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Friday newspaper round-up: Amazon, Wimbledon, EY

(Sharecast News) - Profits almost tripled at Amazon in the latest quarter as consumers continued to spend heavily despite the sharp rise in interest rates. The world's largest retailer forecast that sales would continue to rise at a robust pace for the rest of the year. Growth had been knocked by surging prices and customers returning to bricks-and-mortar stores. - Guardian Controversial plans to expand the All England Club's grounds, which host the Wimbledon championships, have been approved by local council leaders. Merton council's development and planning application committee voted on Thursday night to approve the application to expand the tennis complex. - Guardian

Michael Gove has told councils to ditch four-day working weeks or face financial penalties. The department for Levelling Up, Housing & Communities (DLUHC), led by Mr Gove, issued new guidance on Thursday criticising shorter working weeks that fail to deliver "value for money" for taxpayers. It said councils choosing to ignore the advice were now "on notice", saying the policy of allowing four-day weeks on full pay should be axed "immediately". - Telegraph

EY's army of auditors and consultants in Britain generated more fees than ever over the past year, despite the distraction of its failed break-up plan. The Big Four firm's UK revenues climbed by 16 per cent to £3.76 billion in the year to the end of June, surpassing its previous record of £3.23 billion in 2022. Pre-tax profits rose to £659 million, up 4 per cent from £634 million last time around. - The Times

Sir Paul Marshall will seek to emulate the business model of The New York Times with a significant expansion of the Telegraph in the United States if he prevails in the bidding war for the British newspaper group. The hedge fund tycoon is drawing up plans to target a market of about 100 million centre-right American voters with a substantial investment in the Telegraph's overseas operations. - The Times

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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
Sunday newspaper round-up: Etihad float, Shein, Thames Water
(Sharecast News) - Abu Dhabi based carrier Etihad is planning to float a stake of up to 20% on the Abu Dhabi Stock Exchange. Sources indicate that it could command a valuation of $5bn (£4bn). It would be the second such transaction for its boss, Antonoaldo Neves. In 2017, the former McKinsey partner floated Azul, Brazil's third-largest airline, on the New York Stock Exchange. For Neves, any airline that aspires to be "relevant" needs to tap into different sources of capital. Its goal is to fly 170 jets by 2030, up from 93 at present. - The Sunday Times
Friday newspaper round-up: Gambling sector, FOS, Amazon
(Sharecast News) - The gambling regulator has accidentally handed over more than 4,000 sensitive documents to lawyers acting for the media tycoon Richard Desmond, in an "unprecedented" blunder during its legal battle over the £6.4bn national lottery contract, the Guardian understands. Northern & Shell (N&S), the investment group owned by Desmond, is suing the Gambling Commission for £200m in damages over its handling of the lottery licence award process. - Guardian
Thursday newspaper round-up: CMA, Riverford, Lloyds, Arm Holdings
(Sharecast News) - The appointment of the former boss of Amazon UK to lead the competition watchdog poses a threat to its independence and pledge to hold big tech to account, according to a group including tech companies and the former business secretary Vince Cable. The group - which includes the News Media Association, the Firefox developer Mozilla, the consumer group Which? and the Future of Technology Institute - has written to the chancellor, Rachel Reeves, to raise concerns about the appointment of Doug Gurr as the interim chair of the Competition and Markets Authority (CMA). - 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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