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Wednesday newspaper round-up: Average UK pay, Brexit, Pendragon

(Sharecast News) - Annual pay growth stalled at 4% in May, leaving most workers with a rise in earnings worth less than half the 9% increase in prices. Figures from XpertHR, a pay and personnel data publisher, said employer pay deals for the three months to May failed to increase on April's median 4%, undermining concerns that workers would push for inflation-busting rises in earnings that could start a wage-price spiral. - Guardian Britain's cost of living crisis is being made worse by Brexit dragging down the country's growth potential and costing workers hundreds of pounds a year in lost pay, new research claims. The Resolution Foundation thinktank and academics from the London School of Economics said the average worker in Britain was now on course to suffer more than £470 in lost pay each year by 2030 after rising living costs are taken into account, compared with a remain vote in 2016. - Guardian

The state pension and benefits are set to rise in line with double-digit inflation, despite the Government telling workers to accept a real terms pay cut. The Treasury on Tuesday confirmed that the pension "triple lock" will be reinstated after it was put on pause during the pandemic, taking the annual payout for retirees beyond £10,000 for the first time. - Telegraph

Sam Smith founded finnCap 24 years ago. In the year just gone, finnCap generated revenues of £52.4 million - more than ten times the amount the business turned over in its first full year of operation. Sam Smith, the first and only woman to run a City stockbroker, is to leave finnCap 24 years after she founded it. - The Times

Pendragon suffered a huge shareholder revolt over executive bonuses as almost two-thirds voted against the remuneration report at the car dealer's annual meeting. The scale of the revolt, the third in a row, was branded "hugely embarrassing" by one analyst as 65.51 per cent of those who voted were against the directors' pay report. - 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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