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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: Tax reliefs, hiring prospects, JPMorgan

(Sharecast News) - Almost £200bn of tax reliefs handed to businesses and individuals each year should come under greater government scrutiny to prevent fraud and abuse, according to an all-party group of MPs. The Treasury committee said in a report published on Wednesday that "a systematic review" into more than 1,000 tax reliefs was needed after MPs found HM Revenue and Customs did not have the resources to monitor how tax breaks and deductions were used. - Guardian Taxpayers face a bill for an extra £50bn to cover losses on the Bank of England's money printing, after stubborn inflation triggered frenzied bets on higher interest rates. The Bank's latest estimate of losses it will suffer over the next decade on government bonds amassed during the pandemic and financial crisis has ballooned by around £50bn to £270bn in just three months. - Telegraph

Car industry executives have attacked mixed signals from ministers over the planned 2030 ban on petrol cars, over fears they will undermine investment in electric vehicles. Rishi Sunak this week appeared ready to change course, emphasising the need for a "proportionate and pragmatic" approach to net zero in response to questions. Then on Tuesday, Michael Gove said the ban, made law by Boris Johnson in 2020, was "immovable". - Telegraph

Employers are feeling more confident about their hiring prospects and the state of the economy, in further signs that the labour market is still resisting the pressure of rising interest rates. A closely watched survey of employers in the public and private sector, carried out by the Recruitment and Employment Confederation (REC), found that sentiment improved between April and June, even as borrowing costs surged and inflation persisted at high levels. - The Times

JPMorgan Chase allegedly repaid Jes Staley, its former executive, for the cost of journeys he took to meet the paedophile Jeffrey Epstein, according to claims made in court filings in the United States. Staley, a former top executive at JPMorgan who later ran Barclays, is accused of witnessing and taking part in Epstein's sex trafficking crimes.- The Times

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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
Wednesday newspaper round-up: Thames Water, Johnson & Johnson, BoE
(Sharecast News) - Thames Water may need as much as £10bn in debt and equity investment to repair its finances, according to a representative of creditors hoping to lend the struggling utility another £3bn. London's high court heard evidence on Tuesday that suggested the UK's largest water company may need significantly more resources than the roughly £6.3bn it has previously indicated. - Guardian
Monday newspaper round-up: Zero-hours contracts, Barclays, Asos
(Sharecast News) - Hundreds of thousands of British workers are on zero-hours contracts despite being with the same employer for years, according to analysis from the TUC. The majority of zero-hours contract workers have been with their employer for more than 12 months, while one in eight have not been granted regular employment rights after more than a decade working in the same place, the organisation said. - Guardian
Friday newspaper round-up: Apple, Daily Mail, OpenAI, Homebase
(Sharecast News) - Apple slightly beat analysts' expectations in its first-quarter earnings for fiscal year 2025 on Thursday. The iPhone-maker's revenue rose by 4%, coming in at $124.30bn, barely above estimates of $124.12bn. Earnings per share were $2.40, just ahead of analysts' expectations of $2.35. Shares rose more than 8% in extended trading after CEO Tim Cook indicated in an earnings call on Thursday that Apple is on the trajectory for revenue growth next quarter. - 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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