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Thursday newspaper round-up: Musk tweets, Amazon, AMC Entertainment

The US securities watchdog told Tesla last year that CEO Elon Musk had twice violated a settlement requiring his tweets to be preapproved by company lawyers, the Wall Street Journal reported on Tuesday. Musk and the US Securities and Exchange Commission agreed in 2019 that the electric car maker would vet any material public communications Musk made regarding Tesla. – Guardian
President Joe Biden has ramped up pressure on Britain to back a global deal on taxes after announcing steep tariffs in retaliation for measures targeting US tech. The White House has said it will slap new trade duties on six countries including the UK, India, Spain and Italy, but is suspending them for six months as officials attempt to thrash out a deal on a global minimum corporate tax rate. Unless an agreement is reached, America will introduce a 25pc tariff on UK goods worth $887m (£626m), including types of clothing, footwear and furniture. – Telegraph

Amazon is poised to snatch Tesco’s crown as Britain’s biggest retailer within four years in a watershed moment for the beleaguered high street. The US e-commerce powerhouse is expected to knock Tesco off the top spot for the first time in decades as the retail landscape is transformed by the internet, according to a new study from data firm Edge by Ascential. Amazon sales are predicted to hit £77bn in the next four years, Edge said – £1bn more than Tesco’s. In 2020, the online company’s total UK sales were £36.3bn while Tesco’s total was almost double that at £64bn. – Telegraph

A social media-led rally in American shares popular with retail investors continued yesterday, with AMC Entertainment, the listed cinema chain, reaching a record high. So-called meme stocks, bought amid hype on social media and online forums such as Reddit’s WallStreetBets, are close to levels last achieved in their late-January rally. – The Times

Trafigura warned Credit Suisse last year that the bank’s supply chain finance funds appeared to contain a suspicious invoice from Sanjeev Gupta’s business empire. The independent, employee-owned commodities trading and logistics business raised the alarm with Credit Suisse in July 2020 over a so-called receivable listed in one of the supply chain finance fund’s annual accounts, according to the Financial Times. – The Times

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