Thursday newspaper round-up: Woodford, Whirlpool, retailers, BT
Investors trapped in Neil Woodford’s main fund, which collapsed last year, have expressed their dismay that the former star stock-picker and his business partner, Craig Newman, took home £13.8m in dividends from their investment management company last year. “It’s absolutely despicable but not a surprise,” said IT Consultant Ian Flaherty, awaiting the outcome of the administration process to see how much of his £10,000 savings held in the fund has been lost. – Guardian
Whirlpool should offer the owners of more than half a million recalled washing machines the option of a refund alongside a repair or replacement, according to the Which? consumer group. The US company is launching the UK-wide recall on Thursday after admitting that up to 519,000 appliances sold under its Hotpoint and Indesit brands between October 2014 and February 2018 were a fire risk because they could be affected by a door lock flaw that could lead to overheating. – Guardian
Beleaguered retailers have suffered their worst year on record as sales were driven into reverse by a whirlwind of collapsing firms, soaring costs and flagging consumer confidence. The British Retail Consortium’s latest figures revealed a 0.1pc fall in total sales last year. That contrasted with 1.2pc growth in 2018 and marks the first outright decline since the body began collecting figures in 1995. – Telegraph
The telecoms regulator has called on BT to commit to accelerating the introduction of faster broadband networks after it issued long-awaited proposals to increase competition in the industry. Ofcom yesterday launched a consultation on plans to encourage investment in full-fibre broadband infrastructure as it seeks to meet Boris Johnson’s election pledge to connect all the country’s homes “to gigabit speeds” by 2025. – The Times
Impossible Foods has pulled out of the race to supply meat-free hamburgers to McDonald’s, opening the way for Beyond Meat, its closest rival, to win a potentially lucrative contract. Pat Brown, chief executive of Impossible, said that it would be “stupid” to agree a deal with McDonald’s before it was able to increase production. – The Times