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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Thursday newspaper round-up: Wilko, Virgin Media, Ofgem, John Lewis

(Sharecast News) - The majority of Wilko stores are expected to shut with the loss of thousands of jobs after a white knight failed to step forward to rescue the collapsed retailer. The family-owned household and garden products retailer, which has about 400 stores and employs almost 12,500 people, will leave big gaps on high streets after the failure of talks with interested parties forced it to call in administrators this month. - Guardian Virgin Media is facing calls for the telecoms watchdog to urgently investigate the legality of its broadband contracts, under which it can increase bills at any time and by unlimited amounts. The consumer champion Which? has concluded that Virgin Media's terms and conditions may amount to unfair contract terms and could be in breach of the Consumer Rights Act. It has written to Ofcom calling on it to intervene. - Guardian

The Silicon Valley chipmaker at the heart of the new artificial intelligence (AI) boom has seen its profits surge 843pc as the world rushes to buy its technology. Nvidia increased net profit to $6.2bn (£4.9bn) in the three months to July 30, up from $656m recorded during the same period last year. The world's largest chipmaker continues to benefit from the surging demand for processors able to fuel AI-powered bots, such as ChatGPT. - Telegraph

Ofgem has been accused of allowing energy companies to ramp up "unfair" charges after analysts warned that more than seven million households face higher heating bills this winter. Increases in standing charges and the loss of government subsidies compared to last year mean that millions of households that use relatively little gas and electricity will be worse off this year than last, the Resolution Foundation said. - Telegraph

John Lewis has finally submitted a planning application - eight months later than planned - for its biggest build-to-rent project, but has immediately run into fresh opposition from local residents. The retail group has been accused of underhand tactics and "rapacious" behaviour over its trailblazing plan to build 430 homes in towers up to 20 storeys high above its Waitrose supermarket in the west London suburb of Ealing. - The Times

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Monday newspaper round-up: Renewable energy, BlackRock, Frasers Group
(Sharecast News) - A development company that sells off land no longer needed by Thames Water has paid out a £14m dividend despite warnings that it could become engulfed by the water group's financial woes. Accounts filed at Companies House show Kennet Properties paid out a £14.5m dividend in the year to 31 March 2023 despite the difficulties faced by the wider group, which is facing going into administration. - Guardian
Sunday share tips: Mitie, Costain
(Sharecast News) - The Financial Mail on Sunday's Midas column tipped shares of Mitie to its readers, highlighting it shift from facilities management to facilities transformation.
Sunday newspaper round-up: IDS, Ocado, Foxtons
(Sharecast News) - Asset manager Redwheel told regulators they should reduce the UK postal service's legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to let it cut the number of days per week during which it must deliver second-class mail from six to two or three. That would save the company £300m and see it shrink its workforce by 1,000. According to Redwheel, as first reported by the Sunday Times, the enforced costs of its legal obligations left the company "vulnerable to corporate predators". - Guardian
Friday newspaper round-up: Thames Water, Netflix, consumer confidence
(Sharecast News) - "Misleading" and "inconsistent" labels make it hard for shoppers to know where their food comes from, the consumer champion Which? has said, as it found supermarket chains were selling products with "meaningless" statements on their packaging. Retailers must supply the "country of origin" for specific foods including fresh fruit and vegetables, unprocessed meats, fish, wine and olive oil but the rules do not generally apply to processed meat or frozen or processed fruit and vegetables. - 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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