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Wednesday newspaper round-up: Miller & Carter, UK car industry, Tesla

(Sharecast News) - Miller & Carter, the steakhouse chain owned by the nationwide pub group Mitchells & Butlers, has been criticised for taking payments from waiting staff worth up to 2% of the sales they serve up, cutting their income during the cost of living crisis. The payments are intended as a way for waiting staff to share tips with chefs and other back of house workers. - Guardian The UK car industry has said incoming tariffs between the UK and the EU could raise the price of imported electric cars by as much as £3,400 unless a solution is found by the end of the year. The Brexit trade deal between the UK and EU gave carmakers until 1 January 2024 to source batteries from within Europe or face 10% tariffs when exporting to each other. However, the supply of European-made batteries has failed to meet demand, meaning carmakers face the new tariffs from next year under these "rules of origin". - Guardian

Tesla has cut the price of its entry-level Model 3 car in Britain in the latest effort to boost demand for its electric vehicles amid growing competition and sluggish sales. The car maker began selling a new version of the Model 3 on Tuesday for £39,990, £3,000 cheaper than the previous cheapest version. - Telegraph

The Telegraph's administrators have set up a company to hold the newspaper's assets as Lloyds Banking Group continues with efforts to seize Barclay family holdings before a sale of the broadsheet title. The directors running the Telegraph on behalf of the bank have been appointed to a new entity before an auction that is expected to generate up to £600 million. - The Times

The proportion of first-time, female and minority ethnic candidates who were appointed non-executive directors of the UK's largest listed companies fell sharply last year, according to a survey carried out by the recruitment firm Spencer Stuart. Diversity on the top 150 UK boards dropped as companies opted to hire those with prior experience in times of uncertainty instead. - The Times

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(Sharecast News) - The union that represents workers at Royal Mail has called for a new business model for the company that would see workers given a stake in the company and pay tied to growing services and meeting certain social benefits. Dave Ward, the general secretary of the Communications Workers Union (CWU), said that the potential takeover by the Czech billionaire Daniel Křetínský should provide a moment to overhaul how the company is structured, which could mirror that of US-style public benefit corporations. - Guardian
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(Sharecast News) - A leading City lobby group is calling on the next government to bring in scams legislation that forces big tech and social media companies to cough up to £40m a year to reimburse customers and fight fraud on their platforms. The demand came in a 'financial services manifesto' released by UK Finance, which represents banks, payments companies and other financial firms. UK Finance and its 300 membershave long complained about having to shoulder the costs of fraud against their customers, despite a surge in the number of scammers targeting consumers through platforms such as Facebook and Google. - Guardian
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(Sharecast News) - The next government should force all tradespeople who install home heat pumps, solar panels and insulation to sign up to a mandatory accreditation scheme to counter mistrust in the industry, a leading consumer group is demanding. A report from Which? found that households face "significant anxiety" in choosing tradespeople to fit low-carbon heating systems, such as heat pumps, and insulation after "press stories about poor work and rogue traders". - 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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