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Monday newspaper round-up: Zuber Issa, Thames Water, BAE Systems

(Sharecast News) - There is "no route to net zero" that ignores the real concerns of businesses, a cabinet minister has warned, as the government prepares to reduce financial penalties handed to carmakers not selling enough electric cars. Ministers are also looking at how cheaper loans could be introduced to help people buy an electric vehicle (EV), after a wave of job losses and closures in which carmakers blamed the onerous fines they were facing. - Guardian Fears of a global trade war have risen after Donald Trump threatened to impose 100% tariffs on countries in the Brics group if they create a new currency to rival the US dollar. Writing on his social media platform, Truth Social, on Saturday, Trump declared that he would also act if they supported another currency to replace the dollar. - Guardian

The billionaire former co-owner of Asda is on the verge of striking his first deal since breaking up the business empire built with his brother. Zuber Issa has lined up financing to pursue a deal for Petrogas Group, the UK arm of Irish forecourt giant Applegreen. It would mark Mr Issa's first takeover since his decision to carve up EG Group, the petrol forecourt empire that he ran alongside his brother Mohsin for 20 years. - Telegraph

The boss of Stellantis has resigned after overseeing a sharp drop in car sales, as the Vauxhall owner struggles with the shift to electric vehicles. Carlos Tavares stepped down from his role as chief executive of the world's fourth-largest carmaker on Sunday, with his departure accelerated following a split with the board. - Telegraph

The water regulator has blamed Moody's, the credit rating agency, for stoking the industry's financial crisis by not calling out operators such as Thames Water when they took on unsustainable debt. Ofwat has reproached Moody's for certifying Thames Water's debt as investment grade until recently, despite evidence of a fall in shareholder support and the group's poor performance over a long period. - The Times

Britain's largest defence company will take on a record number of apprentices and graduates by next year. BAE Systems, which builds the nation's nuclear submarines and fighter jets, plans to recruit more than 2,400 apprentices, undergraduates and graduates. Some 6,500 trainees will work for the FTSE 100 group, 15 per cent of its UK workforce. - 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
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(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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