Skip Header
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: Lloyds Banking Group, Microsoft, car finance crisis

(Sharecast News) - The former cryptocurrency executive Nishad Singh, who once shared a $35m Bahamas penthouse with the FTX founder, Sam Bankman-Fried, was spared prison time by a judge on Wednesday for his role in the theft by his imprisoned former boss of about $8bn in customer funds from the now bankrupt exchange. The United States district judge Lewis Kaplan imposed the sentence during a hearing in Manhattan federal court. - Guardian Lloyds Banking Group has scrapped commission payments across its £15bn motor finance arm after a landmark ruling on car loan misselling, as industry and Treasury officials hold urgent talks amid fears of contagion across the wider financial sector. The moves follow last week's court of appeal judgment, which agreed that consumers could not have consented to loans that involved "secret" commission payments to brokers and car dealers. - Guardian

Microsoft's costly investment in artificial intelligence technology is paying off, with quarterly sales surpassing Wall Street expectations to grow 16 per cent to $65.6 billion. Revenue from Microsoft's Azure cloud computing business, a significant source of growth in recent years, rose 33 per cent in the fiscal first quarter, ahead of estimates of 32 per cent. - The Times

One of the most senior former regulators in Britain has blamed the Financial Conduct Authority for the crisis shaking the motor finance industry, saying the lack of clarity in its rulebook was to blame. Sir Howard Davies, the former chairman of the FCA's predecessor body, the Financial Services Authority, said he was disappointed by the role of the FCA, adding that the crisis "has caused a lot of anxiety". - The Times

Former business secretary Lord Mandelson has resigned from the board of a start-up bank founded by a Labour Party donor. In a boardroom clear-out, The Bank of London said Lord Mandelson, Wade Davis and Anthony Watson, the group's founder, had all stepped down as directors. The bank's chairman, Carlyle Group chief executive Harvey Schwartz, will also leave. - Telegraph

Share this article

Related Sharecast Articles

Friday newspaper round-up: Boeing, Amazon, Harland & Wolff
(Sharecast News) - Striking Boeing workers will vote on an improved contract offer on Monday, which includes a 38% pay rise over four years and a bigger signing bonus, their union said on Thursday. More than 30,000 factory workers who produce Boeing's strongest-selling 737 Max commercial jet and other planes have been on strike since 13 September and have rejected two earlier offers from Boeing. - Guardian
Wednesday newspaper round-up: Starbucks, Santander, Alphabet
(Sharecast News) - Starbucks office workers will risk losing their jobs if they fail to comply with the company's hybrid work requirement that employees are in the office three times a week. According to the Wall Street Journal an internal message sent to employees warns that an "accountability process" will start in January 2025. Consequences for non-compliance are "up to, and including, separation", according to the company message. - Guardian
Tuesday newspaper round-up: Brexit border checks, Evri, UK bond sales
(Sharecast News) - A lack of social mobility is costing the UK £19bn a year, a report produced by the cross-party thinktank Demos and the Co-op has found. The Social Mobility Commission, which advises the government, defines social mobility as "the link between a person's occupation or income and the occupation or income of their parents". - 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.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.