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Thursday newspaper round-up: Netflix, Woodford, De La Rue

By Michele Maatouk

Date: Thursday 18 Jul 2019

Thursday newspaper round-up: Netflix, Woodford, De La Rue

(Sharecast News) - The City watchdog has admitted that its rules are so complex that even its staff may not understand which investment products come under its jurisdiction. The chairman of the Financial Conduct Authority made the concession during a tempestuous annual public meeting in London on Wednesday, where consumers criticised the regulator for failing to protect them from a growing list of scandals. - Guardian
Netflix missed its growth targets by a huge margin in the last three months, the company announced on Wednesday, triggering a 10% drop in its share price. Announcing its latest quarterly figures, Netflix said it had added 2.7 million new subscribers worldwide, well below its guidance of 5 million new subscribers and down from 6 million for the same period last year. The company lost 130,000 subscribers in the US from last quarter. - Guardian

The Daily Mirror and Express publisher Reach has submitted an offer to buy newspaper empire JPI media, which was put up for sale last year. The company, formerly known as Trinity Mirror, is reportedly interested in acquiring most of JPI in an attempt to create a UK newspaper powerhouse. - Telegraph

Britain's imbalanced economy is over-reliant on overseas borrowing leaving it vulnerable if those funds dry up, the International Monetary Fund (IMF) has warned. Serious rebalancing is required to cut debts, boost growth and improve workers' skills to make the economy more resilient to shocks, the global financial watchdog said. - Telegraph

Neil Woodford plans to start offloading stakes in illiquid biotech investments from the end of this month as he seeks to save his 3.7 billion suspended fund. Link Fund Solutions, the authorised corporate director of the Woodford Equity Income Fund, has lined up PJT, the boutique investment bank, to start the sale process. - The Times

The beleaguered chairman of De La Rue has refused to resign at the banknote printer's annual shareholder meeting next week, in spite of growing pressure from an activist investor. Crystal Amber, one of De La Rue's largest shareholders with a 6.5 per cent stake, is locked in a dispute with the company over its performance, merger and acquisition opportunities and boardroom pay. De La Rue is a leading supplier of banknotes worldwide, employing about 2,700 staff. - The Times


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