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Wednesday newspaper round-up: Morrisons, Thames Water, Matalan

(Sharecast News) - Morrisons is closing a fruit-packing plant in Bradford, putting 450 jobs at risk in the supermarket's home city where it traces its roots back to 1899. The debt-laden supermarket chain, which is battling to save costs after a takeover in October 2021 by the American private equity group Clayton Dubilier & Rice, said it was moving operations from the Cutler Heights area of the West Yorkshire city - its first ever fruit-packing plant - to another plant in Thrapston, Northamptonshire, and a distribution centre in Wakefield in the second part of this year. - Guardian London's mayor Sadiq Khan "lacks the legal power" to extend the ultra-low emission zone (Ulez) to the whole of the capital, five Conservative-led councils have argued in the high court. Lawyers for four outer London boroughs - Bexley, Bromley, Harrow and Hillingdon - and Surrey county council said that "key information was not disclosed" in consultations over the proposed expansion of the Ulez. - Guardian

A £1bn cash injection will not be enough to steady the ship at crisis-hit Thames Water, the industry regulator has warned. Ofwat said the cash that Thames is currently seeking from investors is only expected to get the troubled company through to the end of March 2025, with further injections needed for a lasting turnaround beyond that. - Telegraph

The planned £4 billion sale of Center Parcs is said to be hanging in the balance after a number of prospective bidders dropped out of the race amid a sharp downturn in private equity dealmaking. First-round bids were due towards the end of June, with Brookfield Property Partners, which has owned Center Parcs since 2015, taking a handful of parties through to the second stage. - The Times

Matalan has been accused of employing "cowboy buying practices" by a group of Asian suppliers after the retailer reportedly asked for price cuts of 20 per cent on some clothing orders. The manufacturers, who spoke to The Times on condition of anonymity, claimed that the discount fashion and homeware chain is engaged in some of the "most aggressive, unreasonable buying practices" they had ever seen. - 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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