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Thursday newspaper round-up: Britishvolt, car production, Home Reit

(Sharecast News) - The battery startup Britishvolt owed as much as £120m to creditors when it collapsed last week in a major blow to hopes of sustaining the British car industry, it can be revealed. Creditors are expected to recover a very small proportion of the debts, according to a source with knowledge of the matter, although there are understood to be several bids for the company and its assets. EY, a professional services firm, is handling the administration. - Guardian More than £1m was paid to energy customers with Octopus Energy on Tuesday as part of a power saving scheme. The energy supplier said more than 400,000 customers took part by reducing their electricity use between 4.30pm and 6pm. National Grid's Demand Flexibility Scheme kicked in for the first time on Monday amid cold temperatures, meaning more energy was being used while less energy was being generated by wind power. - Guardian

Ministers are preparing to invest at least £1bn in Britain's computer chip industry in a challenge China's dominance of the sector. The Government's long-awaited semiconductor strategy is expected to include proposals to subsidise early-stage electronic chip businesses and linked research activity, sources said. - Telegraph

Car production in Britain has plunged a further 10 per cent to new lows not seen since the 1950s, when Sir Anthony Eden was prime minister. UK car factories produced only 775,000 vehicles in 2022, down from the 859,000 that rolled off assembly lines in 2021, itself the worst year since 1956, a year before the British automotive industry was transformed by the start of mass production of the Mini. - The Times

Home Reit, the struggling "landlord for the homeless", has admitted that a "significant number" of its tenants, including its largest, have fallen behind on their rent. The company had sought to emphasise the reliable nature of its income and its "robust tenants", claiming in November that it had no rent arrears for the period up to the end of August. - The Times

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Sunday newspaper round-up: Middle East, Aston Martin, Defence
(Sharecast News) - Britons must accept that their country was now involved in the Middle East conflict, Tobias Ellwood said. The former defence minister warned that "nobody was in full control" of the growing conflict as more and more countries were sucked in. Ellwood also said that Tehran's strike had taken the conflict into a "new dangerous territory". - Sunday Telegraph
Friday newspaper round-up: Everton, AstraZeneca, Amazon
(Sharecast News) - Everton has paid about £30m in interest charges to an opaque lender associated with a tax exile, corporate records suggest. The charges appear to have reached about £438,000 a week, according to the troubled Premier League club's most recent set of accounts, a figure more than three times the reported wages of the Everton and England goalkeeper Jordan Pickford. - Guardian
Thursday newspaper round-up: Border controls, McKinsey, KPMG
(Sharecast News) - New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result. With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson's Brexit deal could add 10% to import costs over the first year. - Guardian
Wednesday newspaper round-up: Shoplifting, EnQuest, Klarna
(Sharecast News) - The government is investing more than £55m in expanding facial recognition systems - including vans that will scan crowded high streets - as part of a renewed crackdown on shoplifting. The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being forced to wear a tag to ensure they do not revisit the scene of their crime, under a new standalone criminal offence of assaulting a retail worker. - 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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