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Wednesday newspaper round-up: Minimum wage, Rolls-Royce, CBI, Debenhams

(Sharecast News) - Some of the UK's best known retailers including WH Smith, Marks & Spencer, Argos and LloydsPharmacy are at the head of a list of more than 200 companies collectively fined £7m for failing to pay the legal minimum wage. The businesses were also forced to pay out £4.9m to about 63,000 workers left out of pocket after violations of the rules were uncovered by inspectors at HMRC, varying from breaches related to asking workers to pay for aspects of their uniform to paying the incorrect apprenticeship rate. - Guardian Rolls-Royce's new boss has said the British company is ready to rejoin the market for smaller jet engines once manufacturers build a new generation of planes. Tufan Erginbilgic told reporters at the Paris air show on Tuesday that the company was "actually ready" to re-enter the market for engines for single-aisle jets, although it would probably take a decade for a new opportunity to come up. - Guardian

A plan to build the first supersonic passenger jet since the Concorde has taken a significant step forward after the company behind the effort signed key deals to design and build the plane. Boom Supersonic, which aims to have Concorde-style jets flying by 2027, said Italian aerospace giant Leonardo would make part of the fuselage on its new aircraft. - Telegraph

The CBI has been barred from attending meetings with other top lobby groups as it seeks to re-establish itself after a sexual misconduct scandal. It has been denied entry to meetings with ministers alongside other leading business groups, including the Federation of Small Business, the British Chambers of Commerce, the Institute of Directors and Make UK, according to the Financial Times. - The Times

The true cost of Debenhams' demise has been laid bare in documents that show clothing suppliers, landlords and lenders will not recover £1.3 billion they were owed before the retailer collapsed. The beleaguered British department stores group fell into liquidation in December 2020, bringing down the curtain on 242 years of trading. The pandemic proved to be the final straw for a business that had been struggling for years, falling into administration in 2019 before Covid-19 struck. - The Times

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Sunday newspaper round-up: Middle East, Aston Martin, Defence
(Sharecast News) - Britons must accept that their country was now involved in the Middle East conflict, Tobias Ellwood said. The former defence minister warned that "nobody was in full control" of the growing conflict as more and more countries were sucked in. Ellwood also said that Tehran's strike had taken the conflict into a "new dangerous territory". - Sunday Telegraph
Friday newspaper round-up: Everton, AstraZeneca, Amazon
(Sharecast News) - Everton has paid about £30m in interest charges to an opaque lender associated with a tax exile, corporate records suggest. The charges appear to have reached about £438,000 a week, according to the troubled Premier League club's most recent set of accounts, a figure more than three times the reported wages of the Everton and England goalkeeper Jordan Pickford. - Guardian
Thursday newspaper round-up: Border controls, McKinsey, KPMG
(Sharecast News) - New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result. With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson's Brexit deal could add 10% to import costs over the first year. - Guardian
Wednesday newspaper round-up: Shoplifting, EnQuest, Klarna
(Sharecast News) - The government is investing more than £55m in expanding facial recognition systems - including vans that will scan crowded high streets - as part of a renewed crackdown on shoplifting. The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being forced to wear a tag to ensure they do not revisit the scene of their crime, under a new standalone criminal offence of assaulting a retail worker. - 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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