the money is still there, it's just that neil woodford doesn't wa nt to it's just that neil woodfordpecting the president to get out of marine one and into his armoured vehicle which will take in the short distance to st james's palace where there is going to be a working brea kfast there is going to be a working breakfast along with theresa may and business representatives from the usa and uk. he's going to see the protests on the streets when he heads from here, so let's run you through what his schedule is for the day. he's going to be going to st james's palace for that morning meeting and then he will be heading off to downing street, where they will have lunch with the prime minister and hold talks. in the evening, president and mrs trump will host a returned dinner at winfield house. the prince of wales and duchess of cornwall will attend on behalf of the queen. tomorrow the queen, the prince of wales, president trump and the first lady will travel to portsmouth where they will travel to portsmouth where they will attend the commemoration is at southsea common to mark the 75th

tell us more about neil woodford. he's a really fascinating character.nally wanted to be a fighter pilot and some people have described as looking like a nightclub bouncer and sounding like a rugby coach, but in money management circles he's known as a rock star. he built a reputation many years ago in the city picking the right stocks, often going against the he set up his own in 2014, offering investment funds to individuals and pension funds and his strategy was about picking stocks you thought would do well in the economy in the longer term. house—builders, for examples, biotech companies, but it's all gone wrong partly because he picked the wrong partly because he picked the wrong shares and partly because of things like brexit uncertainty so the value slumped, tens of millions of pounds was taken out every day and therefore they've said we are putting the gates on at the moment to safeguard the fund. so what happens next? this is the big question. many people were worried this could mean something like a run on the banks but this is a safeguarding

investors have withdrawn about 500 and £60 million from neil woodford's fund over the past four weeks are open for trade after most of the us indices finished in negative territory. unfortunately, we are seeing a plus for the nikkei and the warlords. —— all 0rdinaries. and with that we in this edition of asia business report. thank you so much for investing your time with us. see you again in the next hour. goodbye for now. welcome back. you are watching bbc news. our main story this hour. president trump has praised "decades of friendship" between the us and uk, at a banquet which capped the first day of his state visit. staying with that now and organisers say they're expecting more than a quarter of a million protestors to turn out on london's streets later today here's our special correspondent, lucy manning. "haven't seen any protests yet," the president tweeted, "but i'm sure the fake news will be working hard to find them." they were just below his helicopter as he landed for the state banquet, although just a few hundred strong. he's a racist, he's a climate change denier and

fund manager neil woodford takes to youtube to offer his apology. -- and the ftc is set to approve newcomerles for brokers. reporter: ideally they would like to move forward with deals, get acquisitions moving across the table, but talks have been difficult, so what do you do? we seen a shakeup in higher management. isever, the ceo of dws saying he wants to play an active role in the consolidation of the asset management industry. there's no doubt about that. david: in the two are linked. it is easier to get your ratio up if you are consolidating. it is easier to fire the new guys been the ones you have been working with. reporter: at the same time, the ceo says he wants deutsche bank to become a top 10 management firm. a quick way to get there would be deals. hopefully, at least they are hoping, they can get that done. for now they have to look at other areas. alix: i tend to think pricing. let's take a look at woodford. neil woodford went to youtube to apologize after closing is fun to outside investors -- his fund to outside investors. >> we felt this was necessary to protect your intere

shares clients‘ disappointment and frustration after the woodford equity income fund, managed by neil woodford for their money back. this is bbc news. the headlines: michael gove acknowledges he committed a crime when he took cocaine while working as a journalist 20 years ago. the home secretary, sajid javid, criticises middle—class drug users for destroying the lives of those caught up in the supply chain. meanwhile, boris johnson says he would not pay britain‘s £39 billion brexit divorce bill until better terms are agreed for the uk to leave. old rivals will go head—to—head today in the women‘s world cup in france — when england take on scotland in nice. scotland are making their debut in the tournament — while england are one of the favourites to win the competition. our sports reporter jane dougall has been spending time with both camps this week. it‘s a "derby match" with so much significance. how do you see this one going? well, emotions always run high home nations match, so the short answer to your question is it could go either way. but as you mentioned, england are one of the favouri

shares clients' "disappointment and frustration" after the woodford equity income fund, managed by neil woodfordsuspended the fund after rising numbers of investors asked for their money back. police in kazakhstan have arrested hundreds of people protesting against today's presidential election. the protestors say today's vote is not free. the country's long standing leader, nursultan nazarbayev resigned in march and his chosen successor is expected to win easily. 0ur correspondent rayhan demytrie has the latest. riot police is moving in to push these protesters. many have already been arrested and moved to police vans. they are creating this noise to scare people. but nevertheless they are still standing because people are saying that they are fed up. for 30 years they have never seen democratic elections in this country and this time they are saying they will no longer be quiet about the real situation in their country. translation: they spend billions on building palaces but no money for mothers with children. there are just a handful of protesters left but they are being detained and mishand

the uk financial regulator should have been awake to problems that neil woodford had with his investmento spot clear warning signs that things were going badly. mr woodford suspended his largest fund this week after rising numbers of investors asked for their money back. millions of households on prepaid gas and electricity metres could see prices rise after a review by the competition and markets authority. it wants to change the price cap introduced two years ago as a temporary measure. bank overd rafts and bank overdrafts and fees are about to see a major shake—up. banks and building societies will not be able to charge a fixed, daily or monthly fees for overd rafts and to charge a fixed, daily or monthly fees for overdrafts and won't be able to charge higher fees for unarranged overd rafts. these able to charge higher fees for unarranged overdrafts. these rules should be in place by april next year. rachel springall is from moneyfacts. is there a problem? the biggest problem is customers were charged for a service but those charges were excessive. customers are being charged way too

we have all heard this story or may have heard the story about an asset management fun run by neil woodfordhave pensions with kent county council. there are hundreds of millions of pounds in there. what mark carney has warned about, even before this situation, is that these funds have invested in things like property, things that are not quick to sell, but the promise they make to the pension funds as you can draw your cash out on the same day. if the stock market and other assets dropped, it becomes difficult to get your cash back. imagine we have a big market downturn, then we are facing a bad situation where people will be running, there money out of this asset management companies will have to try to sell their assets really quickly to get the cash and then you have everything you need for a fire sale. this is a serious warning we are seeing with the woodford fund. just because it is a small part of the front of the paper doesn't mean it doesn't. .. the front of the paper doesn't mean it doesn't... it is the front of the paper doesn't mean it doesn't. .. it is a big story that has been

andrew bailey of the financial conduct authority said neil woodford "should consider his position" abouta huge amount of money" — reportedly £100,000 per day. it seems we have a two—speed jobs market — with public sector employers twice as likely to hire new staff in the next few months than private firms. this is the suggestion from a new study by the employment group manpower. it found there are 100,000 unfilled posts in the health service — as the nhs struggles to replace eu workers who are leaving the uk. 0n the other hand, private companies are moving cautiously onjobs until the brexit picture becomes clearer. james hick is the uk managing director of manpower group, they've produced the report. any surprises out of this?” any surprises out of this? i think the diversion we are starting to see between the confidence in hiring in the public sector versus the private sector is quite stark. we haven't seen sector is quite stark. we haven't seen this gap in the last seven yea rs. seen this gap in the last seven years. that is a concern. there are a number of sectors that are also in the

investment guru neil woodford apologises after suspending withdrawls from his largest fund, the woodfords head to the high court for a judicial review into how the government raised the retirement age for women. the group which brought the review claims the speed of the change and lack of warnings has disadvantaged millions of women. the government says the rise had been "clearly communicated". more on the story about pensions. the high court is reviewing a decision to raise the legal retirement age from 60 to 66, following accusations of mishandling at the department for work and pensions, and campaign groups claim that nearly one in four women born in the 1950s were not given a warning of the changes and had no time to financially prepare for retirement. joining us now is helen morrissey from the royal london group — a pensions specialist. what is going to be reviewed today at the high court? we have had a steady track where pension ages four women have been increased, so not so long ago the state pension age was 65. the government put plans in place to do step changes to bring it up p

this is the neil woodford affect, if you would.sset manager is pulling back, not allowing anybody to withdraw from his funds. he is one of the biggest investors in his trust. a two day decline for those chairs. nejra: let's get the bloomberg first word news now. >> u.s. federal reserve chairman jerome powell has signaled an openness to cut interest rates if necessary. investors have aggressively predicted the fed would loosen policy. how pledging -- jerome powell pledging to keep a close watch on this fallout between the u.s. and its closest trading partners. chairman powell: we don't know how or when these issues will be resolved. there closely monitoring implication of these developments for the u.s. economic outlook and as always, we will act as appropriate to sustain the expansion with a strong labor market and inflation near our 2% objective. theresa mayister talking about the substantial risk between the u.k. and u.s. since president donald trump took office. she says london and washington are at odds over key issues, includi

the uk's financial regulator "should have been awake" to problems at neil woodford's investment fund, of the uk's best—known stockpickers, suspended his largest fund this week after rising numbers of investors asked for their money back. more in a moment. the competition and markets authority says it is planning to extend protection for four million prepayment customers beyond the end of 2020. the prepayment price cap was initially expected to be in place until the end of 2020 by which time the cma said it had expected the roll—out of smart meters to be "substa ntially completed". last week, neil woodford, one of the best—known stockpickers in the uk, suspended his largest fund this week after rising numbers of investors asked for their money back. today, former city minister lord myners has said the uk's financial regulator "should have been awake" to problems at the fund. on monday, mr woodford stopped people from taking their money out of the woodford equity income fund. he said the move was "necessary to protect investors‘ interests" after they withdrew about £560 million from the

andrew bailey of the financial conduct authority said neil woodford "should consider his position" about. mobile phone operators after clarity about huawei, and super fast. yes, the reason being mobile phone operators fear that the uk will be in the slow lane and the other taken in the slow lane and the other taken in the next generation of the superfast services we have been promised. how does huawei affect that? operators are concerned about the government was my inability to make a decision on whether huawei technologies should be allowed to be used in the 5g network. huawei is the world's leading supplier of this type of equipment but it has faced a backlash from the us, and why? the us government has banned the use of huawei technology over concerns that the company could present a security threat. they say it is too close to the chinese government and so the tech could be used as a way to snoop on foreign countries. the us has said that it will limit sharing of intelligence with any country that allows huawei equipment to be used within its networks. huawei itself insists that it p

one of britain‘s most high—profile asset managers, neil woodford, has been forced to suspend tradingford is one of the country‘s most celebrated investors, controlling assets worth billions of pounds on behalf of individual savers, as well as, pension funds and local authorities. but a spell of poor performance has caused investors to lose faith. our economics correspondent, dharshini david, says today‘s decision, despite market fears, is a good and practical one. this could mean something like robbing banks, but in actual fact, this is a safeguarding measure. what it means is that the front can actually shore up its finances, some of it's locked away in shares that are hard to sell, profitably, very quickly, so that you can try and make sure this money differ —— there is money there when it reopens the gates. in the meantime however, investors are still paying management fees. they want to be pleased. this has happened before, i should say, particularly of the referendum. we saw other investment funds being closed to safeguard their futures. they were fine in the long—term. but ther

it's reported that neil woodford froze the fund after a particularly large client, said to be kent countyits money to be returned. a court in france has sentenced an imam to two years in prison for helping migrants try to cross the english channel in inflatable boats. the 39—year—old iranian national was accused of arranging several crossings. he and another man admitted providing six or seven dinghies. specialist first aid kits are being displayed in more than 50 bars and clubs in birmingham from today, in an attempt to reduce the number of deaths from knife crime. the kits contain essential items to stop the flow of blood from knife wounds. other cities, including nottingham and liverpool, are also introducing similar equipment, after a number of recent attacks. heart attack patients could soon be given what's been called a "pumping" patch to help mend their damaged organ. each patch is around three centimetres long and contains millions of healthy cells. it is placed over the injured heart to aid healing. scientists involved in development say they hope human trials will begin soon. th

the uk's financial regulator "should have been awake" to problems at neil woodford's investment fund,onthly employment numbers have come out lower than expected, the economy still created 75,000 new jobs last months, but that's less than half of what most people had hoped for. also the numbers for the month before april have beeen revised dowwards by a small amount. when we were here an hour ago you said you were going to talk about men's fashion week and i had my notebook out to get some tips to pass on to simon mccoy, and now? we barely mentioned it. we must the opportunity, we had the person here, the founder of men's fashion week i was going to talk about this industry which is doing enormously well here. i am drawing a little graph of your performance today. where is it going? you tell me. what are we talking about? let's move on to the global economy. i cannot talk to the global economy. i cannot talk to you about fashion, the time has passed. we miss that particular boat. but we can talk about the global economy because the figures about employment, they are disappointing. i wa

investors have withdrawn about £560m from neil woodford's fund over the past four weeks.mers to use their own containers to buy food such as pasta, rice and cereals. the experiment at a store in oxford will see hundreds of products taken out of their plastic wrapping, and shoppers will be able to borrow boxes to take their food home. it's the latest initiative by supermarkets to tackle the impact of waste on the environment, as our business correspondent, emma simpson, reports. we've all become used to taking our own bags to do our grocery shopping, but what about taking our own plastic containers as well? in the corner of this supermarket, there's a refill station where you can pack your own food, from lentils and pasta to frozen fruit. no box? then borrow one or use an environmentally friendly bag. if some of the things that we're trialling here were rolled out across all of our shops and all customers switched to using reusable containers, it would have, it will save thousands of tonnes of plastic and other types of packaging, as well, but it also would completely chan

investors have withdrawn about £560 million from neil woodford's fund over the past four weeks.e visit to the uk. more in a moment. it is important for the uk to be able to be assured of a good trade deal with president trump after or if we leave the european union. the issue today has been the president trump has been meeting both american and uk businesses at a breakfast meeting earlier today. lots to talk about. we have had some news from president trump. he said britain could have a substantial trade deal with the us after it leaves the eu. let's talk about this. professor randall peterson is from the london business school. thank you forjoining us. he has spoken about a substantial trade deal with the us. the uk is the fifth biggest trading partner so it is not even top three. what do you think the us and uk would want from a trade dealfrom each think the us and uk would want from a trade deal from each other?” think they would want to have a trade deal that is beneficial for both parties. and donald trump loves the look of the uk as one of the few countries that the us hav

woodford after neil withdrew from his investment group, a financial services record so they are keepingbackers distance themselves yesterday. ties --client sever severed ties. this is a story gaining momentum , we have seen it have not on impacts.- knock-on bring us up-to-date. >> the key development is a james effectively walking away from woodford. now, the situation woodford is it, they can do with all the support they can get heard so james pulling away is not good. hargreaves lansdown has not quite pulled away and their share price has been hit quite hard. they may be more reticent to do that, but that is where we are. matt: what are the risks that remain for the fund and investors? >> there are a couple of ways to look at the risks. the number one risk for woodford is reputation. there is the possibility of the funds could go into a death spiral and be under real pressure. but at the moment, they are doing their best to avoid that. the reputational risk of losing st. james's place is also a concern. remember, these are stocks that holds significant stakes in purple bricks mckee a