Business news

• Some care homes 'face bankruptcy within days'

  18-05-2020 23:45 via uk.finance.yahoo.com
  
  Over 20 care homes warn their council there may be 'imminent' collapse in sector.
  
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• Disney streaming boss Kevin Mayer to run TikTok

  18-05-2020 23:16 via uk.finance.yahoo.com
  
  A high-profile Disney executive who oversaw the launch of the entertainment giant’s streaming service has been hired to run TikTok, the video app sensation owned by China’s ByteDance. Kevin Mayer has been poached by TikTok as use of the app soars during the coronavirus outbreak, positioning it as a growing threat to Instagram, YouTube and Snapchat. His departure from Disney comes just three months after he was passed over for the chief executive job. In February the company said that
  
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• More than 200 jobs under threat at SSE retail divison, claims union

  18-05-2020 23:14 via uk.finance.yahoo.com
  
  The retail division of SSE was bought by Bristol-based Ovo Energy in January.
  
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• McDonald’s accused over 'systemic sexual harassment' of employees worldwide

  18-05-2020 22:57 via uk.finance.yahoo.com
  
  McDonald’s accused over 'systemic sexual harassment' of employees worldwide. Complaint filed by international coalition of labor unions lists numerous incidents of harassment, including attempted rape
  
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• ECB's Lagarde cheers Franco-German EU recovery fund plan

  18-05-2020 22:06 via uk.finance.yahoo.com
  
  A Franco-German proposal for a 500 billion euro ($546 billion) coronavirus recovery fund would bring essential relief to the bloc's worst-hit nations and demonstrate solidarity, European Central Bank President Christine Lagarde said on Monday.Closing in on a deal after two months of often bitter talks, the European Union's biggest powers proposed a fund on Monday that would offer non-repayable grants to EU regions and sectors hit hardest by the pandemic, with the cash borrowed by the bloc as a w
  
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• At least 300 UK primary schools will not open to more pupils on June 1

  18-05-2020 21:58
  Liverpool, Hartlepool, Rochdale and Stockport in vanguard of councils ignoring government plans
  
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• At least 300 English primary schools will not open to more pupils on June 1

  18-05-2020 21:58
  Liverpool, Hartlepool, Rochdale and Stockport in vanguard of councils ignoring government plans
  
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• Unemployment claims surge by record 857,000 in April – live updates

  18-05-2020 21:26 via uk.finance.yahoo.com
  
  Vaccine hopes send airline and travel stocks soaring European stocks rise sharply as governments relax coronavirus lockdowns The Dow Jones piles on more than 900 points, or 3.9pc on virus optimism Matthew Lynn: Companies need incentives to develop Covid vaccines
  
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• ‘Air bridges’ plan to exempt countries from UK quarantine

  18-05-2020 20:59
  Shapps tells MPs visitors from low infection rate nations could be excluded
  
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• Mark Zuckerberg warns that China will write laws for the internet if the West fails to

  18-05-2020 20:52 via uk.finance.yahoo.com
  
  Mark Zuckerberg has challenged Europe to write a set of 21st century laws for internet companies, warning that China will step in with a framework for regulation if the West does not. Facebook’s chief executive told Thierry Breton, the EU commissioner in charge of a set of new online laws, that a new “digital deal” would be needed after the coronavirus pandemic that covers privacy, freedom of speech and competition. “What I worry about is right now I think there are emerg
  
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• AstraZeneca in talks with other governments to replicate UK vaccine deal

  18-05-2020 20:51 via uk.finance.yahoo.com
  
  "AstraZeneca is engaged with international organisations ... as well as governments around the world with the aim of delivering a safe, effective and globally accessible vaccine as quickly as possible," a spokesman told Reuters.British business minister Alok Sharma on Sunday unveiled an agreement for the production of a vaccine against the virus that causes COVID-19 with the Oxford University and AstraZeneca.
  
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• At least 300 UK primary schools will not open to more pupils in June

  18-05-2020 20:46
  Liverpool, Hartlepool, Rochdale and Stockport in vanguard of councils ignoring government plans
  
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• At least 300 primary schools will not open to more pupils in June

  18-05-2020 20:46
  Liverpool, Hartlepool, Rochdale and Stockport at the vanguard of councils ignoring government plans
  
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• Refunds rather than insults would serve Ryanair boss well

  18-05-2020 20:34 via uk.finance.yahoo.com
  
  Refunds rather than insults would serve Ryanair boss well. Michael O’Leary’s rants won’t cut much ice with the EU or UK. A more constructive approach to the coronavirus crisis probably will
  
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• Government hints at quarantine exemptions for some countries

  18-05-2020 20:05
  Network of ‘air bridges’ enabling visitors from areas with low infection rates is being discussed
  
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• Bella Italia owner set to bring in administrators, 6,000 jobs at risk

  18-05-2020 19:58 via uk.finance.yahoo.com
  
  Bella Italia owner set to bring in administrators, 6,000 jobs at riskCasual Dining Group runs about 250 restaurants and also owns Café Rouge and Las Iguanas* Coronavirus – latest updates* See all our coronavirus coverage
  
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• EU lawmakers voice support for equal capital treatment of euro bonds

  18-05-2020 19:43 via uk.finance.yahoo.com
  
  European Union lawmakers signalled their initial support on Monday for equal capital treatment of euro-denominated government bonds regardless of where they are issued in the bloc.Non-euro zone EU states like the Czech Republic, Hungary, Poland and Bulgaria want to temporarily revive a rule that allows for the same capital treatment of euro-denominated sovereign debt issued by a single currency area member or by an EU state that has a different national currency.With COVID-19 ushering in recessi
  
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• London Mayor calls for quarantine on foreign visitors as soon as possible

  18-05-2020 19:35 via uk.finance.yahoo.com
  
  Sadiq Khan said the only reason for delaying quarantine measures was because of the Government's failure to prepare for the pandemic.
  
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• The unemployment rate gets the headlines but it's underemployment we should look out for

  18-05-2020 19:30 via uk.finance.yahoo.com
  
  The unemployment rate gets the headlines but it's underemployment we should look out for. The government moves towards greater workplace ‘flexibility’ after recessions, all under the guise of economic recovery
  
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• Essential poll: one in 10 Australians who have lost jobs fear they won't work again

  18-05-2020 19:30 via uk.finance.yahoo.com
  
  Essential poll: one in 10 Australians who have lost jobs fear they won't work again. Coronavirus outbreak damages faith in the labour market with many newly unemployed holding bleak views about their future
  
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• UK start-ups in line for £250m co-investment initiative

  18-05-2020 19:25
  Government will take stakes by converting coronavirus bailout loans into equity through ‘Future Fund’
  
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• £250m Future Fund to support struggling UK start-ups

  18-05-2020 19:25
  Government will take stakes by converting bailout loans into equity
  
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• Uber lays off 3,000 employees and closes offices around the world

  18-05-2020 19:20 via uk.finance.yahoo.com
  
  Uber has laid off another 3,000 employees and is closing offices around the world as it seeks to cut spending amid plummeting demand caused by the Covid-19 pandemic. The taxi app has now laid off a quarter of its staff as demand for rides plummeted by 80pc. It is closing or consolidating 45 offices and abandoning expensive high-tech projects, including an incubator that was working with startups to create new technology to improve the company's products. It is also examining its spending on proj
  
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• Share prices buoyed by lockdown easing and hopes of Covid vaccine

  18-05-2020 19:20 via uk.finance.yahoo.com
  
  Share prices buoyed by lockdown easing and hopes of Covid vaccine. In one of the best performances since the crisis began, global stock markets rise sharply
  
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• Uber cuts 3,000 jobs as virus slashes payroll numbers by 25%

  18-05-2020 19:12 via uk.finance.yahoo.com
  
  The firm will be refocusing on its core business, moving people and delivering food.
  
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• Markets boosted by lockdowns easing and positive noises from Central Banks

  18-05-2020 19:02 via uk.finance.yahoo.com
  
  The Bank of England and US Federal Reserve both made reassuring noises that more help could come if required.
  
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• Women are asking to be furloughed to cope with home-schooling, but are their jobs now at more risk?

  18-05-2020 18:59 via uk.finance.yahoo.com
  
  On Sunday 10 May, when Boris Johnson announced only children in reception and years 1 and 6 would be going back on 1 June, I burst into tears. I don’t often cry, but as I thought about my young daughters, who are in years 2 and 5 (they’re seven and nine), I wondered how on earth I would be able to continue to work and home-school them until September, give or take a few weeks of summer ‘holidays’. Moments later my WhatsApp groups — made up almost entirely of working
  
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• U.S., UK want trade deal to include services, investment and digital commerce - UK

  18-05-2020 18:53 via uk.finance.yahoo.com
  
  Britain and the United States both have "high ambition" to reach agreement on services, investment and digital trade as part of bilateral trade talks that began this month, Britain's international trade department said on Monday.In a statement, it said an initial round of trade talks with Washington that concluded Friday was "positive and constructive," putting significant emphasis on recovery from the current novel coronavirus pandemic.
  
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• Czech government approves $6 billion loan aid for virus-hit firms

  18-05-2020 18:49 via uk.finance.yahoo.com
  
  The Czech government gave final approval to a nearly $6 billion (£4.94 billion) state loan guarantee scheme on Monday for up to 150,000 businesses hurt by the coronavirus outbreak, Finance Minister Alena Schillerova said.The new programme, called COVID III and approved by parliament and notified to the European Union, will allocate 150 billion crowns ($5.87 billion) in guarantees for commercial loans.
  
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• England sponsor NatWest left Lancashire Cricket Club with ‘punitive’ loan

  18-05-2020 18:44 via uk.finance.yahoo.com
  
  The bailed-out lender that sponsors England’s cricket team refused to refinance a high interest loan that was crippling the finances of one of the most popular county clubs. Lancashire County Cricket Club chief executive Daniel Gidney said he was forced to turn elsewhere after NatWest balked at the chance to restructure its debts. The club, which has revealed record profits following last year’s World Cup and Ashes series, instead struck a deal with Metro Bank for a £26m loan -
  
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• E-scooter riders will not need training or helmets under plan for trials

  18-05-2020 18:35 via uk.finance.yahoo.com
  
  The proposals are part of a consultation launched by the Department for Transport to allow trials of rental e-scooters.
  
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• Vaccine hopes send airline and travel stocks soaring

  18-05-2020 18:26 via uk.finance.yahoo.com
  
  Airline and travel stocks led a stock market bounce on both sides of the Atlantic on Monday amid hopes that a coronavirus vaccine could be in sight. US biotech company Moderna revealed positive results in early tests for an experimental vaccine that showed signs of creating an immune system response in humans. The tests, a small group of people, gave hope that an antibody could be created which stops the virus from replicating. Data from the tests “could not have been better”, Modern
  
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• Boparan group set to buy Carluccio’s restaurants

  18-05-2020 18:25 via uk.finance.yahoo.com
  
  Boparan group set to buy Carluccio’s restaurants. Ranjit Singh Boparan to take half of Italian food chain out of administration
  
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• Marks & Spencer in row over £11.50-a-bottle hand sanitiser

  18-05-2020 18:22 via uk.finance.yahoo.com
  
  Marks & Spencer in row over £11.50-a-bottle hand sanitiser. Shoppers and consumer group accuse store of exploiting coronavirus pandemic
  
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• J.C. Penney to permanently shut about 242 stores as part of bankruptcy plan

  18-05-2020 18:19 via uk.finance.yahoo.com
  
  The stores to stay open accounted for 82% of the company's fiscal 2019 sales, J.C. Penney said.J.C. Penney, which is looking to cut costs to remain afloat, plans to reorganize and emerge from bankruptcy proceedings after eliminating several billion dollars of debt.
  
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• Coronavirus crisis prompts UK government to introduce fast track NHS visa system

  18-05-2020 18:15 via uk.finance.yahoo.com
  
  MPs are set to debate new legislation to end the freedom of movement as part of the UK’s withdrawal from the European Union on 19 May.
  
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• China's foreign minister: Huawei 'won't do back door deals' on security

  18-05-2020 18:05 via uk.finance.yahoo.com
  
  China's foreign minister has said Huawei is a "trustworthy" company after it was accused of being a Trojan Horse for Chinese intelligence by the US
  
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• Walmart trailed supermarkets amid peak panic-buying - data

  18-05-2020 18:04 via uk.finance.yahoo.com
  
  Americans increased their visits to supermarkets far more than to Walmart Incstores as panic-buying peaked in mid-March, a Reuters analysis of foot traffic to retailers in the United States shows.Bentonville, Arkansas-based Walmart gets more than half its U.S. revenue from grocery sales.Reuters compared foot traffic observed by SafeGraph from the first week of March through early May. SafeGraph compiles anonymized location data from mobile devices and compares it with building footprints to meas
  
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• Coronavirus: 6,000 jobs at risk as Bella Italia and Cafe Rouge on the brink

  18-05-2020 18:04 via uk.finance.yahoo.com
  
  Casual Dining Group, also owner of Las Iguanas, is the latest high street name battling to survive as the pandemic hammers UK firms.
  
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• Al fresco dining ‘will not save restaurants’

  18-05-2020 18:03 via uk.finance.yahoo.com
  
  Moves to allow widespread al fresco dining at pubs and restaurants will have a “negligible” financial impact and are not enough to save the beleaguered industry, operators have warned. Companies could be free to fill public squares and pedestrianised streets with tables under proposals drawn up by ministers. But bosses said that while the move would help raise the profile of the industry and encourage customers to visit, some sites would struggle to open up outdoors due to space cons
  
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• Coronavirus: Merkel and Macron propose €500bn EU recovery fund

  18-05-2020 18:02 via uk.finance.yahoo.com
  
  France and Germany have been at odds over the issue of debt mutualisation across EU states.
  
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• Former London Stock Exchange boss Xavier Rolet on what you should be investing in next

  18-05-2020 17:59 via uk.finance.yahoo.com
  
  Xavier Rolet has never been afraid to have an opinion.Having worked his way up from poverty in the Paris suburbs to the top of the London Stock Exchange, he has proved himself one of the City’s most pugnacious executives. Even if that did end up costing him his job as he fell out with the LSE chairman after the failed merger with Deutsche Borse.
  
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• Coca Cola and Carlsberg to introduce new plant-based bottles

  18-05-2020 17:54 via uk.finance.yahoo.com
  
  A collection of global corporations has backed a project aimed at developing plant-based biodegradable bottles by 2023.Coca Cola, Carlsberg and L’Oréal are among companies supporting the “Paper Bottle Project,” executed by Dutch renewable chemicals company Avantium, paper packaging developer BillerudKorsnäs, and bottle manufacturers ALPLA.
  
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• Miners boost London stocks as reopenings spur recovery hopes

  18-05-2020 17:51 via uk.finance.yahoo.com
  
  The precious metals minerjumped 11.0% to the top of the FTSE 250 as it also signalled full output from its Inmaculada and Pallancata mines in Peru in the coming weeks.The mining indexadded 5.2%, tracking commodity prices higher, while the domestically focussed FTSE 250rose 2.5%.The FTSE 100was up 2.3% after ending Friday with its first weekly slide in three.
  
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• FTSE 100 has strongest day in nearly two months as reopenings spur recovery hopes

  18-05-2020 17:51 via uk.finance.yahoo.com
  
  The FTSE 100closed up 4.3% after ending Friday with its first weekly slide in three.BP Plcand Royal Dutch Shell Plcgained more than 8% each, as signs of higher demand drove oil prices to a one-month high."Currently, it's very sentiment driven because it's all about reopening and rather than closing," said Stefan Koopman, senior markets economist at Rabobank.
  
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• AMT coffee tycoon faces bankruptcy over £1.5 million debt to sister-in-law, High Court hears

  18-05-2020 17:42 via uk.finance.yahoo.com
  
  A wealthy businessman who co-founded the AMT coffee chain could face bankruptcy after failing to pay a £1.5 million debt to his sister-in-law whom he branded a "gold-digger", the High Court has heard. Alistair McCallum-Toppin, 52, was ordered by the High Court last year to make an interim payment to Lucy McCallum-Toppin, who was married to his brother Angus at the time of his death in 2016, after she won a legal battle against her in-laws. Last year, the High Court heard how the family had
  
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• SoftBank's Son hopes 'winged unicorns' can save crumbling tech empire

  18-05-2020 17:40 via uk.finance.yahoo.com
  
  SoftBank Group CorpCEO Masayoshi Son on Monday pinned his hopes on a small group of "winged unicorns" to save the performance of his $100 billion Vision Fund - although he gave few clues on which ones they would be.Announcing a record annual loss for his tech conglomerate, and an $18 billion shortfall at the Saudi-backed Vision Fund, Son told an earnings presentation on Monday that tech unicorns had plunged into the "valley of the coronavirus".The 62-year-old businessman offered few clues as to
  
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• Record surge in unemployment forecast as coronavirus hits jobs

  18-05-2020 17:39 via uk.finance.yahoo.com
  
  The first official data on UK job losses since lockdown will show a record surge in unemployment after the coronavirus ravaged the country's economy and brought years of growth to a crashing halt, economists have warned. Figures released on Tuesday will show the number of employed people dropped by 300,000 over the first quarter, according to a forecast by JP Morgan - a steeper fall than anything seen in the financial crisis or the recessions of the 1980s and early 1990s. Goldman Sachs forecasts
  
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• Café Rouge owner takes action in battle with landlords

  18-05-2020 17:34 via uk.finance.yahoo.com
  
  One of Britain’s biggest restaurant firms is preparing an overhaul of its finances in a bid to ride out the coronavirus storm. Casual Dining Group, whose brands include Bella Italia, Café Rouge and Las Iguanas, is in talks with creditors to secure its long-term future. A range of options are being discussed by the business (CDG) in association with restructuring company Alix Partners. Strategies include putting parts of the group into an insolvency process to protect most if not all
  
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• IMF chief says ratings worries dampen interest in G20 debt relief

  18-05-2020 17:32 via uk.finance.yahoo.com
  
  Some of the world's poorest countries are reluctant to seek debt relief under a program backed by the Group of 20 major economies out of concern it could harm their credit ratings and future market access, the head of the International Monetary Fund said.Managing Director Kristalina Georgieva told Reuters she was not pushing countries to seek suspension of debt payments from official bilateral creditors, but wanted them to have the option to free up funds to fight the new coronavirus pandemic.Th
  
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