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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.

Wednesday newspaper round-up: Tesla, Covid payouts, Rolls-Royce

(Sharecast News) - JPMorgan has sued Tesla for $162.2m, accusing Elon Musk's electric car company of "flagrantly" breaching a 2014 contract relating to stock trading options that Tesla sold to the bank. The options, or warrants, give the holder the right to buy a company's stock at a set "strike" price and date. The suit, filed in a Manhattan federal court, centres on a dispute over how JPMorgan repriced its Tesla warrants as a result of Musk's notorious 2018 tweet that he was considering taking the carmaker private. - Guardian British tax officials have ramped up efforts to claw back £1bn from fraudulent or incorrect furlough payouts, after opening up tens of thousands of investigations against companies. According to figures disclosed under freedom of information laws, HM Revenue and Customs has stepped up the number of investigations into potentially fraudulent pandemic support claims over the past eight months, with more than 26,500 interventions launched by officials since the spring. - Guardian

The gas-rich Gulf state of Qatar is poised to invest up to £100m in Rolls-Royce's plan to develop a new generation of mini nuclear reactors that are far cheaper and faster to build than traditional designs. Qatar will join billionaire French oil dynasty the Perrodo family, which made its fortune from the private oil company Perenco, and US nuclear giant Exelon Generation as Roll-Royce's partners in the project. - Telegraph

The bosses of LV= face government pressure over their £530 million deal to sell the mutual insurer to an American private equity firm after Kwasi Kwarteng urged them to reveal the fees that City firms will earn from the takeover. The business secretary said it was "absolutely right" that customers of LV= should have "transparent data" about the sums that would be paid to the bankers, lawyers and lobbyists who are working on the sale of the 178-year-old mutual to Bain Capital. - The Times

A plan by the Dutch government to try to persuade Royal Dutch Shell to retain its Netherlands headquarters by scrapping a dividend tax has been abandoned after failing to garner enough support. Opposition Dutch MPs are, however, seeking to revive alternative plans to impose an "exit tax" that could run to billions of pounds in an attempt to deter Shell from leaving by punitive means. - The Times

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Wednesday newspaper round-up: Post Office, Spirit AeroSystems, Flutter
(Sharecast News) - The Post Office is expected to announce the closure of dozens of branches and cut up to 1,000 head office jobs as it seeks to reduce costs to secure its financial future. There are about 11,500 Post Office branches across the UK, of which 115 are wholly centrally owned. The rest are operated by independent post office operators under contract and partners such as WH Smith and Tesco. - Guardian
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(Sharecast News) - Social media platform Bluesky has picked up more than 700,000 new users in the week since the US election, as users seek to escape misinformation and offensive posts on X. The influx, largely from North America and the UK, has helped Bluesky reach 14.5 million users worldwide, up from 9 million in September, the company said. - Guardian
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(Sharecast News) - Great Britain "lags behind" Europe on measures to restrict betting adverts, according to a report released days after official data showed a sharp increase in the number of children with a gambling problem. Restrictions on ads by bookmakers and casinos are increasingly becoming "the norm" across Europe in response to public health concerns, according to a report commissioned by GambleAware, the UK's leading gambling charity. - Guardian
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(Sharecast News) - Dozens of health and children's groups have urged ministers to tackle obesity by imposing taxes on foods containing too much salt or sugar. New levies based on the sugar tax on soft drinks would make it easier for consumers to eat more healthily by forcing food manufacturers to reformulate their products, they claim. - 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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