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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.

Tuesday newspaper round-up: Eve Sleep, THG, Elliott Management

(Sharecast News) - The business secretary, Jacob Rees-Mogg, has opened talks with Britain's steelmakers amid concerns that thousands of jobs could be lost from the struggling industry. The government confirmed on Monday it had entered discussions with Tata Steel, owner of the UK's largest steelworks in Port Talbot, south Wales, and Jingye Group, which bought British Steel out of insolvency in 2020. - Guardian Bensons for Beds has bought Eve Sleep hours after the online mattress specialist called in administrators, having succumbed to what its chief executive described as an "economic tsunami". Bensons, which has 166 stores and is owned by the private equity group Alteri Investors, said it had bought the website, brand and other related assets of Eve, including its creative content, in an attempt to widen its appeal to a younger customer. - Guardian

Europe must slash its gas consumption by more than a tenth to prevent the risk of power rationing and widespread blackouts this winter, the global energy watchdog has warned. The International Energy Agency said the Continent and the UK needed to voluntarily reduce gas demand by 13pc in order to remain "safe and secure" if Russia cuts off supplies completely. - Telegraph

SoftBank is offloading its stake in THG, the UK ecommerce group, for about £31 million, bringing to an end a disastrous investment that was once worth about £500 million. The Japanese company is selling its 6.4 per cent holding to THG founder and chief executive Matthew Moulding and Qatar's sovereign wealth fund for about 39p a share. That is a fraction of the 500p a share at which THG was floated in 2020. It is unclear how much SoftBank paid for the stake, but the company said last year it was worth more than £500 million. - The Times

The American activist hedge fund Elliott Management paid the 106 staff at its British business a combined £137 million last year after the division enjoyed a return to profit. The salary bill for Elliott Advisors (UK) equates to almost £1.3 million a person and is up from the £113.3 million that it paid in total to its employees in 2020, accounts filed at Companies House showed. - The Times

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(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
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(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
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(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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