UK Business Papers Review: 31 July

UK Business Press Review

Today we look at Foxtons, Pimco, Rolls Royce and star fund manager Neil Woodford.

The Financial Times announces that there has been a remarkable turnaround at former bond king Bill Gross’s vehicle Pimco, with investors drawn to what has now become the world’s best selling mutual fund manager. At least his leaving under something of a cloud three years ago has been proved to be the right thing to do.

Those who have regarded star fund manager Neil Woodford as being somewhat overbought in terms of his status in the market certainly had at least some of their dreams come true last week with the collapse of two of his major holdings. The Financial Times.

In a further sign that the Brexiteers are being sold down the river by a minority Remainer Government, Chief Remainer Philip Hammond has said as reported in The Times The Timesthat there will be no red tape / regulation bonfire or tax cuts to make the UK more competitive as compared to its rivals after Brexit. This of course rather defeats the object of the exercise, but perhaps more importantly is an acknowledgement that it will be almost impossible to deliver new legislation covering such matters in the two year time window.

There is a great advertisement for not employing the services of an auditor in The Times, where we hear that the National House Building Council are suing PWC for £35m on the allegation that it failed to alert the group on overpayment of taxes over a 10 year period. When will people realise that auditor are not actually paid to do anything, and are not liable when they get something wrong? The remedy is just to hire a different auditor.

The Daily Mail proves that it may not always be ahead of the curve in suggesting that Foxtons shares are a sell due to the concerns of a London property slowdown. This may be incorrect not only in timing, but it could also be the case that Foxtons has its own problems and needs a shake up in the face of massive new online competition.

One of the big turnaround situations among FTSE 100 stocks of late has been Rolls Royce, and it remains to be seen according to the the Daily Mail where this recovery trend will be maintained on the occasion of half year results which are expected to have risen.

Zak Mir is Co Founder, technical analyst, author, broadcaster and financial markets commentator.

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