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Monday newspaper round-up: HS2, Vanguard, Credit Suisse

(Sharecast News) - The head of the International Monetary Fund has warned that the global economy faces risks to its financial stability because of the turbulence in the banking sector.Kristalina Georgieva, the managing director of the Washington-based lender of last resort, said rising interest rates had put pressure on debts, leading to "stresses" in leading economies, including among lenders. - Guardian The cost of HS2's revised and postponed London Euston terminus has almost doubled to £4.8bn since 2020, according to the the public spending watchdog, with millions wasted on botched decisions. The government announced last month that work on the high-speed line's central London station would be paused. But the National Audit Office warned on Monday that the move would "lead to additional costs and potentially higher costs overall". - Guardian

Fiscal drag will pull 55,000 working parents into Jeremy Hunt's childcare tax trap over the next five years, analysis by the Centre for Economics and Business Research (CEBR) shows. The number of parents who will find it harder to go back to work or will be incentivised to keep their salaries low will swell by 71pc, in a process known as fiscal drag. - Telegraph

The world's second-biggest fund manager has signalled its confidence in Britain with plans to open its second UK office, a move that will create 100 jobs. Vanguard, which manages $7.5 trillion (£6 trillion) globally, is to announce plans for a new office in Manchester, according to City sources. The US fund manager will lease 14,000 square feet in the Landmark development in St Peter's Square. - Telegraph

The Dubai-owned company that admitted it had broken employment law by dismissing 800 British crew at P&O Ferries last March and replacing them with cheap foreign labour has been awarded a multimillion-pound windfall under Rishi Sunak's freeports scheme, in what unions condemned as an "appalling" decision. - The Times

The head of the main City regulator at the time of the last financial crisis has spoken out in the controversy surrounding the recent wipeout of $17 billion of Credit Suisse bonds and criticised the supervision of the bank. Lord Turner of Ecchinswell, who was chairman of the Financial Services Authority from 2008 until it was abolished in 2013, told The Times that the Swiss authorities had done an "odd thing" by putting Credit Suisse's shareholders before some of its bondholders in the rescue of the lender. - 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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