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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: 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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(Sharecast News) - The UK has seen an "explosion" in insecure, low-paid work in the past 14 years, according to a new report. The TUC said its study had found that the number of people in insecure work had reached a record high of 4.1 million. The analysis of official statistics shows the number of people in "precarious" employment - such as zero-hours contracts, low-paid self-employment and casual or seasonal work - increased by nearly 1 million between 2011 and 2023. - Guardian
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(Sharecast News) - Pensioners and people on disability benefits are the winners from radical changes to the welfare system made by the Tories over the last decade, while working-age families are losing out by thousands of pounds every year, according to a report by the Resolution Foundation. The Conservatives' 14-year overhaul of social security has shifted spending away from children and housing to supporting elderly people, and broken the link between entitlement and need for some of the poorest households in the country, the report says. - Guardian
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(Sharecast News) - The owner of South West Water has warned that global heating will increase the risk of outbreaks of the parasite that caused diarrhoea and vomiting in south Devon. Pennon Group said that "gradual and significant increasing average and high temperatures" could pose "risks to water quality and water treatment" - including the cryptosporidium parasite - in its annual report, published this week. - 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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