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Monday newspaper round-up: UK recovery, Philip Morris, Saudi Aramco

(Sharecast News) - A letter to Boris Johnson sent a fortnight ago by James Ramsbotham called on the prime minister to save the north-east from the "damage being done to our economy" by Brexit and urged him to give it his "most urgent and personal attention". Two weeks later, it remains unanswered. Ramsbotham is the chief executive of the North East England Chamber of Commerce and speaks for thousands of businesses caught by the red tape and extra costs of complying with EU rules. In a recent survey, 38% of members said sales to Europe had fallen since January. - Guardian The relaxation of lockdown rules in July sparked a surge of hiring among UK firms, but staff shortages caused by the pandemic and Brexit could still undermine the recovery, the professional services group BDO reported on Monday. BDO's latest business trends report found that the jobs market strengthened last month, as hospitality venues such as restaurants and bars were allowed to operate without Covid-related capacity limits. - Guardian

Sub-prime lender Amigo has hired crisis experts to assist with winding down its business. The London-listed firm is working with PJT Partners on contingency plans if it is unable to restart lending to customers, according to City sources. Amigo, which serves the estimated 15m Britons who cannot borrow from high street banks and building societies, has suspended most new lending since March 2020. - Telegraph

The takeover battle for Vectura, the respiratory drugs company, has intensified after Philip Morris International, one of the world's biggest tobacco companies, increased its offer yesterday. The owner of Marlboro cigarettes raised its cash bid to 165p per share, valuing Vectura at just over £1 billion. - The Times

Saudi Arabia's giant state oil company almost quadrupled its profits in the second quarter as the kingdom withheld production to boost prices. Saudi Aramco, the world's biggest oil company, said that its net income had risen to $25.5 billion from $6.6 billion a year earlier, exceeding even the pre-pandemic levels of $24.7 billion in the same period of 2019. - The Times

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Wednesday newspaper round-up: Wealth tax, net zero economy, Sizewell C
(Sharecast News) - The London stock market risks "drifting into irrelevance" without government and regulatory reforms, ranging from tax breaks for stock market listings to looser bonus rules for directors, a lobbying group has said. The 20 recommendation put forward by the Confederation of British Industry (CBI), which lobbies on behalf of UK businesses, suggest financial incentives, marketing campaigns and boardroom pay are central to guaranteeing the future success of the London Stock Exchange, which has been losing stock market listings and floats to foreign rivals. - Guardian
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(Sharecast News) - Bosses in the UK will be banned from using non-disclosure agreements to silence employees who have suffered harassment and discrimination in the workplace as part of the government's overhaul of workers' rights. Ministers will on Monday night table amendments to the government's employment rights bill to prohibit the widespread practice of using legally enforceable NDAs to conceal unacceptable behaviour at work. - Guardian
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(Sharecast News) - Donald Trump has said that his administration plans to start sending letters on Monday to US trade partners dictating new tariffs, amid confusion over when the new rates will come into effect. "It could be 12, maybe 15 [letters]," the president told reporters, "and we've made deals also, so we're going to have a combination of letters and some deals have been made." - Guardian
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(Sharecast News) - Brussels is heading into a critical week, with just two to go to clinch a trade agreement with the US or face a 50% levy on its exports. At stake are €1.6trn in transatlantic trade. Germany is down as favouring a quick deal akin to that inked by the UK so as to avoid a full-blown trade war. Paris on the other hand believes that the EU should hold out if too quick a deal is "imbalanced" - 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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