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Monday newspaper round-up: Thames Water, McLaren, gigafactories

(Sharecast News) - Thames Water has risked a fresh backlash over its commitment to tackling sewage dumping after it declined to commit funds to a £180m industry-wide initiative to fast-track efforts to reduce pollution in England's waterways. The government said on Monday that the sum would be spent by six companies over the next 12 months to prevent more than 8,000 sewage spills, as water companies attempt to address their woeful record on tackling spills. - Guardian A cryptocurrency firm transferred digital assets worth more than $4.2m to a crypto wallet belonging to a member of an alleged Russian arms-dealing network who was later hit with US sanctions, it can be revealed. Details of the transactions involving Copper Technologies raise questions about whether UK laws governing crypto have adapted quickly enough to keep pace with a rapidly evolving sector that has come under increasing scrutiny over the level of anonymity it can provide. - Guardian

The Bahraini owners of McLaren have hired bankers to find a buyer for their stake in the British car maker after investors were forced to pump it with £1.5bn in funding to prop it up in the wake of the pandemic. Mumtalakat, Bahrain's sovereign wealth fund with a 50pc holding in McLaren Group, is said to have drafted in advisers at JP Morgan following an order from King Hamad bin Isa Al Khalifa to stem losses. - Telegraph

British battery metal refiners and electric car gigafactories are being handed cheap power deals by the Government as part of a battle to cut the West's dependence on China. Companies will get the energy relief from next month with the aim being to boost domestic production of key minerals needed for wind turbines, electric cars and defence technologies, officials and executives say. - Telegraph

The boss of Sainsbury's has warned that new government policies designed to make farming more sustainable could harm Britain's food production and lead to more imported food. Simon Roberts, chief executive of Britain's second-largest supermarket chain, said the UK food system "is at a crossroads" because environmental challenges like climate change and ­biodiversity loss are creating a perfect storm "with well-intentioned but inconsistent government policy". - The Times

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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
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(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
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(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

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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