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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: GFG Alliance, Apple, FinnCap, M&S

Fri 19 Nov 2021 07:26

(Sharecast News) - Sanjeev Gupta's GFG Alliance has sold two aluminium parts factories after Jaguar Land Rover (JLR) stepped in to secure a vital part of its supply chain. Evtec, an automotive supplier based in Coventry, will take over Liberty Aluminium Technologies casting plants in Coventry and Kidderminster in the West Midlands, saving 170 jobs. However, GFG is closing a site in Witham, Essex, with the loss of 64 jobs. - Guardian Apple is stepping up its plans to enter the car market and aims to launch a self-driving electric vehicle in 2025, according to a report. The tech company's much-rumoured automotive project has bolstered its ambitions under new leadership and is pushing for a fully self-driving vehicle with no steering wheel or pedals, said Bloomberg. The car's interior would be designed for hands-off driving, with one possible design featuring passengers sitting around a U-shaped seating formation. - Guardian

Zia Chishti, the founder of Princess Beatrice's technology company Afiniti, resigned on Thursday night two days after a former employee accused him of violent sexual assault. Following a crunch board meeting, directors said Mr Chishti had "stepped down from his role as chairman, chief executive officer, and director of Afiniti, effective immediately". - Telegraph

A City broker will offer unlimited paid time off in an effort to help its staff to avoid burnout. FinnCap has set out the plan for its 155 employees to try to make a significant improvement to working conditions and in recognition of heightened demands from clients because of volatile capital markets, Bloomberg reported. - The Times

The chairman of Marks & Spencer warned that trade in Northern Ireland could become an "operational nightmare" and that the burden of red tape would be increased by concessions from Brussels. Archie Norman has written to Lord Frost, the Cabinet Office minister, saying that European Commission plans could result in "worsening friction and cost and a high level of ambiguity and scope for dispute". - The Times

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(Sharecast News) - A thinktank linked to Reform UK has called for the abolition of the state pension and £75bn worth of sweeping tax cuts in a "radical" report likely to influence the party's platform for the next election. The Centre for a Better Britain's (CFABB) report - which also calls for weaker rules for UK banks and Trump-style investment accounts offering £1,000 to newborns - will be formally launched at a private event with City executives on Wednesday. - Guardian
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(Sharecast News) - A thinktank linked to Reform UK has called for the abolition of the state pension and £75bn worth of sweeping tax cuts in a "radical" report likely to influence the party's platform for the next election. The Centre for a Better Britain's (CFABB) report - which also calls for weaker rules for UK banks and Trump-style investment accounts offering £1,000 to newborns - will be formally launched at a private event with City executives on Wednesday. - Guardian
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(Sharecast News) - Meta has launched a fresh legal challenge against Britain's media regulator in the latest of a slew of actions by social media companies who are accused of using the courts to slow down implementation of the Online Safety Act. Lawyers for the parent company of Facebook served notice during the week in an appeal against placing WhatsApp and Instagram, which are also owned by Meta, in a category that subjects them to additional duties. - The Guardian

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