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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.

Monday newspaper round-up: UK growth, Waitrose, HMRC, Crispin Odey

(Sharecast News) - Britain will be left with deep scars from the pandemic despite narrowly escaping a second recession within three years and growing signs of an economic pick up, according to new forecasts. A new report by the accountancy firm KPMG has found that the economy has enjoyed a better start to the year than it had thought, and is now expected to grow by 0.3% this year, compared with its previous prediction of an uplift of just 0.1%. - Guardian

Waitrose has cut the price of bread, beef mince, chicken and other kitchen staples as the supermarket battles to recover from an IT meltdown that caused widespread empty shelves. The grocer is slashing the cost of hundreds of items for the second time this year, after pledging to spend £100m on making its prices more affordable. - Telegraph

London homeowners will see their annual bill jump by up to £7,300 when they remortgage this year as 3.5 million borrowers face a rate shock. Nationally, homeowners will have to spend nearly an extra £9bn in interest over 2023 and 2024 as they are forced to refinance at rates that are double what they are used to, according to the Centre for Economics and Business Research. - Telegraph

HMRC's delayed programme to digitise the tax system is expected to cost five times its estimate in real terms, according to the spending watchdog. The National Audit Office (NAO) warned that "significant delivery risks" continued to loom over the "making tax digital" scheme, which was announced eight years ago. It has been delayed four times. - The Times

Just days after fresh allegations surfaced of sexual misconduct by Crispin Odey, one of Britain's most high-profile financiers, partners at the firm he founded moved quickly to oust him. Peter Martin, the chief executive of Odey Asset Management, and Michael Ede, chief financial and operating officer, signed a statement on Saturday from its executive committee announcing that Odey, 64, was leaving the firm that he founded 32 years ago. - The Times

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Wednesday newspaper round-up: Amazon, dividends, Weardale Lithium
(Sharecast News) - Amazon profits soared once again in the first quarter of 2024, the company announced on Tuesday - the latest in a series of robust earnings reports for the retail giant. The company attributed the boost to artificial intelligence and advertising sales. Amazon reported overall revenue of $143.3bn in the first three months of the year - up 13% from the same period in 2023 and surpassing Wall Street expectations of $142.65bn. The e-commerce giant reported an increase of more than 200% to $15bn, with net income more than tripling to $10.4bn from $3.17bn at the same time in 2023. - Guardian
Tuesday newspaper round-up: Meta, ExxonMobil, Very Group
(Sharecast News) - The Federal Communications Commission on Monday fined the largest US wireless carriers nearly $200m for illegally sharing access to customers' location information. The FCC is finalizing fines first proposed in February 2020, including $80m for T-Mobile; $12m for Sprint, which T-Mobile has since acquired; $57m for AT&T, and nearly $47m for Verizon. - Guardian
Monday newspaper round-up: Thames Water, Brexit, Babylon
(Sharecast News) - Senior Whitehall officials fear Thames Water's financial collapse could trigger a rise in government borrowing costs not seen since the chaos of the Liz Truss mini-budget, the Guardian can reveal. Such is their concern about the impact on wider borrowing costs for the UK, even beyond utilities and infrastructure, that they believe Thames should be renationalised before the general election. Officials in the Treasury and the UK's Debt Management Office fear that, unless the UK's biggest water company is renationalised as soon as possible, "prolonged uncertainty" about its fate could "damage confidence in UK plc at a sensitive time", with elections in the UK and the US later this year. - Guardian
Sunday share tips: Centrica, Lancashire Holdings
(Sharecast News) - The Sunday Times's Lucy Tobin told her readers to book their profits in Centrica and 'sell'.

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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