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Friday newspaper round-up: Elon Musk, Metro Bank, Mike Lynch

(Sharecast News) - Elon Musk is under investigation by the US Securities and Exchange Commission over his $44bn takeover of social media giant Twitter, it was revealed on Thursday. The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X, as well as statements and SEC filings he made about the deal. - Guardian

Sam Bankman-Fried's crypto fraud trial gained steam on Thursday when the co-founder of his fallen exchange, Gary Wang, took the stand as a government witness in Manhattan federal court. His testimony came as the highly anticipated trial entered its third day. Bankman-Fried faces seven counts on fraud and conspiracy charges in relation to the implosion of his crypto exchange FTX and its related hedge fund, Alameda Research. - Guardian

Jeremy Hunt must not let Britain's spending watchdog dictate tax policy, a leading think tank has warned. The Institute for Fiscal Studies (IFS) said the Chancellor should not be bound by the Office for Budget Responsibility's (OBR) "short-run" forecasts about the cost of the Government's flagship business investment tax break. - Telegraph

The Bank of England is closely monitoring depositors' behaviour at Metro Bank for any sign of panic after reports that the lender is trying to raise up to £600 million to shore up a potentially shaky balance sheet. Robert Sharpe, Metro's chairman, was due to meet senior officials at the Bank's Prudential Regulation Authority yesterday for a previously scheduled meeting. Analysts said the Bank would be asking for daily, it not hourly, reports on flows, especially as Metro suffered sharp outflows in 2019 after an earlier spell of jitters about its financial strength. - The Times

Mike Lynch, the technology entrepreneur once regarded as a British Bill Gates, is trying to have criminal charges against him dropped in the United States. In May, after a long-running battle, Lynch was extradited to face fraud allegations over Hewlett-Packard's $11 billion acquisition in 2011 of Autonomy, the software company he founded. - The Times

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Monday newspaper round-up: Coal power plant, Deloitte, RBS scandal
(Sharecast News) - Britain's only remaining coal power plant at Ratcliffe-on-Soar in Nottinghamshire will generate electricity for the last time on Monday after powering the UK for 57 years. The power plant will come to the end of its life in line with the government's world-leading policy to phase out coal power which was first signalled almost a decade ago. - Guardian
Friday newspaper round-up: Gambling ads, road building schemes, public sector pensions
(Sharecast News) - Ministers have been urged to intervene to stop football clubs from setting their own rules on curbing gambling advertising, after research showed Premier League fans were bombarded with nearly 30,000 gambling messages on a single weekend. Clubs in the top flight have so far avoided compulsory restrictions on gambling sponsorship, instead addressing public concern through voluntary measures such as a ban on front-of-shirt logos, starting in 2026. - Guardian
Thursday newspaper round-up: JLR, electric cars, Royal Mail
(Sharecast News) - Rachel Reeves is pushing for the UK's tax and spending watchdog to upgrade its national growth forecasts to reflect the economic boost Labour says can be achieved from its blitz of planning reforms. In a development that could open up additional spending headroom for the chancellor before next month's budget, the Treasury has held talks with the Office for Budget Responsibility to try to persuade its officials that unblocking the planning system could drive up growth. - Guardian
Wednesday newspaper round-up: Visa, Caroline Ellison, Brookfield
(Sharecast News) - Business leaders have warned that the government's plans for a major global investment summit are in danger of falling flat, amid growing frustrations over high costs of involvement and its timing two weeks before the budget. As a central plank in Labour's proposals to drive up investment in Britain, the party pledged in the general election campaign to host the summit within the first 100 days of winning power to show that the UK would be "open for business" under a new government. - 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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