Woodford winds down: Stockpicker’s troubled investment empire collapses October 15, 2019 The investment empire of former star fund manager Neil Woodford came crashing down tonight after a bruising day which saw him sacked as manager of his flagship fund and resign from the remaining two, cementing the embattled stockpicker’s spectacular fall from grace. The closure of Woodford’s Equity Income Fund (WEIF) was announced this morning by [...]
Google unveils new Pixel 4 phone as it looks to take on Apple October 15, 2019 Google has unveiled its new series of Pixel phones with a host of upgraded features as the tech giant looks to challenge the dominance of rival Apple in the smartphone market. Read more: Google Safari lawsuit: iPhone users win appeal to seek £3bn in damages The new Pixel 4 phones, which come in two sizes, [...]
Neil Woodford pulls plug on Woodford Investment Management after sacking October 15, 2019 Neil Woodford said this evening that he was closing down Woodford Investment Management after being sacked from his flagship fund earlier today. Woodford said: “We have taken the highly painful decision to close Woodford Investment Management. We will fulfil our fund management responsibilities to WPCT and the LF Woodford Income Focus Fund and once completed [...]
Telegraph group suffers profit slump as ‘structural decline’ outweighs subscriber growth October 15, 2019 The Telegraph has suffered a huge decline in pre-tax profit for the year, as a rise in subscriber numbers failed to counteract a “structural decline” in print revenue. Telegraph Media Group (TMG) posted pre-tax profit of just £900,000 in 2018, a fall of 94 per cent on the previous year. Revenue also slipped three per [...]
Timeline: Here’s when everything went wrong for Neil Woodford October 15, 2019 The removal of Neil Woodford from his flagship Equity Income Fund and the announcement of the fund’s closure marks a major blow for the former star stockpicker. City A.M. has taken a look at the rise – and fall – of the famed money manager. Read more: How Woodford’s star came crashing down to earth [...]
Seplat Petroleum expands production with £382m purchase of Eland Oil & Gas October 15, 2019 Nigerian oil company Seplat Petroleum is set to acquire London-listed Eland Oil & Gas for £382m. The West African oil group will pay 166 pence per share for Eland, which translates into a premium of 28.5 per cent from the company’s closing price on Monday. Read more: Afren in talks to recapitalise after Seplat deal [...]
Wework set to sack 2,000 employees as bosses weigh up rescue plans October 15, 2019 Wework is said to be preparing as many as 2,000 layoffs in the coming weeks as its new bosses battle to keep the company afloat. The troubled co-working giant is looking to cut roughly 13 per cent of its global workforce starting as early as this week, the Guardian reported. Read more: Softbank seeks control [...]
Royal Mail workers vote in favour of largest strike in a decade October 15, 2019 Royal Mail will face its first national postal strike in a decade after workers voted overwhelmingly in favour of a mass walkout. Read more: Parcel pandemonium: Royal Mail braces for Christmas strike chaos The motion was passed by more than 97 per cent of the votes following a ballot of roughly 110,000 Communication Workers Union [...]
London’s creative industries provides £40bn spending boost to economy: new report October 15, 2019 London’s creative industry sector adds £40bn a year to its various supply chains, according to a new report. Previous figures from the Department for Digital, Culture, Media and Sport indicated that creative industries boosted London’s economy by £52bn. Read more: Anna at the National Theatre review However, a new report – commissioned by mayor of [...]
JP Morgan shares rise as strong consumer trading boosts third-quarter profit October 15, 2019 Shares in JP Morgan rose almost 2.5 per cent this afternoon after strong trading in its consumer division helped drive third-quarter profit growth. The bank posted net profit of $9.1bn (£7.2bn) or $2.68 per share, up eight per cent on last year and ahead of analysts’ estimates. Revenue also rose eight per cent to hit [...]