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Friday newspaper round-up: Stellantis, John Lewis, FRC

(Sharecast News) - Rachel Reeves is expected to reveal a £20bn hole in government spending for essential public services on Monday, paving the way for potential tax rises in the autumn budget. Labour sources said the blame lay with the Tory government, describing it as a "shocking inheritance" and accusing the former chancellor of "presiding over a black hole and still campaigning for tax cuts". - Guardian Britain's plans to create advanced devices based on the mind-bending physics of the quantum world have received a £100m boost, in a move ministers hope will have a transformative impact on healthcare, transport and national security. Peter Kyle, the science secretary has announced funds to establish five quantum technology hubs across England and Scotland. They will work with industry and government to develop and commercialise devices and ultimately drive a new economy. - Guardian

Stellantis is considering putting Italian carmaker Maserati up for sale after shipments halved, triggering a €349m (£294m) writedown on the brand. The owner of the Jeep, Peugeot and Vauxhall brands said revenues from its Maserati cars fell to €631m in the first six months of 2024, down from €1.3bn a year ago. - Telegraph

John Lewis has won approval for the first of its flagship housing developments after councillors shot down local opposition to approve the controversial scheme. The partnership has been granted permission to build 353 flats on top of a Waitrose store in Bromley, south-east London. Speaking at a planning meeting on Thursday, the development control committee chairman Alexa Michael said it was a "very finely balanced" case, but there was a "large need for housing". The scheme passed with a vote of 10 against 5, with one councillor abstaining. - Telegraph

Britain's accounting watchdog dished out a record amount in fines last year as it concluded a number of high-profile investigations, including into audits of Carillion and London Capital & Finance. The Financial Reporting Council, which oversees the nation's audit and accounting firms, issued financial sanctions totalling £48.2 million in the year to the end of March, surpassing the previous record of £46.5 million set in the 2021-22 financial year. - 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

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