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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.

Friday newspaper round-up: Construction firms, Ofgem, Credit Suisse, council tax

(Sharecast News) - Ten construction firms have been fined a combined £60m by the competition regulator for "illegally colluding" to rig bids for lucrative contracts for projects including Bow Street magistrates court and Selfridges department store. The Competition and Markets Authority (CMA) found that the companies had acted as a cartel over 19 private and public sector contracts that were worth a total of £150m. - Guardian The energy regulator Ofgem is preparing to crack down on UK power firms to prevent them from "manipulating" the market with a manoeuvre that has bolstered their profits by millions of pounds. The practice, which does not break existing market rules, involves generators warning the electricity system operator that they are turning their power plants off at times of peak demand and subsequently offering to keep them running in exchange for a "balancing" payment. -Guardian

Google's artificial intelligence chatbot is still making the same error that contributed to a $120bn wipeout for the tech giant's share price a month ago. Bard, which was opened to the public in the US and UK on Tuesday, still incorrectly claims that the James Webb Space Telescope took "the very first pictures of a planet outside of our own solar system". - Telegraph

The Swiss financial regulator has defended its controversial decision to wipe out $17 billion of Credit Suisse bonds but spare some value for the troubled bank's shareholders as part of the state-orchestrated rescue of the lender. Finma, the country's watchdog, has faced a fierce backlash from debt investors over the decimated bonds and fund managers are preparing legal action. The regulator said yesterday it stood by its decision. - The Times

Households are facing more financial pain as mortgage bills rise, cost of living payments end and the average council tax exceeds £2,000 for the first time. More than a million homeowners with variable rate mortgages will spend hundreds of pounds more a year on repayments after an eleventh consecutive interest rate rise by the Bank of England, which took the cost of borrowing to 4.25 per cent. - 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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