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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.

Friday newspaper round-up: Post Office, Rosebank, Carpetright

(Sharecast News) - Labour will miss its target of delivering 1.5m new homes this parliament without an emergency cash injection into the affordable housing sector, providers have warned. Housing associations and councils have written to deputy prime minister, Angela Rayner, saying her promise to deliver "the biggest boost to affordable housing in a generation" will be impossible unless there are urgent interventions to fix the financial pressures providers face. - Guardian The chief executive of the Post Office has temporarily stepped back from running the company as he prepares for the final stage of the Horizon scandal inquiry. In an email to staff on Thursday, Nick Read said he was standing down for seven weeks to prepare for the "critical" seventh phase of the Post Office IT Horizon Inquiry, which is expected to begin in September. He will be temporarily replaced by Owen Woodley, who is deputy chief executive at the taxpayer-owned business, from July 15. - Telegraph

Pension funds are failing British savers by refusing to back high-growth businesses, the boss of the British microchip company Graphcore has said. The start-up has become the latest high-tech firm to sell to an overseas buyer. Nigel Toon, its chief executive, said that pension funds "tend to focus on cost rather than growth" and that this is a problem for the long-term value of people's retirement savings. - Telegraph

Shares in a £50 million cash shell company attempting to replicate the success of the factory turnaround group Melrose Industries surged on their first day of trading as investors scrambled for a piece of the action. Investors pushed the share price of Rosebank Industries from the 250p at which cornerstone investors took part in a placing earlier in the week to 480p, a first-day climb of 92 per cent. - The Times

Carpetright has put itself up for sale in a move which could lead to hundreds of store closures and job losses. The floorings retailer, which trades from about 300 stores and has more than 3,000 employees, has appointed PwC to launch a formal sale process as it struggles amid a slowdown in demand and increased competition. - The Times

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(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
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(Sharecast News) - The architect of a ban on newspaper takeovers by foreign states has demanded that an Abu Dhabi fund be forced to sell The Telegraph by Easter. Baroness Stowell, the Conservative chairman of the Lords communications and digital committee, said the Government should impose an ultimatum on RedBird IMI. It should be backed by the threat of regulatory action, she said, to strip the fund of control of what has been dubbed "the newspaper auction from hell". - Telegraph
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(Sharecast News) - The architect of a ban on newspaper takeovers by foreign states has demanded that an Abu Dhabi fund be forced to sell The Telegraph by Easter. Baroness Stowell, the Conservative chairman of the Lords communications and digital committee, said the Government should impose an ultimatum on RedBird IMI. It should be backed by the threat of regulatory action, she said, to strip the fund of control of what has been dubbed "the newspaper auction from hell". - Telegraph
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(Sharecast News) - Rachel Reeves is unveiling plans to create "Europe's Silicon Valley" between Oxford and Cambridge as she stakes the government's success on kickstarting economic growth and putting more pounds in people's pockets. The chancellor will announce a blueprint to improve infrastructure across the region that will add up to £78bn to the UK economy within a decade, according to industry experts, and put it at the forefront of science and technological advances. - 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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