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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.

Thursday newspaper round-up: Exporters, UK car industry, Phoenix Group

(Sharecast News) - Britain's exporters have seen their overseas trade stagnate over the past year despite strong growth in domestic demand for their products and booming export markets, according to a survey. The British Chambers of Commerce (BCC) said that a survey of 2,600 exporters found a quarter had suffered a fall in exports and another 46% reported no change. - Guardian The UK car industry has said it will not be able to produce a million vehicles a year until 2025, two years later than expected, after the global sector was hit by a string of crises. Russia's invasion of Ukraine, Covid-19 lockdowns in China and continued shortages of computer chips have all combined to stall the recovery in car-making, leaving manufacturers unable to supply enough cars to willing buyers. - Guardian

A Saudi Arabian prince has taken a £190m stake in Britain's biggest pension provider as the Gulf state expands its foothold in the City of London. Saudi royal Alwaleed bin Talal Al Saud revealed he had taken a stake of just over 3pc in Phoenix Group through his Kingdom Holding Company. The investment makes the Saudi royal the sixth biggest investor in Phoenix. - Telegraph

British courts will have the power to award damages in Bitcoin under new proposals to bring the legal system into the crypto era. The Law Commission has told the Government English law needs a new category of property to cover crypto assets, including digital currencies such as Bitcoin and non-fungible tokens (NFTs). - Telegraph

The owner of Facebook and Instagram has suffered its first drop in revenue as it struggles with a global advertising slowdown, stronger dollar and mounting competition. Meta Platforms fell short of Wall Street's expectations in the latest quarter and forecast another drop in sales in the next. Shares in the world's largest social media group retreated by 4.1 per cent, or $6.88, to $162.70 during after-hours trading in New York last night. - The Times

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Monday newspaper round-up: Pubs, country houses, Severn Trent
(Sharecast News) - The boss of the pub chain Greene King has called for changes to business rates to remedy "unfairness" that he said added to financial pressures on the struggling pubs industry. Nick Mackenzie, Greene King's chief executive, said the business rates system of property taxes should be changed to a tax on profits. - Guardian
Sunday newspaper round-up: EU tariffs, Begbies Traynor, Burberry's
(Sharecast News) - The US President announced that imports from the EU and Mexico would both be taxed at 30% commencing on 1 August. The announcement was a surprise for both Brussels and the US trade representative, Jamieson Greer, as both believed that they had reached a deal that would be acceptable to both sides. EU trade ministers' previously scheduled Monday meeting will now see them come under pressure to show a "tough" reaction. - Guardian
Friday newspaper round-up: Speciality Steel UK, Canada tariffs, X and Meta
(Sharecast News) - Ministers are considering options to step in to save another major steel plant if its parent company collapses into administration after a key court case next week. The business secretary, Jonathan Reynolds, is understood to be looking at what the government can do to support Speciality Steel UK (SSUK) - part of the Liberty Steel Group owned by Sanjeev Gupta - should it be faced with possible closure after Wednesday's insolvency hearing. - Guardian
Thursday newspaper round-up: Thames Water, high streets, X boss
(Sharecast News) - Thames Water paid almost £2.5m to senior managers from an emergency loan that was meant to be used to keep the failing utilities company afloat - and has refused to claw back the payments, newly released documents reveal. The struggling water supplier paid bonuses totalling £2.46m to 21 managers on 30 April. - 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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