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Wednesday newspaper round-up: Chelsea FC, Soros, banks

(Sharecast News) - An international deal that would force the world's biggest multinational companies to pay a fair share of tax has been delayed until 2024 amid fresh wrangling over the painstakingly negotiated agreement. Mathias Cormann, the secretary-general of the Organisation for Economic Co-operation and Development (OECD), told the World Economic Forum in Davos, Switzerland, that there were "difficult discussions" taking place that meant the deal could not come into force in 2023, as previously hoped. - Guardian The £4.25bn takeover of Chelsea football club has been completed after Roman Abramovich agreed to the UK government's terms for the sale, ending a tumultuous period that raised fears over the club's existence. Nadine Dorrie, the sports and culture minister, said the UK government issued a licence on Tuesday night that permits the sale of Chelsea. A new era at Stamford Bridge can officially begin after a bid led by Todd Boehly, a part-owner of baseball's LA Dodgers, was given permission to go through. The government issued a licence for the sale after it said it was "now satisfied that the full proceeds of the sale will not benefit Roman Abramovich". He was hit with sanctions after the Russian invasion of Ukraine. - Guardian

George Soros has warned that the conflict in Ukraine could spiral into a Third World War that ends western civilisation. Mr Soros, the billionaire investor and advocate of European integration, said that the conflict had "shaken Europe to its core" in a speech to the World Economic Forum in Davos. - Telegraph

Europe's leaders are increasingly worried that the EU will jump from the frying pan into the fire as it breaks dependence on Russian fossil fuels, becoming equally dependent on supplies of strategic minerals controlled by China. Ursula von der Leyen, the European Commission's president, said Brussels is scrambling to lock in a long-term supply of critical raw materials vitally needed to underpin its green deal and its vast expansion of renewable power, seeking accords with friendly countries as surging global demand for green-tech resources far exceeds existing supply from miners. It has already signed a deal with Canada. - Telegraph

Britain's biggest lenders and insurers face losses of more than £330 billion by 2050 if governments allow carbon emissions to rise unchecked, the Bank of England has warned, as it urged the City to do "much more" to manage its exposure to climate change risks. The findings of Threadneedle Street's first climate stress test on the financial system, released yesterday, indicate that about 7 per cent of households - roughly two million - that have insurance today might be forced to forgo cover in future, either because the cost of policies would be too expensive or because their homes had been rendered uninsurable. - 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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