Business news

• Retirees face financial ruin as coronavirus slashes share dividends

  23-05-2020 22:00 via uk.finance.yahoo.com
  
  Retirees face financial ruin as coronavirus slashes share dividends. Those who believe they now qualify for a part-pension are having trouble dealing with a struggling Centrelink system
  
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• British MP says UK must defend its companies against overseas takeovers - FT

  23-05-2020 21:46 via uk.finance.yahoo.com
  
  "Increasingly, China's state-owned enterprises have been able to draw on state banks to outbid rivals in Europe and America", Tom Tugendhat, chair of the Foreign Affairs Select Committee and a Conservative Party lawmaker, wrote in the Financial Times newspaper https://on.ft.com/2Xokfv1."In a downturn, the difference between state-backed credit and the buying power of normal commercial investors will become starker, further strengthening the hand of state-owned enterprises with a voracious appeti
  
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• British lawmaker says UK must defend its companies against overseas takeovers - FT

  23-05-2020 21:46 via uk.finance.yahoo.com
  
  "Increasingly, China's state-owned enterprises have been able to draw on state banks to outbid rivals in Europe and America", Tom Tugendhat, chair of the Foreign Affairs Select Committee and a Conservative Party lawmaker, wrote in the Financial Times newspaper https://on.ft.com/2Xokfv1."In a downturn, the difference between state-backed credit and the buying power of normal commercial investors will become starker, further strengthening the hand of state-owned enterprises with a voracious appeti
  
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• ‘I don’t give a damn how big they are’: Joe Biden says Amazon must start paying more tax

  23-05-2020 19:29 via uk.finance.yahoo.com
  
  Joe Biden has said Amazon should pay more in taxes, the latest populist message suggesting the influence that Bernie Sanders has over his campaign.During the Democratic primary Mr Biden made regular visits to Seattle, home of Amazon, and held fundraisers in the homes of senior executives of the company. He also sought donations from other members of the technology community.
  
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• Coronavirus: Public pledge to spend £3.8bn on hospitality when lockdown lifts

  23-05-2020 18:39 via uk.finance.yahoo.com
  
  A third of people are planning to go out to eat and drink in the first week of the hospitality sector reopening.
  
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• Coronavirus: Employers face uphill battle to get workers back in the office

  23-05-2020 18:21 via uk.finance.yahoo.com
  
  Research shows that in the marketing industry a whopping 97% of employees said they had reservations about returning to work in the office.
  
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• Jaguar Land Rover in talks over '£1bn-plus' state loan

  23-05-2020 18:03 via uk.finance.yahoo.com
  
  Jaguar Land Rover in talks over '£1bn-plus' state loan. Carmaker said to be seeking government support amid falling demand as a result of pandemic
  
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• Why the Treasury’s panic over debt, when borrowing costs next to nothing?

  23-05-2020 18:00 via uk.finance.yahoo.com
  
  Why the Treasury’s panic over debt, when borrowing costs next to nothing?. Even avid free-marketeers see that only state money can get growth going, but the chancellor is suddenly running scared
  
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• Coronavirus: Travel sector "worst hit" with turnover down £1.4bn

  23-05-2020 17:47 via uk.finance.yahoo.com
  
  Travel agencies and tour operators worst hit sector with revenues down 56%, comes stark warning from accountancy network
  
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• Motorists face being stranded in breakdowns as recovery industry faces crisis, report warns

  23-05-2020 17:42 via uk.finance.yahoo.com
  
  Motorists whose cars breakdown face being abandoned because the independent roadside recovery industry is facing collapse due to the coronavirus lockdown, a new study has found. Research by an all party parliamentary group has found four out five rescue companies are warning they face bankruptcy in the next three months. The prospect of so many independent recovery companies closing comes as more restrictions on movement are expected to be lifted with the likelihood of a ‘staycation’
  
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• Derby was once ahead of its time, but reliance on making leaves it exposed

  23-05-2020 17:04 via uk.finance.yahoo.com
  
  Derby was once ahead of its time, but reliance on making leaves it exposedAfter news of 9,000 job losses at Rolls-Royce, the city is having to imagine a future beyond manufacturing
  
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• NBA teams, players requested to go to 'bubble site' directly to avoid double quarantine

  23-05-2020 16:38 via ibtimes.co.uk
  
  Disney World in Orlando is currently the first choice for the NBA bubble site.
  
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• Coronavirus: Jaguar seeks state loan as virus hits car industry

  23-05-2020 16:32 via uk.finance.yahoo.com
  
  The loan request had been lodged with the Department for Business, Energy and Industrial Strategy.
  
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• Legendary Utah Jazz Coach Jerry Sloan dies aged 78

  23-05-2020 16:07 via ibtimes.co.uk
  
  Sloan had been suffering from Parkinsons' disease.
  
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• Horsemeat seized amid fears criminals exploiting  coronavirus disruption in food chain

  23-05-2020 15:43 via uk.finance.yahoo.com
  
  Shipments of horsemeat masquerading as beef have been seized across Europe as criminals take advantage of closed borders and industry shutdowns to peddle fake products, experts have warned. The disruption caused by coronavirus has led to a spike in food and agricultural fraud and there are fears the closure of meat processing plants will see pork and other animal products sold on the black market, by-passing safety checks. Two fraudulent horse meat shipments were seized in Denmark and the Nether
  
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• Former Celtics center Kendrick Perkins starts feud about who is the best player of all time

  23-05-2020 15:43 via ibtimes.co.uk
  
  Perkins believes LeBron James is a better player than Kobe Bryant.
  
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• 130,000 married women owed share of £100m underpaid pension pot

  23-05-2020 15:37 via uk.finance.yahoo.com
  
  Underpaid state pension contributions to married women could affect 130,000 retirees says pensions expert
  
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• 130,000 married woman owed share of £100m underpaid pension pot

  23-05-2020 15:37 via uk.finance.yahoo.com
  
  Underpaid state pension contributions to married women could affect 130,000 retirees says pensions expert
  
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• Jaguar seeks state loan as coronavirus pandemic takes toll - Sky News

  23-05-2020 15:07 via uk.finance.yahoo.com
  
  The loan request had been lodged with the Department for Business, Energy and Industrial Strategy, the Sky News report said, citing a source close to Jaguar Land Rover, whose parent company is Tata Motors."The claim is inaccurate and speculative," Jaguar Land Rover said in an emailed statement to Reuters.
  
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• Coronavirus: TUI to start flying from June as lockdown measures are eased

  23-05-2020 14:48 via uk.finance.yahoo.com
  
  “We are planning to start flying again from end June, in time for summer vacation,” Fritz Joussen told Rheinische Post in Germany.
  
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• Business leaders tell Boris Johnson to build ‘air bridges’ to low-risk countries to fuel recovery

  23-05-2020 14:47 via uk.finance.yahoo.com
  
  Business leaders have written to Boris Johnson to demand the urgent creation of “air bridges” to low-risk countries to quash fears that Britain’s controversial quarantine “risks major damage to the arteries of UK trade”. A letter sent to No 10, seen by The Sunday Telegraph, warns the Prime Minister that a failure to act will “push the UK to the back of the queue as states begin conversations for opening up their borders” as the coronavirus pandemic eases
  
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• Business leader tell Boris Johnson to build 'air bridges' to low-risk countries to fuel recovery

  23-05-2020 14:47 via uk.finance.yahoo.com
  
  Business leaders have written to Boris Johnson to demand the urgent creation of “air bridges” to low-risk countries to quash fears that Britain’s controversial quarantine “risks major damage to the arteries of UK trade”. A letter sent to No 10, seen by The Sunday Telegraph, warns the Prime Minister that a failure to act will “push the UK to the back of the queue as states begin conversations for opening up their borders” as the coronavirus pandemic eases
  
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• Coronavirus: 2,500 jobs lost as Specialist Leisure collapses

  23-05-2020 14:30 via uk.finance.yahoo.com
  
  About 2,500 jobs have been lost and 64,000 bookings cancelled with the collapse into administration of Specialist Leisure Group.
  
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• UK Govt defends top adviser over lockdown 'breach'

  23-05-2020 14:10 via ibtimes.co.uk
  
  Cummings left his London home shortly after he was diagnosed with the virus on March 30.
  
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• Half of Facebook workforce could remote work permanently, with some facing pay cuts

  23-05-2020 13:17 via uk.finance.yahoo.com
  
  About 50% of Facebook workers could work remotely in the future but this may lead to salary cuts for those living in cheaper cities.
  
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• Researchers develop self-cleaning face mask which could kill coronavirus

  23-05-2020 13:16 via uk.finance.yahoo.com
  
  Israeli researchers have developed a prototype face mask which can clean itself using electricity provided by a phone charger. The mask, developed by researchers at Technion’s Faculty of Materials Science and Engineering, uses an internal carbon fibre layer to destroy pathogens such as coronavirus which may accumulate on it. The carbon fibre layer is heated using an electrical current which can be provided by a common smartphone charging cable. Researchers have filed a patent application f
  
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• Coronavirus: Car rental firm Hertz files for bankruptcy

  23-05-2020 12:36 via uk.finance.yahoo.com
  
  Car rental firm Hertz has filed for bankruptcy after pandemic shutdown travel, slashing its revenue to zero.
  
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• EU 'frugals' formally oppose Merkel-Macron plan for coronavirus grants

  23-05-2020 12:26 via uk.finance.yahoo.com
  
  EU member states Austria, Sweden, Denmark and the Netherlands stated their opposition on Saturday to a French-German plan for a 500 billion euro (447.8 billion pounds) coronavirus recovery fund that would issue grants, calling for a loans-based approach instead.French President Emmanuel Macron and German Chancellor Angela Merkel made the surprise proposal on Monday to set up a fund that would offer grants to European Union regions and sectors hit hardest by the pandemic.The idea of grants, howev
  
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• TUI to resume vacation flights from end-June - Rheinische Post

  23-05-2020 12:16 via uk.finance.yahoo.com
  
  Travel group TUIis planning to resume flights to main holiday destinations in Europe by the end of June, its chief executive told a German newspaper."We are planning to start flying again from end June, in time for summer vacation," Fritz Joussen told Rheinische Post.Earlier this month, TUI, the world's largest tourism group, said it would cut 8,000 jobs and look to shed 30% of its costs as it gears up for a July restart to European tourism.
  
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• Hertz car hire company files for bankruptcy amid coronavirus pandemic

  23-05-2020 11:51 via uk.finance.yahoo.com
  
  Hertz, the 102-year-old car rental company, has filed for bankruptcy as the coronavirus pandemic caused business to nose-dive.At the end of March, the firm was $18.7 billion (£15.3 billion) in debt with only $1 billion (£820 million) of available cash.
  
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• Tesla seeks China nod to build Model 3 vehicles with LFP batteries - ministry

  23-05-2020 11:38 via uk.finance.yahoo.com
  
  Tesla Incis seeking Chinese government approval to build model 3 vehicles in the country equipped with lithium iron phosphate (LFP) batteries, a document on the website of the Ministry of Industry and Information Technology showed.Reuters exclusively reported in February that Tesla is in advanced talks to use LFP batteries from CATLthat contain no cobalt - one of the most expensive metals in electric vehicle (EV) batteries - in cars made at its China plant.Tesla did not immediately respond to a
  
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• Coronavirus: Employers to pay up to 30% furloughed wages

  23-05-2020 11:31 via uk.finance.yahoo.com
  
  Employers will be expected to pay a share of furlough costs from the start of August.
  
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• Wall Street Week Ahead - Investors look beyond drug makers as hunt for Covid-19 treatment heats up

  23-05-2020 11:30 via uk.finance.yahoo.com
  
  Investors are diversifying bets in the healthcare sector, as the rush to develop treatments for Covid-19 has driven up prices for some pharmaceutical stocks.A record 48% of fund managers are overweight healthcare stocks, a BofA survey showed, and the S&P 500 healthcare sector is up nearly 34% since its March low.In recent weeks, news of potential treatments or vaccines to fight the pandemic have occasionally fueled swings in broader markets.
  
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• UK plans cut in Huawei's 5G network involvement to zero by 2023

  23-05-2020 11:14 via uk.finance.yahoo.com
  
  Plans are due to be drawn up to phase out China’s input in British infrastructure to zero by 2023.
  
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• Coronavirus: Branson sells stake in Galactic space business to keep Virgin afloat

  23-05-2020 11:06 via uk.finance.yahoo.com
  
  Virgin Group has sold £366m shares in the New York listed space travel company and given up majority control.
  
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• Lockdown laptops: affordable options for those stuck at home

  23-05-2020 11:00 via uk.finance.yahoo.com
  
  Lockdown laptops: affordable options for those stuck at homeWith a full return to work and social life still some way off, you may need a new computer
  
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• Melania Trump says she is 'proud' of students for being 'strong' amid coronavirus pandemic

  23-05-2020 10:52 via ibtimes.co.uk
  
  FLOTUS joined her husband and Mike Pence on a call with state governors, on the need to address the issues of mental health among children.
  
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• Tom Hanks announces special gift for 2020 graduates; it is a huge surprise

  23-05-2020 09:50 via ibtimes.co.uk
  
  The coronavirus pandemic this year forced schools and colleges to shut down and make their commencement ceremonies virtual.
  
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• Paint, pallets and a chicken coop: how DIY and upcycling can save cash

  23-05-2020 09:00 via uk.finance.yahoo.com
  
  Paint, pallets and a chicken coop: how DIY and upcycling can save cashLockdown provides opportunity to start the home improvement projects you have been putting off
  
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• Gayle King denies Oprah Winfrey set up home arrangement for Prince Harry, Meghan Markle

  23-05-2020 08:33 via ibtimes.co.uk
  
  The Duke and Duchess of Sussex are believed to be living in Tyler Perry's £12 million mansion in Beverly Hills.
  
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• UK to require employers to pay 20-30% of furloughed wage cost - The Times

  23-05-2020 08:12 via uk.finance.yahoo.com
  
  The United Kingdom has drawn up plans to require employers to cover 20% to 30% of furloughed employees' wages from August to reduce the vast burden of the coronavirus crisis on government finances, The Times newspaper reported.The United Kingdom on May 12 extended its job retention scheme - the centrepiece of its attempts to cushion the coronavirus hit to the economy - by four months but told employers they would have to help to meet its huge cost from August."The Treasury has drawn up plans tha
  
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• Hertz files for bankruptcy after coronavirus pandemic sees car rental business business plummet

  23-05-2020 08:08 via uk.finance.yahoo.com
  
  The car rental company Hertz has filed for bankruptcy protection in the US due to debt and the stalling of global travel by the coronavirus pandemic.Hertz was recently forced to cut 12,000 people from its global workforce and put another 4,000 on furlough, but the measures came too late to save the 102-year-old business.
  
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• What's the best way to start composting?

  23-05-2020 08:00 via uk.finance.yahoo.com
  
  What's the best way to start composting?. My local council has stopped collecting food waste and I’m not sure what I need to compost it
  
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• Prince Harry, Meghan Markle enjoy Mexican food on second wedding anniversary

  23-05-2020 07:48 via ibtimes.co.uk
  
  It has been revealed that Meghan gifted Harry an 'incredibly romantic gift' for his 35th birthday in November last year.
  
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• Coronavirus and debt push Hertz to file for bankruptcy protection

  23-05-2020 07:48 via uk.finance.yahoo.com
  
  Hertz has filed for bankruptcy protection, unable to withstand the coronavirus pandemic that has crippled global travel and, with it, the heavily indebted 102-year-old car rental company's business. The Estero, Florida-based company's lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline, triggering the filing in US Bankruptcy Court in Delaware. Hertz and its subsidiaries will continue to operate, according to a release from the company. Hert
  
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• Car rental company Hertz files for bankruptcy amid coronavirus pandemic

  23-05-2020 07:16 via uk.finance.yahoo.com
  
  The firm, which has more than 400 outlets across the UK and Ireland, was £15.3bn in debt at the end of March with only £820m of available cash.
  
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• Hertz: Car rental firm files for US bankruptcy protection

  23-05-2020 07:03 via bbc.co.uk
  
  The company said the coronavirus pandemic had led to an "abrupt" decline in bookings.
  
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• Sarah Ferguson reveals what she and Princess Eugenie have been doing in lockdown

  23-05-2020 06:56 via ibtimes.co.uk
  
  The Duchess of York was speaking on a podcast and shared a glimpse of her private life while amid the coronavirus lockdown.
  
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• Key Mexican state for German automakers hits brakes on restart

  23-05-2020 06:30 via uk.finance.yahoo.com
  
  The Mexican state of Puebla said on Friday that conditions "do not exist" yet to re-start activities in its automotive industry due to the coronavirus pandemic, putting the brakes on carmakers rebooting their operations there.German automakers Volkswagen AGand Audihave major plants in the state southeast of Mexico City, but they have idled production due to the pandemic.In an official decree issued on Friday night, the Puebla state government said its decision, which also applies to the local co
  
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• Credit Suisse CEO expects mid-term headcount reduction in post-COVID adjustment - NZZ

  23-05-2020 06:13 via uk.finance.yahoo.com
  
  Credit Suisseexpects to get by with fewer staff in coming years as automation kicks off, Chief Executive Thomas Gottstein told Swiss newspaper NZZ, and as the bank positions itself toward more digital interactions and remote working in the post-COVID-19 world."Medium-term, we will certainly be able to get by with fewer staff - primarily, as we continue to automate business," Gottstein said in the interview, published on Saturday.Gottstein, the former head of Credit Suisse's Swiss business, who b
  
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