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Thursday newspaper round-up: City AM, motor industry, Freshfields

(Sharecast News) - Lawyers for the British billionaire Joe Lewis have accused prosecutors of making an "egregious" mistake, as the 86-year-old pleaded not guilty to multiple counts of securities fraud and conspiracy. Lewis, who heads the family that owns Tottenham Hotspur FC, was arraigned on Tuesday in Manhattan federal court with 16 counts of securities fraud and three of conspiracy to commit fraud, which prosecutors called a "brazen" insider trading scheme to enrich his friends, lovers and employees, including two private jet pilots. - Guardian City AM, the free London-based business newspaper, has been sold to THG, the online health and beauty retail platform run by the multimillionaire businessman Matthew Moulding. The 18-year-old freesheet, which had been on the brink of collapsing into administration, announced on Wednesday that it had been bought by THG for an undisclosed sum. - Guardian

The chief executive of Lloyds Banking Group has said he is in no rush to sell The Telegraph after seizing control from the Barclay family in a dispute over debts secured against the business. Charlie Nunn, the lender's chief executive, made Lloyds' first public comments on the situation since he sent in receivers and ousted Barclay family representatives from the board of The Telegraph last month. - Telegraph

The British motor industry is back in business, the Society of Motor Manufacturers and Traders claimed yesterday, after Tata's commitment to invest £4 billion in an electric car battery "gigafactory" and with new figures set to show an 11 per cent rebound in vehicle production. The industry body will release assembly line data today that suggests 860,000 vehicles will be produced in Britain in 2023, an improvement of 85,000 on last year. However, the industry is coming back from a bad place. Last year's production numbers of 775,000 were the worst since 1956. - The Times

Partners at Freshfields have edged out "magic circle" rivals to top the City law firm earnings table with average pay of £2.09 million. Pay for full equity partners at the firm inched up last year by 1 per cent, enough to nudge ahead of Clifford Chance, which recently unveiled average partner pay of £2 million. - 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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