Monday newspaper round-up: Brexit, Woodford, Standard Chartered

A health check of Britain’s manufacturers has shown thatsome of the most economically and socially deprived areas in UK are highly exposed to the impact of a no-deal Brexit. Exporters are already suffering losses, especially in Wales, north-east England, Yorkshire and Humberside, which have a significant exposure to trade with the EU, according to a report by manufacturing trade body Make UK and business advisory firm BDO. – Guardian

The billionaire founder of the UK’s largest retail investment platform has attacked the beleaguered fund manager Neil Woodford for appearing not to be “truthful” about the performance of his frozen investment fund. Peter Hargreaves – who with Stephen Lansdown founded the Hargreaves Lansdown share-dealing service for private investors in 1981 – added that the firm’s clients had been “stuffed into this horrible Woodford fund”. – Guardian

A late-cycle surge in ‘leveraged loans’ has echoes of financial engineering before the Lehman crisis and could lead to a cascade of fire sales if conditions suddenly tighten, the world’s top financial watchdog has warned. The Bank for International Settlements said the high-risk loans have climbed to $1.4 trillion and are increasingly being sliced and diced much like subprime mortgage debt before 2007. – Telegraph

Standard Chartered is locked in “very difficult” conversations with its leading shareholders over its chief executive’s pay after an investor revolt over his pension. The emerging markets-focused bank was hit by backlash over Bill Winters’ pay at its annual investor meeting in May, when more than 36 per cent of the votes cast were against its new executive pay policy. – The Times

The Bank for International Settlements has warned of the “troubling” rise of negative-yielding bonds to more than $17 trillion and sounded a further alarm over the growth in securitisation similar to that which caused the financial crisis. Claudio Borio, head of the monetary and economic research department at the Swiss-based BIS, said yesterday that the phenomenon of so many negative-yielding bonds would have been “unthinkable” even during the depths of the financial meltdown. – The Times