputes. - Guardian

Marks & Spencer has vowed to abandon its flagship Marble Arch store if plans to knock down the building are blocked. The upmarket retailer warned that it will leave the Oxford Street shopping district if it is unable to demolish the Art Deco landmark and replace it with a new 10-storey retail and office block. - Telegraph

Plans to cut EU energy bills have sparked anger in Brussels after it emerged the bloc may end up subsidising cheap power for Britain. Low prices on the continent could see electricity vacuumed up by export markets, European Commission officials are warning. One solution would be to charge higher prices to export markets such as Britain but officials fear this could be in breach of the Brexit agreement. - Telegraph

The boss of HSBC has become the first chief executive of a big British bank to publicly signal his resistance to a windfall levy on lenders after he warned that the sector already faced higher taxes than other industries. Noel Quinn, 60, said yesterday that the combination of corporation tax, the bank surcharge and the bank levy on balance sheets meant "there is already a large amount of tax paid by the financial services sector in the UK". - The Times

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Sunday newspaper round-up: Middle East, Aston Martin, Defence
(Sharecast News) - Britons must accept that their country was now involved in the Middle East conflict, Tobias Ellwood said. The former defence minister warned that "nobody was in full control" of the growing conflict as more and more countries were sucked in. Ellwood also said that Tehran's strike had taken the conflict into a "new dangerous territory". - Sunday Telegraph
Friday newspaper round-up: Everton, AstraZeneca, Amazon
(Sharecast News) - Everton has paid about £30m in interest charges to an opaque lender associated with a tax exile, corporate records suggest. The charges appear to have reached about £438,000 a week, according to the troubled Premier League club's most recent set of accounts, a figure more than three times the reported wages of the Everton and England goalkeeper Jordan Pickford. - Guardian
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

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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