Neil Woodford, who last night suffered the ultimate humiliation of seeing his financial empire collapse, was once the most acclaimed investment guru in Britain with a Pied Piper following among small investors. But, as anyone who has met him will testify, the downfall of the 59-year-old is due to fatal flaws in his character. Greed, naturally – it comes with the territory – but above all arrogance. Even now, Woodford’s self-belief is so unshakeable he says he cannot accept the decision to close down his flagship fund. Unbelievable though it may seem, he still believes he could have traded his way out of trouble. This is a man who has such faith in his own abilities he thinks that when his investments go down, it means the market, not him, is wrong. Neil Woodford, who last night suffered the ultimate humiliation of seeing his financial empire collapse, was once the most acclaimed investment guru in Britain with a Pied Piper following among small investors It is a … [Read more...] about RUTH SUNDERLAND on the arrogance of City outside Neil Woodford who lost his golden touch and then saw his financial empire turn to rubble
One in three car firms are cutting jobs and one in eight have divested from their UK businesses in a sign that Brexit is already causing damage to the sector. A survey by the Society of Motor Manufacturers and Traders (SMMT) shows that almost 14% of companies in the industry, including manufacturers, components and services companies, have already relocated amid the continuing uncertainty over the UK’s departure from the EU. The industry has been one of the most vocal regarding a no-deal Brexit, firing its first warning shots three years ago when Nissan sought reassurances from Theresa May. The survey comes just days after Nissan issued a fresh warning that its business model was “unsustainable” in the event of the UK crashing out without a deal. Mike Hawes, the chief executive of SMMT, said: “As the Brexit clock ticks ever closer to midnight, this survey reveals the bleak future that awaits this vital sector in the event of no deal. “Damage has already … [Read more...] about One-third of car firms have cut jobs amid Brexit uncertainty
The pledge by International Airlines Group (IAG), the owner of British Airways, to achieve net-zero emissions by 2050 is bold, in the context of a global aviation industry that has been accused of reacting slowly to the climate crisis. But someone needed to set an example. The onus to act is clear: although aviation’s current share of total carbon emissions is less than 2.5%, its share is projected to grow rapidly. This is even before factoring in the more onerous effects of emissions at altitude, and the warming effect of aircraft contrails. Yet airlines remain in a bind. While other sectors have clear, achievable methods of decarbonising, aviation struggles to see a route ahead – bar the fraught, unsatisfactory system of offsetting. The energy sector, the previous chief emitter ahead of transport, has rapidly found cleaner alternatives to coal. Within the transport sector, those sustainable forms of energy could transform much of road usage. But battery or hydrogen power … [Read more...] about BA’s early dive into carbon offsetting gives it an edge in the climate PR battle
John and Irene Hays, the husband and wife team who bought Thomas Cook’s 555 high street travel agencies this week, are keen to stress that beneath their folksy charm lies steely resolve and razor-sharp business acumen. “People have portrayed us as country bumpkins,” says John, 70, who founded Sunderland-based Hays Travel from the back of his mother’s childrenswear shop in 1980. “We’ll see what they think in a couple of years’ time.” The pair have a Herculean task ahead of them, picking up at least some of the pieces left over from one of the worst corporate failures in UK history. The demise of Thomas Cook has so far resulted in 8,123 redundancies. The official receiver is still paying 931 staff to help with the wind down. But the Hayses now want to recruit around 2,500 of those who have lost their jobs, quadrupling the size of their business in the process. It’s a daunting prospect but the reality is that the couple behind this … [Read more...] about ‘We’re no country bumpkins’: Meet the couple who bought Thomas Cook
“I recently stumbled upon this article about Tony Hibbert signing for an unbeaten Sunday league team in 2017 and missing a penalty for them in a 1-0 defeat on his debut. Which other former professionals have extended their careers into Sunday league football after retiring,” asks George Jones. The smell of liniment oil and the thrill of almost being cut in two by a hungover centre-back would appear to be quite the draw for ex-pros as there have been a few turning out for Sunday teams over the years. “I remember Julio Arca, formerly of Sunderland and Middlesborough, playing for his local team Willow Pond FC in Sunderland for a period after he retired in 2013,” writes Robert Kelly. “He later played for South Shields at a higher standard.” Ali Tabari can go one better. He has a former Premier League player being managed by a former Premier League player in the pock-marked fields of Warwickshire. “My friend until recently played for a team near … [Read more...] about Which former pros have played Sunday league football after retiring?