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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: Saudi oil output, Asos, 35-year mortgages

(Sharecast News) - Saudi unveiled plans at the weekend to reduce its oil output by 1m barrels per day in a surprise unilateral decision. The move was to take effect from July. The decision came as Secretary of State, Anthony Blinken, was due to travel to Saudi Arabia over the following week. It also followed a meeting between members marred by disagreements, although the Russian and UAE energy ministers denied talk of any split with Saudi. OPEC+ meanwhile did agree to prolong the voluntary cuts announced in April until the end of 2024. The cartel and its allies were to meet again in November and plans might change. - The Sunday Telegraph Asos received a £1bn takeover offer from Turkish rival Trendyol in late December, according to City sources. Among the Turkish outfit's backers was Chinese online retailing giant Alibaba. The offer would have valued Asos at £10-12 per share, against a closing price last Friday of £3.5. There were however no live talks and both companies declined to commit. Recently, leading credit insurers had demured from providing cover for its suppliers or reduced the same. a decision that could squeeze its cash flow. - The Sunday Times

A record proportion, or 19%, of first-time homebuyers were taking out 35-year mortgages and more in the wake of soaring costs. That was the highest share since 2005, when records began, and twice the 9% seen in December 2021. The average age of a first time buyer was now 32, according to Halifax, meaning that many persons' intention was to continue borrowing until the end of their work life and even into retirement. - The Sunday Telegraph

Sky's UK boss believes the country is entering a 'golden age' of film and television. Spend on both combined hit a record £6.2bn in 2022, which was £1.83bn more than before Covid. Furthermore, just last month ministers promised additional support as part of a strategy to add over 1m jobs in creative industries over the next decade. - The Financial Mail on Sunday

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Wednesday newspaper round-up: Thames Water, Johnson & Johnson, BoE
(Sharecast News) - Thames Water may need as much as £10bn in debt and equity investment to repair its finances, according to a representative of creditors hoping to lend the struggling utility another £3bn. London's high court heard evidence on Tuesday that suggested the UK's largest water company may need significantly more resources than the roughly £6.3bn it has previously indicated. - Guardian
Monday newspaper round-up: Zero-hours contracts, Barclays, Asos
(Sharecast News) - Hundreds of thousands of British workers are on zero-hours contracts despite being with the same employer for years, according to analysis from the TUC. The majority of zero-hours contract workers have been with their employer for more than 12 months, while one in eight have not been granted regular employment rights after more than a decade working in the same place, the organisation said. - Guardian
Friday newspaper round-up: Apple, Daily Mail, OpenAI, Homebase
(Sharecast News) - Apple slightly beat analysts' expectations in its first-quarter earnings for fiscal year 2025 on Thursday. The iPhone-maker's revenue rose by 4%, coming in at $124.30bn, barely above estimates of $124.12bn. Earnings per share were $2.40, just ahead of analysts' expectations of $2.35. Shares rose more than 8% in extended trading after CEO Tim Cook indicated in an earnings call on Thursday that Apple is on the trajectory for revenue growth next quarter. - Guardian
Thursday newspaper round-up: Car production, UK retailers, water bills, KPMG
(Sharecast News) - The architect of a ban on newspaper takeovers by foreign states has demanded that an Abu Dhabi fund be forced to sell The Telegraph by Easter. Baroness Stowell, the Conservative chairman of the Lords communications and digital committee, said the Government should impose an ultimatum on RedBird IMI. It should be backed by the threat of regulatory action, she said, to strip the fund of control of what has been dubbed "the newspaper auction from hell". - Telegraph

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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