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Wednesday newspaper round-up: Shein, BNPL, Marks & Spencer

(Sharecast News) - Chinese fashion behemoth Shein might be the organisation least expected to win applause at an international conference on fashion sustainability, but that's what happened at this week's global fashion summit in Copenhagen. The industry's largest forum for sustainable progress saw the ultra-fast fashion brand praised for making a donation of $15m (£12m) over three years to a charity working at Kantamanto in Accra, the world's largest secondhand clothing market. - Guardian

More than two in five recent buy now, pay later (BNPL) shoppers relied on credit cards or other forms of borrowing to pay off what they owed, the charity Citizens Advice has said. It said the figures showed that shoppers are "piling borrowing on top of borrowing" and underlined the urgent need for BNPL to be regulated. - Guardian

Marks & Spencer will pay its first female chief executive a £750,000 salary for working a four-day week, effectively almost £140,000 more than her male counterpart who will work full-time. Katie Bickerstaffe was announced as the high street stalwart's co-chief executive alongside Stuart Machin in March. - Telegraph

The cost-of-living crisis will be tougher than the pandemic, the boss of Richer Sounds said after its accounts showed it had handed back part of the government support it received during the Covid outbreak. Richer Sounds, the electronics and music retailer majority-owned by its staff, said it had repaid £448,000 of government support last year after its pre-tax profit rose by 52 per cent from £6.48 million to £9.89 million. It said it had done better than expected, with sales edging up from £211 million to £213.7 million, after it had mobilised its "laptop army" of staff to take online and phone orders while shops were shut. - The Times

The windfall tax on energy companies will damage investors' confidence in Britain, according to Centrica, one of the largest businesses in the sector. The Treasury is to introduce a 25 per cent levy on North Sea oil and gas company profits to raise up to £5 billion, needed to help to pay for the support it is giving to eight million households to help them with the soaring cost of living. Oil and gas companies have been reporting huge profits on the back of sharply rising prices exacerbated by the embargo on Russian imports. - 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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