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) - Aldi's UK business is cutting hundreds of head office and logistics roles as part of a global effort to trim costs at the budget grocer. The retailer is consulting with its technology team on the loss of up to 150 roles after 103 redundancies in its finance and administration team earlier this year and almost 20 more redundancies among buying directors. One affected worker described the cuts as "shortsighted" and said they showed that "upper management [are] woefully out of touch with the reality". - Guardian
The Bank of England is risking higher interest rates for longer after a hesitant response to rising inflation, according to leading thinktank. In a searing critique of the central bank's tactics, the National Institute of Economic and Social Research (Niesr) said a timid increase in interest rates last week was likely to mean inflation staying above the Bank's 2% target until at least 2030. The thinktank said inflation was likely to become a more persistent feature of the UK economy unless the Bank took tougher action. - Guardian
Wes Streeting has been urged to recruit carmakers as potential weapons producers over fears that Britain's industrial base is not ready for war. In a report published on Wednesday, peers urged the Defence Secretary to consider how motor manufacturers could "surge" production of drones and missiles for the UK military in times of crisis. The Lords industry and regulators committee also recommended that drone manufacturers be paid to keep some spare capacity in reserve so they could respond quickly if required. - Telegraph
Ousting Nvidia boss Jensen Huang over the Chinese "honeypot" scandal could wipe $1tn (£750bn) off the company's value, analysts have warned. The tech giant, which supplies microchips fuelling the AI boom, could see its shares crash by up to one third if the billionaire chief executive resigns or is forced out of the group. Mr Huang, 63, is seen by Wall Street as critical to Nvidia's success, having turned a small graphics processor company into a titan of the AI industry. - Telegraph
The boss of Snap said it was "really weird" that Meta Platforms and RayBan had "created spy glasses" as he addressed privacy concerns around the forthcoming release of the tech company's own product. Evan Spiegel, the billionaire co-founder and chief executive of Snap, said his company was taking steps to tackle fears that its own Specs glasses could be used to film members of the public without their consent, after a widespread backlash against the RayBan Metas. - The Times
