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Tuesday newspaper round-up: Dogger Bank, Metro Bank, Figma

(Sharecast News) - The first turbine to be completed in a project to build the world's largest offshore windfarm, in the North Sea, has begun powering British homes and businesses. Developers confirmed on Monday that Dogger Bank, which sits 70 nautical miles off the coast of Yorkshire, started producing power over the weekend as the first of 277 turbines was connected to the electricity grid. - Guardian The wealth management arm of Crispin Odey's investment group will be wound down months after the hedge fund tycoon was accused of sexual misconduct by junior female members of staff. The City regulator, the Financial Conduct Authority (FCA), said it was working closely with the firm, as it prepares to shut its operations in the UK and Guernsey. It is expected to return any remaining money to investors. - Guardian

The chief executive of Metro Bank has vowed to protect the lender's branches as it launched a multi-million pound cost cutting drive. Dan Frumkin, the bank's chief executive, also told analysts on Monday that the lender will stick to its branch-based approach despite pressure on costs. The London-listed challenger bank said it will slash around £30m of costs a year from 2025 as part of its restructuring, which will hand control of Metro to Colombian billionaire Jaime Gilinski Bacal. - Telegraph

Dylan Field has become the latest Silicon Valley boss to voice frustration with the competition watchdog, as it investigates Adobe's proposed $20 billion takeover of Figma, his app design company. Field, 31, the founder and chief executive of Figma, attacked the Competition and Markets Authority, saying it had misjudged the size of the market that it was trying to assess. His comments come after Microsoft's criticism of the regulator's decision to block its $69 billion takeover of Activision Blizzard. - The Times

HSBC has agreed to buy Citigroup's consumer wealth business in China as it pushes ahead with its focus on Asian markets. Citi has offloaded the unit for an undisclosed sum as part of a wider retreat from consumer banking in a number of jurisdictions. HSBC will take on total deposits and investment assets under management of about $3.6 billion, including credit cards, mortgages and other loans. - The Times

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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
Wednesday newspaper round-up: Thames Water, Johnson & Johnson, BoE
(Sharecast News) - Thames Water may need as much as £10bn in debt and equity investment to repair its finances, according to a representative of creditors hoping to lend the struggling utility another £3bn. London's high court heard evidence on Tuesday that suggested the UK's largest water company may need significantly more resources than the roughly £6.3bn it has previously indicated. - Guardian
Monday newspaper round-up: Zero-hours contracts, Barclays, Asos
(Sharecast News) - Hundreds of thousands of British workers are on zero-hours contracts despite being with the same employer for years, according to analysis from the TUC. The majority of zero-hours contract workers have been with their employer for more than 12 months, while one in eight have not been granted regular employment rights after more than a decade working in the same place, the organisation said. - Guardian
Friday newspaper round-up: Apple, Daily Mail, OpenAI, Homebase
(Sharecast News) - Apple slightly beat analysts' expectations in its first-quarter earnings for fiscal year 2025 on Thursday. The iPhone-maker's revenue rose by 4%, coming in at $124.30bn, barely above estimates of $124.12bn. Earnings per share were $2.40, just ahead of analysts' expectations of $2.35. Shares rose more than 8% in extended trading after CEO Tim Cook indicated in an earnings call on Thursday that Apple is on the trajectory for revenue growth next quarter. - 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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