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Thursday newspaper round-up: BNPL, Britishvolt, Reckitt, Rolls-Royce

(Sharecast News) - Almost a third of shoppers who use buy now, pay later credit say repayments on the loans have become "unmanageable", with the cost of living crisis pushing them into a debt spiral, new research has found. Consumers are spending more via the controversial form of credit, with shoppers who use BNPL now paying off an average of 4.8 purchases - almost double the 2.6 purchases in February, the research found. The average BNPL user's outstanding balance currently stands at £254.` - Guardian Cross-party MPs are forming a special group to scrutinise post-Brexit rules for City firms, amid concerns that the overhaul could result in a regulatory race to the bottom. The new subcommittee, which will be run by Treasury committee members and advised by a panel of experts, is meant to make up for the fact that new rules are no longer being dissected by politicians from the European parliament's economic and monetary affairs committee, after the UK's exit from the EU. - Guardian

A British electric car battery maker is targeting Tesla as a client by developing power cells designed to appeal to Elon Musk. Britishvolt, which is building a gigafactory in Blyth after raising £1.7bn, is working on lighter, cheaper batteries similar to the prototype 4680 cells that Mr Musk's company ordered earlier this year from Panasonic. A source said that if Britishvolt could provide performance batteries to Tesla it would be a "win for the UK" and its battery research. - Telegraph

A group of senior Democratic politicians has urged America's Department of Justice to closely scrutinise and even consider suing to block the potential sale of Reckitt Benckiser's infant formula business. The FTSE 100 consumer goods group "could shallow out the market" by offloading its baby formula business following widespread shortages in the United States, according to Elizabeth Warren, Bernie Sanders and Cory Booker. In a letter, they warned antitrust officials that a private equity takeover of the country's second-biggest manufacturer would pose a threat to competition and risk exacerbating existing issues for consumers. - The Times

Rolls-Royce has said that it can only deliver its first "mini" nuclear plant by its 2029 target date if the government commits this year to deploying the technology - years before it even gets safety approval. The small modular reactor (SMR) consortium led by the FTSE 100 group has made an audacious pitch to ministers to fast-track the technology in Britain despite its early stage of development. - The Times

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Monday newspaper round-up: Service charge, BP, Heathrow, Elon Musk
(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
Sunday newspaper round-up: Etihad float, Shein, Thames Water
(Sharecast News) - Abu Dhabi based carrier Etihad is planning to float a stake of up to 20% on the Abu Dhabi Stock Exchange. Sources indicate that it could command a valuation of $5bn (£4bn). It would be the second such transaction for its boss, Antonoaldo Neves. In 2017, the former McKinsey partner floated Azul, Brazil's third-largest airline, on the New York Stock Exchange. For Neves, any airline that aspires to be "relevant" needs to tap into different sources of capital. Its goal is to fly 170 jets by 2030, up from 93 at present. - The Sunday Times
Friday newspaper round-up: Gambling sector, FOS, Amazon
(Sharecast News) - The gambling regulator has accidentally handed over more than 4,000 sensitive documents to lawyers acting for the media tycoon Richard Desmond, in an "unprecedented" blunder during its legal battle over the £6.4bn national lottery contract, the Guardian understands. Northern & Shell (N&S), the investment group owned by Desmond, is suing the Gambling Commission for £200m in damages over its handling of the lottery licence award process. - Guardian
Thursday newspaper round-up: CMA, Riverford, Lloyds, Arm Holdings
(Sharecast News) - The appointment of the former boss of Amazon UK to lead the competition watchdog poses a threat to its independence and pledge to hold big tech to account, according to a group including tech companies and the former business secretary Vince Cable. The group - which includes the News Media Association, the Firefox developer Mozilla, the consumer group Which? and the Future of Technology Institute - has written to the chancellor, Rachel Reeves, to raise concerns about the appointment of Doug Gurr as the interim chair of the Competition and Markets Authority (CMA). - 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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