Calls for clearer warnings of Woodford-style fund suspension risks August 5, 2019 Investors should be given clearer warnings about the risks of investing in funds that could suspend withdrawals, industry professionals have said. Neil Woodford’s equity income fund suspended trading in June after becoming overwhelmed by withdrawals, but it has been suggested that investors may not have understood that the fund could be suspended, leaving them unable [...]
Mike Ashley’s Sports Direct closes in on Jack Wills deal August 4, 2019 Retail tycoon Mike Ashley’s Sports Direct has emerged as the favourite to buy struggling fashion brand Jack Wills Sports Direct is the preferred bidder for the retailer and a deal could be struck as soon as tomorrow, Sky News reported. Read more: Mike Ashley and Philip Day in battle to buy Jack Wills Sources told [...]
US threatens ‘no free trade deal’ unless UK scrap digital tax plans August 3, 2019 The US is set to demand that the UK drop a new digital services tax if a free trade deal is to be agreed between the countries The measure, introduced by former chancellor Philip Hammond in 2018, is due to come into effect in April next year. Read more: Global markets recoil and China wants [...]
Boris Johnson visits damaged Derbyshire dam as storms expected August 3, 2019 Work to repair a damaged dam in Derbyshire and prevent it bursting has entered its third day as the Met Office warns of thunderstorms and possible flooding. Despite work being carried out to reduce the water level, the risk of collapse is still at a “critical level”, and there is a yellow weather warning in [...]
Mike Ashley and Philip Day in battle to buy Jack Wills August 3, 2019 High street giants Mike Ashley and Philip Day are embroiled in a battle to takeover Jack Wills, which is on the brink of administration. The billionaires’ companies, Sports Direct and Edinburgh Woollen Mill, are the two remaining bidders for the fashion chain, according to Sky News. Read more: Majestic Wine sells brand and stores for [...]
Populism is back, and the Democratic candidates are veering left August 2, 2019 The Democratic primary is heating up – and some of the policy proposals are as red as fire. This week, 10 hopefuls took to the stage in Detroit, for the second debate leading up to the 2020 presidential election. And what we saw was an extreme ebbing and flowing of liberalism and socialism, raising serious [...]
Neil Woodford fund breaches rules after Guernsey delistings July 31, 2019 Embattled fund manager Neil Woodford has breached fund restrictions after two of his major investments delisted from the Guernsey stock exchange. Woodford has been battling to reduce his Equity Income fund’s investment in illiquid securities after it was suspended following a spike in investor redemption requests. Read more: Neil Woodford’s flagship fund to stay frozen [...]
Sterling plunges below $1.22 as no-deal Brexit fears batter currency July 30, 2019 Sterling fell further overnight to its lowest level since March 2017 as worries over a no-deal Brexit under Boris Johnson’s government deepened. The pound plunged below $1.22 to hit $1.2146 this morning, a drop of almost 0.6 per cent against the dollar as analysts warned GBP is coming close to “uncharted waters”. Read more: Sterling [...]
Grant Thornton due to quit Sports Direct after €674m Belgian tax bill July 30, 2019 Grant Thornton is reportedly set to quit as Sports Direct’s auditor following unprecedented delays to the publication of the retailer’s annual results on Friday. The auditor will abandon billionaire Mike Ashley after only learning shortly before it was set to sign off on his company’s accounts that Sports Direct owed Belgian tax authorities €674m (£605m), [...]
Neil Woodford defends share sell-off as he faces removal from namesake fund July 29, 2019 Embattled stock picker Neil Woodford has defended his decision to sell the majority of his stake in his investment trust as it considers whether to replace him as manager. Woodford Patient Capital Trust (WPCT) announced this morning that Woodford had sold 1.75m shares, 60 per cent of his stake, to “meet personal financial obligations” including [...]