meanwhile, the financial watchdog is examining woodforde's decisions to list in guernsey and they'reking to the stock exchange now i'm joined on set by eric moore, fund manager from mytton group. thank you for joining me this morning. >> my pleasure. >> firstly on the back of what we have seen unfold at woodforde over the last week or so, clearly high profile development for uk fund managers uk investors so give me your sense of what kind of impact this could have on the uk investment community. >> well, we have seen a few similar incidents where you have unquoted or unlisted assets owned within open ended vehicles so after the brexit referendum a lot of properties open ended investment funds were in trouble because they can't sell the buildings so people want to take the money out and the underlying assets aren't liquid similarly at gann, they had problems with the bond fund and the latest with woodforde. the regulators are alert to this as an issue. i think there's an ongoing investigation. you know, rightly so what i hope is there's not too much of a stable door slamming you know,

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

equity income fund, managed by neil woodford, stopped investors cashing out this week.he 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 favourites for the tournament, and certainly the

equity income fund, managed by neil woodford, stopped investors cashing out this week. 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 mishandled by the police and pushed to numerous o

the head of the uk's city watchdog is the latest to say the suspended woodford equity income fund shouldnancial conduct authority said neil woodford "should consider his position" about the fees. this came after mp nicky morgan said mr woodford was taking "a 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 hav

the number one risk for woodford is reputation.ity 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 group --, bicks, the kia group, but we are not at that stage yet. the u.k. stocks editor on the demise of a domestic icon. coming up, we speak to the unicredit ceo at the goldman sachs conference in paris. don't miss that exclusive interview. what will he have to say about m&a and the banking sector? we have heard from the bank of sense ceo say there is not much room for it, but others will be part of the conversation. this is bloomberg. ♪ anna: welcome back to the european open. 53 minutes into the trading day, is a positive one for european equities. despite the following a part of m&a in the car sector, despite tensions over the border, no progress in china, despite all of that, equity markets go higher

the woodford equity income fund has not been well.nvestors pulling money out of that fund. it has reached such a level that redemptions have now been halted. the collateral damage of that has been a big backer of woodford. its stake has been falling from some $3.4 billion back in 2016 to $1.4 billion at the end of last year, still about 30% of the fund. that number seems to have convinced investors that they will continue to do poorly, given what is happening at woodford. guy: it is a pretty big come down. to a certain extent, the link is pretty clear, but it's been an impressive performance, hasn't he? -- hasn't it? emma: if you look at the performance of the last 10 years compared to the ftse 100, there's just no comparison. in a way, you really can't compare them. when you take the likes of charles schwab, the outperformance of hargreaves lansdown is pretty severe. what is interesting is that hargreaves lansdown has been historically in favor of active management rather than passive management. that has worked very well until it ha

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

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

this is a serious warning we are seeing with the woodford fund. 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 brewing for a long time. this is within x—rays of some strong. i'd give john the last word on the love story. the guardian. they will let you cover it. we have run out of time. let us not get into a catholic censorship row. you and i we re a catholic censorship row. you and i were reciting the lord's prayer earlier. as we do before all paper reviews. we need all the help we can get. very quickly then. pope francis has risked the wrath of traditionalist, says the guardian, by saying and lead us not into temptation, et cetera, it will say do not let us fall into temptation, which is a bit rubbish. it is a bit, kind of... flat, don't you say?|j have few thoughts about this. if god wa nts to have few thoughts about this. if god wants to lead me into temptation thatis wants to lead me into temptation that is his prerogative. whatever may happen after they l

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

let's take a look at woodford.rd 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 interests. we were seeing a lot of outflow in the portfolio. we thought the prices we would be able to achieve in order to meet those redemptions would be disadvantageous for our investors. so again, i'm extreme we sorry we've had to take this decision. we will keep our investors informed. we will use this time to reposition the fund. when it is appropriate, we will open the fund so that you can buy and sell as normal. alix: what is with these guys going on youtube and saying they are sorry? sarah: really somber, but i guess they are just trying to show the investors they do care. they understand your information and trying to do what is -- your frustration trying to do what is in your best interest. david: but sorry for what? how's he going to be different going forward? alix: i'm sorry we are in liquid assets. sarah: there's nothing

the head of the uk's city watchdog is the latest to say the suspended woodford equity income fund shouldconsider his position" about the fees. this came after mp nicky morgan said mr woodford was taking "a huge amount of money" — reportedly £100,000 per day. 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

but there could be some damage to the value of those funds, and of course mr woodford's reputation.mised a "phenomenal" trade deal with britain after it leaves the eu, but he‘s aslso stirred up controversry by saying the country‘s national health service must be part of the discussions. donald trump was asked about migration to the united states from mexico in his news conference in london earlier today. here‘s what he said. mexico shouldn‘t allow millions of people to try and enter our country, and they could stop it very quickly. and i think they will, and if they want, we are going to put tariffs on them, and every month, those tariffs go from 5% to 10%, to 15%, to 20, and then to 25%. and what will happen then is all of those companies that have left our country and gone to mexico are going to be coming back to us, and that‘s ok. that‘s ok. on friday, president trump announced that he will impose tariffs on mexico if it doesn‘t curb migration over its border. mexico has said it is acting to reduce the amount of migrants entering the us, and its officials are currently in washing

on monday, mr woodford stopped people from taking their money out of the woodford equity income fund.ation of investment companies. you have written about this and said basically about the dangers of retail investment in open—ended funds, what are the dangers? i don't think there is any problem with open—ended funds as such but the problem that arose with this one wasn't just the fact there were lots of people who wanted to take their money out, it was the type of investments neil had made, some of those assets were quite hard to sell and in the structure he was using, ifa and in the structure he was using, if a lot of people want their money back, eventually, the fund manager has to sell those assets to get the cash to return it to shareholders. if those are hard to sound like unlisted companies, smaller company shares, you get a problem which is why the fund is suspended to give time to the fund manager to give time to the fund manager to give time to the fund manager to give time to sell those in an orderly fashion but not in a fire sale. that is there to protect investors. the que

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

ft looks at the 75th anniversary of d—day, but leads on one of britain's top fund managers, neal woodfordnding trading. the metro's headlines has the greatest generation, with a picture of vetera ns generation, with a picture of veterans standing at commemorations in portsmouth. the telegraph has a striking picture of a veteran with the caption the resilient generation. the guardian leading on an enquiry into the death of those two toddlers and reports on the start of donald trump's trip to ireland, how he compared the post brexit border between northern ireland and the republic with america and mexico. and the queen hails the spirit of the d—day generation. i salute to sacrifice, a picture ofjohn jenkins taking generation. i salute to sacrifice, a picture ofjothenkins taking pride of place on the cover of the times. imean, it of place on the cover of the times. i mean, it is unsurprising that these are the images of the front page, because the ceremony today we re page, because the ceremony today were so page, because the ceremony today were so striking. let's start with the daily mail,

the head of the uk's city watchdog has added to calls for the suspended woodford equity income fund tohould consider his position" about the fees. this came after mp nicky morgan said mr woodford was taking "a huge amount of money" — reportedly £100,000 per day. good morning. let's get more on the latest jobs figures. as we said, the headline rate of unemployment stayed steady at 3.8%. and average wage growth came in better than expected for the three months to april. pay was up 3.4% compared with a year ago. once you've factored in rising prices, or inflation, wage growth came was 1.4%. victoria clarke is an economist at investec. that morning. 1.4% real terms increase, not bad consider what we've seen in recent years. yes, in the context of recent history it's not bad and you've got employment up robustly over a year ago levels as well. the headline level, thejobs market looks to be still firing on all cylinders and is helping households to feel a bit better about their financial positions. once again, it's come as a surprise. if we look at some of the other indicators in the economy

the uk's financial regulator "should have been awake" to problems at neil woodford's investment fund, "clear warning signs that things were going badly". mr woodford, one of the uk's best known stockpickers, suspended his largest fund this week after rising numbers of investors asked for their money back. in the us the monthly 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. that is what you want to start with, thejob report? they come out that is what you want to start with, the job report? they come out and they get revised as each month goes by. you are looking back, these figures are for may, but the figures for april have been revised down. why do they get revised? they are taking into account more aspects of the economy and some of these figures are slower to come in. so we are getting more stuff coming in and figures showing that things aren't what they used to be. down

this is the same structure at gam and at woodford. problem is if you are an investor, even if you are only slightly worried, why take the risk? no one wants to be the last person left at the party. that's why even though these art only a minority of assets in the fund, it is causing wider unease. guy: do we know when they got these assets? these are private bonds. i'm curious as to when this started. when did h2o start to realize it had a problem? because acomplicated are oftense bonds remodeling old securities. you have to be a sort of forensic analyst to figure out when they actually date from. what is certainly the case is that there are all of these very diverse businesses, from monterey to robotics -- from lingerie to robotics, that have been involved for a while, but h2o got involved as it had all of these inflows into the business. vonnie: it was the morningstar action that really started the outflows. there was 650 million dollars of outflows almost immediately. how do you combat psychology? does morningstar have to make a sta

after the woodford story, people have been getting nervous about the relationship with liquidity. with redemption risk on a daily basis but illiquid assets -- access has been the concern surrounding this story for this is a major european bank trading down by 11.76%. ell had a bit of cold water poured on it today, finishing lower. in the metal -- carnival. there is a story on both sides of the atlantic. cuba is a factor in this. it has dragged the travel section down sharply, finishing down by 11%. it is the banks where we see weakness, not only on the fed, but idiosyncratic risk, natixis and tobacco sabado -- banco sabadell. vonnie: we are seeing upside to the indices. -- took500 took out an a closing high earlier in the session come up .5% now come a little bit of a drag for the likes of the banks here in the u.s.. on that 10 year yield and the curve generally, it is down to 1.98%. crude oil continues to climb almost $57 a barrel at this point. oil and gas are doing well. 2.9%, so quite moderate gains but nevertheless climbing higher. up 8.5%,k at oracle, one of the best perform

so what about the woodford bank in the u.k., the run on the bank?payments because there has been so many people withdrawing. is like as celebrity in the investment management world and the u.k. come at one point he managed the largest fund in the u.k. it was also known as the oracle of oxford, conjuring up images of warren buffett, however the fund has done poorly, down 18% over the last year. and investors now want to get out. they do invest in some liquor positions, two of the top are private companies, so as people are trying to get out of the company he is saying, wait, i need to get out of these positions. effect, they said they will keep investors up-to-date on when it will end. david: it is like a run on the bank in the sense that you lose confidence as an investor. sarah: it does undermine confidence, and to some it could bring up remembrance or memories of 2008, so nobody wants to see this or be told, you have to stay in our find, even if we are down -- fund, even if we are down. alix: we will see where it is in one year. and our third stor

some sort of concern that you might be frozen out or unable to remove your money, like in the and woodford's easily start a panic and make people overreact to something that maybe is not a huge risk or huge threat to the company, which is the way h2o is portraying it. it is kind of a cause and effect thing. if people worry they can get stuck with their money in the fund, they are likely to panic and you can see that people are very willing to panic for the amount of money they have pulled out of each deal -- h2o in the past few days. for joining us, ross. a fascinating story we will continue to cover. ross larson, joining us from rome. up next, who will take on donald trump? the latest from the first democratic debate. who will the u.s. democrats pick eventually? this is bloomberg. ♪ >> who is this economy really working for? for theing great thinner slice at the top. not everyone is sharing in this prosperity and donald trump sits in the white house" about what is going on -- and gloats while you have people struggling to afford college. >> this economy has got to work for everyone and we k

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

more recently, woodford's investment empire was brought to his knees.at were difficult to sell and had breached regulatory guidelines. that gets us to this most recent crisis at natixis. it was reportedly fund helped more than 1.4 billion euros of illiquid bonds linked to lars would force -- woodhorse. -- woodhorst. allegra fund was suspended over concerns over the quote liquidity and appropriateness of certain holdings. by monday, we get this massive number, 6.4 billion in assets at natixiss funds -- the funds. h2o has said that outflows in recent days have slowed. i want to show you some of the consequences. one of the biggest funds under pressure is called adagio. you can see that it has had solid inflows but then leaves more than one billion euros which slips to net outflows. there are some recognizable names who count themselves amongst top managers. the numbers i'm going to show you are as of the last filing. as i said, you can really see some recognizable names. and one of the funds i definitely need to flag. this is in the top 10, 10 to be gam,

largest investor as of may 10, according to bloomberg data, the biggest investor in one of nielsen woodford'shis funds. we keep watching that story. let's step away from the individual movers. european markets are opening generally pretty flat. this is the federal reserve chair, jerome powell -- as the federal reserve chair, jerome powell, expressed possibility of a rate cut. here's what he had to say. . >> two thirds of all the recessions since world war ii have been caused by some fed policy. some fed policy either being too slow or too fast. wevery hard to say whether will have another cycle with interest rates where they stand now and with the growth and inflation numbers where they stand. we might. the key is to be prepared. >> policymakers are walking along a ridge line. there is a very narrow band of flexibility at their disposal. the situation is much more competent. , thead of externalities trade dispute with china. >> when you connect all of the dots around trade tensions, particularly -- potentially an economic -- a technological trade war, growth will not be as fast as we have see

what they are trying to do is avoid the fate of gam and woodford. anna: thanks very much.n credit reporter. up next, it is a battle. stay with bloomberg for that. ♪ anna: welcome back to the european open. 55 minutes into your trading day. time now for battle of the charts. why don't you kick things off? >> gold again today. what is so interesting, the inventory data moves in tandem with the gold spot stock price are actually diverging. there is a drawdown here which is going add more fuel to the price we're seeing. anna: ok. that is the gold story. dani, what have you got? >> i'm looking at how wild this bond market rally has been. i'm looking at swiss debt. in order to hold half a century of swiss risk you are getting paid basically nothing. three basis points at one point was absolutely flat zero. just showing you how wild it is and what investors are doing with a duration risk when it comes to the bond market. anna: i'm going to go with anne marie's chart. see the mining one of few performing well. i'm going to go with you on this one. i like the gold story. also like

for labour and social studies, and labour prospective parliamentary candidate for chingford and woodfordtim montgomerie. great to see you all. isabel, give me your winner and why.” great to see you all. isabel, give me your winner and why. i think the winner was those who survived until the end of the programme! laughter one of the problems is that so many candidates got through this round of voting. five men trying to talk over each other, and emily maitlis did and amazing job each other, and emily maitlis did and amazingjob in each other, and emily maitlis did and amazing job in controlling them. i don't think we got very much clarity from them, especially on brexit. it wasn't tennis because there were so many of them playing, they were batting answers and retorts between each other. the most interesting round was about tax and spending where we got some clarity from each of the candidates but certainly on brexit, at the end of those questions i think both of the questioners went away completely befuddled by what they'd heard. brexit is the dominant issue. do you think, as isabel sugge

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

woodford, we had and mid-cap securities rather than the small-cap securities he held for other clients>> chris, appreciate it. thank you. joining us from singapore. betweenp, as tensions washington and tehran escalate, what's next following president to pressurest move iran's leadership? >> we'll also look at nissan's first annual board meeting since gmos.wnfall of carlos this is bloomberg. >> you're watching bloomberg markets. the trump administration imposed iran's supreme leader. are designed to deny ayatollah ali khamenei resources.inancial president trump said the ayatollah is responsible for quote, hostile conduct but repeated he is not seeking conflict with tehran. us now via web cam is iranian american counsel. also the author of "losing on enemy." and the professor at georgetown university. much for joining us. do these additional sanctions the trump administration strengthen the hands of the hardliners in tehran or do they put iran closer to coming back the investigating table? >> it makes sure that the iranians will not come to the negotiating table with this administration,

are responding so far, and it shows that investors are applauding the fund managers , rather than woodfords said don't worry about it. the ceo himself has tried to be patient with investors, and said we know what is here. don't worry about it so much. is is takingy natix a different view. david: our third story is bitcoin. safety.rush into gold, bonds, everything else. sonali: bitcoin is safety? [laughter] david: when it was first put out there, the idea was that it was for safety because it was uncorrelated. sonali: i was thinking about that. i was wondering how much it had to do with libra, the facebook stable coin, and whether those assets are correlated. i think fundamentally, what is happening here is the asset classes maturing, like everybody said. one of the things under report this morning was that people see it less as a security risk, so people are less worried about love the activity that goes around bitcoin that could be criminal, and seeing it as something that could be a potential asset class. alix: what is interesting is where wall street is on bitcoin. sonali: mixed. everyo

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

case, as a woodford liquidity crisis, but this feels different. am i wrong?come stocks were in trouble. it is the article talking about when horse and the liquidity of those names. one, where you have had a lot of growth and cheap money and leverage, things they are looking at at the moment, almost certainly there are a lot of funds where we have not had to worry about market to market. do we need to start thinking about this? the answer is yes. work atathan tyce's bloomberg intelligence is must-read. you just mentioned the key issue. masquerading as long only by side but with leverage. leverage.e but with fundhan: i used to run a and i remember some of the freedoms you have. the issue we have to bear in mind is the trillions that are flooded into the market, the levels the markets are. some of these guys have dabbled into isa tarik assets. likethey have loan features for h2o? you look at an asset, a fund, you understand what the underlying assets are. the answer is no. tom: jonathan tyce, it read of the day for global wall street on want in london passes for

hargreaves, with the association with woodford, it is not so much that it with woodford, it is not sodford funds. there is the ftse100 up about half a percent. that is the businesses. now for a look at the weather. an unsettled week of weather ahead. we are desperate for some rain and we are going to get it. so that is good news. we are getting a lot in a sharp space of time for stubborn amber weather warning issued, up to 60 millilitres potentially likely in the next six hours, just around a months worth of rain. this has been in progress of the wet weather so far today across the south—east corner, stretching up to east anglia, midlands and lincolnshire. rain continues mouth and west through the day, a few scattered possibly thundery showers in the south—west. isolated showers into scotla nd south—west. isolated showers into scotland and northern ireland, but it will have the best of the drier, brighter weather. cool and disappointing under the cloud and the rain. the rain will continue through the night tonight, some heavy at times. the best dry weather again further north with a f