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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: Royal Mail, Shein, Canary Wharf

(Sharecast News) - The heads of the Communication Workers Union have acquiesced to Royal Mail's demand to end six-day-a-week letter deliveries, paving the way for historic cuts to postal services. Royal Mail wants to amend its universal service obligation so that it must only deliver second-class post every other day. Nonetheless, first-class mail would continue to be delivered on Saturday, union sources said. Ofcom has yet to respond to Royal Mail's proposals. - The Sunday Times London's top-flight index will get a boost next month when Chinese online retail giant Shein unveils its plans to list in London. The float has garnered support including from the Chancellor and shadow business secretary Johnny Reynolds. Key to Shein's decision was the worsening politics for Chinese firms in the States. That had led management to forego the possibility of a New York listing. At one point that had been their preferred option. - Financial Mail on Sunday

The Canary Wharf Group agreed to pay £150m towards a major refurbishment of Morgan Stanley's 547,000 sq. foot head office. That was the price for the U.S. lender not to exercise the break clause in its contract and remain at its current European headquarters until 20238. Its decision followed a string of high-profile departures. Morgan Stanley was also allowed to walk away from a lease on smaller offices at Westferry Circus in exchange for £27.5m. - The Sunday Times

Rolls-Royce has downsized its plans to construct two new small modular reactor factories in the UK. The decision follows delays to a government design competition. It can no longer proceed with plans to construct a factory to build the pressure vessels for its SMRs in time to meet its goal of manufacturing the first such vessels in the early 2030s. Construction of the second factory on the other hand, which will build the building blocks for the reactors, is still going ahead. - The Sunday Telegraph

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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) - 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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