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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.

Wednesday newspaper round-up: Petrol prices, Robinhood, Cazoo

(Sharecast News) - Petrol prices at the pumps are not falling fast enough and in line with wholesale price drops, according to the RAC. Over the last eight weeks, the average price paid for unleaded by drivers across the UK has only dropped by 9p a litre- all of which came off in July - despite wholesale petrol prices falling by 20p in the same time period. - Guardian

Robinhood, the trading platform that gained notoriety for allowing amateur stock investors to play the market, is laying off nearly a quarter of its staff - citing economic conditions and the crash of the cryptocurrency market. The news it was slashing 23% of its staff came as the company posted a 44% decline in revenues on slumping trading activity, in a surprise earnings report that came one day earlier than scheduled, and sent the company's shares down more than 3% in extended trading. - Guardian

Airbnb has unveiled record bookings as the travel industry recovers from the pandemic and hosts scramble to sign up. The holiday rental firm said it is "in the midst of our strongest peak travel season yet" and July 4 was its highest single day revenue ever. The US company expects to deliver record revenue and profits in its third quarter, ending in September. - Telegraph

Two American law firms have leap-frogged "magic circle" competition to become the highest earning practices in the City as US lawyers continue to flex their muscles in London. Figures published today show that Latham & Watkins, which has its headquarters in Los Angeles, has seen revenue from advice on corporate deals at its Square Mile office rocket by nearly 170 per cent in two years to a current annual figure of £270 million. - The Times

Cazoo has launched a strategic review of its operations in mainland Europe just months after the heavily lossmaking online car retailer launched a big expansion in the region. The company posted record revenues and sales in the second quarter on the back of strong UK growth, but said its focus must be on preserving cash after losses more than doubled. - The Times

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Monday newspaper round-up: Renewable energy, BlackRock, Frasers Group
(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
Sunday share tips: Mitie, Costain
(Sharecast News) - The Financial Mail on Sunday's Midas column tipped shares of Mitie to its readers, highlighting it shift from facilities management to facilities transformation.
Sunday newspaper round-up: IDS, Ocado, Foxtons
(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
Friday newspaper round-up: Thames Water, Netflix, consumer confidence
(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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