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Monday newspaper round-up: Aviva, NatWest, CAB Payments

(Sharecast News) - A fashion industry push to reduce the environmental impact of the clothing it sells is being undermined by an ongoing addiction to buying new clothes, with the average Briton buying 28 items every year. Asos and Primark are among the big names signed up to Wrap's voluntary environmental pact, Textiles 2030. - Guardian Rishi Sunak will this week announce legislation for a new annual system for awarding oil and gas licences as part of a highly political king's speech which the Conservatives hope will open up clear dividing lines with Labour. The government said the plans would protect thousands of jobs and bolster energy security, reducing the UK's reliance on imports from hostile foreign regimes such as Russia, even though the UK has committed to move away from fossil fuels. - Guardian

Grant Shapps has warned Aviva against any "immoral" withdrawal of backing for defence companies, after a letter it sent to investors triggered a backlash from the Ministry of Defence. Aviva, which manages £221bn of assets including insurance and pension funds, told customers last week it would be selling out of "certain companies that do not meet our Aviva Baseline Exclusion Policy". - Telegraph

NatWest is to launch an artificial intelligence (AI) chatbot that it claims will provide more human interaction to customers after closing hundreds of bank branches in recent years. The bot, built using technology from IBM, will employ so-called "generative" AI technology, similar to that of ChatGPT, which can hold human-like conversations with customers looking for information about the bank. - Telegraph

Shareholders in CAB Payments have called on regulators to investigate whether the prospectus for one of London's biggest stock market flops this year misled investors. The initial public offering of CAB, promoted by JPMorgan and Barclays, has come under scrutiny after the company issued a profit warning four months after floating. The FTSE 250 foreign exchange firm, which specialises in processing payments to and from developing nations, floated in July with a valuation of £851 million, raising £335 million. It was London's largest conventional IPO this year. Its market capitalisation has since collapsed to only £173 million, making it the world's worst performing IPO this year, data from Bloomberg shows. - The Times

Dominic Chappell, who became engulfed in the BHS scandal, has been released from prison after serving half of his six-year sentence for evading tax. Chappell, 56, was released on parole from Guys Marsh prison in Dorset on Friday. BHS collapsed into administration in April 2016 just over a year after Sir Philip Green sold the chain for £1 to a consortium led by Chappell. - 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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