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Friday newspaper round-up: DP World, Rio Tinto, Boohoo

(Sharecast News) - The Dubai-based owner of P&O Ferries has lost its status as a formal partner in one of the government's biggest freeport projects, after widespread public anger over the firing without notice of 800 workers last month. Ministers have confirmed that DP World, the Emirati logistics giant behind P&O, no longer had a central role as a "partner" in the Solent freeport after the resignation of its UK commercial director from the scheme's board last week. - Guardian Rio Tinto has taken full control of an alumina refinery in which oligarchs Oleg Deripaska and Viktor Vekselberg hold stakes after the Australian government slapped sanctions on the pair and banned the export of bauxite products to Russia. The oligarchs have an interest in Queensland Alumina Limited through shareholdings in En+ Group, a London-listed resources company which owns the second-largest aluminium producer in the world, Rusal. - Guardian

Cheaper electricity will encourage households to charge their cars overnight and use their washing machines outside peak periods under plans to keep bills down during the drive for net zero. Ministers hope "time-of-use" tariffs enabling people to pay less for electricity when demand is low will be more widely adopted as part of a major overhaul of the energy system in coming years. - Telegraph

The boss of Boohoo has insisted that its new "model factory" will be a profitable production site rather than just a showroom as Debenhams, Dorothy Perkins and Wallis clothes are being made in the UK again after moving offshore almost three decades ago. Boohoo opened its first factory in Leicester in January, two years after the online retailer was engulfed in a scandal about the poor treatment of workers in the city's factories. The multimillion-pound site, a former VW garage on Thurmaston Lane, has been designed to show "best in class" standards, including training schemes for workers, who are paid above the minimum wage and are entitled to the same holidays and benefits as other Boohoo staff. - The Times

A British online car retailer has fallen deeper into the red after investing heavily in expansion and counting the cost of its stock market listing in New York last summer. Cazoo unveiled a sharp rise in annual revenues yesterday as it drove further into Europe's second-hand market, but it said that its pre-tax losses had widened to £549 million last year from £100 million in 2020. - 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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