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Wednesday newspaper round-up: CBI, Latitude Financial, Thomas Cook, Woodford

By Michele Maatouk

Date: Wednesday 16 Oct 2019

Wednesday newspaper round-up: CBI, Latitude Financial, Thomas Cook, Woodford

(Sharecast News) - The Confederation of British Industry has admitted it exaggerated the "eye-watering" £196bn price tag that it claimed Labour's nationalisation plans would cost. In an email exchange between Labour and the CBI, seen by the Guardian, the UK's foremost business lobby group told the party it recognised that some of its analysis did not reflect the party's policy. - Guardian
One of the year's most-hyped share market floats, the $3.2bn Latitude Financial IPO, has failed after superannuation funds led by the nation's biggest, Australian Super, decided not to purchase shares in the company. Latitude, a lender which is part-owned by private equity group KKR and helmed by controversial businessman Ahmed Fahour, decided to yank the offer late on Tuesday afternoon, robbing investment bankers working on the deal of a payday of up to $35m. - Guardian

Thomas Cook's former bosses have attacked ministers for standing on the sidelines as it raced to secure lifeline funding - while other European countries scrambled to offer support. Appearing in front of MPs on Tuesday, chief executive Peter Fankhauser revealed ministers from Germany, Spain, Turkey, Bulgaria and Greece had personally contacted him to offer support in the days before the world-renowned travel company collapsed. - Telegraph

Neil Woodford quit as manager of Woodford Patient Capital Trust last night as the curtain came down on his investment empire. The investment trust announced that his firm, Woodford Investment Management, had given notice to terminate its role as its portfolio manager, hours after he had been sacked as manager of his frozen Equity Income Fund. - The Times

The author of a report on audit reforms has criticised the government for failing to introduce legislation to create a more powerful watchdog. Sir John Kingman, 50, chairman of Legal & General, warned ministers yesterday of the risk that the audit regulator would "drift on, half-reformed and lacking the teeth that only legislation can give it". - The Times

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