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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.

Sunday newspaper round-up: Israel tanker, John Lewis, OakNorth...

(Sharecast News) - An Israel-affiliated chemical tanker was hit by a drone allegedly launched from Iran in the Indian Ocean on Saturday, the US Department of Defence said. The Liberia-flagged Chem Pluto was struck at around 10am (local time) in the Indian Ocean, nearly 200 nautical miles from India's western coast of Veraval in Gujarat, the Pentagon claimed. It added that the one-way attack drone was launched from Iran. - The Independent John Lewis and Waitrose will refocus on department stores and supermarkets again after a controversial shift to housebuilding under Dame Sharon White, the outgoing chairwoman. White outlined plans in 2020 for the John Lewis Partnership to make 40 per cent of its profits from non-retailing activities, including construction and financial services, by the end of the decade. The gloomier economic backdrop means that now appears highly unlikely, and in a joint note to partners last month, White and Nish Kankiwala, the new chief executive, wrote: "The next phase [of the strategy] will see us focus on brilliant retail." - The Sunday Times.

OakNorth, the digital lender backed by SoftBank, has appointed former City watchdog head Lord Adair Turner to the role of chair as it considers a stock market listing in London, the US or both. Turner, who served as chair of the Financial Services Authority during the financial crisis, rejoins OakNorth after previously sitting on the board as senior independent director until 2017. The appointment of Turner, who replaces outgoing chair Cyrus Ardalan, will add extensive regulatory experience to the board and comes as OakNorth considers plans for an initial public offering. - Financial Times

Unilever's shake up of its portfolio has continued apace with the addition of haircare brand K18. The consumer goods giant announced the deal after it sold many of its less successful brands earlier this month. Chief executive Hein Schumacher plans to streamline the business by getting rid of brands that were not seen to be contributing to the bottom line. Unilever did not reveal how much it had paid for K18, which was founded just three years ago in 2020. - Mail on Sunday

Crypto companies have sharply increased donations to US politicians as sentiment in Washington hardens against the digital assets market. [...] This week Coinbase, Circle and a16z were among the companies to put $78mn into Fairshake, a federal super Pac that can take unlimited money from corporations and individuals to spend on elections, to be directed to "pro-crypto leadership". "We're going to do whatever it takes to depoliticise crypto," said Faryar Shirzad, chief policy officer at Coinbase. - Financial Times

Dining tycoon Richard Caring is considering selling a stake in his Ivy Collection of restaurants, which could be worth £1billion. Caring - known as 'the King of Mayfair' for his empire of venues - has called in bankers at HSBC to advise on a sales process. - Mail on Sunday

Sir James Dyson has criticised the government for not "going for growth" after the latest official figures revealed an increasing likelihood of a recession in the UK. The inventor said wealth generation and growth had become "dirty words" while praising the economic policies of former chancellor Kwasi Kwarteng and former prime minister Liz Truss, whose disastrous mini-budget sent the pound crashing against the dollar and brought the near collapse of pension funds and soaring mortgage costs. - The Guardian

Serious concerns have been raised over the growing influence of private equity in the provision of children's care homes, after an Observer investigation revealed that the number of homes backed by investment companies has more than doubled over five years. The news comes with children's social care directors, council leaders and campaigners for those in care accusing some businesses of profiteering from their involvement in children's social care. Increasing numbers of councils are warning they face bankruptcy as a result of rising costs. Several care home providers backed by investment companies are also heavily indebted. - The Guardian

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Sunday newspaper round-up: Middle East, Aston Martin, Defence
(Sharecast News) - Britons must accept that their country was now involved in the Middle East conflict, Tobias Ellwood said. The former defence minister warned that "nobody was in full control" of the growing conflict as more and more countries were sucked in. Ellwood also said that Tehran's strike had taken the conflict into a "new dangerous territory". - Sunday Telegraph
Friday newspaper round-up: Everton, AstraZeneca, Amazon
(Sharecast News) - Everton has paid about £30m in interest charges to an opaque lender associated with a tax exile, corporate records suggest. The charges appear to have reached about £438,000 a week, according to the troubled Premier League club's most recent set of accounts, a figure more than three times the reported wages of the Everton and England goalkeeper Jordan Pickford. - Guardian
Thursday newspaper round-up: Border controls, McKinsey, KPMG
(Sharecast News) - New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result. With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson's Brexit deal could add 10% to import costs over the first year. - Guardian
Wednesday newspaper round-up: Shoplifting, EnQuest, Klarna
(Sharecast News) - The government is investing more than £55m in expanding facial recognition systems - including vans that will scan crowded high streets - as part of a renewed crackdown on shoplifting. The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being forced to wear a tag to ensure they do not revisit the scene of their crime, under a new standalone criminal offence of assaulting a retail worker. - 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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