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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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(Sharecast News) - The UK government will "wait and see" whether tariffs announced by Donald Trump "actually come to pass", a senior minister said. The US president announced what he called "reciprocal tariffs" on all other countries on Thursday evening, claiming it was "fair to all". But it was unclear how this would apply to the UK, especially as Trump suggested his policy regarded VAT as a tariff. - Guardian
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(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
Wednesday newspaper round-up: British economy, Heathrow, FOS
(Sharecast News) - The British economy is on course to expand by 1.5% this year after the budget gave a boost to public spending but could be blown off course if Donald Trump goes ahead with threatened tariffs, a leading economic thinktank has warned. In a boost to Rachel Reeves after a bruising month of negative economic figures, the National Institute of Economic and Social Research (NIESR) upped its annual growth prediction from 1.2% to 1.5%. - Guardian
Tuesday newspaper round-up: OpenAI, EVs, gas prices
(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - 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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