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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.

Monday newspaper round-up: Credit Suisse, house prices, Revolut

(Sharecast News) - Credit Suisse says 61bn Swiss francs ($68bn/£55bn) left the bank in the first quarter, shedding light on the scale of the bank run that caused the 167-year-old institution to crumble and forced its state-engineered rescue. "These outflows have moderated but have not yet reversed as of April 24 2023," Credit Suisse said on Monday. - Guardian Those people hoping to get on to the UK housing ladder are facing record asking prices, as calm returns to the sector after last autumn's mini-budget spooked the markets. Rightmove, the property portal, reports that the average asking price of properties popular with first-time buyers - those with one or two bedrooms - has hit a record price of £224,963 in the last month. That is 2% higher than a year ago, even though higher mortgage rates have made homes less affordable. - Guardian

National Grid is quitting its foray into developing carbon capture and storage in the UK, in a blow to the Government's net zero ambitions. The FTSE 100 company is abandoning its plans to develop new pipelines in the Humber region to take carbon dioxide emissions out to the North Sea. Its National Grid Ventures arm is in talks to sell the onshore pipeline project to partners, and has already quit another phase of the project. - Telegraph

About $15 billion has been wiped from the valuation of Revolut by one of its most loyal shareholders on the back of a more cautious assessment of financial technology stocks. The 46 per cent writedown by Schroders implies that Britain's biggest fintech unicorn is now valued at about $17.7 billion, well down on the $33 billion price tag implied by a capital-raising in July 2021. - The Times

Error messages flashed up as staff at Capita tried to log into their accounts on Friday, March 31. Frustrated workers were advised not to submit password reset requests to swamped technology teams as the outsourcer got to grips with what was going on. In a preliminary statement that morning, dictated over the phone as the media team was also locked out of its email accounts, Capita said it was investigating a "technical issue" with its IT systems. - The Times

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(Sharecast News) - The UK government will "wait and see" whether tariffs announced by Donald Trump "actually come to pass", a senior minister said. The US president announced what he called "reciprocal tariffs" on all other countries on Thursday evening, claiming it was "fair to all". But it was unclear how this would apply to the UK, especially as Trump suggested his policy regarded VAT as a tariff. - Guardian
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(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
Wednesday newspaper round-up: British economy, Heathrow, FOS
(Sharecast News) - The British economy is on course to expand by 1.5% this year after the budget gave a boost to public spending but could be blown off course if Donald Trump goes ahead with threatened tariffs, a leading economic thinktank has warned. In a boost to Rachel Reeves after a bruising month of negative economic figures, the National Institute of Economic and Social Research (NIESR) upped its annual growth prediction from 1.2% to 1.5%. - Guardian
Tuesday newspaper round-up: OpenAI, EVs, gas prices
(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - 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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