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Wednesday newspaper round-up: Rail strikes, Binance, Asos

(Sharecast News) - The price of a fresh turkey centrepiece for Christmas dinner has increased by as much as 45% because of shortages caused by the bird flu outbreak, which has wiped out 1.6 million of the birds in the UK. Not only are prices up but the choice of fresh turkey is more limited in the major supermarkets, with the number of whole bird and crown options falling by about a third this year. - Guardian Passengers around Britain are set for another day of disrupted trains and curtailed services on the railway as a 48-hour RMT strike continues on Wednesday. The two-day strike, the first in a wave of industrial action that will affect the railway for four weeks around Christmas, involves about 40,000 members of the RMT union in Network Rail and at 14 train operators. - Guardian

New natural gas-only boilers are facing a ban within four years under net zero proposals for the grid to use hydrogen instead. All boilers installed after 2026 would have to be hydrogen-ready under the plan, which the Government announced in a consultation on Tuesday. - Telegraph

Binance has registered $1.9 billion of withdrawals in the past 24 hours, according to the blockchain data firm Nansen, as the world's biggest crypto exchange said it had "temporarily paused" withdrawals of the USDC stablecoin. How crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators. The FTX founder Sam Bankman-Fried was charged by the US Securities and Exchange Commission yesterday with defrauding investors. - The Times

The squeeze from rising inventory levels has been sorely felt at Asos, the fast-fashion retailer whose shareholders include Mike Ashley's Frasers Group. The owner of the Topshop and Miss Selfridge brands has moved to overhaul its operations after posting a full-year loss in October. Asos, which is scaling back discounts, plans to write off between £100 million and £130 million of out-of-fashion inventory to help refresh its brand for twentysomethings. Inventories rose to almost £1.1 billion at the end of August, its year end, from £807 million. - The Times

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Thursday newspaper round-up: Thames Water, mortgage costs, UK car production
(Sharecast News) - Thames Water has breached its licence to supply water to nearly 16 million people after some of its debt was downgraded to junk status. The regulator Ofwat could now fine Thames, the country's largest water monopoly, up to 10% of its annual turnover, equating to hundreds of millions of pounds. However, since the company is already teetering close to temporary renationalisation, Ofwat is likely to hold off on any immediate large fines. - Guardian
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(Sharecast News) - Reckitt is under pressure from top shareholders to revisit a sale of its nutrition business, following litigation and a series of other setbacks at the division that have sent the company's share price to decade lows. The FTSE 100 consumer giant acquired the Mead Johnson infant formula business in 2017 for $17bn - its largest-ever acquisition - and it has been plagued by mishaps ever since. Meanwhile, the wider group, which makes Lysol detergent and Durex condoms, has underwhelmed investors as it struggles to build back sales volumes following a period of high inflation and suppressed consumer demand. - Financial Times
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(Sharecast News) - Kamala Harris has secured enough delegates from her party to clinch the Democratic presidential nomination, as she pledged to offer Americans a "brighter future" compared to the "chaos, fear and hate" proposed by Donald Trump. The US vice-president was speaking in Wilmington, Delaware, on Monday, the first full day since President Joe Biden dropped his re-election bid and endorsed her for the Democratic presidential nomination, shaking up the 2024 race for the White House. - Financial Times
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(Sharecast News) - Kamala Harris, the vice-president, has emerged as the frontrunner to replace President Biden as the Democratic nominee for the election against Donald Trump in November. Biden, 81, announced yesterday afternoon that he would drop out of the race. In the hours that followed, Harris, 59, was endorsed by leading Democrats, prospective rivals and the chairs of all 50 state parties. - The Times

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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