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Thursday newspaper round-up: Top earners, Facebook, Saudi Aramco, Shop Direct

Thu 14 November 2019 07:34 | A A A

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(Sharecast News) - The top 1% of earners in the UK now account for more than a third of income tax paid to the government, following changes over the past decade that have left almost half the population exempt from making payments. In research underlining the dual nature of Britain's income tax structure, the Institute for Fiscal Studies said above-inflation increases in the personal allowance to £12,500 a year meant 42% of adults paid no income tax. - Guardian

One year after a former Facebook manager accused the company of having "a black people problem" - failing its black employees by allowing the proliferation of a hostile workplace culture - an anonymous group of tech workers at the social media giant have penned a letter in which they argue that the problem has only metastasized. "Racism, discrimination, bias, and aggression do not come from the big moments," they write. "It's in the small actions that mount up over time and build into a culture where we are only meant to be seen as quotas, but never heard, never acknowledged, never recognized, and never accepted." - Guardian

Saudi Aramco will splash out nearly £200m on a global marketing blitz next year, as the richest company in the world steps out from the shadows and tries to elevate its public profile. The oil behemoth's huge advertising push will follow its long-awaited flotation next month when it starts trading publicly on the Saudi stock exchange. Aramco's gushing marketing bill will eclipse even the annual budgets of big advertisers such as Procter & Gamble and Sky, which spent £186.5m and £124.2m respectively last year. - Telegraph

Investors trapped in Neil Woodford's stricken investment fund face losses of at least £1 billion from the liquidation of his portfolio. Assets in the Equity Income Fund are valued at about £3 billion, but analysis by PJT Park Hill, one of the firms that is winding it down, shows that investors are expected to suffer losses of 32.5 per cent from its liquidation. - The Times

The Barclay family's online retail business has raised half of the funding it required to plug a £150 million hole caused by a surge in mis-selling claims. Shop Direct said yesterday that £75 million would be injected by the end of this month from its parent company. - The Times

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