Business news

• GM restarting Silao, Mexico eight-speed transmission line

  21-05-2020 23:57 via uk.finance.yahoo.com
  
  General Motors Coon Thursday was restarting the eight-speed transmission line at its plant in Silao in Mexico's Guanajuato state, according to a company message sent to workers.The reopening of the plant is a welcome sign for the North American auto sector, with supply lines highly interconnected between the United States, Mexico and Canada.The plant in central Guanajuato state has been idled for weeks due to the coronavirus outbreak, which has infected56,594 people and killed 6,090 in Mexico so
  
  Read more

• GM kicks off restart in Mexico as Lear Corp readies for return

  21-05-2020 23:57 via uk.finance.yahoo.com
  
  General Motors Cosaid on Thursday it was gradually restarting the transmission and motor lines at its Mexican facilities in Silao and Ramos Arizpe, while U.S. auto parts maker Lear Corpalso geared up for production.GM Mexico said the assembly plants at Ramos Arizpe in the northern state of Coahuila, and Silao in the central state of Guanajuato, could restart operations on Friday depending on suppliers, and that it wasassessing when to reopen plants in the central state of San Luis Potosi, and in
  
  Read more

• GM gradually restarts in Mexico as Lear Corp readies for return

  21-05-2020 23:57 via uk.finance.yahoo.com
  
  General Motors Cosaid on Thursday it was gradually restarting the transmission and motor lines at its Mexican facilities in Silao and Ramos Arizpe, while U.S. auto parts maker Lear Corpalso geared up for production.GM Mexico said the assembly plants at Ramos Arizpe in the northern state of Coahuila, and Silao in the central state of Guanajuato, could restart operations on Friday depending on suppliers, and that it wasassessing when to reopen plants in the central state of San Luis Potosi, and in
  
  Read more

• 'I've not yet signed Renault loan', says French finance minister

  21-05-2020 23:10 via uk.finance.yahoo.com
  
  France's Finance Minister Bruno Le Maire said he has not signed off on a 5 billion euro ($5.47 billion) state-guaranteed loan to help Renaultcope with the fallout from the coronavirus, and that discussions continued.Le Maire told newspaper Le Figaro that the government was seeking commitments from carmakers in three areas in return for help: electric vehicles; the fair treatment of sub-contractors; and that they base hi-tech activities in France."Renault is fighting for its survival," Le Maire s
  
  Read more

• Advertisement

• Can multimillion dollar companies still be like a big family?

  21-05-2020 21:27 via ibtimes.co.uk
  
  When you think about a multimillion dollar company, you will probably think about many layers of management, leaders, supervisors, and employees.
  
  Read more

• Amazon trials online food delivery in India

  21-05-2020 21:24 via bbc.co.uk
  
  The firm has started working with restaurants to deliver meals in parts of Bengaluru.
  
  Read more

• European wholesale gas prices fall to fresh record lows

  21-05-2020 21:07 via uk.finance.yahoo.com
  
  European wholesale gas prices fall to fresh record lowsGas markets in Asia and US also slump as coronavirus pandemic continues to erode demand
  
  Read more

• Workers forced into furlough fraud blow the whistle on their bosses

  21-05-2020 20:54 via uk.finance.yahoo.com
  
  Employees are blowing the whistle on their companies after being forced to falsely claim they are furloughed so their bosses can make tens of thousands at the expense of taxpayers. The two main whistleblowing organisations in the UK say they have been “inundated” with calls from workers who have been bullied into continuing to work while their firms claim 80 per cent of their salaries from the HMRC by classifying them as furloughed. Protect, the main UK whistleblowing charity, said 3
  
  Read more

• Advertisement

• Zuckerberg: Half of Facebook staff could be home working by end of decade

  21-05-2020 20:50 via uk.finance.yahoo.com
  
  Social network plans to 'aggressively open up' remote hiring in the face of the coronavirus pandemic.
  
  Read more

• British banks warn BoE of pain of negative rates

  21-05-2020 20:36
  Lenders say move to deal with coronavirus impact would hit profits and ability to cope with loan losses
  
  Read more

• British banks warn BoE against negative rates

  21-05-2020 20:36
  Lenders say move to deal with impact of coronavirus would hurt profits and limit ability to cope with loan losses
  
  Read more

• Measuring Brazil's historic selloff of U.S. Treasuries in March

  21-05-2020 20:23 via uk.finance.yahoo.com
  
  Brazil sold a record $21.5 billion (17.6 billion pounds) of U.S. Treasuries in March as it battled a stampede of foreign investors out of its markets and a subsequent plunge in the exchange rate, the latest data from the U.S. Treasury show.Excluding China and Japan, top 10 holders of U.S. treasuries have sold that amount in one month only 12 times in the last 20 years.
  
  Read more

• Americans splurge at Walmart, Target as stimulus checks kick in

  21-05-2020 20:20 via uk.finance.yahoo.com
  
  Walmartand Target Corpnoted in their earnings call this week that quarterly comparable sales, which rose about 10%, got a major boost from increased demand for non-essentials at the end of last month."Call it relief spending, as it was heavily influenced by stimulus dollars," Walmart Chief Executive Doug McMillon said on Tuesday, citing a jump in sales of clothing, televisions, video games, sporting goods and toys.
  
  Read more

• Will the Bank of England impose negative rates?

  21-05-2020 20:07
  Andrew Bailey says policy of being against move now under ‘active review’
  
  Read more

• Bank of England pivots and starts to contemplate negative rates?

  21-05-2020 20:07
  Andrew Bailey says policy of being against move now under ‘active review’
  
  Read more

• Facebook's Zuckerberg embraces remote work beyond Silicon Valley

  21-05-2020 19:54 via uk.finance.yahoo.com
  
  Facebook Incwill permanently embrace remote work even after coronavirus lockdowns ease, Chief Executive Mark Zuckerberg said on Thursday, accelerating the tech sector's geographic diversification away from its home in Silicon Valley.Zuckerberg said the world's largest social network would start "aggressively opening up remote hiring" in July, expecting that about half its workforce would eventually do their jobs outside Facebook's offices over the next five to 10 years.It follows similar announc
  
  Read more

• Mark Zuckerberg says half of Facebook staff will work from home permanently

  21-05-2020 19:28 via uk.finance.yahoo.com
  
  Facebook will have half of its 45,000 employees working from home in five to 10 years, Mark Zuckerberg has said. The social network's chief executive said the company would permanently shift to allowing remote working, indicating that thousands would move out of cities and tech hubs as they no longer have to commute to the office. It makes Facebook the biggest company so far to commit to substantial and long-term remote working even after the coronavirus pandemic subsides. Twitter, ecommerce com
  
  Read more

• Nexi and SIA merger talks gain momentum ahead of valuation review - sources

  21-05-2020 19:22 via uk.finance.yahoo.com
  
  Italian payments groups Nexiand SIA are exchanging confidential information as they explore a possible tie up to create an Italian payments powerhouse, three sources familiar with the matter said on Thursday.Discussions, which have been dragging since last year, may accelerate in June when valuation will become the main focus, one of the sources said, adding that establishing a fair value for unlisted SIA may continue to prove a stumbling block.The source said another element creating uncertaint
  
  Read more

• Surge in paid users on Facebook’s business platform amid home-working boom

  21-05-2020 19:15 via uk.finance.yahoo.com
  
  Workplace from Facebook now has five million paid users, up from three million in October 2019.
  
  Read more

• Irish regulator questions Apple over recordings

  21-05-2020 19:06 via uk.finance.yahoo.com
  
  Ireland's Data Protection Commissioner (DPC), Apple'smain regulator in the European Union, on Thursday said it was in contact with the company after a whistleblower called for actionover a programme that listens to users' recordings.The regulator acted after Thomas Le Bonniec, a former Apple contractor, wrote to European data protection regulators on May 20 to push for investigations into these practices."The DPC engaged with Apple on this issue when it first arose last summer and Apple has sinc
  
  Read more

• On the Beach launches £67m fundraiser as bosses reveal extent of refund bill

  21-05-2020 19:05 via uk.finance.yahoo.com
  
  The travel firm also said it believes airspace restrictions lifting by the end of September has 'become increasingly plausible'.
  
  Read more

• UK to roll out 10m antibody tests

  21-05-2020 19:02 via uk.finance.yahoo.com
  
  The government plans to roll out antibody tests from next week, starting with health and care staff, patients and residents.
  
  Read more

• Mars sues Pret A Manger owner over alleged corporate secrets theft

  21-05-2020 19:00 via uk.finance.yahoo.com
  
  Mars has sued JAB Holdings over allegations that a former executive handed the Pret a Manger owner stolen business secrets after he was offered a job at the food rival. Mars, the privately owned confectioner and pet food giant, claims that former executive Jacek Szarzyński violated trade secrets by downloading more than 6,000 internal documents before leaving the company. The files included names of companies that Mars was considering purchasing and details of its accounts, according to the
  
  Read more

• Market lower despite better economic data

  21-05-2020 18:52 via uk.finance.yahoo.com
  
  The FTSE 100 lost 51.91 points to end the day at 6015.25.
  
  Read more

• A no-deal Brexit amid the pandemic would be disgraceful

  21-05-2020 18:50
  The wisest thing to do would be to reach a comprehensive free trade agreement with the EU
  
  Read more

• 60,000 coronavirus complaints to competition watchdog

  21-05-2020 18:42 via uk.finance.yahoo.com
  
  Furious couples and disappointed holidaymakers demanding refunds for cancelled weddings and getaways have driven a wave of complaints to the competition watchdog during the coronavirus pandemic. More than 60,000 consumers have complained to the Competition and Markets Authority (CMA) about firms treating them unfairly during the pandemic, the watchdog said. The majority of complaints since mid-April related to cancellations and refunds as customers struggle to recover cash for cancelled flights,
  
  Read more

• Security guards and cleaners in demand as UK lockdown eases

  21-05-2020 18:41
  Job postings suggest such roles will be in high demand as business life resumes
  
  Read more

• Lloyds hit by investor backlash over new pay policy

  21-05-2020 18:39 via uk.finance.yahoo.com
  
  Lloyds Banking Group has suffered a bruising backlash over its new three-year pay policy after more than a third of voting investors opposed the plan. The rebellion came after influential shareholder advisory group ISS told investors that although chief executive Antonio Horta-Osorio will take home £7m under the new policy, down from £9.8m, the new plan meant he had a "higher certainty of payout" in long-term bonuses. Critics argue that the proposals, shifting to a system that will r
  
  Read more

• Greyhound to pay $125,000 penalty, ban U.S. buses from idling while parked

  21-05-2020 18:39 via uk.finance.yahoo.com
  
  Greyhound Lines, the largest U.S. bus company, agreed to pay a $125,000 (102,183 pounds) penalty to the District of Columbia and will bar idling by buses when parked nationwide, according to a court filing on Thursday.Greyhound, a unit of FirstGroup PLC , agreed to settle the District's 2019 lawsuit, District of Columbia Attorney General Karl Racine said in a statement.
  
  Read more

• Greyhound to pay $125,000 air penalty, ban buses from idling while parked

  21-05-2020 18:39 via uk.finance.yahoo.com
  
  The largest U.S. bus company Greyhound Lines agreed to pay a $125,000 penalty to the District of Columbia and will bar idling by buses when parked nationwide, according to a court filing Thursday.Greyhound, a unit of FirstGroup PLC , agreed to settle the District of Columbia's 2019 lawsuit, Attorney General Karl Racine said in a statement.Vehicle exhaust is the largest source of air pollution in the U.S. capital, Racine said.
  
  Read more

• EasyJet founder seeks to oust directors over strategy row

  21-05-2020 18:38 via uk.finance.yahoo.com
  
  EasyJet founder seeks to oust directors over strategy rowSir Stelios Haji-Ioannou hopes shareholder vote will result in removals
  
  Read more

• Britain signs deals for 10 million antibody tests from Roche and Abbott

  21-05-2020 18:32 via uk.finance.yahoo.com
  
  Britain will buy 10 million coronavirus antibody tests from Roche and Abbott and will roll them out to health workers from next week, health minister Matt Hancock said on Thursday.The antibody tests - also known as serology tests - show who has been infected, although it is not yet clear whether the presence of antibodies to the new coronavirus, SARS-CoV-2, confers permanent immunity.
  
  Read more

• Housing sales halve for April as lockdown froze market

  21-05-2020 18:22
  Data show a sharp fall in residential property deals but analysts warn worse is to come
  
  Read more

• Coronavirus: UK government deal secures 10 million 'game changer' antibody tests

  21-05-2020 18:21 via uk.finance.yahoo.com
  
  The antibody tests by drug firms Roche and Abbott show if users have had the virus before, while separate 20-minute tests for those currently ill are also being trialled.
  
  Read more

• Twitter’s latest feature allows users to choose who replies to their tweets

  21-05-2020 18:19 via uk.finance.yahoo.com
  
  Twitter is experimenting with a new way for its users to better control who can reply to their tweets.People who are a part of the test will be able to choose whether they want everyone, the people they follow, or the people they mention to be able to reply to their tweet.
  
  Read more

• Package holiday firms face extra scrutiny from watchdog over coronavirus refunds

  21-05-2020 18:09 via uk.finance.yahoo.com
  
  The Competition and Markets Authority revealed holidays and airlines account for almost 27,000 complaints in just over two months.
  
  Read more

• Exclusive: Irish budget deficit could top 10% of GDP - Finance Minister

  21-05-2020 18:07 via uk.finance.yahoo.com
  
  Ireland could post a wider budget deficit this year than its worst-case scenario of 10% of GDP, even if it fully succeeds in reopening the economy, Finance Minister Paschal Donohoe told Reuters on Thursday.Donohoe told parliament on Wednesday the state was already approaching the upper end of his department's forecast range - 30 billion euros or 10% of GDP."If we are completely successful in implementing our plan, it definitely reduces the chances of us going beyond the 30 billion threshold, but
  
  Read more

• Oxfam makes deep cuts as charities reel from effects of virus

  21-05-2020 18:00
  Aid group to lose nearly a third of staff and pull out of 18 countries
  
  Read more

• Robot sheep dog herds animals in New Zealand

  21-05-2020 17:59 via uk.finance.yahoo.com
  
  Farmers in New Zealand have used a four-legged robot to herd sheep, patrol fields and perform other agricultural tasks.The feats were carried out as part of a demonstration of Spot – a robotic dog developed by Massachusetts-based engineering firm Boston Dynamics.
  
  Read more

• Market report: Whitbread sinks on £1bn rights issue

  21-05-2020 17:55 via uk.finance.yahoo.com
  
  Shares in Whitbread sank 13pc after the Premier Inn owner revealed plans to tap investors for £1bn to shore up its finances as most of its hotels and restaurants remain closed due to Covid-19. The FTSE 100 company said the purpose of the rights issue was to ensure it “emerges from the Covid-19 pandemic in the strongest possible position”. Whitbread said it had entered the current period of crisis with a “strong balance sheet”, adding that it had taken “decisiv
  
  Read more

• Luxury Lockdown Cocktail Club: how to make an Avocado Margarita with Francisco Oropeza of One&Only Palmilla

  21-05-2020 17:49 via uk.finance.yahoo.com
  
  In our Luxury lockdown cocktail club series, bartenders from the world’s best bars demonstrate how to make their signature cocktails: from the perfect Old Fashioned to the most famous martini on earth The temperatures in some parts of the UK this week have rivalled those in Mexico - all the more excuse to bring out the cocktail shaker and indulge in some staycation quarantinis. This week’s offering comes from Francisco Oropeza, director of mixology at One&Only; Palmilla in Los Ca
  
  Read more

• Pubs and cafes: Relax two-metre rule or we will collapse

  21-05-2020 17:48 via uk.finance.yahoo.com
  
  Crippled pubs and restaurants are pleading for a two-metre social distancing rule to be relaxed so they have a fighting chance at survival after lockdown ends. Hospitality firms have warned that they face ruin if customers must be kept this far apart and are calling for the minimum safe distance to be reduced to one metre, in line with guidance from the World Health Organisation which is being followed across much of Europe. It comes as the industry prepares to return to work as soon as July 4 w
  
  Read more

• Spain to fight poverty with income scheme for 2.5 million people

  21-05-2020 17:45 via uk.finance.yahoo.com
  
  Spain plans to spend 3 billion euros (£2.69 billion) a year on a scheme to provide most of its poorest citizens with a minimum income aimed at bringing poverty down to the European Union's average from the highest rate in western Europe.The minority leftist coalition government also wants to improve the efficiency and fairness of income distribution in a nation that has long lagged most of Europe on that front and whose economy is reeling from the coronavirus crisis.The scheme, under which
  
  Read more

• Firms call for Covid loans to become grants

  21-05-2020 17:37 via uk.finance.yahoo.com
  
  Chancellor Rishi Sunak is facing calls to allow Covid-19 loans to struggling firms to be converted to grants or for repayments to be linked to profits. Banks have given companies £22bn in loans under three government-backed coronavirus lending schemes, but there are growing fears that SMEs will be unable to repay or that they simply will not bother because they think the Government will not pursue the debt. A wave of defaults would pose a political and economic conundrum for Mr Sunak. He h
  
  Read more

• Ex-Refco CEO Bennett wins compassionate release from prison, to be deported to U.K

  21-05-2020 17:36 via uk.finance.yahoo.com
  
  The former chief executive of Refco Inc, one of the world's largest commodities brokerages before its 2005 bankruptcy, has been granted compassionate release from a U.S. prison, where he had been serving a 16-year term for his role in the collapse.Phillip Bennett, 71, will be placed into the custody of U.S. immigration officials on Thursday, after the British citizen demonstrated "extraordinary and compelling reasons" for early release, U.S. District Judge Naomi Reice Buchwald wrote.The Manhatta
  
  Read more

• European markets slide on grim econ. data

  21-05-2020 17:36 via uk.finance.yahoo.com
  
  Yahoo Finance's Tom Belger has the latest from London.
  
  Read more

• Whitbread raising £1bn from shareholders to boost finances

  21-05-2020 17:27 via uk.finance.yahoo.com
  
  Whitbread raising £1bn from shareholders to boost financesPremier Inn owner warns sites could be barely occupied until September amid coronavirus crisis* Coronavirus – latest updates* See all our coronavirus coverage
  
  Read more

• Whitbread raising £1bn from shareholders to bolster finances

  21-05-2020 17:27 via uk.finance.yahoo.com
  
  Whitbread raising £1bn from shareholders to bolster financesPremier Inn owner warns sites could be barely occupied until September amid coronavirus crisis* Coronavirus – latest updates* See all our coronavirus coverage
  
  Read more

• Abu Dhabi's Etihad considers future without A380, A350 jets - sources

  21-05-2020 17:25 via uk.finance.yahoo.com
  
  Abu Dhabi's Etihad Airways is planning to lay off 1,200 employees as it considers permanently grounding its AirbusA380s and never operating the A350s it has ordered, company and industry sources said.The state-owned carrier is reviewing its fleet strategy after the coronavirus pandemic hit travel demand, which Etihad's management expects will take years to recover, two sources said.Etihad may retire its 10 A380s early with them potentially never returning to service after the virus outbreak grou
  
  Read more

• Polish carrier LOT strikes idle pay deal with majority of aircrew

  21-05-2020 17:22 via uk.finance.yahoo.com
  
  Polish national airline PLL LOT has struck a deal with most of its pilots and flight attendants regarding idle time pay as the group struggles to cope with the impact of the coronavirus outbreak, the carrier said on Thursday.LOT, which suspended fights two months ago, plans to resume domestic connections on June 1.The deal was signed for three years with 1,200 flight attendants and 600 pilots, out of 1,700 and 900 respectively working for LOT.
  
  Read more

Follow @Business_UKnews on Twitter!