Business news

• BP cuts Gulf of Mexico output, evacuates workers as storm approaches

  03-06-2020 23:46 via uk.finance.yahoo.com
  
  BP Plcbegan turning off production at three platforms in the northern Gulf of Mexico and evacuating workers because of the threat from Tropical Storm Cristobal, forecast to make landfall in Louisiana over the weekend, the company said.Occidental Petroleum Corpalso began flying non-essential workers to shore from central Gulf of Mexico operations, but production was continuing uninterrupted, the company said on Wednesday.
  
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• Some Casinos Remain Closed, While Counties Remove Quarantine Constraints

  03-06-2020 23:23 via ibtimes.co.uk
  
  ountries have slowly been lifting coronavirus restrictions since the last week of May. On the first of June, governments gave people even more freedom, allowing them to gather in public places, visit libraries and gyms, and, in some countries, resume wagering in land-based casinos.
  
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• FTSE rally tipped to peter out as US-China tensions rumble on – live updates

  03-06-2020 22:41 via uk.finance.yahoo.com
  
  British Airways warned it could lose Heathrow landing slots amid jobs row Asian shares rise to a two-month high on expectations of further stimulus The Dow Jones ends 2.1pc higher, extending rally on recovery hopes Ambrose Evans-Pritchard: China's drive for digital supremacy is likely to fail, and Huawei is going nowhere
  
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• Snap to stop promoting Trump's content in a move that adds pressure to Facebook

  03-06-2020 22:22 via uk.finance.yahoo.com
  
  Snap to stop promoting Trump's content in a move that adds pressure to FacebookThe president’s account can remain on the platform, but will not be promoted in its Discover feature
  
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• Madeleine McCann: What data could investigators gather from suspect's mobile phone number?

  03-06-2020 22:06 via uk.finance.yahoo.com
  
  Modern smartphones contain a trove of personal data linked to social media accounts, internet storage services and satellite navigation apps, which have made them a vital resource for criminal investigations. But in 2007, when Madeleine McCann went missing from the Portuguese resort of Praia da Luz, the iPhone was still a month away from going on sale. Most people carried basic mobile phones without touchscreens, internet connections and GPS chips. However, mobile phone records, including locati
  
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• Scots offshore wind farm blades to be made in Isle of Wight

  03-06-2020 21:36 via bbc.co.uk
  
  Danish firm Vestas wins the contract to build turbines for Scotland's largest offshore wind farm.
  
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• US government blocks Chinese airlines as tensions escalate over coronavirus and Hong Kong

  03-06-2020 21:25 via uk.finance.yahoo.com
  
  The US government has banned Chinese passenger airlines from flying to the US amid growing tensions between the two countries. The move retaliates against China, which has not lifted an order barring US airlines from flying to its airports. The order is expected to come into force on June 16 and bars seven Chinese airlines, but does not affect flights from Hong Kong, the US Department of Transportation said. “Should the CAAC (Civil Aviation Authority of China) adjust its policies to bring
  
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• Johnson pledges apprenticeship to every young person

  03-06-2020 21:25
  PM acknowledges the risk that rising unemployment is set to hit the young the hardest
  
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• Boris Johnson pledges apprenticeship to every young person

  03-06-2020 21:25
  UK prime minister acknowledges risk that rising unemployment is set to hit young the hardest
  
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• Prepare for 1980s-level unemployment, former chancellors warn

  03-06-2020 21:23 via uk.finance.yahoo.com
  
  Prepare for 1980s-level unemployment, former chancellors warnHammond, Osborne and Darling say urgent measures needed to cushion post Covid-19 job losses* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Rolls-Royce confirms locations of first 3,000 UK job losses

  03-06-2020 20:50 via uk.finance.yahoo.com
  
  Rolls-Royce confirms locations of first 3,000 UK job lossesInitial cuts to be carried out via voluntary redundancy, with Derby site among hardest hit* Coronavirus – latest updates* See all our coronavirus coverage
  
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• New U.S. restrictions on 33 Chinese firms and institutions take effect June 5

  03-06-2020 20:35 via uk.finance.yahoo.com
  
  The U.S Commerce Department said on Wednesday that new restrictions on 33 Chinese firms and institutions it announced last month will take effect Friday.The agency has added the companies and institutions to an economic blacklist, accusing them of helping China spy on its minority Muslim Uighur population in Xinjiang or because of alleged ties to weapons of mass destruction and China's military.China's foreign ministry said last month it deplored and firmly opposed U.S. sanctions over Xinjiang,
  
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• Johnson urges UK public not to flout lockdown rules

  03-06-2020 20:29
  Prime minister’s warning as scientists caution that infection rates remain high
  
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• Boris Johnson urges UK public not to flout lockdown rules

  03-06-2020 20:29
  Test-and-trace chief Dido Harding unable to give data on how new system is working
  
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• Snapchat stops promoting Donald Trump's account due to 'racial violence'

  03-06-2020 20:13 via bbc.co.uk
  
  The social network says it will drop Trump from Discover over 'racial violence and injustice'.
  
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• Snapchat removes Trump account from curated promotional section

  03-06-2020 20:08 via uk.finance.yahoo.com
  
  Snap Inc said it would no longer promote U.S. President Donald Trump's account in Snapchat's Discover section, saying his incendiary comments last week made the account ineligible for the curated section where users explore new content."We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover," the company said in a statement."Racial violence and injustice have no place in our society and we stand together with all who seek peace, love, equali
  
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• Exclusive: Hairdressers could reopen this month under plans for barbers and stylists to wear 'dentist-style' PPE

  03-06-2020 20:08 via uk.finance.yahoo.com
  
  Weeks of unkempt hairdos and terrible DIY buzz cuts could soon be at an end. In a bid to “unleash the Great British haircut”, The Telegraph understands that Boris Johnson is considering proposals for hair salons and barber shops to reopen later this month. Having previously indicated that hairdressers will remain shut until July, ministers are discussing moving forward the date as part of the drive to reopen the UK economy faster. According to industry and Government sources, Downing
  
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• Supreme Court orders retrial of libel case after judges' 'barrage of hostility'

  03-06-2020 20:04 via uk.finance.yahoo.com
  
  The Supreme Court has ordered a retrial of a long running libel case after finding that the presiding judge, who was the leading counsel during the Leveson Inquiry, “harassed and intimidated” an unrepresented claimant. Mr Justice Jay, 60, rose to prominence during the public inquiry into phone-hacking in 2011, where he developed a reputation for his insistent methods of questioning. Five Supreme Court justices today unanimously agreed that the “hostility” he showed toward
  
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• Questor: we got Witan and Alliance Trust completely wrong. Time to change horses?

  03-06-2020 19:57 via uk.finance.yahoo.com
  
  Share tipsters are used to being proved wrong by events – anyone who can get the stock market right more than 50pc of the time is doing well – but in the case of Alliance Trust and Witan we seem to have got it doubly wrong. Several times our stance has been to prefer the latter over the former but it is Alliance that is out in front now – by some margin. We first looked at them side by side in January 2017, when we advised readers to sell Alliance and buy Witan. At that time th
  
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• Car dealers in England report strong trade as lockdown eases

  03-06-2020 19:56 via uk.finance.yahoo.com
  
  Car dealers in England report strong trade as lockdown easesDealership sales driven by pent-up demand but outlook concerns linger* Coronavirus – latest updates* See all our coronavirus coverage
  
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• UK government scolds BA for its approach to job cuts

  03-06-2020 19:54
  Aviation minister criticises use of furlough scheme for staff destined to be made redundant
  
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• Rolls-Royce confirms 3,000 job cuts across the UK

  03-06-2020 19:45 via bbc.co.uk
  
  The cuts, which will hit the Derby plant hardest, follow a collapse in demand for jet engines.
  
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• AA president backs road pricing scheme

  03-06-2020 19:43 via uk.finance.yahoo.com
  
  AA president backs road pricing schemeEdmund King says radical thinking needed to encourage more people to walk and cycle
  
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• Snapchat stops promoting Donald Trump's posts because of 'racial violence and injustice'

  03-06-2020 19:38 via uk.finance.yahoo.com
  
  Social media company Snapchat will no longer promote US President Donald Trump's account. In the latest stage in a brewing row between the president and Silicon Valley, the company said it was "not currently promoting the President’s content" on its Discover page, a section of the app which shows content tailored to an individual's interests. The decision follows that of its rival Twitter, which added a "fact check" to one of the President's posts last month, prompting him to issue an exec
  
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• Priti Patel presses on with UK quarantine programme

  03-06-2020 19:36
  Home secretary says measures essential to prevent second wave of coronavirus
  
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• Frankie and Benny's owner to permanently close 120 restaurants

  03-06-2020 19:19 via uk.finance.yahoo.com
  
  Frankie and Benny's owner to permanently close 120 restaurants. Restaurant Group closures will also affect Garfunkel’s with up to 3,000 UK job losses likely
  
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• Rolls Royce to cut 700 jobs at Renfrewshire plant, with hundreds more at risk

  03-06-2020 19:12 via uk.finance.yahoo.com
  
  Around 700 jobs are expected to be axed at a Rolls-Royce factory in Renfrewshire, in a move described as “absolutely devastating” to workers. The job cuts at the engine maker’s Inchinnan plant, near Glasgow Airport, will mostly affect people who service aircraft engines. The company is considering closing the site altogether, which would put a further 550 Scottish jobs at risk, as part of a push to cut 9,000 jobs, around 20 per cent of the Rolls-Royce workforce, worldwide. Roll
  
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• MPs demand that BA is stripped of valuable Heathrow slots due to job cuts

  03-06-2020 19:05 via uk.finance.yahoo.com
  
  The airline's behaviour was described by one politician as 'ethically outrageous'.
  
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• French farmers may halve flax fibre area as demand for linen shrinks

  03-06-2020 19:02 via uk.finance.yahoo.com
  
  French farmers may reduce by half next year the area they devote to flax fibre, reversing a decade of growth for the crop used to make linen as the industry adjusts to a drop in textile demand due to the novel coronavirus epidemic.France is the world's largest grower of flax fibre and part of a northwest European belt also covering Belgium and the Netherlands that accounts for over 80% of global supply of the crop."Growers have been advised to cut by half their flax fibre area next year to try a
  
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• Monzo cutting up to 120 jobs due to coronavirus impact

  03-06-2020 19:00 via uk.finance.yahoo.com
  
  Digital bank Monzo is cutting up to 120 jobs, according to an internal note seen by Reuters on Wednesday, as the impact of the coronavirus pandemic on its business begins to bite.The redundancies will fall in Monzo's Head Office and operations teams and are not linked to staff that volunteered to be furloughed in March although there could be some overlap, a source with direct knowledge of the plans told Reuters.
  
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• Britain's Monzo cutting up to 120 jobs due to coronavirus impact

  03-06-2020 19:00 via uk.finance.yahoo.com
  
  British digital bank Monzo is cutting up to 120 jobs, according to an internal note seen by Reuters on Wednesday, as the impact of the coronavirus pandemic on its business begins to bite.The bank, founded in 2015 and known for its coral pink-coloured debit card, as recently as February told Reuters it planned to hire around 500 people this year as it aimed to continue its rapid growth.
  
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• George Osborne urges UK to write off Covid-19 business debt

  03-06-2020 18:58
  ‘Big act of forgiveness’ better for billions owed by small companies, former chancellor says
  
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• Fiat delays resumption of Panda production due to weak demand - union

  03-06-2020 18:58 via uk.finance.yahoo.com
  
  Fiat Chryslerwill postpone a planned production restart of its Panda small car at its plant in Pomigliano, near Naples in southern Italy, due to poor market demand, a union representative said on Wednesday.Fiat Chrysler (FCA) has informed unions that due to the ongoing automotive market crisis triggered by the coronavirus outbreak it had not yet decided when it would restart Panda production, said Gianluca Ficco of UILM union.FCA declined to comment.
  
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• Could the dirt-cheap TUI shares help you get rich and retire early?

  03-06-2020 18:55 via uk.finance.yahoo.com
  
  The TUI shares are ridiculously cheap, no doubt. But are they a bargain or a value trap? Anna Sokolidou tries to find out.The post Could the dirt-cheap TUI shares help you get rich and retire early? appeared first on The Motley Fool UK.
  
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• Italy PM says could revoke Atlantia's motorway licence, decision soon

  03-06-2020 18:53 via uk.finance.yahoo.com
  
  Prime Minister Giuseppe Conte said on Wednesday that there was plenty of evidence that would justify stripping Atlantiaof its concession to run Italy's motorways and a decision will be taken soon.Conte said at a news conference that negotiations with the company over the concession, which have dragged on for months in the wake of the deadly 2018 collapse of a bridge it managed in Genoa, had still not reached a satisfactory conclusion.
  
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• Global smartphone shipments to fall 12% this year on virus woes - IDC

  03-06-2020 18:53 via uk.finance.yahoo.com
  
  The COVID-19 pandemic has not only disrupted business supply chains, with major smartphone makers such as Apple Incand Samsung Electronics Co Ltdflagging financial hits, but also squeezed consumer spending worldwide."Nationwide lockdowns and rising unemployment have reduced consumer confidence and reprioritized spending towards essential goods, directly impacting the uptake of smartphones in the short term", said https://bit.ly/3036tkj Sangeetika Srivastava, senior research analyst with IDC.Appl
  
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• The Lloyds Bank share price is rising fast! Should I buy this FTSE 100 stock now?

  03-06-2020 18:52 via uk.finance.yahoo.com
  
  The Lloyds Bank share price has started inching up once again. But is it being carried forward by momentum or have the bank's prospects improved?The post The Lloyds Bank share price is rising fast! Should I buy this FTSE 100 stock now? appeared first on The Motley Fool UK.
  
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• Markets jump on positive services data and FTSE 100 reshuffle confirmed

  03-06-2020 18:52 via uk.finance.yahoo.com
  
  EasyJet, Centrica, Meggitt and Carnival fell out of the FTSE 100 in the latest reshuffle, with GVC, Avast, Kingfisher and Homeserve replacing them.
  
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• Market report: Travel giants fall off the blue-chip map

  03-06-2020 18:47 via uk.finance.yahoo.com
  
  The changed face of London’s main market was made clear on Wednesday as a FTSE reshuffle saw two travel giants stung by the Covid-19 crisis drop out of the blue-chip index. Cruise operator Carnival and airline easyJet will both lose their spots in the FTSE 100 later this month, having seen their prices devastated by a severe drop in global travel. The other fallers are aeroplane parts-maker Meggitt and British Gas owner Centrica – the latter of which has been in the top index, in one
  
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• Cut taxes and slash red tape to kickstart the recovery, say former Chancellors

  03-06-2020 18:47 via uk.finance.yahoo.com
  
  Ministers must slash taxes and red tape to rescue the economy and stop the coronavirus recession from turning into a depression, a trio of former Chancellors have said. Alistair Darling, Philip Hammond and George Osborne all called for drastic efforts to support the recovery when the lockdown ends - and warned that rapid tax rises or a new wave of austerity to bring down debt would prove disastrous. Instead they prescribed massive stimulus to boost employment and bring the country back to life -
  
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• Full list of 497 McDonald’s drive-thrus reopening on Wednesday

  03-06-2020 18:37 via uk.finance.yahoo.com
  
  More than 1,000 sites should be reopened by Thursday.
  
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• Has Burberry Group got what it takes to resume its dividend payments?

  03-06-2020 18:21 via uk.finance.yahoo.com
  
  FTSE retail stock Burberry Group is poised for a rebound and resume of dividend in the near future, I would not miss out this golden opportunity.The post Has Burberry Group got what it takes to resume its dividend payments? appeared first on The Motley Fool UK.
  
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• Five ways to rev up the car market

  03-06-2020 18:21 via uk.finance.yahoo.com
  
  Coronavirus is expected to deal a heavy blow to car sales in the UK this year. Just six months ago the Society of Motor Manufacturers and Traders predicted that 2.25m new cars would be registered in 2020, a small drop on the 2.31m of the previous year as worries about Brexit and wider economic uncertainty weighed. Covid-19 changed all that and prompted the trade body to slashed its forecast to just 1.68m new car registrations this year - the lowest level since 1992. That’s a figure even in
  
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• LVMH's Arnault mulls ways to renegotiate deal with Tiffany - sources

  03-06-2020 18:17 via uk.finance.yahoo.com
  
  LVMH agreed to acquire Tiffany in November, but the deal has yet to close pending regulatory approvals.Arnault said at the time Tiffany would "thrive for centuries to come" under LVMH.Arnault has been in talks with his advisers this week to identify ways to pressure Tiffany to lower the agreed deal price of $135 per share, the sources said.
  
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• Single market holds key to unlocking Brexit impasse

  03-06-2020 18:14 via uk.finance.yahoo.com
  
  Single market holds key to unlocking Brexit impasse. The economic devastation caused by Covid-19 ought to be motivation enough for a deal
  
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• Italy's watchdog opens market abuse investigation into Italgas

  03-06-2020 18:14 via uk.finance.yahoo.com
  
  Italy's competition watchdog said on Wednesday it had opened an investigation into whether gas distributor Italgashad used its dominant market position to prevent or slow down a competitive tender process in areas in the Venice region.In a statement the regulator said slowing down the process would allow Italgas Reti to continue managing the gas distribution services in the areas.A spokesman for Italgas said the group would provide the watchdog with all clarification needed, adding in recent mon
  
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• Embarrassing teenage posts on Facebook? Now you can delete them

  03-06-2020 18:13 via uk.finance.yahoo.com
  
  Embarrassing teenage posts on Facebook? Now you can delete themFirm that said privacy no longer a ‘social norm’ rolls out tool to delete or archive
  
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• Country should prepare for 1980s unemployment levels, former chancellors warn

  03-06-2020 18:12 via uk.finance.yahoo.com
  
  Nearly nine million people have been placed on furlough during the covornavirus crisis.
  
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• Restaurant Group to permanently close up to 120 sites

  03-06-2020 18:05 via uk.finance.yahoo.com
  
  Frankie and Benny's owner The Restaurant Group (TRG) is set to permanently close between 100 and 120 restaurants. The PA news agency understands that the company, which also owns Wagamama, will not reopen these sites to customers when lockdown restrictions are relaxed. Most of the closures will be of Frankie and Benny's sites, with smaller sister brands such as Garfunkel's also affected. It is understood that no Wagamama sites will close. The dining group said last year that it would close up to
  
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• Amigo founder vows to dump entire stake if boardroom coup fails

  03-06-2020 18:02 via uk.finance.yahoo.com
  
  The founder of Amigo Loans has vowed to sell all his shares in the high-interest lender if his attempted boardroom coup fails later this month. James Benamor said his company, Richmond Group, which owns almost 61pc of Amigo, would sell its shares over a three-month period if the other shareholders do not back his bid to oust the current board and install his preferred replacements. Selling the shares would generate about £51m for Mr Benamor based on Wednesday’s 17.8p closing price, w
  
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