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Open-ended funds typically have to sell assets to raise money when savers want to withdraw cash. Closed-ended funds have a fixed number of shares which can be bought and sold.
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City watchdog the Financial Conduct Authority is probing Neil Woodford for seemingly attempting to dodge rules to protect investors in his Equity Income fund.
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Despairing investors in Patient Capital Trust are in danger of incurring even bigger losses if they hang on to their shares, analysts warned yesterday. Shares worth 119p in August 2015 are now worth just 32.5p.
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In yet another insult to investors who trusted the once-feted fund manager with their money, the 59-year-old is taking £5,000 a day from customers with savings in the Woodford Income Focus fund.
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After a decade of low interest rates as much as $19trillion of debt is owed by firms that do not earn enough to cover their interest payments, warns the IMF's stability overlord Tobias Adrian (pictured).
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The City watchdog attempted to draw a line under the mis-selling scandal by setting the August 29 cut-off point. This was accompanied by a high-profile publicity campaign.
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When Mark Carney remarked that open ended investment funds are 'built on a lie' he wasn't kidding. It is a pity the Financial Conduct Authority and European regulators were not listening carefully.
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Internet fashion retailer Asos suffered months of warehousing problems that have limited how many products it can sell, hampering sales growth. But bosses now insist the worst is over.
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Bosses pledged to increase sales of British fresh meat, poultry and fresh produce by more than 10 per cent in the next year and introduce longer contracts with suppliers.
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We expect better than the fan-club tone of the best buy list following its hero’s costly crash and burn What does Hargreaves Lansdown, Neil Woodford’s former cheerleader-in-chief, make of its old hero’s decision
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MP fears Turkish military may be ‘enriched on the backs of the labour of UK steelworkers’ Trade union officials and MPs have voiced fresh concerns about the prospect of British Steel being sold to the Turkish military pension fund. Ataer Holdings, owned by the
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The work of Esther Duflo, Abhijit Banerjee and Michael Kremer on poverty deserved this accolade, but both the prize and the discipline need reformReaders of this paper on 6 June 2011 may have spotted an editorial titled
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The High Street camera chain, owned by Dragons Den star Peter Jones, has seen big rent rises.
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From 2020, a battery-powered electric Volvo will be the assumed choice of buyers - who will then have to opt for a petrol or hybrid version as an alternative, says the Swedish brand.
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Administrator closes Income Focus fund to withdrawals to prevent run on its assets A second investment fund set up by the failed stock picker Neil Woodford has been frozen, locking up more than £250m of savers’ money. The administrator, Link Fund Solutions, said it had closed the Income Focus fund to withdrawals to prevent a run on its assets. The fund’s value has halved to £252m since June, when Woodford’s flagship Equity Income fund
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Freeze imposed in 2015 was planned to last until end of 2019-20 financial year The government has refused to commit to ending its freeze on benefits despite a promise to turn the page on a decade of austerity. The work and pensions secretary, Thérèse Coffey, said she could not give a definitive answer about whether the freeze on most working-age benefits and tax credits would continue beyond its initial four-year term.
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Grant Shapps says it is not OK for trains to fail to arrive or for Sunday services to be lost The Northern rail network could be renationalised after years of late and cancelled trains, according to the transport secretary, who said the current franchise cannot continue as it is. Grant Shapps
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The government is considering whether the management of the train service should be taken into public hands.
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Jessops, which employs around 500 staff in the stores, has suffered widening losses
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Small investors set to lose thousands of pounds each after rescue plans for three of Kevin McCloud's companies fail
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The basic state pension is set to rise by £5.05 a week to £134.25, while those on the full flat rate introduced in 2016 will see their payouts increase by around £6.60 a week to £175.20.
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A bank which has been around since 1787 has told its customers it is shuttering its savings division and giving them back their money.
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Looking ahead, retailer notes UK shoppers' growing appetite for bargains and Brexit impact on consumer confidence
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The government is considering whether the management of the train service should be taken into public hands.
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New research reveals a geographical split in how the cost of renting a UK home has changed in a year.
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Women in junior positions at M&G allegedly barraged with sexually explicit text messages, inappropriate comments and unwanted physical contact
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Exclusive: Dubai International could grow to 120 million passengers a year – with no new runways
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Fashion retailer remains upbeat, insisting warehouse and supply issues are resolved Profits at Asos have plunged by nearly 70% in a tumultuous year during which the former stock market darling’s shares plummeted and the online fashion retailer grappled with IT chaos at its overseas warehouses. Sales rose by 13% to £2.7bn in the year to 31 August, but pretax profits fell by 68% to £33.1m.
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Update on markets lists eight leading countries, including US, China and UK, as vulnerable Low interest rates are encouraging companies to take on a level of debt that risks becoming a $19tn (£15tn) timebomb in the event of another global recession, the
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Millions more of us are now pension savers thanks to auto-enrolment. But how much do you know about where your life savings are being invested, and could they be working harder for you?
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The developer finished more than 3,250 homes in the last 15 weeks and is due to sell nearly 13,000 for more than £3 billion over the financial year.
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House prices in Britain remain resilient despite many potential buyer and sellers sitting on the fence ahead of Brexit, official data shows.
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Had the energy price cap been set in 2017 at the level proposed by Labour, 11 million households would have saved over £600 each so far
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The SMMT said one in three UK motor firms are laying off staff with Brexit creeping closer, up from one in eight when it last surveyed the industry a year ago.
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If you’re a postal worker and CWU member who voted in the latest ballot on industrial action, we want to hear from you Royal Mail workers have voted to strike over job insecurity and employment terms and conditions, raising fears there could be walkouts in the run-up to Christmas. Communication Workers Union (CWU) members backed industrial action by 97% in a turnout of almost 76%. The vote could potentially lead to the first national postal strike in a decade.
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John and Irene Hays have also reopened 186 of collapsed tour operator’s 555 high street shops The
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Neil Woodford was sacked yesterday from running his flagship Equity Income fund. Industry figures question why the Financial Conduct Authority did not act sooner to protect investors.
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Is it any wonder that savers and investors have so little trust in the financial services sector? From basic needs to investing for their family's future, savers are being let down at every turn.
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Follow live updates as Brexit talks resume and sterling volatility increases
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Business organisation's £196bn bill wrongly included cost of buying nation's rail fleet
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At least 20 companies are being given a share of £20million to develop products that can be used alongside smart meters in a government scheme to let tech firms access families' smart meter data.
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If customers want guaranteed access to staff based in the UK and Ireland, they must sign up to the premium package, BT Plus which costs twice as much as BT's standard broadband package
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The increase is likely to reflect the introduction of the new state pension in 2016, which gave people the opportunity to plug gaps in their National Insurance record through voluntary contributions.
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Up to 2,000 devices are being provided on a first come, first served basis by the National Trading Standards Scams Team. Local authorities and care providers are expected to apply on behalf of victims.
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The cost of my car insurance with More Than increased dramatically to £325. On a comparison site, I found More Than cover for £214. I chose this and paid by credit card.
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The IMF's new top economist, Gita Gopinath, is not happy about the global economy which is at its weakest in 2019 since the financial crisis and not forecast to do much better next year.
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Bank of England governor Mark Carney said the pound could soar or plunge depending on the outcome of talks between the UK and EU. He said banks had been ordered to stay 'neutral'.
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Retailer says hit shows on the small screen are having a big effect on sales. The sofa has become the new fashion front row, with cult television shows such as Peaky Blinders, Fleabag and Stranger Things heavily influencing what consumers bought in the past year. The return of charismatic
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Valuation of WeWork has plummeted from $47bn in January to $10-12bn, while Uber's shares are down 24 per cent since company went public earlier this year
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I lost my Dior tote and eBay refunded me but PayPal is issuing a chargeback
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UN’s rapporteur on extreme poverty says in devastating account big tech companies are being allowed to go unregulated in ‘human right free-zones’ and not held accountable
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Engines have shut down in flight three times on Heathrow-Geneva link
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'I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management,' says one of UK's best-known stockpickers
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Party demands apology from lobby group for using ‘fabricated false information’ on nationalisation The
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City watchdog accused high-profile MP of making 'completely untrue' statements in whistleblower row
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Ministers admit border would be 'less than optimal' for a period of time after no deal
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Business and city leaders warn of economic damage of cancellation and call for 2012 Olympics-style authority A review of
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CEO Gordon Wilson says his way to stop execs infighting is for people to open up about themselves.
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The UK's best-known stockpicker shuts his firm after a crash in the value of his multi-billion-pound funds.
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Chief executive Alistair Cox said a global portfolio kept its head above water, with record fees in the US -up 12 per cent - and China - up 7 per cent - despite a trade war between the two.
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Peter Fankhauser says he was not solely at fault for the firm's collapse but will reconsider the reward.
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Testimony to MPs demonstrates the level of delusion in the travel firm’s boardroom was spectacular Two hours of testimony from the failed bosses of
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Committee attacks board over bonuses and ‘misjudgments’ but directors say a £200m UK loan would have saved firm The prime minister’s office was aware of a financial rescue plan that could have saved Thomas Cook but “didn’t want to set a precedent” by lending the company money, its former boss told MPs, as an inquiry into the tour operator’s collapse got under way. In a
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After a series of U-turns, there are signs a deal is possible. We look at the potential outcomes
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Chair spoke to tourism ministers of five countries in week before collapse but not one British minister The prime minister’s office was aware of a financial rescue plan that could have saved Thomas Cook but “didn’t want to set a precedent” by lending the company money, its former boss told MPs, as an inquiry into the tour operator’s collapse got under way. In a
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Sterling hits its highest in five months on reports the two sides are inching towards a draft deal.
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The High Street chain says that it does not have a commercial relationship with Amazon.
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Royal Mail faces its first national postal strike in a decade after 97% of votes cast were in favour.
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Staff say company bosses have reneged on a deal reached last year to raise pay and reform pensions
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Follow live updates as sterling makes gains
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Missteps, misfortune and leaks spelled out in chronology of collapse
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Payments that incentivise car dealers to sell expensive finance will be banned under proposals
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The International Monetary Fund warns against "policy mistakes" such as tariffs and a no-deal Brexit.
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Price plunge will be deepest in 2020, with prices also falling in 2019 and 2021 if UK leaves EU without deal this month, S&P says
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Follow live updates as sterling makes gains
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Peter Fankhauser says he was not solely at fault for the firm's collapse but will reconsider the reward.
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Follow live updates as sterling makes gains
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Administrator says that the fund, suspended in June, will be closed and its assets sold off on behalf of furious investors
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Mark Carney also says Brexit developments over next few days will have 'a material impact' on pound
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'Markedly weaker' jobs market as Brexit and global economic slowdown take toll
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Peter Fankhauser tells Business Select Committee 'I'm not going to decide today' whether to hand back some of his bonus
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Farmed fish at Tesco, Sainsbury's, Aldi, Lidl, Co-op, Tesco, Asda, Iceland, Morrison's, Waitrose and Marks & Spencer linked to destructive practices in Asia and Africa
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Follow live updates as sterling makes gains
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Mr Woodford is also removed from his position as fund's investment manager with immediate effect
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'The people of Thomas Cook were the company's most valuable asset and it's devastating to see them suffer'
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'There is an inherent power imbalance in the workplace - for young women in particular - especially in the context of zero hours contracts and limited worker rights,' says academic
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Former Thomas Cook staff go back to work in their travel shops.
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