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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: Tax cuts, Heathrow, The Telegraph

(Sharecast News) - Jeremy Hunt has played down the prospect of immediate income tax cuts, pledging not to do anything in this week's autumn statement that will fuel inflation. Although some Conservative backbenchers are eager for measures that would be quickly felt by households, the chancellor on Sunday sought to emphasise the need to promote growth and indicated that tax cuts were "not going to happen overnight". - Guardian Passengers are facing delays at Heathrow airport after strong winds and staff shortages led to air traffic control restrictions. There were reports from angry passengers on social media on Sunday who said their flights had been delayed or cancelled. - Guardian

The Abu Dhabi-backed investment fund RedBird IMI is in line to take control of The Telegraph within weeks in a deal that is causing concern among Conservative MPs. RedBird IMI would serve as a conduit for a £1.2bn loan, mostly provided by the Emirati royal and Manchester City owner Sheikh Mansour bin Zayed Al Nahyan, which would allow the Barclay family to repay in full a debt to Lloyds Banking Group. - Telegraph

A £1.4 billion bid for Halfords from Redde Northgate has been dismissed because it "undervalues" the bike and car parts retailer, according to reports. That may not be the end of a potential deal, though. The Sunday Telegraph quoted a source as saying: "There were discussions about what an integration of the two businesses might look like, but there were questions over the valuations of both companies. - The Times

A record number of office refurbishments were begun in London this summer as landlords rushed to tart up tired-looking blocks that corporate renters increasingly are shunning. Between April and September, renovation work began on 34 buildings totalling 3.3 million sq ft of workspace, according to Deloitte's latest office crane survey. It is the second time in a row in the professional services group's survey that the number of new refurbishments getting under way has broken records. - The Times

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(Sharecast News) - A development company that sells off land no longer needed by Thames Water has paid out a £14m dividend despite warnings that it could become engulfed by the water group's financial woes. Accounts filed at Companies House show Kennet Properties paid out a £14.5m dividend in the year to 31 March 2023 despite the difficulties faced by the wider group, which is facing going into administration. - Guardian
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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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