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Thursday newspaper round-up: Celsius, rail strikes, tax cuts

(Sharecast News) - The cryptocurrency lender Celsius Network has announced it has filed for bankruptcy. Crypto lending has tumbled in the recent months following a crash in cryptocurrency prices and the collapse of major token TerraUSD in May. Celsius had paused withdrawals and transfers between accounts last month, blaming extreme market conditions. State securities regulators in New Jersey, Texas and Washington had stepped in to investigate the crypto lender's decision. - Guardian The railways will grind to a halt again on 27 July as staff stage another national strike in an ongoing dispute over pay, jobs and conditions. As many as 40,000 members of the Rail, Maritime and Transport (RMT) union at train companies and Network Rail will walk out for 24 hours on Wednesday 27 July, with two other rail unions also considering dates for industrial action. - Guardian

The next prime minister will have room to cut taxes without stoking inflation, Britain's fiscal watchdog has said, in a boost for Tory leadership candidates who have pledged to reduce the burden on private industry. Tax cuts are less likely to drive prices higher because an economic slowdown appears to be taking hold, according to David Miles, a member of the Budget Responsibility Committee and a former Bank of England interest rate setter. - Telegraph

Some German households will be forced to heat their homes with wood instead of gas as Russia turns off the taps, according to dire warnings from analysts. Global shortages of gas worsened by Russia's war on Ukraine have sent prices soaring, with many consumers cutting usage in response. - Telegraph

Newly qualified solicitors at a City law firm are to receive an annual salary of £179,000 after a 9 per cent pay rise to take account of sterling weakening against the dollar. Akin Gump, a US corporate practice with a London office, confirmed yesterday that it had boosted the salaries of its newly qualified solicitors by £15,000 from an already record-breaking level after its most recent quarterly review of currency conversion rates. It is expected that others among the group of more than 100 US law firms in the City will follow suit. - 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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