Tuesday newspaper round-up: Woodford fund, British Steel, WPP

Investors will be locked into Neil Woodford’s flagship fund for at least another month after a block on withdrawals was extended. The Woodford Equity Income Fund – which was valued at £3.7bn at the end of May – will stay closed until the next review deadline of 29 July, preventing hundreds of thousands of customers from accessing their money. – Guardian

Boris Johnson and Jeremy Hunt have been accused of trying to turn the UK into a haven for tax evaders and money launderers after the Tory leadership rivals each backed the creation of “freeports” on the east coast. Under proposals being considered by Johnson, Teesside, Aberdeen and Peterhead could become economic zones, considered independent for customs purposes, that charge no taxes or tariffs on imports. – Guardian

Bidders seeking to buy British Steel in its entirety should be given preference as the Official Receiver weighs up offers for the embattled steel maker, according to unions. Steelworkers’ union Community says a single buyer for British Steel, which collapsed into insolvency in May threatening 25,000 jobs, would give the embattled business the best possible chance of survival. – Telegraph

WPP is eyeing a payout of at least $2 billion after opening talks with one of America’s largest buyout firms over the sale of a majority stake in its market research business. The advertising conglomerate said that it had entered exclusive discussions with Bain Capital, which has emerged as the preferred bidder in the auction of its Kantar division. WPP said that the sale, were it to proceed, would value the subsidiary at $4 billion. It is expected to use the proceeds to reduce borrowings and buy back shares. – The Times

The Brexit impasse has left small companies “hamstrung” by political uncertainty, the Federation of Small Businesses has warned, with employers struggling to hire and reporting weak investment intentions. The federation said that it had found a “sustained slump” in confidence among small organisations, with more than a third of business owners saying that their difficulties in accessing skilled staff represented a “major barrier” to growth. – The Times