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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: UBS Credit Suisse, Master Lock, Southern Water, NHS, Man City

(Sharecast News) - The Swiss investment bank UBS is reportedly preparing to cut more than half the 45,000 staff it inherited from the takeover of stricken rival Credit Suisse, in a move that is expected to begin as early as next month. Insiders have indicated that between 30,000 and 35,000 staff are likely to leave the combined organisation this year in three rounds of cuts beginning in July, according to Bloomberg News. - Guardian For over 100 years, the Master Lock plant in Milwaukee manufactured locks and security products. Now, what was for years the last remaining large manufacturing holdout on the north side of Milwaukee's industrial sector, is being shut down after the company informed employees a phased shutdown will begin on 31 October 2023, with final operations halting by March 2024. - Guardian

One of Britain's biggest water companies is preparing to unveil a £500m injection from shareholders as suppliers scramble to shore up their finances amid a crisis at Thames Water. Southern Water is closing in on a deal with Australian owner Macquarie to supply extra funds as it grapples with soaring costs and rising interest rates. - Telegraph

Two Italian researchers tasked with turning combustion-engine cars into solar-powered hybrids have died after a prototype vehicle exploded during a road-test. Maria Vittoria Prati, a senior scholar and engineer at Italy's National Research Council (CNR), and trainee Fulvio Filace were hospitalised with severe burns after the prototype vehicle caught fire in Naples last Friday. - Telegraph

Medical school places will double and students will become doctors quicker under "historic" plans to increase the NHS workforce. Rishi Sunak will promise £2.4 billion over five years for tens of thousands more staff in what he describes as "one of the most significant commitments I will make as prime minister". After years of wrangling with the Treasury, the NHS has got almost everything it asked for in a plan that largely focuses on the next parliament and beyond. - The Times

A mystery figure from the United Arab Emirates paid Manchester City £30 million, a leaked report has revealed. The Uefa report, produced in 2020 but never published, concludes that the two £15 million payments from 2012 and 2013 were made to cover sums that were supposed to have come from one of their main sponsors. The payments are expected to be part of the 115 alleged breaches of the Premier League's financial rules that City were charged with in February. - 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

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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