Financial Conduct Authority launches probe into Woodford fund suspension June 18, 2019 The Financial Conduct Authority (FCA) said today it has launched an investigation into the suspension of fund manager Neil Woodford’s flagship Equity Income fund. FCA chief executive Andrew Bailey confirmed the probe in a letter to Treasury Committee head Nicky Morgan MP. “We have opened an investigation but cannot comment any further,” Bailey said. The [...]
Fidelity bars clients from putting money into Woodford fund June 18, 2019 On of the UK’s largest investment platforms Fidelity Personal Investing has blocked its customers from putting money into the Woodford Income Focus fund. Fidelity is allowing customers to withdraw money from the £325m fund, but will not let investors buy new units, The Telegraph reported. It is a further blow to struggling fund manager Neil [...]
Space X explosion will delay astronaut plans, Nasa official says June 18, 2019 The explosion that destroyed a Space X crew vehicle in April will delay the drive to build a US spaceship able to carry astronauts to the International Space Station, a senior Nasa official said today. In April, Space X’s passenger vehicle, Crew Dragon, exploded on the ground during testing. Nasa administrator Jim Bridenstine said he [...]
Justice Committee blames government failures for magistrate shortages June 18, 2019 Failures in government planning have left England and Wales short of magistrates, according to a Justice Committee report published today. The shortfall in magistrate numbers is “as frustrating as it was foreseeable” and it has taken a near-crisis to prompt government action, the report said. It is calling on the government to develop an overarching [...]
Airtel Africa’s London float to value it at £3bn – £3.6bn June 17, 2019 One of Africa’s largest telecoms businesses said today it would float in London at a value of £3bn to £3.6bn. Airtel Africa announced the price range for its upcoming listing, setting its share price at 80p to 100p. The offer is expected to comprise 595m to 744m new shares to raise gross proceeds of approximately [...]
Tesla boss Elon Musk rebrands on Twitter as Daddy Dotcom June 17, 2019 Silicon Valley billionaire Elon Musk yesterday said he had deleted his Twitter account, changing his handle on the social networking site to Daddy Dotcom. The change in name may be a reference to Father’s Day yesterday. Tesla boss Musk has previously changed his Twitter name, dubbing himself Elon Tusk and adding a picture of an [...]
Jet Airways’ lenders start insolvency proceedings June 17, 2019 Lenders to stricken Indian airline Jet Airways have started insolvency proceedings, they said today. “After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received,” the lenders said, referring to India’s Insolvency and Bankruptcy Code. Jet Airways suspended flights in April after running out of money. The airline [...]
Next Prime Minister must drop Brexit backstop, says Sir Graham Brady June 17, 2019 The next Prime Minister must drop the backstop in Brexit negotiations as it threatens the Good Friday Agreement, according to senior Tory backbencher MP Sir Graham Brady. Removing the backstop and working on alternative arrangements is the only way the present Brexit deal can work, he argued. He said the new Prime Minister “must recognise [...]
Average UK law firm partner pay tops £200,000 June 17, 2019 Average earnings for partners at UK law firms has broken through the £200,000 barrier, according to research published today. Average earnings reached £201,000 last year, up seven per cent on £187,000 the previous year and 35 per cent up on £149,000 five years ago. The increase reflects the continued growth of the UK’s legal sector [...]
Premier League most active user of High Court in attempt to crackdown on copyright breaches June 17, 2019 Football and music bodies are the most active users of the UK High Court as they try to crack down on copyright breaches, research published today shows. The organisation that brought the most claims to the High Court last year was the Premier League, with 36 claims in the year to 31 March. The Performing [...]