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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: Wilko, London house prices, supermarkets

(Sharecast News) - A union representing thousands of workers at Wilko is seeking an urgent meeting with the business secretary after being told by potential rescuers of "difficulties" in engaging with the administrators who will decide upon the stricken retail chain's future. On Monday, the GMB national secretary, Andy Prendergast, wrote to Kemi Badenoch asking her to ensure that PricewaterhouseCoopers considered all bids for the budget retailer where 12,500 jobs were hanging in the balance. - Guardian Homeowners in London have knocked £23,500 off property asking prices as soaring interest rates hit the capital harder than anywhere else in the country. Since asking prices in London peaked in May, sellers have reduced their advertised prices by 3.4pc, the largest drop of any region, according to data from Rightmove. - Guardian

Michael Gove's "London-centric" building policies are anti-driver and will fail to deliver the homes the country needs, the boss of a top British developer has claimed. Matthew Pratt, chief executive of FTSE 250 house builder Redrow, criticised the Levelling Up Secretary's proposed rules for "beautiful" designs as single-minded and impractical, arguing that restrictions on off-street parking will end up backfiring. - Telegraph

Trust in British supermarkets has fallen to the lowest level for a decade as households grapple with high prices, despite the rate of food prices inflation easing this month. The latest monthly consumer insight tracker from Which?, the consumer group, found that confidence in the grocery industry had dropped in August to the lowest level since February 2013, a time when horse DNA had been discovered in frozen beef burgers and lasagne sold in some Irish and British supermarkets. - The Times

One of Britain's leading life sciences companies is to be taken over by an American group in a $5.7 billion deal after its founder called for a change in strategy. Cambridge-based Abcam is a global supplier to the pharmaceuticals research industry. Quoted on Nasdaq, the technology-heavy New York stock exchange, it has agreed to a $24-per-share offer from Danaher under which it would continue as a standalone entity within the parent group. - The Times

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(Sharecast News) - The Financial Mail on Sunday's Midas column labelled shares of Oxford Instruments a "long-term buy".
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(Sharecast News) - The UK has seen an "explosion" in insecure, low-paid work in the past 14 years, according to a new report. The TUC said its study had found that the number of people in insecure work had reached a record high of 4.1 million. The analysis of official statistics shows the number of people in "precarious" employment - such as zero-hours contracts, low-paid self-employment and casual or seasonal work - increased by nearly 1 million between 2011 and 2023. - Guardian
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(Sharecast News) - Pensioners and people on disability benefits are the winners from radical changes to the welfare system made by the Tories over the last decade, while working-age families are losing out by thousands of pounds every year, according to a report by the Resolution Foundation. The Conservatives' 14-year overhaul of social security has shifted spending away from children and housing to supporting elderly people, and broken the link between entitlement and need for some of the poorest households in the country, the report says. - Guardian
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(Sharecast News) - The owner of South West Water has warned that global heating will increase the risk of outbreaks of the parasite that caused diarrhoea and vomiting in south Devon. Pennon Group said that "gradual and significant increasing average and high temperatures" could pose "risks to water quality and water treatment" - including the cryptosporidium parasite - in its annual report, published this week. - 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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