Friday newspaper round-up: Elon Musk, bankers’ bonuses, Netflix

by | Oct 14, 2022

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Elon Musk is under a federal investigation related to his $44bn takeover of Twitter, the social media company has said in a court filing made public on Thursday. While the filing said he was under investigation, it did not say what the focus was, or which federal authorities were investigating. – Guardian
Bankers’ bonuses have doubled since the 2008 financial crash, according to research by the TUC, which accuses the government of enriching City financiers while “holding down” the pay of key workers. The unions’ umbrella body said bonuses in finance and the insurance sector have reached a record £20,000 a year on average – which it says is almost one-and-a-half times the average pay collected by teaching assistants. – Guardian

Netflix will launch a cheaper subscription in the UK costing £4.99 per month from November as the streaming giant battles a jump in customer cancellations. The new “Basic with Adverts” subscription plan will launch on 3 November at 4pm in nine countries including the UK. – Telegraph

The sharp rise in borrowing costs since Kwasi Kwarteng’s “mini-budget” means that most of Britain’s warehouses, offices and shopping centres will lose as much as a fifth of their value over the coming two years. The warning came from Goldman Sachs, whose team of analysts sounded the alarm over the outlook for UK commercial properties, values of which they expect will be 15 per cent or 20 per cent below where they were this summer, come the end of 2024. The US investment bank’s gloomy outlook will add to fears that commercial properties in the UK are on the brink of another sharp fall. – The Times

Yorkshire Water has become the latest regional monopoly supplier to be forced by the industry regulator into a £1 billion bailout by its shareholders. After a year investigating the weak “financial resilience” of the lossmaking utility, which supplies 2.3 million homes in parts of Derbyshire and Lincolnshire as well as Yorkshire, Ofwat has called on its foreign investors to pump in £940 million to pay down loans and demanded they stump up £100 million to tackle the company’s poor record on sewer foul-flooding and river and beach pollution. – The Times

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