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Saturday Papers: Theresa May resigns

And Boris Johnson has vowed to take Britain out of the EU on 31 October 'deal or no deal' if he becomes prime minister.

Saturday Papers: Theresa May resigns

Top stories

  • Financial Times: An emotional Theresa May finally announced her resignation, giving up her battle to deliver Brexit and clearing the way for a chaotic Conservative leadership contest.
  • The Daily Telegraph: Boris Johnson, who has received heavyweight backing for his leadership bid, has pledged to take Britain out of the EU on 31 October 'deal or no deal' if he becomes prime minister.
  • The Times: European leaders warned Tory leadership hopefuls to expect no more concessions from Brussels and be prepared to live up to their no-deal rhetoric.
  • The Times: Business leaders have expressed concern that Theresa May’s resignation could increase the uncertainty gripping Britain’s economy.
  • The Times: America’s securities watchdog is examining whether Boeing gave shareholders enough information about potential problems with the 737 Max.
  • Financial Times: Global Payments, a US financial technology company, is close to acquiring rival Total System Services in a $20 billion deal.

Business and economics

  • Financial Times: A campaign to have worker representatives on the board of Alphabet, Google’s parent company, is being backed by large US and UK pension plans.
  • Financial Times: Facebook has held talks with some of America’s largest trading houses and cryptocurrency exchanges, including the Winklevoss twins, in its bid to create a new global digital currency.
  • The Guardian: Steve Robertson, the boss of Thames Water, has been sacked with immediate effect after a row over his failure to reduce leakage.
  • The Guardian: The Office for National Statistics said the amount of goods sold outside of bricks-and-mortar stores increased by 9.4% in the three months to April, the fastest quarterly growth in online retail sales on record.
  • The Guardian: Mothercare’s annual losses widened to £87.3 million in the 53 weeks to the end of March as the shutting of more than 40% of its UK stores led to a loss of confidence among consumers and suppliers.
  • The Guardian: JP Morgan Chase has cut ties with Purdue Pharma over the OxyContin maker’s alleged role in the US opioids crisis.
  • Financial Times: Wealth manager St James’s Place has said it would step up scrutiny of Neil Woodford’s performance, adding further pressure on the former star UK stock picker.
  • The Daily Telegraph: Sir Richard Branson's Virgin Trains has taken Transport Secretary Chris Grayling to court over his decision to bar it and partners Stagecoach and France's SNCF from bidding for the West Coast rail franchise.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): HOLD Royal Mail; HOLD National Grid.
  • Daily Mail: M&G is backing Provident Financial in its fight against a hostile bid from a rival Non-Standard Finance.
  • Daily Mail: Bidders are circling British Steel amid frantic efforts to find a buyer for the collapsed firm.
  • The Times: Sirius Minerals, the developer of a huge fertiliser mine in North Yorkshire, has secured a new high-profile backer in the form of Qatar’s sovereign wealth fund.
  • The Times: Neville Buch, the founder of the exhibitions group Tarsus that runs the Dubai Airshow, and his family stand to make more than £50 million after he agreed to sell the company to a private equity firm in a £561 million deal.
  • Financial Times: GAM’s shares surged more than 20% on Friday after George Soros, one of the world’s best-known investors, amassed a stake in the embattled Swiss asset manager.
  • Financial Times (Comment): What went wrong at Philip Green’s Arcadia?
  • The Daily Telegraph (Comment): Exploding bonds, a dipping euro, economic turmoil: what the election results could mean for Europe.

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20 Comments Woodford fund matched just 3% of risk profiles

Woodford fund matched just 3% of risk profiles

The Neil Woodford saga has raised questions about adviser due diligence and whether cold hard facts are being ignored at the expense of following the crowd