Business news

• EU trade chief Hogan eyes bid for WTO leadership

  31-05-2020 23:03 via uk.finance.yahoo.com
  
  The EU’s trade chief is mulling a bid to become the next head of the World Trade Organisation as pressure for the under-fire rule setter to reform mounts. A spokesman for Phil Hogan, the European commissioner for trade, confirmed that he was considering the role after Roberto Azevedo unexpectedly announced his departure from the world’s trade watchdog last month. The next director-general of the WTO, which is responsible for setting trade rules, will take charge during a delicate mom
  
  Read more

• UK banks warn 40%-50% of ‘bounce back’ borrowers will default

  31-05-2020 22:30
  Lenders fear a ‘PR disaster’ if they have to pursue small businesses for bad debts
  
  Read more

• Jenrick authorised property scheme after lobbying

  31-05-2020 20:37
  Businessman Richard Desmond spoke to minister about Westferry Printworks during party fundraiser
  
  Read more

• UK’s richest 20% reduce spending by £23bn during lockdown

  31-05-2020 20:30 via uk.finance.yahoo.com
  
  UK’s richest 20% reduce spending by £23bn during lockdownAnalysis suggests wealthiest Britons have used period to increase savings and pay debts
  
  Read more

• Advertisement

• Sunak set to unveil stimulus package in July to soften recession

  31-05-2020 20:27
  Chancellor focused on training and infrastructure, plus help for technology companies
  
  Read more

• Sunak set for July stimulus package to stave off recession

  31-05-2020 20:27
  Chancellor focused on training and infrastructure, plus help for technology companies
  
  Read more

• Rishi Sunak set for July stimulus package to stave off recession

  31-05-2020 20:27
  UK chancellor focused on training and infrastructure, plus help for technology companies
  
  Read more

• German ministry proposes 5 billion euro car bonus scheme - sources

  31-05-2020 19:29 via uk.finance.yahoo.com
  
  Germany's Ministry of Economics has proposed a 5 billion euro (4.5 billion pounds) buyer bonus scheme as part of an impending stimulus package in an effort to boost car sales, two people close to the matter said on Sunday.Global car sales have slumped as production lines and showrooms shut in response to the coronavirus pandemic and a business sentiment survey by the Ifo institute this month showed the German auto sector at its lowest ebb since 1991.The heads of the co-governing Social Democrats
  
  Read more

• Advertisement

• German ministry proposes €5 billion car bonus scheme - sources

  31-05-2020 19:29 via uk.finance.yahoo.com
  
  Germany's Ministry of Economics has proposed a 5 billion euro (£4.5 billion) buyer bonus scheme as part of an impending stimulus package in an effort to boost car sales, two people close to the matter said on Sunday.Global car sales have slumped as production lines and showrooms shut in response to the coronavirus pandemic.The heads of the co-governing Social Democrats (SPD) and Angela Merkel's Christian Democrats (CDU) are expected to present the overall stimulus package on Tuesday, which
  
  Read more

• Exclusive: Mexican broadcaster Televisa to launch mobile phone service, challenging Slim

  31-05-2020 19:04 via uk.finance.yahoo.com
  
  Mexican broadcaster Televisa said on Sunday it will start offering mobile phone service, a bid to challenge billionaire Carlos Slim's America Movil, which has long dominated the country's telecommunications market.Rather than building infrastructure, Televisawill operate as a mobile virtual network operator, or MVNO, and begin by offering service to existing customers of its cable and home internet packages, sold under its Izzi brand.Televisa originally planned to roll out the service in Septemb
  
  Read more

• Pandemic is defining duel of conflicting economic models

  31-05-2020 18:58 via uk.finance.yahoo.com
  
  The US Federal Reserve is pouring high-octane jet fuel on a bed of dry tinder. So are the rest of the G10 central banks. All it will take is the spark of post-Covid recovery to set off an inflamatory asset boom, followed by a surge in consumer price inflation in 2021 and beyond as the delayed effect of so much latent monetary stimulus flows through the economy. That is the ever more vocal verdict of the monetarist fraternity on both sides of the Atlantic. They are at intellectual daggers drawn w
  
  Read more

• Embraer negotiating $600 million bank financing for exports

  31-05-2020 18:52 via uk.finance.yahoo.com
  
  Brazilian planemaker Embraer SA , the world's third largest commercial jet builder, should obtain $600 million (486.2 million pounds) in credit lines from Brazil's state development bank BNDES and private banks in June, government sources said on Sunday.A spokesman for Embraer confirmed that the company is in talks on financing proposals from the BNDES and private bank in Brazil and abroad to aimed mainly at providing working capital to cover plane exports.
  
  Read more

• Amazon UK website defaced with racist abuse

  31-05-2020 18:51 via bbc.co.uk
  
  The online giant blames a "bad actor" for the language appearing alongside multiple product listings.
  
  Read more

• Car dealers tell buyers to book ahead as they prepare to reopen

  31-05-2020 18:34 via uk.finance.yahoo.com
  
  Car showrooms are expected to be so busy on reopening tomorrow that shoppers have been told to book a slot to “avoid disappointment”. Dealerships have reopened after the Government gave them the green light to start trading on-site again. Demand is expected to be high with research from specialist magazine WhatCar? suggesting that one-in-five buyers intended to make a purchase as soon as restrictions were lifted. Some dealerships have also reported strong online sales during lockdown
  
  Read more

• Morrisons advisors warn against 24% executive pension payout

  31-05-2020 18:31 via uk.finance.yahoo.com
  
  Morrisons executives David Potts and Trevor Strain are set to receive a 24% pension contribution rate this year but advisors urge investors not to back it.
  
  Read more

• UK set to force websites to collect overseas sales Vat

  31-05-2020 18:18
  HM Revenue & Customs reveals plan to combat tax fraud in leaked document
  
  Read more

• Mining giants Petropavlovsk and UGC explore merger

  31-05-2020 18:17 via uk.finance.yahoo.com
  
  Petropavlovsk, London’s best performing listed gold miner last year, is studying a potential merger with UGC in a deal that would catapult the pair into the upper echelons of the gold mining industry. Discussions between the two mining giants are currently at an early stage, but the deal could “definitely happen”, Petropavlovsk chief Pavel Maslovskiy told The Telegraph. Earlier this year, the privately-owned Russian gold miner UGC took a large stake in Petropavlovsk, which owns
  
  Read more

• Greggs set to suffer heavy losses after temporarily shutting stores

  31-05-2020 18:10 via uk.finance.yahoo.com
  
  Greggs is forecast to slump to a £58m loss this year as the effects of the lockdown and social distancing hit demand for its sausage rolls and sandwiches. Analysts at Jefferies predicted the bakery chain will swing to heavy losses after reporting profits of £114m in 2019. Having initially restricted its service to takeaway only, Greggs temporarily closed all of its 2,050 stores on March 24 following the introduction of lockdown restrictions. In April, the firm abandoned plans to reop
  
  Read more

• Dallas Mavericks Owner Mark Cuban moves to allow HGH as injury rehab aid

  31-05-2020 17:58 via ibtimes.co.uk
  
  The HGH is currently banned and is considered to be a performance enhancing drug.
  
  Read more

• Shoe chain Aldo collapses amid retail woe

  31-05-2020 17:50 via uk.finance.yahoo.com
  
  Shoe chain Aldo is the latest retailer to collapse during the pandemic in the UK just weeks after its Canadian parent company sought creditor protection abroad. The UK arm has now shut five stores, with administrators at RSM working to explore “future options” for its remaining eight stores. The retailer said that coronavirus coupled with “historic profitability challenges”, as well as an “unprecedented collapse in retail spending” led to its administration. I
  
  Read more

• NBA players may need to stay away from their families until September

  31-05-2020 17:39 via ibtimes.co.uk
  
  The NBA will require far too many test kits if the players are allowed to bring their families inside the isolation bubble.
  
  Read more

• Coronavirus: Ryanair to slash fares by half in flight price war

  31-05-2020 17:25 via uk.finance.yahoo.com
  
  Ryanair is preparing a "pile them high, sell them cheap" price war to lure passengers onto its summer holiday flights.
  
  Read more

• Brexit: UK's smallest firms divert £10bn in exports away from EU

  31-05-2020 17:25 via uk.finance.yahoo.com
  
  Brexit: UK's smallest firms divert £10bn in exports away from EUCompanies are ‘jumping before they are pushed’ as fears mount over collapse in trade talks
  
  Read more

• Hornets owner Michael Jordan wants to prioritise player safety over NBA games

  31-05-2020 17:16 via ibtimes.co.uk
  
  Jordan thinks that teams that are out of contention should just end their season and stay safe.
  
  Read more

• US astronauts dock at ISS after SpaceX launch

  31-05-2020 16:55 via uk.finance.yahoo.com
  
  US astronauts who yesterday were launched into space in the first manned flight of Elon Musk’s SpaceX have now docked with International Space Station (ISS). Doug Hurley and Bob Behnken had been orbiting Earth for around 19 hours before the capsule they were in docked on Sunday. Leak and pressure checks need to be completed before they are allowed to disembark and join the other astronauts aboard the station. Mr Hurley said on Sunday: “It’s been a real honor to be just a small
  
  Read more

• Cristiano Ronaldo's girlfriend shows off quarantine workout curves

  31-05-2020 16:51 via ibtimes.co.uk
  
  The Spanish beauty showcased her booty in her latest social media post.
  
  Read more

• Russia has no objection to earlier OPEC+ meeting - sources

  31-05-2020 16:42 via uk.finance.yahoo.com
  
  Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting's preparations told Reuters on Sunday.Algeria, which currently holds the presidency of the the Organization of the Petroleum Exporting Countries (OPEC), has proposed the meeting planned for June 9-10 be brought forward tofacilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait.The lack of Russian
  
  Read more

• Amazon UK takes action on racist messages in listings

  31-05-2020 16:36 via uk.finance.yahoo.com
  
  The abuse appeared on popular products such as Apple’s AirPods and other similar products.
  
  Read more

• SpaceX: Nasa astronauts dock at the International Space Station on historic mission

  31-05-2020 16:30 via uk.finance.yahoo.com
  
  Nasa astronauts and a SpaceX capsule have arrived at the International Space Station as part of a historic mission.Astronauts Doug Hurley and Bob Behnken arrived after a 19-hour journey that began from Kennedy Space Center with a liftoff that represented a number of firsts.
  
  Read more

• Mining firm Rio Tinto sorry for destroying Aboriginal caves

  31-05-2020 15:50 via bbc.co.uk
  
  The caves in Western Australia sheltered prehistoric people in the Ice Age 46,000 years ago.
  
  Read more

• Renault chairman dismisses fears over potential Maubeuge closure

  31-05-2020 15:47 via uk.finance.yahoo.com
  
  Renaulthas no plans to close its Maubeuge plant in northern France, Chairman Jean-Dominique Senard said on Sunday, two days after the carmaker announced 15,000 job cuts globally as part of a major restructuring.The recovery plan, which would eliminate 4,600 jobs in France, aims to consolidate the Maubeuge site's vehicle production with that of the nearby Douai plant."I have no intention of closing the Maubeuge factory," Senard said on LCI television on Sunday after thousands of employees and fam
  
  Read more

• Dubai faces 5.5% recession this year as $10 billion debt repayments loom, BofA says

  31-05-2020 15:25 via uk.finance.yahoo.com
  
  Dubai could see a recession of around 5.5% in 2020 as it faces about $10 billion (8.1 billion pounds) in debt maturities this year while revenues are expected to drop in line with the pattern of the 2009 crisis, Bank of Americasaid in a research note.Measures to stem the spread of the coronavirus have dealt a blow to Dubai's economy, bringing vital industries like tourism and aviation to a near halt.Bank of America estimates that Dubai's fiscal deficit could widen to $4.4 billion, or 3.9% of GDP
  
  Read more

• EU trade commissioner Hogan mulling candidacy for WTO chief

  31-05-2020 15:22 via uk.finance.yahoo.com
  
  European trade commissioner Phil Hogan is considering putting his name forward as a candidate to be the next director-general of the World Trade Organization, his spokesman said on Sunday.The WTO post will become vacant at the end of August after incumbent Roberto Azevedo said he would step down a year early.Hogan, an Irishman, has been a European commissioner since 2014, initially responsible for agriculture and since late 2019 for trade.
  
  Read more

• Coronavirus: Private sector plummets at record pace in first quarter

  31-05-2020 15:13 via uk.finance.yahoo.com
  
  All UK sectors including services, distribution and manufacturing have seen a continued decline in growth according to CBI data.
  
  Read more

• KKR and Cinven in takeover talks with Spain's MasMovil - sources

  31-05-2020 15:09 via uk.finance.yahoo.com
  
  A consortium of three buyout funds including KKRand Cinven is looking to launch a takeover bid for Spanish telecoms company MasMovil , two sources close to the matter told Reuters.The consortium, which also includes U.S. buyout fund Providence, is putting the finishing touches to its proposal to take control of the Madrid-listed company, which has a market value of 2.4 billion euros (2.2 billion pounds), the sources said.If the bid goes through, Providence, KKR and Cinven will have equal shares
  
  Read more

• Easyjet and Carnival set to drop out of FTSE 100, analysts say, as coronavirus hits share prices hard

  31-05-2020 14:16 via uk.finance.yahoo.com
  
  Easyjet and cruise operator Carnival are the two most likely candidates to drop out of the FTSE 100 next week, with share prices tumbling due to a ban on travel under coronavirus lockdown rules, analysts have said.Both firms have seen their value more than halve in the past three months, despite a small improvement after recent Government announcements on measures to ease the lockdown safely.
  
  Read more

• Workers nervously eye return to Lear's coronavirus-hit plant in Mexico

  31-05-2020 14:15 via uk.finance.yahoo.com
  
  Lear Corp is implementing costly safety measures that may hurt productivity at its operations in Mexico after suffering the deadliest known factory-related coronavirus outbreak in the Americas, but the U.S. auto parts maker still faces a battle to win back workers' trust.The northern Mexican border city of Ciudad Juarez remains in the throes of the pandemic as it mourns the deaths of numerous factory workers, including 20 from Lear'sRio Bravo plant, which makes trim seat covers for Mercedes-Benz
  
  Read more

• Coronavirus: Google rescinds 2,000 job offers

  31-05-2020 14:08 via uk.finance.yahoo.com
  
  Job offers to thousands of contract and temporary workers have been pulled by Google in a bid to slash costs during the pandemic.
  
  Read more

• Jeff Bezos to invest in British logistics start-up Beacon

  31-05-2020 13:46 via uk.finance.yahoo.com
  
  Jeff Bezos, the billionaire founder of Amazon, is investing in a British start-up which aims to overhaul the logistics sector and simplify how companies can export and import goods. London-based Beacon will announce its latest $15m (£12.2m) funding round on Monday, including an investment from Mr Bezos and Silicon Valley venture capital firm 8VC. The news was first reported by Sky News. The names will join existing investors including the former boss of Google, Eric Schmidt, as well as Tra
  
  Read more

• For all his woes, at least Sunak does not need to worry about stagflation

  31-05-2020 13:35 via uk.finance.yahoo.com
  
  For all his woes, at least Sunak does not need to worry about stagflation. The chancellor now has the option to raise the minimum wage above inflation, but probably won’t take it
  
  Read more

• Coronavirus: Germany developing £72bn stimulus package

  31-05-2020 13:15 via uk.finance.yahoo.com
  
  Coalition government and regional states to inject up to £72bn into German economy to stimulate post-pandemic growth.
  
  Read more

• Coronavirus, dire data, geopolitical unrest: Markets brace for turbulence

  31-05-2020 12:42 via uk.finance.yahoo.com
  
  From nationwide unrest sweeping the US, to jobless claims, stimulus packages and central banking decisions — markets are in for a rocky ride.
  
  Read more

• Game reserve's survival at risk in lockdown

  31-05-2020 12:27 via uk.finance.yahoo.com
  
  A collapse in tourism during lockdown is threatening the existence of the Dinokeng Game Reserve, a unique conservation project.
  
  Read more

• Meet the world's richest farmer who made billions from swine flu and the coronavirus pandemic

  31-05-2020 12:12 via uk.finance.yahoo.com
  
  The pig farmer and founder of Muyuan Foods doubled his wealth during the African swine flu outbreak in 2019.
  
  Read more

• Coronavirus: UK car sales set to surge — temporarily

  31-05-2020 12:02 via uk.finance.yahoo.com
  
  Research by What Car? suggests nearly one in five buyers are looking to splash out this month.
  
  Read more

• Companies should start showing more national loyalty

  31-05-2020 12:00
  This crisis has taught us that governments would achieve more with some goodwill from business
  
  Read more

• Are Kate Middleton and Prince William suing Tatler magazine over 'string of lies'?

  31-05-2020 11:57 via ibtimes.co.uk
  
  The Duke and Duchess of Cambridge have reportedly sent legal letters to the magazine demanding its profile of the latter to be removed.
  
  Read more

• Canada to promote holidays at home because of COVID-19 border closures

  31-05-2020 11:09 via uk.finance.yahoo.com
  
  Canada will invest C$30 million (17.66 million pounds) to enable its provinces and territories to promote holidays in their "own back yard" because of the closure of the country's borders due to the novel coronavirus pandemic.Destination Canada, the country's national marketing body which usually focuses on luring international visitors, is due to announce the new funding later on Sunday, according to a statement seen by Reuters before its official release.Canada, which has had more than 7,000 d
  
  Read more

• Coronavirus: World's second largest economy China struggling to financially recover from pandemic

  31-05-2020 11:01 via uk.finance.yahoo.com
  
  Manufacturing in China is growing at a slower pace but there are signs of recovery in the construction sector.
  
  Read more

• Coronavirus: Pret gears up for rent talks to help avoid closures

  31-05-2020 10:55 via uk.finance.yahoo.com
  
  More than 300 of 400 of the ubiquitous sandwich chain’s shops will have reopened as of next week.
  
  Read more

Follow @Business_UKnews on Twitter!