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Thursday newspaper round-up: M&G, Peleton, sterling, Metro Bank

Thu 05 December 2019 07:29 | A A A

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(Sharecast News) - One of the UK's biggest property funds, which owns shopping centres across the country, has alarmed investors by banning withdrawals and blaming both Brexit and the retail downturn for its problems. The £2.5bn M&G Property Portfolio was suspended after "unusually high and sustained outflows" - demand from investors for their money back - prompted by "Brexit-related political uncertainty and ongoing structural shifts in the UK retail sector". - Guardian

Almost $1.5bn (£1.1bn) has been wiped off the value of the exercise bike firm Peloton after a backlash against a Christmas advert widely derided as "sexist and dystopian". The advert, which has been viewed almost 2m times on YouTube, shows a woman receiving an exercise bike from her partner on Christmas morning. The gift inspires her to record a video diary of her exercise sessions, in which she proudly says: "A year ago I didn't realise how much this would change me." - Guardian

Sterling breached the $1.31 level yesterday for the first time since May, reflecting market confidence that the Conservatives will win an overall majority in next week's election. Fears of a hung parliament have receded after several opinion polls put the Tories ahead by a clear margin, pushing the pound to its highest level in 30 months against the euro and seven-month highs against the US dollar. - The Times

Metro Bank was hurled into fresh chaos as chief executive Craig Donaldson announced he is following founder Vernon Hill out of the door after a disastrous year. Mr Donaldson will step down from his role at the troubled lender later this month, leaving it with no permanent chief executive or chairman. - Telegraph

Eddie Stobart has put administrators on red alert amid fears the trucking company could collapse in a matter of days. The company has lined up Deloitte to prepare it for insolvency if investors reject a rescue led a secretive offshore fund, sources said. - Telegraph

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