Business news

• Boeing job cuts start to hit nearly 13,000 workers

  27-05-2020 23:52 via bbc.co.uk
  
  A drop in travel due to the pandemic worsened the situation for the company, which was already in crisis.
  
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• Boeing resumes 737 MAX production at low rate

  27-05-2020 23:50 via uk.finance.yahoo.com
  
  The aircraft maker's best-selling plane was grounded in March 2019 after the second fatal 737 MAX crash in five months.Boeing declined to say what the current production rate is.Boeing said last month it expected to resume 737 MAX deliveries in the third quarter following regulatory approvals, with production restarting at low rates in the second quarter before gradually increasing to 31 per month in 2021.
  
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• Honest John: why new car bargains will be scarce when car showrooms reopen on June 1

  27-05-2020 23:34 via uk.finance.yahoo.com
  
  As dealerships and supersites reopen on June 1, I caution that buyers should not automatically expect to make a killing when buying a new car despite the industry being desperate to resume business and sell cars. While logic might suggest that there will be bargains galore, in reality you are unlikely to get a fantastic deal on a new factory order that still has to be built. You may get a discount, but it will be a discount on a higher price than the car was listed at six months ago. We have lis
  
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• Lisa Su: CEO becomes first woman ever to top Associated Press pay survey

  27-05-2020 23:01 via uk.finance.yahoo.com
  
  The CEO of Advanced Micro Devices has become the first woman ever to top the Associated Press’s annual pay survey.Lisa Su, 50, had a total pay package of $58.5m (£48m) in her role as Chief Executive Officer (CEO) in 2019, around $13m (£11m) higher than the highest-paid male CEO in the survey of S&P;'s 500 companies.
  
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• Meng Wanzhou: Huawei executive suffers US extradition blow

  27-05-2020 22:59 via bbc.co.uk
  
  A Canadian court has ruled that the extradition hearing of Meng Wanzhou can continue.
  
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• SpaceX Nasa launch cancelled at last minute over weather

  27-05-2020 22:18 via uk.finance.yahoo.com
  
  A historic SpaceX and Nasa launch has been cancelled minutes before liftoff amid bad weather.The mission would have been the first time astronauts have launched from US soil in almost a decade.
  
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• Canada court ruling allows US extradition case of Huawei executive to proceed

  27-05-2020 22:01 via uk.finance.yahoo.com
  
  Canada court ruling allows US extradition case of Huawei executive to proceed. Decision says Meng Wanzhou’s alleged actions in the US would be considered a crime in Canada, a key condition for extradition
  
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• Nick Clegg says Facebook is not in the business of vetting what politicians say

  27-05-2020 21:44 via uk.finance.yahoo.com
  
  Sir Nick Clegg has stood by Facebook’s hands-off approach to fact-checking politicians after Twitter ignited a row with Donald Trump by attaching a warning label to the president’s tweet. Speaking to shareholders at Facebook’s annual meeting, Sir Nick, the company’s PR and policy chief, said it was not up to private companies to filter political speech. “We do not believe... that a private technology company like Facebook should be in the business of vetting what po
  
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• BlackRock says voted to split CEO, chairman roles at Exxon Mobil

  27-05-2020 21:40 via uk.finance.yahoo.com
  
  Top fund manager BlackRock Incon Wednesday said it cast an advisory vote in favor of an independent chairman and against the reelection of two directors at Exxon Mobil Corpover the company's approach to climate risks.Exxon shareholders on Wednesday rejected all four shareholder resolutions with none getting more than 38% of the votes cast.The independent chairman proposal fell with 32.7% in favor of an appointment when the next chief executive is named.
  
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• SpaceX Nasa launch: When is postponed liftoff and how can you watch it?

  27-05-2020 21:26 via uk.finance.yahoo.com
  
  Nasa and SpaceX are set to try to launch a historic rocket once again, after weather spoiled their first try.The launch is now scheduled for Saturday. The window is set for a slightly earlier time, at 3.22pm local time, or 8.22pm in the UK.
  
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• Aid for UK self-employed in doubt despite pledge of ‘parity’ with furloughing

  27-05-2020 21:24
  Fears scheme which has paid out £6.8bn will not be extended alongside support to companies for their employees
  
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• Government launch NHS 'Test and Trace' program

  27-05-2020 20:50 via uk.finance.yahoo.com
  
  Matt Hancock has launched the UK government's track and trace program at today's Downing Street press briefing. The health secretary added that, for the system to be effective, track and trace would have to become "a new way of life". .
  
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• Wall Street frets as 'unloved' stock rally powers on

  27-05-2020 20:42 via uk.finance.yahoo.com
  
  While the benchmark S&P 500 index has surged 34% from its March lows and the Nasdaq Composite is just 6% short of record highs, investors are more bearish than they have been in years and key measures such as unemployment and gross domestic product are giving their worst readings since the Great Depression.The dichotomy between market performance and investor sentiment echoes the "There Is No Alternative" argument that dominated investor thinking in the recent pre-Covid era, when ultra-low r
  
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• Nasa SpaceX launch live: Stream, time, weather how to watch and latest video as astronauts sent into space

  27-05-2020 20:41 via uk.finance.yahoo.com
  
  Nasa and SpaceX are about to launch two astronauts into orbit and make history.It will be the first time a private company has put humans into space, and the first time that Nasa has sent its astronauts into orbit from US soil since the end of the Space Shuttle programme in 2011.
  
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• How the coronavirus crisis has hit the UK's economic outlook

  27-05-2020 20:34 via uk.finance.yahoo.com
  
  How the coronavirus crisis has hit the UK's economic outlook. Our analysis looks at growth and jobs, and the effect of the pandemic on businesses UK economy faces longer and slower recovery from Covid
  
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• U.S. economic activity fell sharply due to coronavirus disruptions, Fed says

  27-05-2020 20:26 via uk.finance.yahoo.com
  
  The sharp plunge in economic activity recounted in the U.S. central bank's latest measure of business activity across its 12 districts shed light on the depth of the economic pain generated by the coronavirus pandemic, which has led to an unprecedented downturn and a U.S. death toll approaching 100,000.The Fed's survey was completed mostly in April, when non-essential businesses were shut down in much of the country, and through mid-May, when some states started to loosen restrictions.The U.S. c
  
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• U.S. businesses slammed by pandemic but see some green shoots, Fed says

  27-05-2020 20:26 via uk.finance.yahoo.com
  
  The sharp plunge in economic activity recounted in the U.S. central bank's latest temperature check of business activity across its 12 districts shed light on the depth of the economic pain generated by the virus, which has led to an unprecedented downturn and a U.S. death toll approaching 100,000.The Fed's survey, known as the "Beige Book," was completed mostly in April, when non-essential businesses were shut down in much of the country, through May 18, when some states had started to loosen r
  
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• U.S. businesses hammered by pandemic but see some green shoots, Fed says

  27-05-2020 20:26 via uk.finance.yahoo.com
  
  The sharp plunge in economic activity recounted in the U.S. central bank's latest temperature check of business activity across its 12 districts shed light on the depth of the economic pain generated by the virus, which has led to an unprecedented downturn and a U.S. death toll approaching 100,000.The Fed's survey, known as the "Beige Book," was conducted in April, when non-essential businesses were shut down in much of the country, through May 18, when some states had started to loosen restrict
  
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• Occidental is sued by shareholders, bondholders over Anadarko merger

  27-05-2020 20:24 via uk.finance.yahoo.com
  
  Occidental Petroleum Corphas been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion (29 billion pounds) to acquire Anadarko Petroleum Corp.The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired $24.
  
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• Huawei CFO loses key aspect of U.S. extradition case in Canada court

  27-05-2020 20:19 via uk.finance.yahoo.com
  
  Huawei Technologies Co Ltd's Chief Financial Officer Meng Wanzhou has lost a key aspect of the trial on her extradition to the United States, a Canadian court announced on Wednesday.The judge sided with the Canadian prosecutors in ruling that the legal standard of double criminality had been met, meaning the U.S. charges against Meng are also crimes in Canada.The United States has charged Meng with bank fraud and misleading HSBC about a Huawei-owned company's dealings with Iran - was also illega
  
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• Hammerson allows chief a long goodbye despite big wrong calls

  27-05-2020 20:18 via uk.finance.yahoo.com
  
  Hammerson allows chief a long goodbye despite big wrong calls. David Atkins’s legacy at the property firm is of two large deals that never happened
  
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• UK economy faces longer and slower recovery from Covid

  27-05-2020 20:02 via uk.finance.yahoo.com
  
  UK economy faces longer and slower recovery from CovidData shows we have passed the worst of the crisis in terms of damage to jobs and growth* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Mike Ashley fails in bid to trigger investigation into struggling Debenhams

  27-05-2020 19:54 via uk.finance.yahoo.com
  
  Lawyers representing Mr Ashley's Frasers Group, which owns nearly a third of Debenhams’ shares, asked a judge to appoint a 'provisional liquidator'
  
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• Disney plans to reopen Walt Disney World starting on July 11

  27-05-2020 19:49 via uk.finance.yahoo.com
  
  Disney wants to reopen Magic Kingdom and Animal Kingdom on July 11 and Epcot and Hollywood Studios on July 15, according to Jim MacPhee, senior vice president of operations for the Walt Disney World Resort, who presented plans during a webcast meeting.The successful reopening of its parks is a signal event for Disney and the rest of the world as governments and companies strategize how to move out of lockdown while the novel coranavirus is still a threat.When the Disney parks reopen, guests and
  
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• The virus did not infect a healthy economy – it knocked out one that was already sick

  27-05-2020 19:30 via uk.finance.yahoo.com
  
  The virus did not infect a healthy economy – it knocked out one that was already sick. The decline of the construction sector in the past decade illustrates the grim economic reality before the health crisis
  
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• Harrods in Westfield: luxury retailer opens second store to limit ease crowding in Knightsbridge

  27-05-2020 19:29 via uk.finance.yahoo.com
  
  Harrods is to open a new store in central London to handle its summer sale as part of efforts to ease the pressure on its historic Knightsbridge hub. The luxury retailer will reopen its flagship store on June 15, three months after the site was forced to shut for the first time in its 170-year history during the lockdown. In an effort to prevent overcrowding when the summer sale kicks off, the firm will also open a second shop called Harrods Outlet in early July. This store will be based at West
  
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• Halving two metre rule could save one million hospitality jobs

  27-05-2020 19:14 via uk.finance.yahoo.com
  
  As many as one million hotel, pub and restaurant jobs could be saved if the two-metre social distancing limit is halved, industry chiefs have said. Hospitality bosses welcomed comments from Boris Johnson on Wednesday revealing he has instructed the Government’s Scientific Advisory Group for Emergencies (SAGE) to review the guidelines. It is feared that a two-metre limit will cripple pubs and restaurants when they are allowed to reopen from July by slashing capacity far below what is profit
  
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• Hertz paid $16 million in bonuses to executives days before bankruptcy filing

  27-05-2020 19:13 via uk.finance.yahoo.com
  
  Hertz said it has paid more than $16 million (£13m) in retention bonuses to key executives in the company, only days after it filed for bankruptcy protection due to coronavirus.The retention bonuses were paid to those at director level and above, with company president and CEO Paul Stone receiving $700,000 (£571,000), according to a filing with the United States Securities and Exchange Commission.
  
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• Bank of England's Bailey sees risk of "longer and harder" recovery

  27-05-2020 19:04 via uk.finance.yahoo.com
  
  Britain's economy is at risk of taking longer to recover from the impact of the coronavirus than in the main scenario published by the Bank of England earlier this month, Governor Andrew Bailey said on Wednesday."The risks are undoubtedly on the downside for a longer and harder recovery," Bailey wrote in an opinion piece for The Guardian newspaper, striking the same cautious tone as other BoE officials in recent weeks."It is also possible that the pace at which activity recovers will be limited
  
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• Bank of England's Bailey sees risk of 'longer and harder' recovery

  27-05-2020 19:04 via uk.finance.yahoo.com
  
  Britain's economy is at risk of taking longer to recover from the impact of the coronavirus than in the main scenario published by the Bank of England earlier this month, Governor Andrew Bailey said on Wednesday."The risks are undoubtedly on the downside for a longer and harder recovery," Bailey wrote in an opinion piece for The Guardian newspaper.Bailey also said the central bank was right to consider cutting interest rates below zero to give the economy an extra boost, but that careful thought
  
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• Exclusive: Chevron to cut up to 15% of staff amid restructuring

  27-05-2020 19:01 via uk.finance.yahoo.com
  
  The oil producer previously disclosed a 30% reduction in its 2020 budget and voluntary job cuts amid this year's sharp drop in oil prices and lower demand for oil and gas due to the COVID-19 pandemic.Chevron, which had 48,000 employees at the end of December, expects to remove about 10% to 15% of its global staff to "match projected activity levels," spokeswoman Veronica Flores-Paniagua confirmed.U.S. crude oil priceshave nearly halved this year to about $33 a barrel as the COVID-19 pandemic sla
  
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• Exclusive: Chevron sees up to 15% reduction in positions - memo

  27-05-2020 19:01 via uk.finance.yahoo.com
  
  Chevron did not immediately respond to a request for comment.The oil producer has announced spending cuts to cope with an unprecedented fall in oil prices and a slump in demand due to the COVID-19 pandemic.In March, Chevron began offering severance payments to its U.S. oil exploration and production employees if they chose to leave the company.
  
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• Speedy action by the Bank of England during Covid-19 is working

  27-05-2020 19:00 via uk.finance.yahoo.com
  
  Speedy action by the Bank of England during Covid-19 is workingAs the UK enters the second phase of the pandemic, we stand ready to do more to support households and businessesCovid-19 recovery will be tough, warns Bank of England governor* Coronavirus – latest updates* See all our coronavirus coverage
  
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• SpaceX and Nasa postpone launch of Crew Dragon spacecraft due to bad weather

  27-05-2020 18:58 via uk.finance.yahoo.com
  
  SpaceX and Nasa were set to launch the Crew Dragon spacecraft at 9:33pm UK time The Falcon 9 rocket was due to lift off from the Kennedy Space Centre in Florida, bound for the International Space Station This would have been the first crewed launch from US soil since 2011 Nasa was forced to abort a planned mission to the International Space Station on Wednesday afternoon due to poor weather, delaying a historic event that would have marked the first crewed launch from US soil in almost a decade.
  
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• As it happened: SpaceX and Nasa postpone launch of Crew Dragon spacecraft due to bad weather

  27-05-2020 18:58 via uk.finance.yahoo.com
  
  SpaceX and Nasa were set to launch the Crew Dragon spacecraft at 9:33pm UK time The Falcon 9 rocket was due to lift off from the Kennedy Space Centre in Florida, bound for the International Space Station This would have been the first crewed launch from US soil since 2011 Nasa was forced to abort a planned mission to the International Space Station on Wednesday afternoon due to poor weather, delaying a historic event that would have marked the first crewed launch from US soil in almost a decade.
  
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• Beleaguered sterling heads into a perfect storm

  27-05-2020 18:54 via uk.finance.yahoo.com
  
  The currency is struggling near its lowest levels in more than three decades, and a Brexit trade deal looks distant.Meanwhile it is grappling with the prospect of negative interest rates in Britain, a deep recession and a growing pile of debt.Talks between Britain and the European Union to nail down a trade deal have not gone well so far, with the clock ticking on a Brexit transition period that runs out at the end of the year.
  
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• Covid-19 recovery will be tough, warns Bank of England governor

  27-05-2020 18:53 via uk.finance.yahoo.com
  
  Covid-19 recovery will be tough, warns Bank of England governor. Andrew Bailey, writing in the Guardian, hints a new round of money creation will be needed
  
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• Coronavirus: Von der Leyen calls €750bn recovery fund 'Europe's moment'

  27-05-2020 18:48 via bbc.co.uk
  
  A giant fund is proposed, some of it raised on capital markets, but several countries express doubts.
  
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• NHS track and trace system to launch without app

  27-05-2020 18:43 via uk.finance.yahoo.com
  
  The NHS's track and trace system will launch tomorrow without a contact-tracing app, despite concerns that manual tracing alone will be too slow to accurately measure another outbreak of the virus. Baroness Dido Harding, the new boss of the NHS's Track and Trace programme, would not confirm if the app was still on track to be launched in June. When asked whether she could say when the app would be available, the former TalkTalk boss who is now leading the UK's tracing effort, said: "No, sorry. O
  
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• NHS test and trace system to launch without contact-tracking app

  27-05-2020 18:43 via uk.finance.yahoo.com
  
  The NHS's track and trace system will launch tomorrow without a contact-tracing app, despite concerns that manual tracing alone will be too slow to accurately measure another outbreak of the virus. Baroness Dido Harding, the new boss of the NHS's Track and Trace programme, would not confirm if the app was still on track to be launched in June. When asked whether she could say when the app would be available, the former TalkTalk boss who is now leading the UK's tracing effort, said: "No, sorry. O
  
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• NHS test and trace system to launch without app

  27-05-2020 18:43 via uk.finance.yahoo.com
  
  The NHS's track and trace system will launch tomorrow without a contact-tracing app, despite concerns that manual tracing alone will be too slow to accurately measure another outbreak of the virus. Baroness Dido Harding, the new boss of the NHS's Track and Trace programme, would not confirm if the app was still on track to be launched in June. When asked whether she could say when the app would be available, the former TalkTalk boss who is now leading the UK's tracing effort, said: "No, sorry. O
  
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• Johnson vows to 'double down' on plans to boost economy

  27-05-2020 18:39 via uk.finance.yahoo.com
  
  British Prime Minister Boris Johnson said he wanted to "double down" on his previous promises of investing more in infrastructure and technology to help the economy recover from its coronavirus crisis."The challenge now is going to be about getting the economy moving again and creating high-class jobs, good jobs for the whole country, and my mantra remains that the way to do that is with fantastic infrastructure, better education, better skills and technology," Johnson told lawmakers.
  
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• UK furlough scheme now covers 8.4 million workers

  27-05-2020 18:26 via bbc.co.uk
  
  The scheme to pay wages of workers on leave because of coronavirus has now cost £15bn.
  
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• Effective test, track and tracing 'can reduce lost working hours by 50%'

  27-05-2020 18:26 via uk.finance.yahoo.com
  
  Effective test, track and tracing 'can reduce lost working hours by 50%'UN research shows strong systems can reduce public fear and minimise workplace disruption* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Goldman Sachs president says bank on track to meet growth goals

  27-05-2020 18:25 via uk.finance.yahoo.com
  
  Goldman Sachs Group IncPresident and Chief Operating Officer John Waldron said Wednesday that the bank remains on track to achieve its medium and long term growth targets despite the economic shocks caused by the novel coronavirus.Goldman's economists predict a 4% contraction in global gross domestic product in 2020 and continued high U.S. unemployment, Waldron said.Deposits in Goldman's Marcus savings accounts rose to $80 billion as of late May, up from $72 billion on March 31.
  
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• SpaceX Nasa launch: How to watch Falcon rocket in skies above the UK

  27-05-2020 18:23 via uk.finance.yahoo.com
  
  Nasa and SpaceX are preparing for a historic launch on Wednesday, marking the first time a private company has taken people into space.It is also the first time in nearly a decade that a launch with astronauts will take place on US soil, with lift-off scheduled for 4.33pm local time from Nasa's Kennedy Space Center in Cape Canaveral, Florida,
  
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• Michel Barnier says EU remains ‘open’ to transition period extension

  27-05-2020 18:17
  Talks between London and Brussels stall with sides far apart on fisheries and regulatory alignment
  
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• All three Detroit automakers had workers test positive for COVID-19 since plants reopened

  27-05-2020 18:17 via uk.finance.yahoo.com
  
  In the week since U.S. auto factories reopened after coronavirus lockdowns, workers at all three Detroit automakers have tested positive for COVID-19 but only Ford Motor Cohas temporarily closed plants.To ensure safety during the outbreak, companies imposed new safety measures, including screening employees, use of face masks and social distancing.Ford paused production at its Claycomo, Missouri, plant for an hour on Tuesday after a worker tested positive.
  
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• London markets make ‘solid’ gains as trading optimism continues

  27-05-2020 18:15 via uk.finance.yahoo.com
  
  London’s top flight closed 76.49 points higher at 6,144.25p at the end of trading on Wednesday.
  
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• Heartbreaking video shows toddler trying to wake up dead mother

  27-05-2020 18:15 via ibtimes.co.uk
  
  A viral video shared on Twitter shows a small child tugging at the sheet covering his mother's dead body on a railway platform in India.
  
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