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Friday newspaper round-up: Deloitte, public finances, Apple sales

(Sharecast News) - Controversial UK government aspirations to replace gas boilers in some homes with a hydrogen-based alternative are likely to be scrapped, Grant Shapps, the energy minister, has indicated. Shapps said he believed hydrogen would form part of Britain's overall energy mix but predicted it was "less likely" that the gas would be routinely piped into people's homes, amid growing concerns about cost, safety and perpetuating a reliance on fossil fuels. - Guardian Another big four consultancy firm has confirmed it misused government information last year, widening a scandal that has engulfed global giant PwC. Deloitte disclosed the breach as part of an ongoing Senate inquiry, but has so far refused to provide any more details about the incident due to client confidentiality. - Guardian

The boss of elite City law firm Allen & Overy has unexpectedly quit in the middle of its planned multibillion-dollar merger with a US rival. Gareth Price, Allen & Overy's global managing partner, resigned for "personal reasons" after three years in the job and more than 30 years at the firm. He was elected to a four-year term that started in May 2020. - Telegraph

Britain's public finances are in a "very risky" condition and debts could rise to more than 300 per cent of gross domestic product within 50 years, the government's fiscal watchdog warned. The Office for Budget Responsibility said that the government would need to impose permanent tax rises and spending cuts equivalent to 4.4 per cent of GDP in 2028-29 if it was to prevent debt from surpassing 100 per cent of GDP in the long term, which is where borrowings presently stand. - The Times

Apple's sales in the UK have hit a new record on the back of strong demand for its top-of-the-range iPhones. The California technology company reported that sales from its online and brick-and-mortar stores across Britain were £1.5 billion in the 12 months to September 24 as revenues rose 61 per cent, according to the latest accounts filed at Companies House. - The Times

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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
Thursday newspaper round-up: Car production, UK retailers, water bills, KPMG
(Sharecast News) - The architect of a ban on newspaper takeovers by foreign states has demanded that an Abu Dhabi fund be forced to sell The Telegraph by Easter. Baroness Stowell, the Conservative chairman of the Lords communications and digital committee, said the Government should impose an ultimatum on RedBird IMI. It should be backed by the threat of regulatory action, she said, to strip the fund of control of what has been dubbed "the newspaper auction from hell". - Telegraph

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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