Neil Woodford could be dumped as manager of listed fund that bears his name July 29, 2019 Under fire fund manager Neil Woodford could be dropped as manager of the listed fund that bears his name, the company said today. Woodford Patient Capital Trust (WPCT) told the stock market it had held preliminary discussions with management groups that have approached the company regarding the ongoing management of the fund. “Whilst the board [...]
Hiscox profits rise despite increase in claims in first half July 29, 2019 Insurer Hiscox today said its profit for the first half of the year rose three per cent to $168m, despite a higher volume of claims compared to the same period last year. Gross written premiums increased by just under 4.9 per cent to $2.3bn (£1.8bn), equivalent to a seven per cent rise in constant currency. [...]
Just Eat share price jumps as it agrees key terms in £9bn Takeaway.com merger July 29, 2019 Food delivery site Just Eat and Dutch business Takeaway.com today confirmed they had agreed key terms for their possible £9bn all-share merger. Read more: Just Eat shares fall after Amazon makes multi-million dollar investment in Deliveroo Following completion of the deal Just Eat shareholders would own approximately 52.2 per cent of the company and Takeaway [...]
Jaguar Land Rover skids to £395m loss in first quarter July 25, 2019 Jaguar Land Rover (JLR) skidded to a £395m pre tax loss for the first quarter of its new financial year after sales fell nearly 12 per cent. In the three months to 30 June, JLR sold 128,600 cars, down from 145,500 cars in the same period last year. Revenue slid to £5.07bn for the quarter, [...]
ECB prepares stimulus to kickstart stalling Eurozone economy July 25, 2019 The European Central Bank (ECB) kept interest rates on hold today but signalled it will ease policy to kickstart the Eurozone economy unless growth picks up. Read more: Tepid Eurozone inflation stays well below ECB target It said it now expects its main interest rates will stay at “present or lower levels at least through [...]
Burford Capital posts profit bump as it hits back at critical analyst July 25, 2019 London-listed litigation funder Burford Capital today announced that its profit after tax grew 36 per cent to $225m (£180m) in the first half of 2019. The funder said litigation investment income in the six months to 30 June hit $264m, up 36 per cent from the same period the previous year. Burford said investment returns [...]
Gordon Dadds boss says traditional law firms need to adapt to survive threat of Americans and the Big Four July 25, 2019 The boss of listed law firm Gordon Dadds today warned that traditional firms could be under threat if they do not respond to the challenge posed by incoming US law firms and the growth of the accountancy firms in the legal sector. “If you are not in a business which is fit for purpose moving [...]
Retailers and bar chains set to cash in on heatwave July 24, 2019 This week’s heat wave could prove a bonus for retailers and pub chains which have struggled this year in comparison with 2018’s glorious summer. Temperatures tomorrow could smash the UK record for the hottest day ever with the Met Office predicting the mercury could rise to a maximum of 39℃. Russ Mould, investment director at [...]
Miners drag down FTSE 100 after iron ore prices dip July 24, 2019 The FTSE 100 fell 63 points today as mining stocks tumbled on news that Brazilian giant Vale was resuming operations at one of its major facilities. Shares in Rio Tinto fell 4.5 per cent to 4,610p, shares in BHP fell 4.1 per cent to 1,958p and shares in Anglo American slipped 3.4 per cent to [...]
Regulators delay introduction of new tougher rules on derivatives after industry pleas July 23, 2019 Global regulators have delayed the introduction of new rules that would require smaller fund managers to set aside cash to cover their derivatives transactions. The Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) said today the new rules would be implemented from September 2021, a delay of a year. [...]