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Friday newspaper round-up: Power cuts, US debt ceiling, Weir Group

(Sharecast News) - The risk of power cuts to factories and homes this winter has increased, the National Grid warned, as the business secretary prepared for a crunch meeting with industry bosses concerned the energy crisis may force them to scale back production. The price of gas and electricity has soared in recent weeks, leading to the collapse of multiple energy suppliers and prompting warnings of higher costs for consumers, factory shutdowns and increased pollution as plants switch to dirtier but cheaper fuels. - Guardian The US Senate has approved a deal to extend the government's borrowing authority into December. The compromise between Republican and Democratic leaders would temporarily avert an unprecedented federal default that experts say would have devastated the economy. With a 50-48 vote, senators agreed to increase the borrowing limit by $480bn, sufficient to prevent the US government from defaulting by keeping debt payments up until 3 December. - Guardian

Ireland has been forced to abandon its low tax business model in the face of pressure from Joe Biden, putting the country's status as a haven for global companies at risk. The sacrosanct 12.5pc tax rate has been the cornerstone of the Irish economy for almost two decades, and helped attract some of the world's biggest corporations, such as Facebook and Google, to set up their European headquarters in the country. - Telegraph

Checkout.com, one of Europe's most valuable private companies, had a 73 per cent rise in UK and European sales last year as it benefited from the boom in online shopping. The payment processor, which was valued at $15 billion in a January funding round, recorded revenues of $252.7 million last year in its UK business, up from $146.4 million in 2019. - The Times

The mining equipment supplier Weir Group expects its profit to be trimmed by up to £40 million as the result of a cyberattack, it said in an update. The FTSE250 company said that many of its systems had to be shut down, disrupting orders into next year. - The Times

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Tuesday newspaper round-up: Sizewell C, State pensions, Gaza
(Sharecast News) - Ed Miliband has given final approval for the construction of Sizewell C nuclear power station at a cost of at least £38bn. The Energy Secretary took the final investment decision on the controversial power station on Tuesday. The site will take at least a decade to build. The Suffolk nuclear plant will have a capacity of about 3.2 gigawatts, enough to supply the needs of about six million homes for at least 60 years. - Daily Telegraph
Monday newspaper round-up: LSE, Ofwat, house prices...
(Sharecast News) - London Stock Exchange Group is weighing whether to launch 24-hour trading as bourses race to extend access to stocks amid growing demand from small investors active outside normal business hours. The group is looking into the practicalities of increasing its trading hours, according to people familiar with the situation, from the technology required to regulatory implications. Financial Times
Friday newspaper round-up: JLR, BNPL, Telegraph sale, water industry
(Sharecast News) - Britain's largest carmaker, Jaguar Land Rover, has delayed the planned launches of its new electric Range Rover and electric Jaguar models to give it time for more testing and for demand to pick up, the Guardian can reveal. JLR has written to customers waiting for the Range Rover Electric to inform them that deliveries of the new version of the model will not start until next year, after initially aiming for late 2025. - Guardian
Thursday newspaper round-up: WPP, Jerome Powell, Elon Musk
(Sharecast News) - The advertising agency WPP has been asked to work up ideas for a government-endorsed advertising blitz to urge more consumers to invest in stocks through a "Tell Sid"-style campaign expected to cost tens of millions of pounds. Plans for the nationwide push were announced by chancellor Rachel Reeves on Tuesday at her Mansion House speech, as she unveiled a fresh deregulation drive meant to increase financial risk-taking across the UK to help spur growth. - 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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