Business news

• Gucci owner names Emma Watson and Tidjane Thiam as directors

  16-06-2020 23:56 via uk.finance.yahoo.com
  
  Kering, the French owner of the Gucci fashion label, named actress Emma Watson and former Credit Suisse Group chief executive Tidjane Thiam to the board. Their appointment was approved at the annual general meeting of shareholders on Tuesday, the company said in a statement. Jean Liu, president of Didi Chuxing, the Chinese ride-hailing service, was also named a director. The appointments come as the luxury industry seeks to bounce back from the Covid-19 crisis, which shut stores in China and oth
  
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• Boohoo set to snap up former high street giants Oasis and Warehouse

  16-06-2020 23:46 via uk.finance.yahoo.com
  
  Boohoo is set to buy former high street stalwarts Oasis and Warehouse just two months after their collapse into administration. The online fashion house could announce the purchase of the brands as soon as Wednesday morning, when it is scheduled to post its first-quarter results. In April, Oasis and Warehouse’s online business and intellectual property assets were sold to Hilco Capital, which affected around 1,800 jobs. The price of the deal has not been confirmed but it is believed to be
  
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• John Lewis criticised for lack of diversity in senior management

  16-06-2020 23:08 via uk.finance.yahoo.com
  
  John Lewis has been accused of a lack of diversity at the top with just six of its 158 senior directors being people of colour. The Partnership has three directors from an ethnic minority, including its chairman, Dame Sharon White; its strategy director Nina Bjatia, who was appointed by Dame Sharon; and Bérangère Michel, director of customer service. It declined to identify the other three top managers. One black employee, who did not want to be named, said: “It’s somet
  
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• Finance chief quits over Amanda Staveley comments

  16-06-2020 22:36 via bbc.co.uk
  
  Stephen Jones resigned from UK Finance and apologised after "unpleasant" remarks emerged in court.
  
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• UK Finance boss resigns as Amanda Staveley high court case continues

  16-06-2020 22:12 via uk.finance.yahoo.com
  
  UK Finance boss resigns as Amanda Staveley high court case continuesEx-Barclays executive Stephen Jones says he apologised over alleged sexist remarks referred to in court documents
  
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• Oracle misses revenue estimates on virus-led order delays

  16-06-2020 22:12 via uk.finance.yahoo.com
  
  "As the quarter progressed, we saw a drop-off in deals, especially in the industries most affected by the pandemic", Chief Executive Officer Safra Catz said on a post-earnings call.Oracle, which earns the biggest chunk of its sales from cloud offerings and software licensing, did not provide any financial outlook for fiscal 2021.The company, which has been pushing aggressively into the cloud computing market to make up for its late start, recorded quarterly sales of $6.85 billion in the unit tha
  
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• Pensions triple lock at risk from Covid-19 fallout

  16-06-2020 22:00
  Big swings in average earnings could make Tory manifesto pledge unaffordable by 2022
  
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• PG&E pleads guilty to 84 counts of involuntary manslaughter in California wildfire

  16-06-2020 21:59 via uk.finance.yahoo.com
  
  Pacific Gas & Electric pleaded guilty on Tuesday to 84 counts of involuntary manslaughter stemming from a devastating 2018 wildfire in Northern California touched off by the utility company's power lines.The guilty plea, part of an agreement with prosecutors in Butte County, is intended to end all criminal proceedings against PG&E from the Camp Fire, which broke out on Nov. 8, 2018, and destroyed much of the town of Paradise.Bill Johnson, the company's chief executive officer, entered th
  
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• Lufthansa shareholder Thiele raps bailout deal, raises stake

  16-06-2020 21:43 via uk.finance.yahoo.com
  
  German investor Heinz Hermann Thiele sharply criticised a 9-billion-euro (15.91 million pounds) bailout deal for carrier Lufthansa , saying he had raised his stake in the group to more than 15% and hoped alternative options could be explored.In an interview with German newspaper Frankfurter Allgemeine Zeitung (FAZ), Thiele, Lufthansa's top shareholder, said he was not satisfied with the deal giving the German government a 20% in Lufthansa as well as two seats on its supervisory board.
  
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• John Lewis criticised for lack of diversity in top ranks

  16-06-2020 21:30 via uk.finance.yahoo.com
  
  John Lewis criticised for lack of diversity in top ranksRetailer confirms just six of its UK-based managers are people of colour
  
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• Spain's Abanca gives up on buying EuroBic, keeps eye on Portugal

  16-06-2020 21:20 via uk.finance.yahoo.com
  
  Spanish lender Abanca said on Tuesday it would no longer buy a 95% stake in Portugal's EuroBic, in which Angolan billionaire Isabel dos Santos has been trying to sell her 42.5% stake, but said the bank was still interested in the Portuguese market."Despite putting significant efforts and resources into the transaction, it (Abanca) has been forced today to withdraw from it as conditions agreed have not been met," the Spanish bank said in a statement on its website."Abanca will continue to analyse
  
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• UK jobcentre claimants rise 126% to 2.8m since start of the lockdown

  16-06-2020 21:06 via uk.finance.yahoo.com
  
  UK jobcentre claimants rise 126% to 2.8m since start of the lockdownAnalysts say year-on-year increase is most dramatic hit to UK labour market for 100 years * UK unemployment outlook is grim – it’s going to be tough* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Alpha Bank in talks with Cerberus, PIMCO to sell $11 billion of bad loans - sources

  16-06-2020 20:53 via uk.finance.yahoo.com
  
  Greece's Alpha Bankis in talks with at least five U.S. investment firms including Cerberus and PIMCO in a fresh attempt to offload a portfolio of bad debt worth more than 10 billion euros (8.95 billion pounds), two sources told Reuters.Alpha, the fourth largest bank in Greece, could earn 400 million to 500 million euros from the sale, the second source said.Alpha launched the process, which includes the sale of loan servicing platform Cepal, early this year but halted negotiations as the coronav
  
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• Amazon using social distancing software to warn employees who stray too close to each other

  16-06-2020 20:47 via uk.finance.yahoo.com
  
  Amazon is using software to warn warehouse workers about coming too close to their colleagues as the company tries to slow the spread of coronavirus in its facilities. The technology, which the company said was inspired by speed check signs on roads, circles employees who move too close to others in red, while those keeping a six-foot distance are circled in green. Cameras film the scene, machine learning picks out the employees from the background and depth sensors measure the distance between
  
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• Amazon uses AI to warn employees who stray too close to each other

  16-06-2020 20:47 via uk.finance.yahoo.com
  
  Amazon is using AI to warn warehouse workers about coming too close to their colleagues as the company tries to slow the spread of coronavirus in its facilities. The technology, which the company said was inspired by speed check signs on roads, circles employees who move too close to others in red, while those keeping a six-foot distance are circled in green. Cameras film the scene, machine learning picks out the employees from the background and depth sensors measure the distance between them.
  
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• The EU's bite at Apple could prove to be a game-changer

  16-06-2020 20:27 via uk.finance.yahoo.com
  
  The EU's bite at Apple could prove to be a game-changerA trillion dollar tech giant can brush off fines, but altering the way it operates is a different matter
  
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• Stock markets bounce back despite poor economic prognosis

  16-06-2020 20:02 via uk.finance.yahoo.com
  
  Stock markets bounce back despite poor economic prognosisUS Fed and IMF predict recession for most economies in 2020 because of impact of Covid-19* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Ex-Tommy Hilfiger boss Grieder to become new Hugo Boss CEO

  16-06-2020 20:01 via uk.finance.yahoo.com
  
  German fashion house Hugo Bosshas appointed former Tommy Hilfiger [APARTM.UL] boss Daniel Grieder as its next chief executive, it said on Tuesday.Grieder, the former CEO of Tommy Hilfiger Global & PVH Europe, will start on June 1, 2021 and succeed Mark Langer, who is stepping down on Sept. 30, 2020 after serving as CEO of Hugo Boss since May 2016, the group said."Daniel Grieder was our top choice for the position of CEO at Hugo Boss," Hugo Boss Supervisory Board Chairman Hermann Waldemer sai
  
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• Johnson says ‘watch this space’ in hint at movement on two-metre rule

  16-06-2020 19:41 via uk.finance.yahoo.com
  
  The Prime Minister is under intense pressure to change social distancing measures to help revive the economy after the coronavirus lockdown.
  
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• Market report: BA owner flies higher on funding talk

  16-06-2020 19:40 via uk.finance.yahoo.com
  
  British Airways’ owner was one of the best blue-chip performers on Tuesday as it emerged the company was mulling plans to raise money from shareholders. Shares in IAG, which also owns Spanish carrier Iberia and Aer Lingus, rose almost 6pc as it prepared to adjust to the post-Covid environment. Advisers are studying the FTSE 100 group’s business plan and liquidity needs, and examining options that could include tapping debt or equity markets, Bloomberg reported. On Monday, Willie Wals
  
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• Coronavirus deaths could be reduced with 'breakthrough' drug

  16-06-2020 19:38 via uk.finance.yahoo.com
  
  A steroid readily available in NHS hospitals could help cut deaths from Covid-19, with scientists hailing the drug as a "major breakthrough" in the fight against the disease.Dexamethasone, an anti-inflammatory drug currently used to treat arthritis, has been found to save one life for every eight patients on ventilators in the UK.
  
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• Not just nipples: how Facebook's AI struggles to detect misinformation

  16-06-2020 19:30 via uk.finance.yahoo.com
  
  Not just nipples: how Facebook's AI struggles to detect misinformation. Automated moderation can be a blunt instrument – as users trying to post an image of Aboriginal men in chains discovered
  
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• Four conclusions from latest UK labour market data

  16-06-2020 19:30
  Stable headline measure of unemployment hides huge shocks unfolding in economy
  
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• A bad UK-EU trade deal is better than no deal

  16-06-2020 19:29
  Chances of a breakdown have receded, but any accord this year will be thin
  
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• UK bank lobbyist resigns over 2008 remarks about financier Staveley

  16-06-2020 19:24 via uk.finance.yahoo.com
  
  A senior British bank lobbyist has resigned over comments he made in 2008 about businesswoman Amanda Staveley, who arranged billions of pounds of rescue financing for Barclaysat the height of the credit crisis when he was at the bank.Stephen Jones, expected to give evidence in a $2 billion London court battle between Staveley and Barclays next month, offered his resignation as chief executive of UK Finance on Tuesday, which the board accepted."Stephen has rightly acknowledged that the comments h
  
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• UK Finance boss quits over historic sexist comments

  16-06-2020 19:21 via uk.finance.yahoo.com
  
  Stephen Jones has quit after details of 'deeply unpleasant comments' he made about Amanda Staveley in 2008 came to light in a High Court case.
  
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• New CBI president calls for cut to social-distancing rules

  16-06-2020 19:16
  Karan Bilimoria warns many hospitality businesses will go bust without a halving of two-metre minimum
  
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• Exclusive: CureVac becomes second company to test coronavirus vaccine in Germany - sources

  16-06-2020 19:06 via uk.finance.yahoo.com
  
  Unlisted biotech firm CureVac, which is due to receive German state backing, will become the second coronavirus vaccine developer to launch human trials of an experimental immunisation in the country, two people familiar with the plans told Reuters on Tuesday.The clinical trial, which is scheduled to be announced on Wednesday, is the second clinical programme to be approved by German vaccines regulator, the Paul Ehrlich Institute, following a study launched by domestic peer BioNTechin April.Cure
  
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• Documentary: 8 Minutes and 46 Seconds

  16-06-2020 19:06 via uk.finance.yahoo.com
  
  The Killing of George Floyd.Watch the full documentary.
  
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• 'A game changer': families hail Marcus Rashford’s free school meals victory

  16-06-2020 19:04 via uk.finance.yahoo.com
  
  'A game changer': families hail Marcus Rashford’s free school meals victory. Footballer’s letter to government forces U-turn and offers lifeline to struggling households in England
  
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• Women 'still missing out on top jobs'

  16-06-2020 19:03 via uk.finance.yahoo.com
  
  Women 'still missing out on top jobs'
  
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• PM 'congratules' Marcus Rashford on campaign for free meals

  16-06-2020 18:57 via uk.finance.yahoo.com
  
  Prime Minister Boris Johnson says he has spoken to Marcus Rashford to congratulate him on his campaign for free meal vouchers for schoolchildren over the summer holidays.He adds he thanked the Manchester United footballer for "what he's done".
  
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• Giggling Squid saved by £5m rescue deal

  16-06-2020 18:53 via uk.finance.yahoo.com
  
  Casual dining chain Giggling Squid has sealed a multimillion-pound rescue after being taken to the brink of collapse by the coronavirus pandemic. The Thai restaurant operator, which was put up for sale with a £50m price tag last year, has agreed an emergency £5m loan, safeguarding almost 1,000 jobs. Giggling Squid operated across 35 sites before the lockdown and had attracted the attention of the likes of Leon backer Active Partners and LDC, the venture capital arm of Lloyds Banking
  
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• Merkel expects decisions on future EU finances in July - sources

  16-06-2020 18:47 via uk.finance.yahoo.com
  
  German Chancellor Angela Merkel does not expect European Union leaders to reach an agreement on the bloc's future finances at a summit on Friday, participants at a meeting of her conservative parliamentary bloc said on Tuesday.Rather, Merkel expects decisions on the so-called Recovery Fund and the bloc's multi-year financial framework through to 2027 to be agreed in July, the participants said.
  
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• Coronavirus contact-tracing apps could pose major privacy risk, Amnesty warns

  16-06-2020 18:41 via uk.finance.yahoo.com
  
  Contact-tracing apps being used to prevent the spread of coronavirus could be collecting deeply personal information, Amnesty International has said.The organisation claims the privacy and security of hundreds of thousands of people have been put at risk by the new platforms.
  
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• US retail sales in record monthly rebound

  16-06-2020 18:36 via bbc.co.uk
  
  Sales rose 17.7% in May adding to hopes the economy will recover faster than anticipated.
  
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• Organiser of Europe's largest tech event says it will go ahead in November

  16-06-2020 18:33 via uk.finance.yahoo.com
  Europe's biggest technology conference, the Web Summit, will take place in Lisbon in November as planned, its organiser said on Tuesday.Should it take place it could be one of the first big international events to be staged since the start of the coronavirus pandemic, which has forced the cancellation of events from music festivals to the Olympic Games.The Web Summit, which moved from Dublin to the Portuguese capital in 2016, attracts around 70,000 participants every year, drawing speakers from
  
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• Fed bond buying boosts global markets

  16-06-2020 18:33 via uk.finance.yahoo.com
  
  The FTSE 100 ended the day up 2.9% to 6,242.79.
  
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• Actress Emma Watson joins board of French Gucci owner Kering

  16-06-2020 18:30 via uk.finance.yahoo.com
  
  British actress Emma Watson, famed for playing Hermione in the Harry Potter film series, and former Credit Suisse boss Tidjane Thiam are set to join the board of French luxury group Kering as it pushes to raise its profile in areas such as sustainability.Kering , behind top fashion brands like Italy's Gucci, said that Watson would chair the board's sustainability committee, which is focused on environmental matters - a growing concern for many young luxury shoppers companies want to court.
  
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• UK Finance chief resigns over 'unpleasant' comments about Amanda Staveley

  16-06-2020 18:28 via uk.finance.yahoo.com
  
  The boss of banking lobby body UK Finance has quit just a week after he was accused of making "thoroughly unpleasant personal comments" about financier Amanda Staveley in a blockbuster court case. Stephen Jones is accused of making the remarks in an email to a colleague while working as a senior Barclays banker during the 2008 financial crisis. The text of his email remains unknown but could be revealed when he appears as a witness during the £1.6bn legal battle next month. Sources said th
  
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• Top banking lobbyist resigns over 'unpleasant' comments about Amanda Staveley

  16-06-2020 18:28 via uk.finance.yahoo.com
  
  The boss of banking lobby body UK Finance has quit just a week after he was accused of making "thoroughly unpleasant personal comments" about financier Amanda Staveley in a blockbuster court case. Stephen Jones is accused of making the remarks in an email to a colleague while working as a senior Barclays banker during the 2008 financial crisis. The text of his email remains unknown but could be revealed when he appears as a witness during the £1.6bn legal battle next month. Sources said th
  
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• Pensions Regulator ends three-month holiday for deficit reduction payments

  16-06-2020 18:22 via uk.finance.yahoo.com
  
  Officials said if companies want to withhold future payments due to Covid-19, they must pass a series of new criteria, including no dividend payments.
  
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• William Hill launches cash call to raise about £245 million

  16-06-2020 18:11 via uk.finance.yahoo.com
  
  The company said it has reduced its monthly cash outflow, has unrestricted liquidity in excess of 500 million pounds and expects to generate positive cash flow from its operations in the second half of the year."During March and April customers continued to place bets on alternative products such as table tennis...that activity has remained high alongside the return of horseracing and football," the company said.Europe's bookmakers were already under pressure before the coronavirus outbreak from
  
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• Coronavirus: The town facing the greatest economic hit

  16-06-2020 18:01 via bbc.co.uk
  
  The town of Newquay, which depends on tourism and hospitality, has been hit hard by the lockdown.
  
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• Volkswagen to pay $267 million for Audi buyout

  16-06-2020 17:59 via uk.finance.yahoo.com
  
  Volkswagenwill pay a 48% premium to buy out the minority shareholders of premium division Audi , Audi said on Tuesday.Volkswagen, which already holds 99.64% of Audi, announced the squeeze-out plans in February."Volkswagen AG announced and specified that it has set the cash settlement to be paid to the minority shareholders in return for the transfer of their shares at 1,551.53 euros per AUDI AG share," the carmaker said.
  
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• If you want to invest in the digital economy then Aveva shares are just the ticket

  16-06-2020 17:59 via uk.finance.yahoo.com
  
  If you believe that post-Covid-19, the digital economy will the area to invest in, then I think Aveva shares are just right. The post If you want to invest in the digital economy then Aveva shares are just the ticket appeared first on The Motley Fool UK.
  
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• Three former UK PMs condemn DfID merger with Foreign Office

  16-06-2020 17:56
  Johnson’s move to align overseas aid more closely with foreign policy objectives branded a mistake
  
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• Prince William thanks air ambulance for work during Covid-19

  16-06-2020 17:51 via uk.finance.yahoo.com
  
  The Duke of Cambridge has visited the Kings Lynn Ambulance Station at the Queen Elizabeth Hospital to thank staff for their work and dedication throughout the coronavirus outbreak.There he heard more about the staff’s experiences over the past few months, as well as the impact the health crisis has had on the mental health and wellbeing of first responders. .
  
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• Hilton to cut 2,100 corporate jobs globally

  16-06-2020 17:45 via uk.finance.yahoo.com
  
  Hilton's announcement comes as the hotel industry has been among the worst hit by the pandemic, with travelers forced to cancel bookings and stay at home due to government enforced lockdowns.Rivals Marriott International Incand Hyatt Hotels Corphave also laid off or furloughed thousands of employees as bookings plunged.Hilton said it is also extending previously announced furloughs, reduced hours, and corporate pay cuts for up to an additional three months.
  
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• Thinking of buying the BP share price? This is what you need to know about the FTSE 100 stock

  16-06-2020 17:43 via uk.finance.yahoo.com
  
  Is BP the perfect FTSE 100 stock to buy today, following the recent stock market crash? Here Royston Wild considers whether it could make, or cost, you a packet.The post Thinking of buying the BP share price? This is what you need to know about the FTSE 100 stock appeared first on The Motley Fool UK.
  
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