Watchdog probes West Coast rail franchise award to First Group and Trenitalia September 20, 2019 Britain’s competition watchdog has said it is investigating the award of the West Coast partnership to First Group and Trenitalia. The Competition and Markets Authority (CMA) is looking at whether the joint operation could lead to “a substantial lessening of competition within any market”. Read more: Saga profits slump The CMA is inviting comments on [...]
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 [...]
Britain must become a leader in financial education January 9, 2020 The UK has one of the most thriving and competitive finance industries in the world — a fact that is often overlooked by the public. We know that the financial services industry is battling to improve levels of trust and engagement on the back of a series of scandals and public apathy. Yet, strong personal [...]
Softbank seizes control of Wework in deal netting Adam Neumann $1.7bn October 22, 2019 Softbank has won approval from Wework’s board to take control of the struggling office space company, in a deal that nets co-founder Adam Neumann $1.7bn (£1.3bn) but severs most of his ties with the firm. Neumann will also step down from Wework’s board, the Wall Street Journal reported. Read more: Wework creates committee to mull [...]
RC Brown buys IP Group shares as Woodford offloads stake October 4, 2019 RC Brown has bought up shares being offloaded by Neil Woodford as the fund manager struggles with the crisis that has swept across his investment management firm. RC Brown’s MFM Primary Opportunities fund has purchased shares in intellectual property firm IP Group after Woodford shed his 20 per cent stake last month. Read more: Woodford [...]
Suspended Woodford fund outperforms FTSE benchmark October 30, 2019 Former star fund manager Neil Woodford’s suspended Income Focus Fund has outperformed the FTSE all-share benchmark in the two weeks since it was frozen. In a letter to investors this morning, Link Fund Solutions – which is managing the suspension – revealed that the fund’s returns had grown 1.39 per cent, while its benchmark return [...]
Sterling sinks as PM vows not to extend Brexit transition period December 17, 2019 Sterling sank in early trading today to hit the GBP/USD exchange rate as Boris Johnson revealed he wants to leave the EU completely with or without a deal by December 2020. The Prime Minister’s plan to bring his Brexit deal back to parliament with none of the concessions he made before winning his 80-seat majority [...]
P&ID can seize $9bn in Nigerian assets, British court says August 16, 2019 An Irish-owned firm was today granted court permission to seize up to $9bn (£7.4bn) in assets from the Nigerian government. A British judge said that Process and Industrial Developments Ltd (P&ID) can take 20 per cent of Nigeria’s foreign reserves. The move will likely raise concerns among foreign investors. The saga dates back to a [...]
Hargreaves Lansdown CEO and executives waive bonuses in wake of Woodford scandal August 7, 2019 Four executives including the chief executive of Hargreaves Lansdown will surrender their bonuses this year following pressure over the company’s support for Neil Woodford’s flagship fund. Hargreaves Lansdown continued to recommended Woodford’s equity income fund right up until it was suspended on 3 June after becoming overwhelmed by investor withdrawals. The gating of the fund [...]
Introducing the new lord mayor of London November 11, 2019 As the 692nd lord mayor of the City of London, it is an enormous privilege to represent the greatest city in the world. I was delighted to start my term with a spectacular cultural event on Saturday at the Lord Mayor’s Show, which brought together different communities from across the capital and beyond. This showcased [...]