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Tuesday newspaper round-up: Tesco, OpenAI, housebuilding

(Sharecast News) - Tesco is facing criticism from "shocked" charities who say they are struggling to distribute unwanted food to homeless and hungry people after they claim the retailer brought in rules that mean unwanted food can only be collected in the evening. The supermarket group has switched to a new system which asks charities to pick up unwanted food, such as items reaching their best before date, only in the evening when a store is closing rather than the following morning, the charities have claimed. - Guardian

OpenAI announced on Monday that it was launching its new flagship artificial intelligence model, called GPT-4o, as well as updates that included a new desktop service and advances in its voice assistant capabilities. Chief technology officer, Mira Murati, appeared on stage to a cheering crowd in the OpenAI offices, touting the new model as a step forward in AI. The new model will bring the faster, more accurate GPT-4 AI model to free users, where it was previously reserved for paid customers. - Guardian

Plans for a large nuclear power station on the Welsh island of Anglesey risk being derailed by government rules that will add an estimated £20bn to the national debt, insiders have warned. Efforts to develop a gigawatt-scale scheme at Wylfa are on the agenda this week as Andrew Bowie, the minister for energy security, meets representatives from the South Korean state nuclear company Kepco. The company is among several thought to be in the running to build a plant at Wylfa, with a consortium that includes US nuclear giant Westinghouse also putting forward proposals. - Telegraph

It was billed as potentially one of the most aggressive sighting shots against a FTSE 100 company. In March the New York-based activist investor Elliott Advisors disclosed that it had quietly built a 5 per cent stake in Scottish Mortgage Investment Trust (SMT). Elliott's reputation for ferocity and opportunism has been second to none. It once seized an Argentine warship to apply pressure for a payout to bondholders. It has previously targeted another giant UK investment trust, Alliance Trust, in a siege that led to the expulsion of its chief executive Katherine Garrett-Cox, or Katherine the Great as she was dubbed in parts of the City. - The Times

Mortgage market pressures and wet weather drove a fall in new homes being built in the first quarter, new industry figures show. The number of new homes registered for construction slumped by a fifth year on year to 21,967 in the three months to the end of March. The number of new properties that were completed also slid by 13 per cent to 26,240, according to the National House Building Council. - The Times

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Wednesday newspaper round-up: Starbucks, Santander, Alphabet
(Sharecast News) - Starbucks office workers will risk losing their jobs if they fail to comply with the company's hybrid work requirement that employees are in the office three times a week. According to the Wall Street Journal an internal message sent to employees warns that an "accountability process" will start in January 2025. Consequences for non-compliance are "up to, and including, separation", according to the company message. - Guardian
Tuesday newspaper round-up: Brexit border checks, Evri, UK bond sales
(Sharecast News) - A lack of social mobility is costing the UK £19bn a year, a report produced by the cross-party thinktank Demos and the Co-op has found. The Social Mobility Commission, which advises the government, defines social mobility as "the link between a person's occupation or income and the occupation or income of their parents". - Guardian
Monday newspaper round-up: Sellafield, HBOS, retail investors
(Sharecast News) - Rachel Reeves has been urged not to carry out mooted funding cuts for nuclear sites including Sellafield amid safety concerns, as it emerged that the number of incidents where workers narrowly avoided harm had increased at the Cumbrian site. The GMB union has written to Reeves, the chancellor, before Wednesday's budget to raise safety concerns after rumours emerged that the budget for the taxpayer-owned Nuclear Decommissioning Authority (NDA) could be reduced, which could result in cuts at nuclear sites including Sellafield and Dounreay in Scotland. - Guardian
Sunday newspaper round-up: Unsustainable, Inheritance Tax, Payslips
(Sharecast News) - The government's debt pile is set to soar to "unsustainable" levels, the Chancellor's new fiscal rules not withstanding, official data reveal. During the previous week, Rachel Reeves binned the old methodology used to measure public debt, which will allow her to foist enormous additional liabilities on future generations of Britons. The new rules will let her borrow £50bn yet claim that she can balance the books. - The Financial Mail on Sunday

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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