Business news

• Insurers warn cyber attacks could overwhelm sector

  17-05-2020 22:45 via uk.finance.yahoo.com
  
  A state-sponsored cyber attack could cause economic damage on a scale equal to Covid-19, overwhelming the insurance industry and requiring the Government to step in to cover the losses, the chairman of Lloyd’s of London has warned. Bruce Carnegie-Brown said it would be a good idea for any government-backed programme to address future pandemic risk to include a mechanism to deal with rare but catastrophic events such as a large cyber attack. He said: “The cyber insurance market is rel
  
  Read more

• Builders seek emergency funds to end cash crunch

  17-05-2020 22:04 via uk.finance.yahoo.com
  
  Housing groups in England are lobbying for a Scotland-style funding package for hundreds of small housebuilders who are struggling to access government-backed loans from banks. Industry bosses are pushing for a specific deal for builders as part of efforts to support cash-starved businesses in the sector through the pandemic. Discussions with government officials are in the early stages. Other emergency measures for the sector are also being explored. Scotland announced a £100m emergency l
  
  Read more

• Thyssenkrupp in talks with peers over steel business - source

  17-05-2020 21:59 via uk.finance.yahoo.com
  
  German ailing conglomerate Thyssenkruppis in talks with international peers about consolidating its loss-making steel business, a person familiar with the matter said.The talks, to be unveiled as part of a strategy revamp on Monday which is likely to include shutting or selling assets, follow a 372 million euro loss Thyssenkrupp Steel Europe, Germany's largest steelmaker, posted in the first half of the group's fiscal year.Ever since a strategy u-turn a year ago, which saw Thyssenkrupp dropping
  
  Read more

• UK rail operator Go-Ahead sees expansion plans halted by Germans

  17-05-2020 21:47 via uk.finance.yahoo.com
  
  Go-Ahead’s overseas expansion plans have been dealt a blow after German rail officials launched a review into poorly performing services. The FTSE 250 company, which was subject to a torrent of criticism in 2018 for its poorly performing services in Britain, has hit back at claims it had already been stripped of a line serving Stuttgart over poor performance. Go-Ahead admitted it had not delivered “a consistently stable operation” in Stuttgart. But the operator said that contra
  
  Read more

• Advertisement

• Firms face dividend restrictions under changes to rescue scheme

  17-05-2020 19:58 via uk.finance.yahoo.com
  
  Companies that have received taxpayer-funded loans of up to £200m could face new rules that would restrict them from paying their shareholders dividends or buying back shares. Ministers are considering the proposals as part of changes to government-backed loans being offered to large companies impacted by the pandemic, following calls for the Chancellor to reform the rescue schemes. The new measures, which were first reported by Sky News, could also result in company bosses being urged to
  
  Read more

• Saudi's PIF denies media report of loan backed by SoftBank investment

  17-05-2020 19:49 via uk.finance.yahoo.com
  
  Bloomberg News reported on Saturday that the $300 billion (£247.85 billion) Public Investment Fund (PIF) was planning to borrow about $10 billion by pledging some of its investment in the fund."PIF has ample liquidity and has not been engaged with anyone to raise margin loans against its Vision Fund stake", the sovereign wealth fund said in an emailed statement.
  
  Read more

• Income investors braced for 15pc slump in global dividends

  17-05-2020 19:37 via uk.finance.yahoo.com
  
  Company dividends are poised to drop by 15pc this year at best, tearing a £170bn hole in shareholder returns, a report has forecast, as businesses rush to cut costs amid the pandemic. But income investors could be in for much more pain, as global payouts may fall 35pc in the worst-case scenario. Businesses have been quick to cut, scrap and postpone dividends in order to preserve cash and stay afloat over recent months, with even the most consistent payers buckling. Royal Dutch Shell, the b
  
  Read more

• EU's Vestager: Discrepancy in state aid distorts single market, hampers recovery

  17-05-2020 19:37 via uk.finance.yahoo.com
  
  The European Union's competition chief Margrethe Vestager has expressed concern about the "huge differences" in coronavirus state aid among member states, saying they were starting to distort the bloc's single market.Germany accounts for more than half of the emergency coronavirus state aid approved by the EU executive, prompting concerns that countries with the deepest pockets might be getting an unfair advantage in the bloc's single market.In an interview with German newspaper Sueddeutsche Zei
  
  Read more

• Advertisement

• U.S. Senator Klobuchar says Uber, Grubhub combination would be anticompetitive

  17-05-2020 19:20 via uk.finance.yahoo.com
  
  A merger would give Uber Eats' money-losing food delivery service a leg up on market leader DoorDash at a time when the coronavirus pandemic has upended Uber's business of shuttling people from place to place."If Uber takes over Grubhub it isn’t good for competition and it isn’t good for you," the Democrat from Minnesota tweeted.Uber and Grubhub did not immediately respond to requests for comments outside normal business hours.
  
  Read more

• U.S. Senator Klobuchar blasts Uber, Grubhub deal talks

  17-05-2020 19:20 via uk.finance.yahoo.com
  
  A merger would give Uber Eats' money-losing food delivery service a leg up on market leader DoorDash at a time when the coronavirus pandemic has upended Uber's business of shuttling people from place to place."If Uber takes over Grubhub it isn’t good for competition and it isn’t good for you," the Democrat from Minnesota tweeted.Klobuchar is a senior member of the Senate's antitrust committee, which oversees competition enforcement.
  
  Read more

• New clashes with police as anti-lockdown protests erupt across Europe

  17-05-2020 19:19 via uk.finance.yahoo.com
  
  Thousands of people across Europe took to the streets to oppose their governments’ lockdown measures amid the pandemic.
  From London to Berlin and Warsaw, demonstrators clashed with police, who made several arrests, including that of Piers Corbyn, the brother of ex-Labour leader Jeremy Corbyn.In Italy, hospitality workers protested in front of the Pantheon in Rome, claiming the safety measures required by the government will hinder their recovery efforts..
  
  Read more

• Ease quarantine for ‘low-risk’ flights, says Heathrow chief

  17-05-2020 19:19
  Call comes after UK government proposes 14-day self-isolation for overseas arrivals despite business warnings
  
  Read more

• Ease quarantine for ‘low-risk’ flights, says Heathrow boss

  17-05-2020 19:19
  Call comes after UK government proposes 14-day self-isolation for overseas arrivals despite business warnings
  
  Read more

• Ministers eye ‘bad bank’ to stop firms going under

  17-05-2020 19:14 via uk.finance.yahoo.com
  
  The Government is mulling plans to take stakes in rescued companies through a “bad bank” in proposals reminiscent of the 2008 financial crisis. UK Government Investments (UKGI), the Treasury’s steward of investments in Natwest during the last crisis, is leading on the plans and is in talks with investment bankers. Among the plans are talks for an asset resolution scheme, a bad bank similar to the one set up by Labour to manage the remnants of Northern Rock and Bradford & Bi
  
  Read more

• Britain is at risk of 'returning to 80s levels of unemployment'

  17-05-2020 18:57 via uk.finance.yahoo.com
  
  Britain is at risk of 'returning to 80s levels of unemployment'. UK must reabsorb those out of work due to Covid, says Bank of England’s chief economist
  
  Read more

• Business Secretary announces new vaccine investment

  17-05-2020 18:52 via uk.finance.yahoo.com
  
  Business Secretary Alok Sharma has announced new funding to boost the UK's vaccine development programme for Covid-19, including a rapid deployment facility which could start making vaccines from this summer if trials are successful. .
  
  Read more

• Heathrow boss urges plan to restart flights between low-risk countries

  17-05-2020 18:23 via uk.finance.yahoo.com
  
  Heathrow boss urges plan to restart flights between low-risk countriesJohn Holland-Kaye backs immunity passports to help get economy moving again* Coronavirus – latest updates* See all our coronavirus coverage
  
  Read more

• Coronavirus: Emirates to slash 30,000 jobs in further blow for industry

  17-05-2020 18:13 via uk.finance.yahoo.com
  
  The savage cuts come as the operator of the world’s largest long-haul carrier seeks to reduce costs after the coronavirus pandemic grounded air travel.
  
  Read more

• NY Knicks may have missed out on signing Giannis Antetokounmpo after snubbing his brother

  17-05-2020 17:56 via ibtimes.co.uk
  
  Thanasis Antetokounmpo was benched and quickly released by the Knicks last year.
  
  Read more

• Coronavirus: UK hospitality sector calls for government help with rents

  17-05-2020 17:49 via uk.finance.yahoo.com
  
  The hospitality sector has urgently called on the government to step in and broker peace between businesses and landlords.
  
  Read more

• Golden State Warriors and their 'silver lining' amid disastrous 2019-2020 season

  17-05-2020 17:38 via ibtimes.co.uk
  
  The Warriors have the best chance of getting the first draft pick.
  
  Read more

• Fed's Powell says full economic recovery may require coronavirus vaccine - CBS

  17-05-2020 17:32 via uk.finance.yahoo.com
  
  Federal Reserve Chairman Jerome Powell said a U.S. economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.The Fed has approved a suite of programs to help businesses and financial markets continue functioning during the pandemic, and to try to limit the failure of firms and families during the fight against the virus.
  
  Read more

• Fed's Powell: 'Medical metrics' most important data for U.S. economy now - CBS

  17-05-2020 17:32 via uk.finance.yahoo.com
  
  The most important data for the U.S. economy right now are the "medical metrics" around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks where he outlined the likely need for three to six more months of government financial help for firms and families.In an interview with CBS's "60 Minutes" news program,Powell repeatedly returned to health issues as central to the success of a U.S. economic reopening, calling on Americans to "help each other
  
  Read more

• Pelosi sees negotiations on new $3 trillion coronavirus legislation - CBS

  17-05-2020 17:24 via uk.finance.yahoo.com
  
  U.S. House Speaker Nancy Pelosi said on Sunday there will be negotiations on the new $3 trillion (£2.48 trillion) coronavirus relief legislation passed by the Democratic-controlled House of Representatives and that Democrats have "no red lines."Asked if there has been a Republican response or counteroffer to begin negotiations on the bill passed late on Friday, Pelosi said, "No bill that is proffered will become law without negotiations, so, yeah."The Democrats' measure, passed late on Fri
  
  Read more

• NBA drops official ball supplier, switches to Wilson

  17-05-2020 17:10 via ibtimes.co.uk
  
  The NBA has been using Spalding balls since 1983.
  
  Read more

• Emirates plans to cut about 30,000 jobs amid virus outbreak - Bloomberg News

  17-05-2020 17:06 via uk.finance.yahoo.com
  
  An Emirates spokeswoman said that no public announcement has been made yet by the company regarding "redundancies at the airline", but that the company is conducting a review of "costs and resourcing against business projections".Emirates, one of the world's biggest long-haul airlines, said earlier this month that it will raise debt to help itself through the coronavirus pandemic, and may have to take tougher measures as it faces the most difficult months in its history.
  
  Read more

• Restaurant-grade gourmet potatoes go on sale in Tesco to ease glut

  17-05-2020 15:38 via uk.finance.yahoo.com
  
  Restaurant-grade gourmet potatoes go on sale in Tesco to ease glut. Supermarket stocks spuds from specialist grower that usually supplies to celebrity chefs
  
  Read more

• Government approval rating falls sharply

  17-05-2020 15:16 via uk.finance.yahoo.com
  
  For the first time since the lockdown, disapproval ratings for the PM are higher than approval ratings.
  
  Read more

• Carmakers press for EU and UK subsidies after slump in demand

  17-05-2020 15:06 via uk.finance.yahoo.com
  
  Carmakers press for EU and UK subsidies after slump in demand. Green campaigners say giving subsidies to all cars would be missed opportunity
  
  Read more

• BP chief says Covid has deepened commitment to net-zero emissions

  17-05-2020 14:55 via uk.finance.yahoo.com
  
  BP chief says Covid has deepened commitment to net-zero emissions‘The pandemic only adds to the challenge that already exists for oil,’ says Bernard Looney
  
  Read more

• Coronavirus: Food and drink retailers buck consumer spending slump

  17-05-2020 14:47 via uk.finance.yahoo.com
  
  Consumer spending dropped 36% year-on-year in April but food and drink retailers saw a surge in custom as Brits supported local shops during lockdown.
  
  Read more

• The Sunday Times Rich List 2020: The 10 richest women in Britain

  17-05-2020 14:27 via uk.finance.yahoo.com
  
  Beverages, acting, gambling and inheritance are just some of the sources of income of the top female earners.
  
  Read more

• Los Angeles explosion: Shocking footage as large blast injures 11 firefighters

  17-05-2020 14:05 via uk.finance.yahoo.com
  
  A massive explosion at a hash oil factory in downtown Los Angeles injured 11 firefighters as they worked to extinguish a fire.According to reports, three of them are in a critical condition, and two have been put on ventilators.Following the large blast, more than 200 firefighters rushed to the scene and extinguished the fire.It is still unclear what caused the explosion, but it appears that butane, a highly flammable gas, was being used in the factory in the extraction process of a chemical fro
  
  Read more

• Sono Motors Sion: the electric car that charges itself

  17-05-2020 14:03 via uk.finance.yahoo.com
  
  In 2006, we tested a BMW which had the intriguing quality that if you left it parked for long enough all 8kg of its hydrogen fuel stored at minus 253 degrees Centigrade in a vacuum tank would boil off. This car, the Sono Motors Sion, has the same quality in reverse. Park it in sunny June for long enough and when you return you’ll find the battery fully recharged; the Sion will have effectively refuelled itself. We’ve seen solar-powered cars before, of course, those featherweight mile
  
  Read more

• India to privatise state-run companies and halt fresh insolvencies amid COVID-19 pandemic

  17-05-2020 13:53 via uk.finance.yahoo.com
  
  India said on Sunday it would privatise state-run companies in non-strategic sectors and stop fresh insolvency cases for a year, as the country battles with the economic fallout from thecoronavirus pandemic.A list of strategic sectors will also be announced in which only one to four public sector enterprises will remain, Finance Minister Nirmala Sitharaman said, as part of a slew of measures to kickstart the economy.India has been trying to divest parts of state-run companies in sectors ranging
  
  Read more

• Coronavirus: Tour operator Tui considers issuing new shares

  17-05-2020 13:45 via uk.finance.yahoo.com
  
  Tour operator Tui is considering a issuing new shares to create a cash injection and stave off collapse if customers are slow to rebook holidays as lockdown eases.
  
  Read more

• Zoom down: App suffers outage as users report audio and video problems

  17-05-2020 13:15 via uk.finance.yahoo.com
  
  Video conferencing service Zoom is down after users reported experiencing audio and video problems.Social media was awash with users reporting they were experiencing problems admitting people into meetings, while many described audio issues.
  
  Read more

• A month after negative oil prices, U.S. crude contract expiry looms

  17-05-2020 12:55 via uk.finance.yahoo.com
  
  A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday - and so far there is little sign of a repeat of the historic plunge.The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the U.S. benchmark WTIcontract plunged to minus $38 a barrel.The virus destroyed so much fuel demand as billions of people stopped traveling th
  
  Read more

• Coronavirus: Hedge fund Elliott Management enters Virgin Atlantic bailout talks

  17-05-2020 12:47 via uk.finance.yahoo.com
  
  Investment firm Elliott has been identified as a leading contender in the race to save Virgin Atlantic airline which is seeking a £500m bailout.
  
  Read more

• U.S. Senator Rubio calls for fast action to extend U.S. payroll protection program

  17-05-2020 12:46 via uk.finance.yahoo.com
  
  The United States needs to quickly revise its coronavirus aid program for small businesses to extend the eight-week period in which the law currently requires companies to spend the money, a key U.S. senator said on Sunday.The Wall Street Journal reported earlier on Sunday that revisions were expected to be made to the program by both lawmakers and administration officials.
  
  Read more

• Car-nage: 1963 Safari Rally lives on as the most brutal running of the world's toughest rally

  17-05-2020 12:23 via uk.finance.yahoo.com
  
  What does it take to win the notorious Safari Rally in East Africa, the world’s toughest such event? “You need patience, you need to be rational and you need to be quick,” says Fred Gallagher. He should know. This 68-year-old rally co-driver and organiser has plied his trade alongside the crème of the sport in the World Rally Championship. Co-driving with “Flying Finn” Juha Kankkunen, Gallagher won his first Safari in 1985, twice more with Swede Björn Wa
  
  Read more

• HS2 rail bosses "hiding problems" claims MP report

  17-05-2020 12:16 via uk.finance.yahoo.com
  
  A parliamentary spending watchdog has accused HS2 bosses of hiding information over the spiralling costs and delays of the controversial high-speed rail project.
  
  Read more

• How England found itself at the wrong end of the Covid-19 league table

  17-05-2020 12:05 via uk.finance.yahoo.com
  
  How England found itself at the wrong end of the Covid-19 league table. Excess deaths, the stats that really count, show that England is paying the price for poor government
  
  Read more

• How England found itself at the foot of the Covid-19 league table

  17-05-2020 12:05 via uk.finance.yahoo.com
  
  How England found itself at the foot of the Covid-19 league tableExcess deaths, the stats that really count, show that England is paying the price for poor government* Coronavirus – latest updates* See all our coronavirus coverage
  
  Read more

• Post-coronavirus austerity ‘not a done deal’, says OBR chairman

  17-05-2020 11:47 via uk.finance.yahoo.com
  
  OBR chairman Robert Chote said reported Government debt of more than £300bn did not necessarily have to mean years of slashing public expenditure.
  
  Read more

• Meghan Markle is trained in martial arts and kickboxing

  17-05-2020 11:44 via ibtimes.co.uk
  
  The Duke and Duchess of Sussex have started paying a monthly rent of 18000 pounds to retain Frogmore Cottage as their official home in Britain.
  
  Read more

• China says opposed to latest U.S. rules against Huawei

  17-05-2020 11:17 via uk.finance.yahoo.com
  
  China's commerce ministry said on Sunday it is firmly opposed to the latest rules by the United States against Huawei [HWT.UL] and will take all necessary measures to safeguard Chinese firms' rights and interests.The ministry said in a statement that it urges the United States to immediately stop the wrong actions.The Trump administration on Friday moved to block global chip supplies to blacklisted telecoms equipment company Huawei Technologies, spurring fears of Chinese retaliation and hammerin
  
  Read more

• The Sunday Times Rich List: UK's 10 wealthiest people revealed

  17-05-2020 11:16 via uk.finance.yahoo.com
  
  Hoover tycoon James Dyson tops the list, while TetraPak heiress Kirsten Rausing is the UK's richest woman.
  
  Read more

• The 10 richest people in Britain

  17-05-2020 11:16 via uk.finance.yahoo.com
  
  Hoover tycoon James Dyson tops the list, while TetraPak heiress Kirsten Rausing is the UK's richest woman.
  
  Read more

• Coronavirus: Bank of England mulls negative interest rates to fight off COVID-19

  17-05-2020 11:13 via uk.finance.yahoo.com
  
  The BoE’s chief economist Andy Haldane has refused to rule out the possibility of taking interest rates below zero.
  
  Read more

Follow @Business_UKnews on Twitter!