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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: John Lewis, UK steel industry, Newcleo

(Sharecast News) - Plans by loss-making retailer John Lewis to end more than seven decades as a 100% employee-owned business have drawn criticism from an MP and supporters of its mutual ownership model. Sharon White, who chairs the company behind the eponymous department store chain and Waitrose, believes the business could raise up to £2bn in new investment by diluting its mutual model, according to reports. - Guardian The government's failure to support the ailing UK steel industry in last week's budget has put thousands of jobs at risk, the prime minister has been told. In a letter to Rishi Sunak, shared with the Guardian, the trade union Unite said it was "disappointed" that the government had not announced plans to tackle the "serious threats facing the sector". - Guardian

Morrisons is cutting its prices for the third time in three months as it steps up efforts to lure shoppers back from Aldi. The supermarket said it was slashing prices on another 490 products, including fresh meat, baby essentials and freezer items. The latest round of reductions follows rounds of price cuts last month and in January. - Telegraph

Britain has little hope of hosting a successful orbital rocket mission this year, space officials have admitted, after the failure of Virgin Orbit's "Start Me Up" satellite launch in January. Staff at the Civil Aviation Authority (CAA) have privately told members of the space industry that there is unlikely to be another mission in 2023, according to two sources. - Telegraph

A British-based nuclear company backed by Italy's Agnelli family plans to raise nearly £900 million to advance a plan to build a fleet of small nuclear reactors in Britain. Newcleo, based in London, has an ambitious scheme to build one plant a year in the UK up to 2050 and eventually generate 4 gigawatts of electricity, more than will be produced by the large new nuclear plant being built at Hinkley Point in Somerset by EDF. - The Times

The number of problems affecting Twitter has more than doubled under Elon Musk's ownership, according to data from an organisation that monitors internet performance. ThousandEyes noted that since the takeover the site had been slower than usual and content did not load. The figures suggest that financial cuts and large-scale layoffs inflicted on the platform in the past few months are taking their toll on the company's operations. - The Times

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(Sharecast News) - Asset manager Redwheel told regulators they should reduce the UK postal service's legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to let it cut the number of days per week during which it must deliver second-class mail from six to two or three. That would save the company £300m and see it shrink its workforce by 1,000. According to Redwheel, as first reported by the Sunday Times, the enforced costs of its legal obligations left the company "vulnerable to corporate predators". - Guardian
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(Sharecast News) - "Misleading" and "inconsistent" labels make it hard for shoppers to know where their food comes from, the consumer champion Which? has said, as it found supermarket chains were selling products with "meaningless" statements on their packaging. Retailers must supply the "country of origin" for specific foods including fresh fruit and vegetables, unprocessed meats, fish, wine and olive oil but the rules do not generally apply to processed meat or frozen or processed fruit and vegetables. - 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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