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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: Private renters, TikTok, Mulberry

(Sharecast News) - Private renters are almost twice as likely to be struggling with problem levels of debt than the general population, with a sharp rise in the numbers in serious financial difficulty since January, research shows. The figures come against a backdrop of private rents in the UK hitting record highs, and days after the government announced a shake-up of the sector to tackle the "injustices" that many tenants are facing. - Guardian TikTok has filed a federal lawsuit against Montana over the state's new law banning the short-video app. In the suit filed on Monday, the company argues the ban violates first amendment rights of both the company and its users. The suit also argues the ban is pre-empted by federal law because it intrudes upon matters of exclusive federal concern and violates the commerce clause of the US constitution, which limits the authority of states to enact legislation that unduly burdens interstate and foreign commerce. - Guardian

The sportswear entrepreneur Mike Ashley is mounting an incursion onto the board of the luxury handbag maker Mulberry, threatening to pit him against its majority owners in a boardroom battle of the billionaires. Frasers, the £3.6bn retailer controlled by Mr Ashley, owns 37pc of Mulberry's Aim-listed shares. However Mulberry is controlled by the Singapore-based billionaire hotelier Ong Beng Seng and his wife Christina, who hold sway over 56pc of the Somerset-based brand. - Telegraph

BP and Shell are "very excited" about investing in the EU after Brussels unveiled more favourable incentives for green projects, Michael O'Leary has claimed. The Ryanair chief said the two oil majors had indicated that a recently announced package of subsidies from Brussels had made investing in the Continent more attractive. - Telegraph

First Citizens, which acquired Silicon Valley Bank after its collapse, has sued HSBC over claims that the FTSE 100 lender illegally poached dozens of the collapsed American firm's employees. HSBC, which acquired the British arm of SVB following its abrupt failure in March, stands accused of "brazenly" seeking to "plunder" trade secrets. HSBC declined to comment. - 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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