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Friday newspaper round-up: Big tech, Chelsea FC, McColl's, KPMG

(Sharecast News) - A new tech watchdog will be given the power to impose multibillion-pound fines on major firms such as Google and Facebook if they breach rules designed to protect consumers and businesses. The Digital Markets Unit (DMU) will protect small businesses from predatory practices and will give consumers greater control over how their data is used, the government said. - Guardian Todd Boehly's consortium's bid to buy Chelsea is now expected to be put forward for Premier League and government approval. On the day that Roman Abramovich denied he wants his £1.6bn loan to Chelsea repaid, the likelihood of the Boehly bid being successful moved a step closer. - Guardian

Ministers are to pit homeowners against property developers in housing reforms to tackle "generation rent" to be signalled in the Queen's Speech. In a shake-up inspired by the sale of council houses under Margaret Thatcher, 2.5m households in England who rent properties from housing associations will be given the power to purchase their homes at a discounted price. - Telegraph

McColl's is close to calling in administrators as the convenience store chain teeters on the brink of becoming one of Britain's biggest retail failures with 16,000 jobs at risk. The retailer insisted no decision had been made and it was still in talks to secure emergency cash to keep it afloat. - Telegraph

KPMG has fired the latest shot in the professional services sector's battle for talent by giving all its rank-and-file staff in the UK a pay rise of at least £2,000. Some workers will receive a flat pay increase of £2,000, but others will get a £4,000 rise. The new salaries will be backdated to April and are in addition to the the Big Four accountancy firm's annual pay review in October. KPMG said the pay rises would be given only to its 15,800 UK employees and not to the 766 partners and associate partners. - The Times

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Monday newspaper round-up: Renewable energy, BlackRock, Frasers Group
(Sharecast News) - A development company that sells off land no longer needed by Thames Water has paid out a £14m dividend despite warnings that it could become engulfed by the water group's financial woes. Accounts filed at Companies House show Kennet Properties paid out a £14.5m dividend in the year to 31 March 2023 despite the difficulties faced by the wider group, which is facing going into administration. - Guardian
Sunday share tips: Mitie, Costain
(Sharecast News) - The Financial Mail on Sunday's Midas column tipped shares of Mitie to its readers, highlighting it shift from facilities management to facilities transformation.
Sunday newspaper round-up: IDS, Ocado, Foxtons
(Sharecast News) - Asset manager Redwheel told regulators they should reduce the UK postal service's legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to let it cut the number of days per week during which it must deliver second-class mail from six to two or three. That would save the company £300m and see it shrink its workforce by 1,000. According to Redwheel, as first reported by the Sunday Times, the enforced costs of its legal obligations left the company "vulnerable to corporate predators". - Guardian
Friday newspaper round-up: Thames Water, Netflix, consumer confidence
(Sharecast News) - "Misleading" and "inconsistent" labels make it hard for shoppers to know where their food comes from, the consumer champion Which? has said, as it found supermarket chains were selling products with "meaningless" statements on their packaging. Retailers must supply the "country of origin" for specific foods including fresh fruit and vegetables, unprocessed meats, fish, wine and olive oil but the rules do not generally apply to processed meat or frozen or processed fruit and vegetables. - 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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