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.
(Sharecast News) - The car company Volkswagen has announced it will shed 100,000 jobs by the end of the decade after being hit by US tariffs and fierce competition from Chinese rivals. The German manufacturer said management and unions had agreed as part of a sweeping cost-cutting plan to cut a further 50,000 positions by 2030, bringing total job losses in the pipeline to 100,000. - Guardian
The climate crisis, disease and cyber-attacks pose growing risks to the UK's food supplies and the government needs to act to make the system more resilient, according to the public spending watchdog. The National Audit Office (NAO) is urging the Department for Food, the Environment and Rural Affairs (Defra) to work more closely with households, communities and businesses to ensure the flow of crucial food into the country can withstand supply shocks that are becoming increasingly common and severe. - Guardian
An auction of the retail empire formerly owned by the Barclay family is set to be shelved after bidders failed to meet the £2bn asking price. Very Group, the online retailer that also owns the Littlewoods brand, was bought by US private equity firm Carlyle for a nominal £1 sum last year and subsequently put up for sale. - Telegraph
A rogue financial adviser acting for one of Britain's biggest wealth managers faces being fined and banned for allegedly taking almost £174,000 in fees by "recklessly" giving unauthorised pensions advice. The Financial Conduct Authority said on Thursday that it was planning to take action against Daniel Thomas, who was working on behalf of Quilter, for allegedly advising 53 clients who went on to swap their valuable defined benefit retirement pots for less generous pension schemes between 2014 and 2019. - The Times
Suppliers of Harvey Nichols are expected to receive less than 15p in the pound after the luxury department store group was acquired by Frasers through a controversial pre-pack administration. New filings at Companies House reveal the group's primary trading entity, Harvey Nichols and Company, fell into administration owing £270.5 million to unsecured creditors. Of that, only a maximum of 15 per cent is expected to be returned, according to early-stage estimates from the administrators, FTI Consulting. - The Times
