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Thursday newspaper round-up: Google, IAG, Waitrose, Goldman Sachs

(Sharecast News) - Google faces a new multibillion-pound lawsuit from UK consumers accusing the company of contributing to cost-of-living price rises. The lawsuit, on behalf of every consumer in the UK, says that Google has stifled competition in the search engine market, which caused prices to rise across the UK economy. - Guardian The BBC should hand all licence fee payers a stake in the broadcaster to improve its "out of touch" agenda and give households more say over its future, according to Sir John Redwood. Sir John, the former head of Margaret Thatcher's policy unit, said the corporation would be "transformed by wider ownership". - Telegraph

Waitrose staff have been warned that jobs are at risk as the retailer overhauls its business in an effort to boost productivity. Tina Mitchell, retail director at Waitrose, allegedly warned employees that efforts to streamline the loss-making grocer "may result in some partners leaving the business". - Telegraph

The owner of British Airways is sitting on a potential windfall profit from hundreds of millions of pounds worth of flight vouchers issued during the pandemic and never redeemed. IAG, which also owns Iberia, Aer Lingus and Vueling, revealed in its last annual report that it had about £550 million worth of unclaimed vouchers. British Airways and other airlines offered passengers vouchers rather than refunds when their flights were cancelled at short notice. Thousands of passengers took up the offer, but a substantial number have not claimed their new flights. - The Times

Goldman Sachs has landed what it believes to be the biggest deal of its kind in the UK, winning the contract to choose and manage the investments of the £23 billion BAE Systems pension funds. The American bank clinched the mandate by agreeing to hire the defence group's 49 financial staff who currently make the investment decisions for the pension schemes. - 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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