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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: Southern Water, Cazoo, EY

(Sharecast News) - Southern Water is threatening to use debt collection agencies against customers involved in a payment boycott in protest against continuing raw sewage discharges. The water company, which was given the lowest one star rating for performance by the Environment Agency, has informed boycotters that it will be using bailiffs if they continue to hold back bill payments. - Guardian Online car retailer Cazoo has announced it will abandon its business in Europe and cut 750 jobs in the latest sign of retreat by a business that had hoped to transform its sector. The company will make redundant all of its employees in France, Germany, Italy and Spain as it closes the operations, leaving it operating in only the UK as it tries to preserve cash. - Guardian

Bosses at EY have agreed to push ahead with a split of its audit and consulting arms in the biggest shake-up of a Big Four accounting giant in decades. The firm said on Thursday that it will ballot its partners on a plan to separate the 312,000-strong business into "two distinct, multidisciplinary organisations" following a strategic review. - Telegraph

Hospitality bosses are warning that one in five businesses in the sector will not survive the current crisis and that hundreds of thousands of people will be left without jobs unless government support is received. Nearly 300 chief executives have signed an open letter asking the new chancellor, Kwasi Kwarteng, for "a plan that cuts business costs, stimulates demand and tackles inflation". - The Times

The government's information watchdog has taken legal action against the Department for International Trade for "persistent failures" to uphold transparency law. The Information Commissioner's Office has taken the rare step of issuing a formal enforcement notice to the department for failing to properly respond to transparency requests. If the department fails to meet this notice, it will be in contempt of court. - The Times

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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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