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Thursday newspaper round-up: Amazon, Patagonia, SoftBank, Hornby

(Sharecast News) - California is suing Amazon, accusing the company of violating the state's antitrust laws by stifling competition and engaging in practices that push sellers to maintain higher prices on products on other sites. The 84-page lawsuit filed on Wednesday in San Francisco superior court mirrors another complaint filed last year by the District of Columbia, which was dismissed by a district judge earlier this year and is now going through an appeals process. - Guardian Setting a new example in environmental corporate leadership, the billionaire owner of Patagonia is giving the entire company away to fight the Earth's climate devastation, he announced on Wednesday. Patagonia founder Yvon Chouinard, who turned his passion for rock climbing into one of the world's most successful sportswear brands, is giving the entire company to a uniquely structured trust and nonprofit, designed to pump all of the company's profits into saving the planet. - Guardian

The taxpayer is to fund profits of up to £1.6bn for energy suppliers this year after their earnings were protected in Liz Truss's freeze on household bills. Businesses will be allowed to make a margin of 1.9pc on energy that they sell to the public through the Prime Minister's subsidy scheme, which caps the average bill at £2,500. - Telegraph

SoftBank is weighing up whether to launch a third large investment fund for start-ups as the Japanese conglomerate seeks to draw a line under record losses. Executives at the world's most prolific technology investor have held discussions over how to proceed after its billionaire founder pledged to move forward with care. - The Times

The company behind Scalextric and Airfix indicated yesterday that it had not fully complied with stock market disclosure rules regarding related-party transactions with a company owned by its executive chairman. Hornby bought about £502,000 of stock, tooling and other items from Oxford Diecast, which makes and supplies diecast model vehicles and was owned by LCD Enterprises, a company owned by Lyndon Davies, Hornby's chief executive. LCD was fully acquired by Hornby in July last year. - The Times

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Thursday newspaper round-up: Thames Water, mortgage costs, UK car production
(Sharecast News) - Thames Water has breached its licence to supply water to nearly 16 million people after some of its debt was downgraded to junk status. The regulator Ofwat could now fine Thames, the country's largest water monopoly, up to 10% of its annual turnover, equating to hundreds of millions of pounds. However, since the company is already teetering close to temporary renationalisation, Ofwat is likely to hold off on any immediate large fines. - Guardian
Wednesday newspaper round-up: Reckitt, Tesla, Virgin Atlantic...
(Sharecast News) - Reckitt is under pressure from top shareholders to revisit a sale of its nutrition business, following litigation and a series of other setbacks at the division that have sent the company's share price to decade lows. The FTSE 100 consumer giant acquired the Mead Johnson infant formula business in 2017 for $17bn - its largest-ever acquisition - and it has been plagued by mishaps ever since. Meanwhile, the wider group, which makes Lysol detergent and Durex condoms, has underwhelmed investors as it struggles to build back sales volumes following a period of high inflation and suppressed consumer demand. - Financial Times
Tuesday newspaper round-up: Kamala Harris, Crowdstrike, Vivendi...
(Sharecast News) - Kamala Harris has secured enough delegates from her party to clinch the Democratic presidential nomination, as she pledged to offer Americans a "brighter future" compared to the "chaos, fear and hate" proposed by Donald Trump. The US vice-president was speaking in Wilmington, Delaware, on Monday, the first full day since President Joe Biden dropped his re-election bid and endorsed her for the Democratic presidential nomination, shaking up the 2024 race for the White House. - Financial Times
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(Sharecast News) - Kamala Harris, the vice-president, has emerged as the frontrunner to replace President Biden as the Democratic nominee for the election against Donald Trump in November. Biden, 81, announced yesterday afternoon that he would drop out of the race. In the hours that followed, Harris, 59, was endorsed by leading Democrats, prospective rivals and the chairs of all 50 state parties. - The Times

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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