Woodford loses £43.5m in fire sale from frozen fund September 11, 2019 Beleaguered stock picker Neil Woodford has lost at least £43.5m selling off stocks from his frozen Equity Income Fund, despite having assured investors that the suspension would limit pressure to offload assets at reduced prices. Read more: Woodford crisis wipes £36m off Kent County Council’s stake in flagship fund Woodford lost money on eight out [...]
Mike Ashley survives shareholder vote at Sports Direct meeting September 11, 2019 Mike Ashley emerged from today’s Sports Direct meeting relatively unscathed as shareholders voted to re-elect him as a director of the FTSE-250 firm. In total, 90.99 per cent voted to reappoint Ashley as a director and 9.01 per cent voting against. However, Ashley owns 61 per cent of the shares. Read more: Mike Ashley to [...]
Prime Minister Boris Johnson faces ERG rebellion as sources hint at shift on backstop September 11, 2019 Parliament has been shut down for the next five weeks – but Boris Johnson has just 50 days to get a deal and save his premiership. At the same time, rebels on both sides are threatening to thwart him. Read more: Parliament prorogued: Scenes of chaos play out in Commons Working for the man Despite [...]
Smack hawk down: Trump fires national security adviser Bolton September 10, 2019 US President Donald Trump has fired his hawkish national security adviser John Bolton after revealing the two had come to blows over a series of policies. Trump said he had spoken to Bolton and asked for his resignation, which was handed in this morning. “I disagreed strongly with many of his suggestions, as did others [...]
Corbyn would ‘turn back the clock decades’ says CBI after Labour announces plans for workers’ rights ministry September 10, 2019 British business leaders yesterday described Labour’s plans for a new ministry of workers’ rights as an attempt to “turn back the clock decades,” as Jeremy Corbyn set out his vision ahead of a potential election. The Confederation of British Industry (CBI) said that the proposals did not reflect the reality in most UK workplaces. “The [...]
Most likely Brexit outcome? PM Boris’s resignation, says JP Morgan September 10, 2019 Of the three main options facing Boris Johnson, the most likely outcome is that he will resign, leaving a new prime minister to go to the EU and request a Brexit extension, JP Morgan said today. In a research note sent to clients, JP Morgan’s head of UK economics Malcolm Barr outlined the “only options” [...]
Woodford crisis wipes £36m off Kent County Council’s stake in flagship fund September 8, 2019 Kent County Council has seen £36m wiped off the value of its investment in Neil Woodford’s Equity Income Fund (EIF) since its suspension, new figures have shown. The beleaguered stockpicker’s flagship fund suspended withdrawals on 3 June after becoming overwhelmed by investors demanding their money back. An official disclosure, first reported in the Sunday Telegraph, [...]
Not in the pink anymore: Jack Wills collapse leaves creditors out of pocket September 8, 2019 Jack Wills owed over £100m to creditors including HSBC and several councils when it collapsed into administration last month. The preppy clothing brand was bought by Mike Ashley’s Sports Direct for £12.8m in August, faces leaving a slew of companies out of pocket. Read more: Jack Wills stores at risk as Sports Direct kicks off [...]
Sir Richard Branson’s Virgin Galactic faces first investor vote of confidence on stock market listing September 8, 2019 Sir Richard Branson’s space tourism venture Virgin Galactic faces its first test of investor confidence in a proposed stock market float tomorrow. Would-be shareholders will vote on whether to back the entry via investment vehicle Social Capital Hedosophia (SCH), or whether to withdraw their cash entirely. Read more: Richard Branson’s Virgin Galactic plots public listing [...]
Boris Johnson’s former advisor Gerard Lyons misses Bank of England governor shortlist September 7, 2019 The former economic advisor to Prime Minister Boris Johnson has failed to make the final shortlist to become the Bank of England’s next governor. Gerard Lyons had been the favourite to take over from Mark Carney due to his personal relationship with Johnson, but the Treasury have deemed him unsuitable for the role, according to [...]