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Friday newspaper round-up: Aldi, Richard Desmond, Collateral

(Sharecast News) - The grocery industry watchdog is to make a rare intervention in a Yorkshire sprout grower's £3.7m legal case against Aldi over the discount chain's decision to terminate a long-term supply deal. In papers filed at the high court, W Clappison Ltd, which produced sprouts for Aldi's UK arm for 13 years, said its supply agreement was ended in February last year at planting time without reasonable notice so it was unable to find new clients immediately. It said it was forced to cease sprout production and sell off its machinery. - Guardian The media tycoon Richard Desmond is set for a courtroom showdown with the Gambling Commission that could cost good causes tens of millions of pounds, the Guardian has learned, after he rejected a settlement offer linked to his failed bid to run the National Lottery. Desmond launched a high court challenge in 2022 after the commission awarded the 10-year National Lottery licence to the Czech operator Allwyn, rejecting bids from his Northern & Shell business, as well as the incumbent Camelot. - Guardian

More than half of people in the UK receive more in benefits than they contribute in taxes, official figures show. A total of 52.6pc lived in households that received more from the state than they paid to the Treasury last year, according to the Office for National Statistics (ONS). The figures underscore the challenge facing Sir Keir Starmer and Rachel Reeves as they try to tackle a ballooning sickness benefit bill and pressures from an ageing population. - Telegraph

The City regulator has invited hundreds of people caught up in an investment scandal to come forward to receive an apology and compensation after admitting it was guilty of "material" failings including allowing false information to be published on its own register for two years. The Financial Conduct Authority said it was sorry for its mishandling of a fraud at Collateral, a failed peer-to-peer lending platform, and is offering modest payments to investors in recognition of the "distress and inconvenience" caused by its errors. - The Times

The number of cars rolling off British production lines fell by almost a third in November to the lowest level for the month since 1980, amid industry upheaval and weak consumer demand. A total of 64,216 units were manufactured in the month, down 27,711 on November 2023, in the ninth consecutive month of decline, according to the Society of Motor Manufacturers and Traders (SMMT). - The Times

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Thursday newspaper round-up: Solar panels, OBR, Chevron
(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
Wednesday newspaper round-up: British economy, Heathrow, FOS
(Sharecast News) - The British economy is on course to expand by 1.5% this year after the budget gave a boost to public spending but could be blown off course if Donald Trump goes ahead with threatened tariffs, a leading economic thinktank has warned. In a boost to Rachel Reeves after a bruising month of negative economic figures, the National Institute of Economic and Social Research (NIESR) upped its annual growth prediction from 1.2% to 1.5%. - Guardian
Tuesday newspaper round-up: OpenAI, EVs, gas prices
(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - Guardian
Monday newspaper round-up: Service charge, BP, Heathrow, Elon Musk
(Sharecast News) - An increasingly complex tax system is burdening the government and businesses with hundreds of millions of pounds more in administration costs, Whitehall's spending watchdog has warned. The report by the National Audit Office (NAO) also said "poor levels of service" meant some taxpayers and their representatives were "finding it more difficult to deal with their tax matters and are losing trust in HM Revenue & Customs [HMRC]". - 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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