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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: Mortgage rates, KPMG, tax fines, Ocado

(Sharecast News) - The average price of two- and five-year fixed-rate mortgages in the UK has hit its highest level for seven months, putting further pressure on borrowers who are reaching the end of their deals. Data from the financial information firm Moneyfacts showed the cost of a two-year deal for homeowners rising to 6.23% on Monday, up from 6.19% at the end of last week and its highest since last November. Meanwhile, the average cost of a five-year deal rose to 5.86%, from 5.83% on Friday. - Guardian The UK's post-Brexit border strategy risks further pushing up food prices, according representatives of Britain's fresh produce industry. Traders in the food supply chain are warning they will not be able to absorb the extra cost of charges levied for import checks on goods entering the country from the EU and the rest of the world, due to be introduced in the new year. - Guardian

Rising corporate profits played a bigger role in driving Europe's inflation crisis than the energy shock caused by the war in Ukraine, according to analysis by the International Monetary Fund (IMF). Profit increases accounted for almost half the increase in the eurozone's post-pandemic inflation rate, according to research by IMF staff, as "companies increased prices by more than spiking costs of imported energy". - Telegraph

Auditor KPMG is to cut around 5pc of US jobs as demand for its consulting services slows. Paul Knopp, the "big four" auditor's US chief executive, said the cuts are designed to address the "significant mismatch" between its US workforce and the reduced demand amid global economic uncertainty. - Telegraph

Four in ten of all fines issued by HM Revenue & Customs for late filing of tax returns are meted out to people who earn too little to owe any tax in the first place, according to an investigation by tax campaigners. Between 2018 and 2022, 420,000 late-filing penalties issued by the tax authority were to people who earned less than the personal tax allowance and therefore owed no tax. - The Times

Lingotto, the new fund backed by Italy's billionaire Agnelli dynasty and chaired by George Osborne, has substantially raised its stake in Ocado despite the online grocer having proved to be the biggest drag on its portfolio last year. The purchase, which lifted Lingotto's holding above the 5 per cent disclosure threshold, was completed on June 23, the day after shares in the FTSE 100 retail technology group rose by almost 50 per cent amid market speculation of takeover interest from Amazon and other tech heavyweights. - 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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