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Friday newspaper round-up: Big banks, British savers, Bet365

(Sharecast News) - Jeremy Hunt and Rachel Reeves are joined in a "conspiracy of silence" over tens of billions of pounds in tough tax and spending choices, with the next government likely to inherit the toughest outlook for the public finances in 80 years, Britain's leading economics thinktank has warned. The Institute for Fiscal Studies said the chancellor's budget on Wednesday had laid the ground for "staggeringly hard choices" due after the general election for whichever party forms the next government. - Guardian Snaking queues outside Northern Rock have become the enduring image of Britain's financial crisis. Now the ghost of the old lender threatens to haunt the country's banks yet again. Nationwide's proposed £2.9bn acquisition of Virgin Money, which includes the remnants of Northern Rock, threatens to reshape the financial services sector and challenge the dominance of Britain's six biggest lenders. - Telegraph

The death of cash has raked in an extra £12bn for Jeremy Hunt as card and digital payments make it harder for people to dodge tax. Richard Hughes, chairman of the Office for Budget Responsibility (OBR), said the shift away from notes and coins had proven lucrative for the taxman because it was now harder to avoid value added tax (VAT). - Telegraph

British savers withdrew £24.3 billion from funds in what was only the second year of outflows, as investors sought to free up cash amid the cost of living crisis. Equity funds performed the worst, suffering £22 billion in outflows as British companies remained out of favour with investors, according to data from the Investment Association. - The Times

One of the world's wealthiest women is facing a formal investigation of her Bet365 gambling empire over possible breaches of anti-money laundering and counter-terrorism financing laws. Bet365, founded by Denise Coates, 56, is being investigated by the Australian Transaction Reports and Analysis Centre, or Austrac, a financial crime watchdog, over allegations that the bookmaker breached the law. - The Times

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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
Wednesday newspaper round-up: Thames Water, Johnson & Johnson, BoE
(Sharecast News) - Thames Water may need as much as £10bn in debt and equity investment to repair its finances, according to a representative of creditors hoping to lend the struggling utility another £3bn. London's high court heard evidence on Tuesday that suggested the UK's largest water company may need significantly more resources than the roughly £6.3bn it has previously indicated. - Guardian
Monday newspaper round-up: Zero-hours contracts, Barclays, Asos
(Sharecast News) - Hundreds of thousands of British workers are on zero-hours contracts despite being with the same employer for years, according to analysis from the TUC. The majority of zero-hours contract workers have been with their employer for more than 12 months, while one in eight have not been granted regular employment rights after more than a decade working in the same place, the organisation said. - Guardian
Friday newspaper round-up: Apple, Daily Mail, OpenAI, Homebase
(Sharecast News) - Apple slightly beat analysts' expectations in its first-quarter earnings for fiscal year 2025 on Thursday. The iPhone-maker's revenue rose by 4%, coming in at $124.30bn, barely above estimates of $124.12bn. Earnings per share were $2.40, just ahead of analysts' expectations of $2.35. Shares rose more than 8% in extended trading after CEO Tim Cook indicated in an earnings call on Thursday that Apple is on the trajectory for revenue growth next quarter. - 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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