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Sunday newspaper round-up: Tax fraud scandal, Royal Mail, Metro Bank

(Sharecast News) - More claims against banks and individuals operating in the City linked to the so-called Cum-Ex case are likely. The tax fraud scandal - Europe's largest ever - is estimated to have cost German taxpayers alone almost £10bn. Among the lenders being investigated are Barclays, Bank of America Merrill Lynch, Morgan Stanley, BNP and Nomura, together with law firms and auditors. Last week, the Supreme Court ruled that Danish authorities could pursue an alleged £1.4bn Cum-Ex fraud in London. The decision may open the floodgates to to claims from regulators in other European countries. - Financial Mail on Sunday

Attorneys for Whistl, formerly known as TNT UK, are pressing for a preliminary hearing in the High Court next year in its £600m legal claims against Royal Mail for alleged abuse of its monopoly position to force it out of the market. The claim will cast a shadow over Royal Mail's interim results presentation on Thursday. Amsterdam-listed PostNL, whose largest investors is Vesa Equity, Czech billionaire Daniel Kretinsky's investment vehicle, still has a 17.5% stake in Whistl. - The Sunday Times

Metro Bank has been put on the Financial Conduct Authority's watchlist for financial crime compliance, the lender has revealed. That means that it will be subject to "enhanced supervision". The disclosure was included in the lender's 217-page prospectus for the rescue deal announced during the previous month which will increase Colombian billionaire Jaime Gilinski's stake from 9% to 52.9%. The news does not have financial implications for Metro. However, the prospectus warns that if the fundraising - which will be put to a vote on 27 November - is not backed then the Bank of England might impose an alternative plan. - The Sunday Times

Majestic Wines boss John Colley is planning to double down on brick-and-mortar outlets which he says will remain "sacrosanct" while he is at the helm. In the past four years the company has opened 15 new stores and is now planning to open dozens more. Majestic split off from Naked Wines, which is now facing a cash crunch, in 2019. Unlike Naked Wines, Majestic's business model does not revolve around online sales. - The Sunday Telegraph

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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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