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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.

Thursday newspaper round-up: Shein, HMRC, Tesla

(Sharecast News) - Consumer watchdogs from 21 countries have filed a formal complaint to EU authorities about alleged "dark" practices by the Chinese fast fashion firm Shein including the "shaming" of customers into buying more than they can afford. The European Consumer Organisation (BEUC) has submitted a 29-page dossier to the European Commission citing multiple examples of "dark patterns", or deceptive techniques designed to encourage purchases. - Guardian HM Revenue and Customs has lost £47m after a phishing scam breached tens of thousands of tax accounts, a group of MPs has heard. Two senior civil servants at the tax authority told the Treasury committee on Wednesday that 100,000 people had been contacted, or were in the process of being contacted, after their accounts were locked down in what the officials said was an "organised crime" incident that began last year. - Guardian

Britain risks losing its grip on a rival to Elon Musk's Starlink as part of French government rescue efforts to avert a debt crisis at the company. Eutelsat, which owns UK space business OneWeb, has been locked in talks with key shareholders including the French and British governments, as it seeks to raise funds to create a European alternative to Mr Musk's satellite business. - Telegraph

Britain has spent more than £500m on switching off wind farms this year to avoid overloading the creaking power grid. So-called curtailment, where wind farms are switched off because the network is too congested to accept their power, cost grid operators £6m on Tuesday. At the same time, another £10m was paid to gas-fired plants to provide replacement power elsewhere in the system, according to analysis by the Wasted Wind website. - Telegraph

Sales of new Tesla cars in Britain fell more than 45 per cent in May from a year earlier, underscoring the challenges facing Elon Musk as he renews his focus on the electric vehicle maker. The marque's sales declined for a fifth straight month in the UK, Germany and Italy, according to data from the research firm New Automotive. The sales decline in the UK, Europe's biggest EV market, came as industry-wide electric car sales jumped 28 per cent. - The Times

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Thursday newspaper round-up: Höfner, Sotheby's, Christie's
(Sharecast News) - Ministers and senior MPs have warned that the UK's agreements with Donald Trump are "built on sand" after the Guardian established that the deal to avoid drug tariffs has no underlying text beyond limited headline terms. The "milestone" US-UK deal announced this month on pharmaceuticals, which will mean the NHS pays more for medicines in exchange for a promise of zero tariffs on the industry, still lacks a legal footing beyond top lines contained in two government press releases. - Guardian
Wednesday newspaper round-up: Grangemouth ethylene plant, Warner Bros, ChatGPT
(Sharecast News) - Jim Ratcliffe's chemicals company Ineos has been granted £120m of government funding to help save the UK's last ethylene plant at Grangemouth, in a deal expected to protect more than 500 jobs. The investment in the Scottish plant was necessary to preserve a vital part of the country's chemicals infrastructure, the UK government said. The ethylene produced there was essential for medical-grade plastics production, water treatment and in aerospace and car-building, it added. - Guardian
Tuesday newspaper round-up: Nissan, Morrisons, Ford
(Sharecast News) - Nissan has started the production of its latest electric car in Sunderland, a crucial step in the UK automotive industry's transition away from petrol and diesel. The Japanese manufacturer will launch the third generation of the Leaf on Tuesday, which was the first mass-market battery electric car to be built in the UK. Nissan has made 282,704 Leaf models at the north-east England plant so far. - Guardian
Monday newspaper round-up: Cryptocurrencies, jobs downturn, Cycle Pharma
(Sharecast News) - Cryptocurrencies will be regulated in a similar way to other financial products under legislation coming into force in 2027. The Treasury is drawing up rules that will require crypto companies to meet a set of standards overseen by the Financial Conduct Authority (FCA). Ministers have sought to overhaul the crypto market, which has ballooned in popularity as a way of investing money and making payments. Cryptocurrencies have not been subject to the same regulation as traditional financial products such as stocks and shares, which means that in many cases consumers do not enjoy the same level of protection. - 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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