Business news

• UK seeks to boost post-Brexit ties with ASEAN partnership

  05-06-2020 23:55 via uk.finance.yahoo.com
  
  Britain has applied to become a dialogue partner of the Association of Southeast Asian Nations (ASEAN), the government said on Friday, as it seeks to boost post-Brexit ties in the region.ASEAN has 10 existing dialogue partners including the European Union, which Britain left at the end of January, as well as Australia, Canada, Japan and the United States.Britain said it hoped partnership status with the 10-member ASEAN, which seeks to accelerate economic growth, social progress and collaboration
  
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• My Money: 'This was not a normal week!'

  05-06-2020 23:30 via bbc.co.uk
  
  Alex Wright from Leicester takes us through his weekly spending during the coronavirus pandemic.
  
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• Coronavirus: Want to sell a home? Make the garden look nice

  05-06-2020 23:01 via bbc.co.uk
  
  Property buyers and renters are on the search for outdoor space after lockdown, research suggests.
  
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• Reddit co-founder leaves board and urges black replacement

  05-06-2020 22:14 via uk.finance.yahoo.com
  
  The entrepreneur, who is married to tennis star Serena Williams, said he made the decision for the sake of his daughter.
  
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• Exclusive: Buyout firm Sycamore Partners in talks to buy J.C. Penney - sources

  05-06-2020 22:05 via uk.finance.yahoo.com
  
  Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Incout of bankruptcy should the U.S. department store chain's negotiations with its creditors fail, three people familiar with the matter said on Friday.J.C. Penney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the United States, compounding financial woes that stemmed from years of dwi
  
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• Trump threatens EU, China with tariffs; names Navarro 'lobster king'

  05-06-2020 22:01 via uk.finance.yahoo.com
  
  U.S. President Donald Trump on Friday threatened to impose tariffs on European Union cars if the bloc does not drop its tariff on American lobsters, naming White House trade adviser Peter Navarro the "lobster king" in charge of talks.Trump, speaking at an event with commercial fishermen, also asked Navarro to identify Chinese products to hit with tariffs unless Beijing dropped its duties on American lobsters.
  
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• Australia's record-breaking three decades of economic growth grinds into reverse

  05-06-2020 22:00 via uk.finance.yahoo.com
  
  Australia's record-breaking three decades of economic growth grinds into reverseFor many working-aged people, recession was a distant memory or something that happened before they were born. Now it’s a bitter reality
  
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• Furlough fraud claims double to 2,000 in a month as employers exploit scheme at taxpayers' expense

  05-06-2020 21:58 via uk.finance.yahoo.com
  
  Furlough fraud claims being investigated by HM Revenue and Customs (HMRC) have more than doubled in a month to almost 2,000, official figures show. HMRC said that by the end of last month it had received 1,868 reports of bosses or staff defrauding the exchequer by falsely claiming taxpayers’ cash for furloughing, up from 795 on May 13. Protect, the UK’s whistleblowing charity, said it had been inundated with a record number of complaints during lockdown with furlough fraud dominating
  
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• Donald Trump says Warren Buffett makes a mistake selling airline stocks

  05-06-2020 21:35 via uk.finance.yahoo.com
  
  Trump made his assessment at the White House, shortly after the U.S. Labor Department reported an unexpected surge in May jobs, and five weeks after Buffett said his Berkshire Hathaway Incsold its airline stakes."Warren Buffett sold airlines a little while ago," Trump said.
  
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• Alexis Ohanian: Reddit co-founder resigns, urging company to replace him with black candidate

  05-06-2020 21:22 via uk.finance.yahoo.com
  
  Alexis Ohanian has resigned from the Reddit board and urged the company to replace him with a black candidate.On Friday, the Reddit co-founder and husband of Serena Williams announced he was stepping down from the company he helped create after 15 years to “do the right thing”.
  
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• Sunak to delay major stimulus package until autumn - FT

  05-06-2020 21:20 via uk.finance.yahoo.com
  
  British finance minister Rishi Sunak has decided to delay a major stimulus package until the autumn to see how the economy fares in the coronavirus fallout, the Financial Times reported on Friday.Sunak will still announce some limited measures next month, but this would not be a "Budget or mini-Budget", an ally of Sunak told the FT.The finance ministry declined to comment.
  
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• George Floyd: Reddit co-founder quits board and asks for black replacement

  05-06-2020 21:14 via bbc.co.uk
  
  Alexis Ohanian says the move was inspired by protests over the death of George Floyd.
  
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• Jay-Z sends private plane to fly Ahmaud Arbery lawyers to court hearing

  05-06-2020 21:12 via uk.finance.yahoo.com
  
  Two lawyers representing Ahmaud Arbery’s family have credited Jay-Z and his organisation Roc Nation with providing them crucial help to attend a recent court hearing with their clients.S Lee Merritt and Blerim Elmazi have both posted on social media about the 4 June hearing in Brunswick, Georgia.
  
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• Self-driving sector contends its cars can prevent many more crashes than insurance study says

  05-06-2020 21:11 via uk.finance.yahoo.com
  
  The study by the Insurance Institute for Highway Safety (IIHS), released on Thursday analyzed 5,000 U.S. crashes and concluded that likely only those caused by driver perception errors and incapacitation could be prevented by self-driving cars.The autonomous vehicle industry quickly responded that its cars were programmed to prevent a vastly higher number of potential crash causes, including more complex errors caused by drivers making inadequate or incorrect evasive maneuvers.Taking those desig
  
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• EU mulls tougher rules for Chinese state-aided companies on European buying spree - source

  05-06-2020 20:55 via uk.finance.yahoo.com
  
  European Union antitrust regulators want more power to investigate Chinese companies benefiting from state subsidies seeking to acquire EU firms because of the distortive effect of such aid, a person with familiar with the matter said on Friday.The move comes as officials worry about Chinese and other foreign companies acquiring European champions with cutting edge technologies, especially those weakened by the coronavirus pandemic.The European Commission, which can vet subsidies provided by EU
  
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• Sunak pushes back stimulus plan until autumn

  05-06-2020 20:53
  Expectations for an emergency summer Budget are lowered by the Treasury
  
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• Surprise U.S. unemployment rate drop leaves out blacks, Asians

  05-06-2020 20:51 via uk.finance.yahoo.com
  
  U.S. unemployment dropped to 13.3% in May from 14.7% in April - defying forecasts for it to approach 20% - as restaurants, bars and other businesses began to reopen and hire back workers let go because of shutdowns meant to slow the spread of the coronavirus.Construction, healthcare and retail also added jobs in what proved to be a record monthly employment gain of 2.5 million jobs on the heels of April's record loss of 20.7 million positions.While it may signal the worst has passed, the data al
  
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• Nasdaq hits record high as U.S. economy shows signs of rebound

  05-06-2020 20:37 via uk.finance.yahoo.com
  
  Data on Friday showed a surprise rise in U.S. jobs in May, offering the clearest signal yet the downturn triggered by the COVID-19 pandemic was probably over, although the road to recovery could still be long.The smaller Nasdaq 100 indexhit a record high on Thursday, partly powered by tech-related names including Amazon.com Inc , Netflix Inc , Alphabet Incand Apple Inc .Closing at a record high, according to a widely accepted definition, would confirm that the Nasdaq Composite has been in a new
  
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• Intesa gets ECB nod for UBI takeover, waives COVID-19 clause

  05-06-2020 20:27 via uk.finance.yahoo.com
  
  Italian bank Intesa Sanpaolosaid on Friday it had received European Central Bank authorisation to take over smaller rival UBI Banca , adding it was waiving a provision that would allow it to drop the deal due to COVID-19.Shortly before coronavirus contagion emerged in Italy in February, Intesa unveiled a surprise all-paper bid for UBI to create the euro zone's seventh largest banking group, in a push to lift profits through cost cuts and a focus on insurance and wealth management.Intesa, which a
  
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• Intesa gets ECB nod for UBI takeover, waives 'MAC' clause

  05-06-2020 20:27 via uk.finance.yahoo.com
  
  Italian bank Intesa Sanpaolosaid on Friday it had received European Central Bank authorisation to take over smaller rival UBI Banca , adding it was waiving a clause that would have allowed it to drop the deal due to COVID-19.Shortly before coronavirus contagion emerged in Italy in February, Intesa unveiled a surprise all-paper bid for UBI to create the euro zone's seventh largest banking group, with a focus on insurance and wealth management.Intesa, which also needs approval from Italian antitru
  
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• Corporate America's plan to fight racial injustice: form a committee

  05-06-2020 20:23 via uk.finance.yahoo.com
  
  Corporate America's plan to fight racial injustice: form a committee* Business Roundtable made up of leading chief executives* Walmart chief says ‘time to act to address racial inequality’
  
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• After U.S. jobs stunner, traders leave negative rate bets in the rear view

  05-06-2020 20:22 via uk.finance.yahoo.com
  
  The U.S. economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long.The Federal Reserve in March slashed the target range for the federal funds rate that it controls to between zero and 0.25% as part of an emergency response to the coronavirus crisis.Friday's jobs report overturned this expectation, with the contracts now
  
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• Behind the US unemployment figures: five key points from May's jobs report

  05-06-2020 20:21 via uk.finance.yahoo.com
  
  Behind the US unemployment figures: five key points from May's jobs reportThe labor department’s monthly report indicates unemployment is probably higher than official data and racial disparities remain
  
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• Coronavirus: Ban on landlords evicting renters extended

  05-06-2020 20:13 via bbc.co.uk
  
  No-one will be evicted from their home this summer, Housing Secretary Robert Jenrick says.
  
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• UK housing market nervously reopens for business

  05-06-2020 20:10
  Property sector fortunes matter because it is best gauge of consumer confidence in UK
  
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• Virus transmission starting to rise in England, scientists warn

  05-06-2020 20:03
  Study highlights regional differences with a rebound in infections most likely in north-west
  
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• Bonds falter as blazing stock rally lures investors

  05-06-2020 20:01 via uk.finance.yahoo.com
  
  Yields on the benchmark 10-year U.S. Treasury rose on Friday to 0.96%, their highest since March 20, after government data showed the economy unexpectedly added jobs in May after suffering record losses in the prior month.The moves come amid signs that easing lockdowns across the United States and trillions in stimulus are helping stabilize the economy, potentially allaying concerns over a stock rally that has seemed disconnected from economic reality and weighing on Treasuries and other safe-ha
  
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• The chips are down as Monte Carlo casino reopens after coronavirus closure

  05-06-2020 19:35 via uk.finance.yahoo.com
  
  With steam-cleaned gaming tables, plexiglass around the slot machines, and croupiers in masks and gloves, Monte Carlo's famed casino is ready for the dice to roll again in the age of coronavirus.The Casino de Monte-Carlo had been forced to close its doors due the lockdown measures."For this reopening, the casino has been completely redesigned in a COVID-19 mode", casino managing director Boris Donskoff told Reuters.
  
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• Airbus jetliner deliveries recover some ground in May

  05-06-2020 19:29 via uk.finance.yahoo.com
  
  Airbusdeliveries partially recovered ground in May compared with the previous month, but remained well below normal levels after falling dramatically due to the coronavirus crisis, company data showed on Friday.France, where Airbus is headquartered, eased coronavirus restrictions on June 2.Last month's deliveries included six narrow-body aircraft to Indian budget airline IndiGoand one wide-body A350-1000 each to British Airwaysand Abu Dhabi's Etihad Airways.
  
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• May's jobs report stunner: real deal or head fake?

  05-06-2020 19:26 via uk.finance.yahoo.com
  
  More than 2.5 million people were newly employed last month, the Labor Department reported on Friday, but that follows a record drop of more than 20 million in April.The unemployment rate fell to roughly 13% compared to almost 15% in the prior month.Much of the rise in jobs was centered on hardest-hit industries in food services and drinking places, which added 1.4 million jobs and accounted for about half of the employment gains.
  
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• Labour takes British-based banks to task over China's Hong Kong policies

  05-06-2020 19:26 via uk.finance.yahoo.com
  
  Labour takes British-based banks to task over China's Hong Kong policiesHSBC and Standard Chartered’s support for security law challenged by Lisa Nandy and Anneliese Dodds
  
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• Explainer: May's jobs report stunner - real deal or head fake?

  05-06-2020 19:26 via uk.finance.yahoo.com
  
  More than 2.5 million people were newly employed last month, the Labor Department reported on Friday, but that follows a record drop of more than 20 million in April.The unemployment rate fell to roughly 13% compared to almost 15% in the prior month.Much of the rise in jobs was centered on hardest-hit industries in food services and drinking places, which added 1.4 million jobs and accounted for about half of the employment gains.
  
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• Reddit co-founder quits board and asks to be replaced by black candidate

  05-06-2020 19:17 via uk.finance.yahoo.com
  
  Alexis Ohanian has resigned from the board of Reddit, the social network he co-founded, urging members to replace him with a black candidate. “I’m saying this as a father who needs to be able to answer his black daughter when she asks: ‘What did you do?’” Mr Ohanian wrote on Twitter on Friday. The 37-year-old, who is married to Serena Williams, pledged to donate future gains on his company shares to “serve the black community, chiefly to curb racial hate&rdquo
  
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• French energy regulator warns of significant rise in fourth quarter natural gas prices

  05-06-2020 19:15 via uk.finance.yahoo.com
  
  Natural gas prices in Europe are likely to rise significantly in the last quarter of 2020 after a coronavirus-driven slump, which would cause a significant increase in regulated tariffs, the French Energy Regulatory Commission (CRE) warned on Friday.In its analysis of utility Engie'scosts, which have to be covered by the regulated tariffs for the sale of natural gas, CRE underlined that the coronavirus crisis led to a fall in natural gas prices in Europe during the first half of the year.CRE str
  
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• Elon Musk calls for 'break up' of Amazon

  05-06-2020 18:53 via bbc.co.uk
  
  The entrepreneur condemned the online retailer after it rejected a book about coronavirus.
  
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• Landlords banned from evicting tenants until end of the summer

  05-06-2020 18:41 via uk.finance.yahoo.com
  
  Landlords will be unable to remove tenants before the end of August after the Government extended the rental eviction ban in England and Wales. Since the start of the coronavirus outbreak property owners have been blocked from removing tenants. This ban was due to expire on June 23 and campaigners had argued that this would lead to widespread evictions while the country is still in the midst of a pandemic. Housing secretary Robert Jenrick has now confirmed that the rental ban across England and
  
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• Coronavirus tracked: How the pandemic is affecting our sleep

  05-06-2020 18:39 via uk.finance.yahoo.com
  
  People are sleeping less well under lockdown, according to a new study conducted by King’s College London and Ipsos MORI.Half of the people surveyed between 22 and 24 May reported more disturbed sleep, while 38 per cent of people said they experienced more vivid dreams.
  
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• Saga Share Direct IT failure leaves customers blocked from trading

  05-06-2020 18:35 via uk.finance.yahoo.com
  
  An IT failure at stock broker Saga Share Direct has prevented customers from buying and selling investments, with many forced to wait in long telephone queues to make trades. The Isa and investment trading brand used to be owned by the Saga Group, the financial services brand that specifically caters for the over-50s. it was recently acquired by Equiniti, another trading company. A spokesman for Equiniti said the problems arose from a "third party software failure" and customers should use the c
  
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• Ford re-evaluates office space in coronavirus world

  05-06-2020 18:33 via uk.finance.yahoo.com
  
  Ford Motor Cois re-evaluating how much office space it needs for white-collar workers as restrictions put in place during the coronavirus pandemic are eased and employees return to workplaces.In March, Ford, General Motors Coand Fiat Chrysler Automobiles NV (FCA)told salaried employees to work from home to prevent the spread of COVID-19.Ford brought back 12,000 salaried employees last month, andothers have been told they can work from home until September, spokeswoman Marisa Bradley said.
  
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• Equinor shutting in U.S. Gulf platform, Shell evacuating workers due to Cristobal

  05-06-2020 18:31 via uk.finance.yahoo.com
  
  Norwegian state-oil company Equinor ASAis shutting in production on it Titan platform in the Gulf of Mexico ahead of Tropical Depression Cristobal, the company said on Friday.Royal Dutch Shell Plcsaid on Friday there has been no impact to offshore oil production from Cristobal, but it expects a minimal impact to drilling.Shell is evacuating non-essential workers in the Gulf as Cristobal begins moving north to reach the Louisiana coast by Sunday night after passing through the heart of U.S. offsh
  
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• Bumper US jobs figures helps FTSE 100 hit three-month high

  05-06-2020 18:28 via uk.finance.yahoo.com
  
  Data in the US showed jobs actually increased in May by 2.5 million, versus analyst predictions of a further eight million losses.
  
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• Coronavirus: Government under fire for cheap loans to big firms

  05-06-2020 18:23 via bbc.co.uk
  
  More than £16bn has been handed out to some household names including BA, Tottenham Hotspur and M&S.
  
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• Prosecutors search Wirecard premises in market manipulation probe

  05-06-2020 18:18 via uk.finance.yahoo.com
  
  Prosecutors in Munich said they had searched the premises of financial services company Wirecardand opened proceedings against its management board as part of a market manipulation probe by BaFin, Germany's financial regulator.In a statement on Friday, prosecutors said the company was suspected of having issued misleading information which may have impacted Wirecard's share price between March 12 and April 22.Wirecard confirmed in a statement that its premises had been searched as part of an inv
  
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• German prosecutors probe Wirecard management board

  05-06-2020 18:18 via uk.finance.yahoo.com
  
  Munich prosecutors on Friday said they had searched Wirecard'sheadquarters and opened proceedings against the payment company's entire management board as part of a market manipulation probe initiated by Germany's financial regulator BaFin.Wirecard faces allegations including accounting irregularities and disclosure violations, which it denies.In a statement on Friday, prosecutors said the company was suspected of having issued misleading information which may have impacted Wirecard's share pric
  
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• TUIfly seeks to cut 1,000 staff - sources

  05-06-2020 18:08 via uk.finance.yahoo.com
  
  Tour operator TUI'sairline TUIfly is seeking to cut around 1,000 jobs as part of a cost cut plan to halve its fleet of aircraft, three sources familiar with the matter told Reuters on Friday.The layoffs will include cutting 270 pilots, around 430 cabin crew, 190 technicians and 100 employees in administrative roles, the sources said.TUIfly has around 2,000 staff at present.
  
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• 'We need to mix things up': retailers prepare for return of high street

  05-06-2020 18:05 via uk.finance.yahoo.com
  
  'We need to mix things up': retailers prepare for return of high street. Browsing appointments and floral markers among ideas as shops in England plan to re-open
  
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• Vindictive man jailed for setting homeless man on fire

  05-06-2020 18:03 via ibtimes.co.uk
  
  Luton Crown Court sentenced the man after he pleaded guilty to grievous bodily harm with intent.
  
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• Citigroup closes some branches, mostly in LA and Chicago, due to George Floyd protests

  05-06-2020 17:57 via uk.finance.yahoo.com
  
  "We are actively working on repairs and assessing the situation carefully to re-open these branches," he said."Where necessary, we’re putting in place heightened security protocols, including proactively closing or reducing hours in some of our branches."As of Friday morning, about 40 of Citigroup's 700 branches were temporarily closed due to planned protest activity or previous damage, spokesman Drew Benson said.
  
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• Citigroup closes some branches due to George Floyd protests

  05-06-2020 17:57 via uk.finance.yahoo.com
  
  "We are actively working on repairs and assessing the situation carefully to re-open these branches," he said."Where necessary, we’re putting in place heightened security protocols, including proactively closing or reducing hours in some of our branches."Citigroup did not immediately respond to a request for comment.
  
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• Exclusive: Marriott says Trump administration orders it to cease Cuba hotel business

  05-06-2020 17:46 via uk.finance.yahoo.com
  
  The Trump administration has ordered Marriott Internationalto wind down hotel operations in Communist-run Cuba, a company spokeswoman told Reuters, extinguishing what had been a symbol of the U.S.-Cuban detente.Starwood Hotels, now owned by Marriott, four years ago became the first U.S. hotel company to sign a deal with Cuba since the 1959 revolution in the mark of the normalization of relations pursued by former President Barack Obama.
  
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