Business news

• Nissan and Renault shelve merger plans to repair their alliance - sources

  25-05-2020 23:33 via uk.finance.yahoo.com
  
  Nissan has long resisted Renault's proposals for a full-blown merger as executives felt the French carmaker was not paying its fair share for the engineering work it did in Japan, sowing discord that some feared could wreck the partnership."After the rain, the earth hardens," said one senior Nissan source, citing a popular Japanese proverb that means relationships become stronger after a period of strife.All five sources within the alliance, which also includes Mitsubishi Motors Corp , declined
  
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• Germany still in talks with EU over Lufthansa bailout, expects green light - Altmaier

  25-05-2020 23:30 via uk.finance.yahoo.com
  
  Germany is still in talks with the European Commission over its rescue package for flagship carrier Lufthansa , Economy Minister Peter Altmaier said on Monday, adding that Berlin expected Brussels to give the green light for the bailout.Germany on Monday threw Lufthansa a 9 billion euro (£8 billion) lifeline, agreeing to a bailout which gives Berlin a veto in the event of a hostile bid for the airline.
  
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• Coronavirus: Lufthansa agrees €9bn rescue deal with Germany

  25-05-2020 23:18 via bbc.co.uk
  
  European markets rose on the bailout deal news, which sees Germany take a 20% stake in the firm.
  
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• Wirecard again postpones 2019 results publication

  25-05-2020 23:17 via uk.finance.yahoo.com
  
  German payments firm Wirecardpostponed the publication of final 2019 results for a third time late on Monday, citing delays in finalising audit procedures."Within the scope of the completed parts of the audit procedures, Wirecard has not yet been informed of any material findings," the company said in a statement.Publication will take place on June 18, Wirecard said.
  
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• Toyota, Nissan and Honda gear up for Mexico reboot after COVID-19 lockdowns

  25-05-2020 22:13 via uk.finance.yahoo.com
  
  Japanese automakers Toyota, Nissan and Honda said they are gradually restarting in Mexico as the nation's automotive industry reboots in line with a broader economic reopening, despite still-high numbers of new coronavirus cases.Mexican officials in mid-May said the automotive industry could exit the coronavirus lockdown before June 1 if approved safety measures were in place.Toyota Motor Corp and Nissan Motor Co Ltd told Reuters on Monday that they were preparing to gradually resume operations,
  
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• UBS announces global financing team

  25-05-2020 22:10 via uk.finance.yahoo.com
  
  UBSsaid on Monday it has created a new global financing team, a group that will span across divisions under one group in order to serve clients in a faster and simpler fashion.The new team will be led by Remi Mennesson, who will join the Swiss lender in November 2020, and report to the firm's four co-presidents, said a memo seen by Reuters and confirmed by the bank.One of the reasons for the creation of the new team was to align employees working in global wealth management, investment bank fina
  
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• Questor: we were right to ignore Corbyn and tip Severn Trent in 2017. Should we hold now?

  25-05-2020 20:35 via uk.finance.yahoo.com
  
  Some readers may have snorted at this column’s initial analysis of Severn Trent in January 2017, wondering why a utility was a good idea at a time when the economy seemed to be jogging along perfectly well and the threat of nationalisation hung over the whole sector, thanks to the policies of Jeremy Corbyn’s Labour Party at the time. Yet the shares have subsequently delivered a 7pc capital gain (against a loss of about twice that in the FTSE All-Share index over the same period) and
  
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• Shops across England can open next month if guidelines met, PM announces

  25-05-2020 20:29 via uk.finance.yahoo.com
  
  Non-essential retailers will be allowed to open from June 15, provided the guidelines are met along with the five tests for easing the lockdown.
  
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• UK to reopen thousands of shops in easing of coronavirus lockdown - Johnson

  25-05-2020 20:22 via uk.finance.yahoo.com
  
  Britain will reopen thousands of high street shops, department stores and shopping centres next month, Prime Minister Boris Johnson said on Monday, setting out a timetable for businesses as part of moves to ease the coronavirus lockdown.Johnson is keen to restart an economy which has been all but shut down since Britain entered a lockdown to try to stem the spread of the novel coronavirus, but also fears a second peak of infection if measures are eased too quickly.It said that businesses would o
  
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• Swiss company ordered to pay towards rent of employee working from home

  25-05-2020 20:16 via uk.finance.yahoo.com
  
  Companies looking to save money by having their staff work at home in future have been dealt a setback by a Swiss court ruling ordering an employer to pay part of a worker’s rent. The undisclosed business was ordered to pay 150 Swiss francs (£127) for each month that a former employee used their home office to work for the company, according to a ruling upheld by the country’s federal court last year that emerged in local reports over the weekend. It comes as major tech compani
  
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• BA plans to fire workers only to rehire on worse terms, union says

  25-05-2020 19:59 via uk.finance.yahoo.com
  
  BA plans to fire workers only to rehire on worse terms, union says. Unite accuses airline of using coronavirus crisis as cover for betraying its workforce
  
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• BA planning to rehire sacked staff on worse terms, union says

  25-05-2020 19:59 via uk.finance.yahoo.com
  
  BA planning to rehire sacked staff on worse terms, union saysUnite accuses airline of using coronavirus crisis as cover for betraying its workforce
  
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• One in five FTSE 100 firms complying with new pensions guidelines

  25-05-2020 19:55 via uk.finance.yahoo.com
  
  Four in five bosses of the UK’s biggest companies still receive a higher rate of pension contributions than their employees despite a drive from investors to improve equality. The median pension contribution rate for chief executives of the 100 largest companies on the London Stock Exchange is three times higher than for the average employee relative to their salaries, according to a report by LCP, a pensions consultancy. The disparity narrowed in 2019 compared to 2018 as average contribut
  
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• Some euro zone central banks need to do more, others less - ECB's Villeroy

  25-05-2020 19:42 via uk.finance.yahoo.com
  
  Some euro zone central banks must be prepared to buy more bonds and others fewer to ensure the smooth transmission of the European Central Bank's monetary policy, ECB policymaker Francois Villeroy de Galhau said on Monday.The ECB has mobilised a range of unprecedented measures to mitigate the recession that the euro zone has sunk into due to fallout from the coronavirus outbreak.Villeroy said that the flexibility of its 750 billion euro (£670 billion) Pandemic Emergency Purchase Scheme - t
  
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• Merkel's conservatives want stimulus package to include tax relief - document

  25-05-2020 19:36 via uk.finance.yahoo.com
  
  Chancellor Angela Merkel's conservatives are in favour of bringing forward tax relief measures worth at least 5 billion euros to help companies and consumers recover more quickly from the coronavirus pandemic, a document showed on Monday.Merkel's coalition government, which in March approved an unprecedented 750 billion-euro (£670 billion) rescue package to shield Europe's largest economy from the impact of the coronavirus, is due next week to present additional stimulus to sustain the rec
  
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• Australia's buoyant exports are good news for GDP – but less so for households

  25-05-2020 19:30 via uk.finance.yahoo.com
  
  Australia's buoyant exports are good news for GDP – but less so for householdsWhile mining may generate masses of export revenue, it requires relatively few workers
  
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• Siemens to initially keep 45% in Siemens Energy after spin-off -sources

  25-05-2020 18:43 via uk.finance.yahoo.com
  
  Siemensis planning to keep a 45% stake in its energy business which the German engineering group wants to spin off later this year, two people close to the matter said on Monday.Siemens plans to give its owners one Siemens Energy share for every two shares they hold in Siemens, the sources said.Siemens is planning to hold 35.1% of the Siemens Energy shares directly with a view of reducing that stake within 12-18 months, while 9.9% will be held by Siemens' pension unit, the sources said.
  
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• Cummings: I didn’t tell PM ahead of lockdown travel

  25-05-2020 18:04 via uk.finance.yahoo.com
  
  Dominic Cummings has said childcare was the main reason for his travel during lockdown. The advisor said he did not tell the PM he was planning to drive to Durham and dismissed claims he was against lockdown.
  
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• Coronavirus: Spain to stop quarantining arrivals from 1 July

  25-05-2020 17:51 via bbc.co.uk
  
  The country hopes to save the summer season but UK tourists face quarantine in their own country.
  
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• Government set to take stakes in key industries under Project Birch plans

  25-05-2020 17:38 via uk.finance.yahoo.com
  
  France and Germany lined up bailouts worth €14bn to take equity stakes in big industrial companies, as Britain drew up a similar plan, known as Project Birch, to prop up strategic firms stricken by the coronavirus crisis. As the main eurozone economies intensified support for struggling companies, carmakers and airlines are first in line. The crash in sales makes companies with high fixed costs and low margins highly vulnerable. Germany's Government is set to take a 20pc stake in exchange f
  
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• Serial rapist falls off cliff during police chase

  25-05-2020 17:29 via ibtimes.co.uk
  
  "The Beast of Kavos," who had raped around 100 women, survived a 100-foot fall while trying to escape the police after raping an Albanian woman.
  
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• Coronavirus: Rolls-Royce demands supplier price cuts up to 15%

  25-05-2020 17:29 via uk.finance.yahoo.com
  
  Rolls-Royce wrote to some of its 700 suppliers asking for price cuts, just days before axing 9,000 jobs.
  
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• French carmaker Renault could close plants and cut jobs - union

  25-05-2020 17:05 via uk.finance.yahoo.com
  
  French carmaker Renaultcould unveil job cuts and plants closures on Thursday as the company looks to save 2 billion euros ($2.2 billion) in costs, a representative for far-left union CGT said on Monday.Renault has called for a meeting with unions on Thursday regarding its cost-saving plans, the representative said."This is when the general management will formalise what it calls a 2 billion (euro) cost-cutting plan, in which further staff reductions and even site closures can be expected," CGT r
  
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• Intesa expected to give preliminary green light to state-backed loan for FCA -source

  25-05-2020 16:46 via uk.finance.yahoo.com
  
  Italian bank Intesa Sanpaolois expected to give a preliminary green light at a board meeting on Tuesday to a state-backed 6.3 billion euro (5.6 billion pounds) three-year loan for Fiat Chrysler , a source close to the matter said.Fiat Chrysler (FCA) earlier this month said its Italian unit was working with Rome and Intesa Sanpaolo, Italy's biggest retail bank, to obtain state guarantees on a loan facility designed to help the group's operations in the country and the whole Italian automotive ind
  
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• Global oil market still reeling from price war and virus downturn

  25-05-2020 16:36 via uk.finance.yahoo.com
  
  Have the end times finally come for oil? Of course, the industry is no stranger to the endless cycles of boom and bust, repeated decade after decade with jobs created in the good times and then chopped away swiftly in the bad. This time may be different, say industry insiders. For many oil producers, coronavirus may represent an extinction event. Across the world, entire countries depend on oil to stay alive: Kuwait, Libya, and Saudi Arabia all rely on the black stuff for more than 50pc of their
  
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• L'Oréal faces backlash over Amber Heard #WomenMakeCinema tribute

  25-05-2020 16:27 via ibtimes.co.uk
  
  Netizens call L'Oréal's decision to include Amber Heard in their #WomanMakeCinema series "disgusting."
  
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• British zoo threatens to kill over 300 animals in coming days

  25-05-2020 16:19 via ibtimes.co.uk
  
  The zoo owners claim that due to shortage of funds they may have to re-home or euthanise the resident animals.
  
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• Volkswagen loses landmark German 'dieselgate' case

  25-05-2020 16:16 via bbc.co.uk
  
  A ruling in a German court could have implications for other VW motorists seeking compensation.
  
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• Coronavirus: Fiat Chrysler primed to receive Europe's biggest carmaker bailout

  25-05-2020 16:16 via uk.finance.yahoo.com
  
  A board meeting to approve a £5.6bn government-backed bailout is scheduled for tomorrow, claims Bloomberg.
  
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• Queen guitarist Brian May says he was 'near death' after suffering heart attack

  25-05-2020 16:08 via ibtimes.co.uk
  
  Brian May says he endured over an hour of pain and chest tightness when he suffered a "small heart attack."
  
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• Coronavirus: Lufthansa on cusp of finalising €9bn bailout with German government

  25-05-2020 15:57 via uk.finance.yahoo.com
  
  The German carrier has warned it will not survive the coronavirus crisis without state aid.
  
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• Amanda Bynes says she is 'doing well' and in 'transitional living'

  25-05-2020 15:54 via ibtimes.co.uk
  
  Amanda Bynes talks about her social anxiety, her future goals, and her engagement to Paul Michael.
  
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• Elon Musk and Grimes change baby's name: 'Roman numerals look better'

  25-05-2020 15:29 via uk.finance.yahoo.com
  
  Elon Musk and Grimes change baby's name: 'Roman numerals look better'Tech entrepreneur and musician have changed their child’s name from X Æ A-12 to X Æ A-Xii, without much explanation
  
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• Jobless benefit requests by Portugal's young spike 52% during pandemic

  25-05-2020 15:28 via uk.finance.yahoo.com
  
  Overall, nearly 200,000 people received unemployment benefits last month, a 17% jump from the same period last year and a near 14% increase from the previous month, social security service numbers showed.Last week official data showed just over 48,500 people in Portugal registered as newly unemployed in April, bringing the total of those without jobs to around 392,000.Portugal declared a state of emergency on March 18, shutting most non-essential services, which are now slowly reopening as part
  
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• 'The Witcher' star Mia McKenna-Bruce says she was 'blown away' by Henry Cavill

  25-05-2020 15:23 via ibtimes.co.uk
  
  The actress says it was inspiring to watch Henry Cavill transform into Geralt of Rivia in "The Witcher."
  
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• EU must present united front to shield pandemic-hit banks - regulator

  25-05-2020 15:11 via uk.finance.yahoo.com
  
  European countries need to join forces to shield their banks from the coronavirus outbreak, one of the bloc's top regulators said on Monday, potentially using a 500 billion euro ($545 billion) EU recovery fund to do so.The remarks from Jose Manuel Campa, who leads the European Banking Authority (EBA), will rekindle a divisive debate about whether rich countries such as Germany should support banks of poorer neighbours such as Italy.Campa made his comments days after German Chancellor Angela Merk
  
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• Sky internet down: Broadband outage hits customers across UK

  25-05-2020 15:07 via uk.finance.yahoo.com
  
  Sky internet appears to have been hit by network problems, causing issues for people trying visit websites and use other online services.Hundreds of reports were registered by Down Detector, while users also complained of problems on social media.
  
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• Worst could be over for economy as German businesses perk up

  25-05-2020 14:40 via uk.finance.yahoo.com
  
  German businesses are increasingly confident about their future prospects, raising hopes that the gradual lifting of the lockdown will restore the fortunes of the eurozone's biggest economy. Sentiment increased this month in the services, manufacturing and export industries, as well as among exporters, according to the influential Ifo survey. The index climbed from 74.2 in April to 79.5 in May, though it remains well below the mid-90s level from late late 2019 and early 2020. The sentiment index
  
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• German economy could be over the worst as businesses perk up

  25-05-2020 14:40 via uk.finance.yahoo.com
  
  German businesses are increasingly confident about their future prospects, raising hopes that the gradual lifting of the lockdown will restore the fortunes of the eurozone's biggest economy. Sentiment increased this month in the services, manufacturing and export industries, as well as among exporters, according to the influential Ifo survey. The index climbed from 74.2 in April to 79.5 in May, though it remains well below the mid-90s level from late late 2019 and early 2020. The sentiment index
  
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• Lufthansa says Germany approves stabilization package

  25-05-2020 14:39 via uk.finance.yahoo.com
  
  Germany's new Economic Stabilization Fund (WSF) has approved a 9 billion euro (8 billion pounds) stabilization package for Lufthansa, Germany's flagship carrier said on Monday."The Executive Board also supports the package", Lufthansa said, adding that the bailout still need consent from shareholders as well as the European Commission.The WSF plans to sell its shareholding by end-2023.
  
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• Lufthansa, German government agree on $9.8 billion rescue package - sources

  25-05-2020 14:39 via uk.finance.yahoo.com
  
  The German government and the management of flagship carrier Lufthansa , which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro (8 billion pounds) bailout, two people close to the matter said.The agreement is still pending approval by the German coronavirus rescue fund's steering committee, which is expected to meet on Monday, as well as Lufthansa's boards and the EU commission.Lufthansa declined to comment.
  
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• Lufthansa and German government agree $9.8 billion rescue package

  25-05-2020 14:39 via uk.finance.yahoo.com
  
  The German government and Lufthansa , which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro (8 billion pounds) bailout.The German Finance and Economy Ministries on Monday said Lufthansa was an operationally healthy company before the coronavirus outbreak, was profitable and had good prospects for the future but had got into trouble because of the pandemic.Rivals such as Franco-Dutch group Air France-KLMand U.S. carriers American Airlines , Unite
  
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• Germany stamps authority on Lufthansa with $9.8 bln lifeline

  25-05-2020 14:39 via uk.finance.yahoo.com
  
  Germany threw Lufthansaa 9 billion euro (8 billion pounds) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.Lufthansa has been locked in talks with Berlin for weeks over aid it needs to survive an expected protracted travel slump, with the airline wrangling over how much control to yield in return for financial support.Germany's central government has spent decades offloading stakes in companies, but remains a large shareholder in for
  
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• Germany stamps authority on Lufthansa with $9.8 billion lifeline

  25-05-2020 14:39 via uk.finance.yahoo.com
  
  Germany threw Lufthansaa 9 billion euro (8 billion pounds) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.Lufthansa has been locked in talks with Berlin for weeks over aid it needs to survive an expected protracted travel slump, with the airline wrangling over how much control to yield in return for financial support.Germany's central government has spent decades offloading stakes in companies, but remains a large shareholder in for
  
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• Germany stamps authority on Lufthansa with €9 billion lifeline

  25-05-2020 14:39 via uk.finance.yahoo.com
  
  Germany threw Lufthansaa 9 billion euro (£8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.Lufthansa has been locked in talks with Berlin for weeks over aid it needs to survive an expected protracted travel slump, with the airline wrangling over how much control to yield in return for financial support.Germany's central government has spent decades offloading stakes in companies, but remains a large shareholder in for
  
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• Companies in new investment fund must be 'made in Yorkshire'

  25-05-2020 14:38 via uk.finance.yahoo.com
  
  Companies in new investment fund must be 'made in Yorkshire'. Mole Valley Asset Management will only include firms based in the county in its portfolio
  
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• Pizzas in the post: Shopify challenges Amazon for slice of lockdown trade

  25-05-2020 14:23 via uk.finance.yahoo.com
  
  Pizzas in the post: Shopify challenges Amazon for slice of lockdown trade. Firms becoming more inventive to survive, and increasing numbers turning to the e-commerce platform
  
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• British start-ups with American investors to qualify for Future Fund

  25-05-2020 13:55 via growthbusiness.co.uk
  
  Originally written by Timothy Adler on Growth Business
  British start-ups with American parent company investors will be allowed to borrow money from the government’s £250m Future Fund. Until now, British start-ups ultimately owned by American investors have been barred from Future Fund loans. However, many of Britain’s most exciting start-ups have won places on prestigious American accelerator programmes, such as Silicon Valley’s Y
  
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• Coronavirus: Government to create bespoke bailouts for 'strategically important' firms

  25-05-2020 13:53 via uk.finance.yahoo.com
  
  Companies whose failure would "disproportionately harm the economy" could be offered bespoke bailout packages from the government.
  
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• La Liga boss wants June 11 Seville derby to restart season

  25-05-2020 13:12 via ibtimes.co.uk
  
  All matches will be behind closed doors.
  
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