Business news

• Trump administration proposes rolling back protections for big tech

  17-06-2020 23:57 via uk.finance.yahoo.com
  
  The U.S. Justice Department proposed on Wednesday that Congress take up legislation to curb protections big tech platforms like Alphabet's Google and Facebook have had for decades, a senior official said, following through on President Donald Trump's bid to crack down on tech giants.The goal of the proposal, which is being finalized, is to push tech companies to address criminal content on their platforms such as child exploitation, terrorism or cyber stalking, and boost transparency for users w
  
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• Autonomy founder Mike Lynch extradition hearing to go ahead next year

  17-06-2020 23:51 via uk.finance.yahoo.com
  
  The extradition hearing of Mike Lynch, a British billionaire software entrepreneur, is expected to go ahead in the UK early next year, a court in San Francisco heard on Wednesday. Dr Lynch submitted himself for arrest in February as part of his extradition over allegations of 17 counts of wire and securities fraud relating to the $11bn (£9bn) sale of Autonomy to Hewlett-Packard in 2011. Lawyers for Dr Lynch said he denies all the allegations and is opposing extradition on five different gr
  
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• Harry and Meghan's trademark application for new company 'rejected because they didn't pay the fee'

  17-06-2020 23:16 via uk.finance.yahoo.com
  
  The Duke and Duchess of Sussex’s trademark application for their non-profit company has been rejected because they did not sign the paperwork and failed to pay the fee, according to a report. The couple, who stood down as working royals earlier this year, want to launch a new enterprise called Archewell, named after their son. But according to The Sun their application was blocked by the United States Patent and Trademark Office for being “too vague” and not being properly comp
  
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• Zoom will provide end-to-end encryption to all users after privacy backlash

  17-06-2020 23:05 via uk.finance.yahoo.com
  
  Zoom will provide end-to-end encryption to all users after privacy backlash. Civil rights groups decried plan to exclude free calls from video calling app’s encryption services
  
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• US says a UK trade deal 'unlikely' before November

  17-06-2020 21:44 via bbc.co.uk
  
  America and the UK are at odds on a range of issues from agriculture to to taxes on tech firms.
  
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• UK criticised for trying to revisit Feta and Champagne in Brexit talks

  17-06-2020 21:19
  EU’s chief negotiator says Britain wants to reopen last year’s deal to protect specialty foods
  
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• eBay public relations boss told chief executive he would 'crush' blogger who wrote critical reviews

  17-06-2020 20:38 via uk.finance.yahoo.com
  
  eBay's former public relations chief threatened to “crush” a woman who was “psychologically terrorised” by a campaign of harassment after he became infuriated by negative coverage of the company on her blog. Steven Wymer is the previously unnamed “Executive 2” in a federal indictment issued on Monday, according to Bloomberg, in which six employees are accused of “terrorising” a middle-aged couple after taking offence to their newsletter. Mr Wymer,
  
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• US derails talks over European plans to tax tech giants

  17-06-2020 20:37 via uk.finance.yahoo.com
  
  The US has derailed negotiations over a new law to allow European countries to tax the profits of American technology giants. US treasury secretary Steven Mnuchin said that discussions over a proposed agreement to allow countries to tax profits made in their jurisdictions had reached an "impasse". In a letter to four finance ministers including Rishi Sunak, the chancellor of the exchequer, Mr Mnuchin said that the discussions were "a distraction from far more important matters". The letter, seen
  
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• Exclusive: The British companies that made money when slavery was abolished

  17-06-2020 20:32 via uk.finance.yahoo.com
  
  In the early 19th century, Benjamin Greene was running his brewery in Bury St Edmonds when, according to reports, he became friendly with his neighbour Sir Patrick Blake, the owner of sugar plantation holdings in the West Indies. Their friendship became a business relationship and Greene helped manage Sir Patrick's affairs, eventually becoming the manager of the plantations. Over the following years, Greene became an enthusiastic advocate of slavery. According to the Oxford Dictionary of Nationa
  
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• Market report: Serco jumps after ramping up forecast

  17-06-2020 20:27 via uk.finance.yahoo.com
  
  A surge in new business neutralised the impact of Covid-19 on outsourcer Serco, which saw its share price pop after bringing back its guidance with a ramped-up forecast. The FTSE 250 company now expects revenues of about £3.7bn for the full financial year, up from previously withdrawn guidance for £3.4bn to £3.5bn. It expects to make an underlying trading profit of £135m to £150m, versus a previous estimate of £145m. Serco said its predictions carried an unusu
  
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• Half of businesses say they will have to lay off workers when furlough scheme ends

  17-06-2020 20:26 via uk.finance.yahoo.com
  
  Half of businesses say they will have to lay off staff within three months of the furlough scheme ending, a survey has found.Just 34 per cent of 503 business leaders polled in late May and early June by YouGov said they would not get rid of anyone, while 21 per cent said they would cut 10 or more jobs.
  
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• Food groups call for special rules in Brexit trade deal

  17-06-2020 20:21
  Trade associations want an agreement that maximises commerce between UK and EU
  
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• Pubs demand to know for certain when they can open

  17-06-2020 20:17 via uk.finance.yahoo.com
  
  More than 50 beer and pub businesses have written to Boris Johnson demanding a definitive reopening date amid warnings that the industry risks losing “hundreds of thousands” of jobs. The letter, signed by businesses including Budweiser, Carlsberg, Greene King and Diageo, called on the Government to provide “urgent clarification” by Friday June 19 that pubs will be able to reopen from July 4, the original timeline supplied by the Prime Minister. Brewers have warned they ne
  
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• Johnson under fire after spending £900,000 on jet

  17-06-2020 20:15
  PM wants his aircraft repainted red, white and blue to promote Britain
  
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• Nationwide caps mortgage lending due to virus

  17-06-2020 20:14 via bbc.co.uk
  
  The UK's biggest building society is lowering its ceiling on mortgage lending to new customers.
  
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• Lockdown-hit beer firms warn Boris Johnson of 'moment of maximum jeopardy'

  17-06-2020 20:03 via uk.finance.yahoo.com
  
  Lockdown-hit beer firms warn Boris Johnson of 'moment of maximum jeopardy'Falling sales and confusion over reopening could cost thousands of UK jobs, PM told * Coronavirus – latest updates* See all our coronavirus coverage
  
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• Lloyd's of London insurers map out new look for September re-opening

  17-06-2020 20:02 via uk.finance.yahoo.com
  
  Clear screens on underwriting boxes, temperature-check thermal cameras and a click and collect take-away catering service are among changes Lloyd's of London insurance workers will see whenthey return to the office in September.Having shut its London "underwriting room" in March in response to the coronavirus pandemic -- the first closure of physical trading in the commercial insurance market's 330-year history -- Lloyd's confirmed on Wednesday its doors would re-open on a new-look environment.S
  
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• Questor: this specialist bond fund yields 6.2pc but it is not as risky as that figure suggests

  17-06-2020 19:49 via uk.finance.yahoo.com
  
  Income is in short supply at present. Dividends have collapsed, cash pays nothing and bond yields have been crushed by central bank action. Well, most bond yields: in some corners of the market there is a very decent income to be made from bonds. The TwentyFour Income fund is a good example. It’s true that its shares stand 12pc below where we tipped them in March 2018 but this does at least boost the yield for new buyers. That yield is now 6.2pc. If the fund’s dividends are secure, t
  
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• Lithuania mints 'coin of hope' to remember year of pandemic

  17-06-2020 19:47 via uk.finance.yahoo.com
  
  Lithuania began minting a collector's coin, dubbed a "coin of hope", on Wednesday to mark the year of the new coronavirus and pay tribute to doctors, nurses and others who helped the country weather the pandemic."We wanted to say 'thank you' to the medics, the medical workers, public transport drivers, to thank teachers who worked at a distance, the shop workers and those who stayed in self- isolation and kept the virus from spreading," said Asta Kuniyoshi, deputy governor of Lithuania's central
  
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• Johnson warns ‘tough times ahead’ as country emerges from coronavirus lockdown

  17-06-2020 19:36 via uk.finance.yahoo.com
  
  Boris Johnson's forecast came as he faced MPs against a backdrop of grim economic indicators and a U-turn over free school meals.
  
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• The worst may be over for Australian job losses – but recovery has a long way to go

  17-06-2020 19:30 via uk.finance.yahoo.com
  
  The worst may be over for Australian job losses – but recovery has a long way to goWhile women have been harder hit than men overall, since job losses hit rock bottom in April the story has become more complicated
  
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• Nationwide restricts mortgages over fears homeowners will plunge into negative equity

  17-06-2020 19:25 via uk.finance.yahoo.com
  
  Nationwide, the country’s biggest building society, has restricted new mortgage lending over fears that falling house prices could send borrowers into negative equity. The mortgage lender announced that it will only offer loans to new customers with at least a 15pc deposit. It fears that borrowers could otherwise end up in negative equity should prices drop in the coming months as is widely expected. Forecasts for house prices vary but most analysts expect values will fall sharply before t
  
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• Coronavirus: Why the pension triple lock is back in the spotlight

  17-06-2020 19:22 via bbc.co.uk
  
  The furlough programme could inadvertently lead to a big rise in the state pension, leading to fresh debate.
  
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• Zoom to offer end-to-end encryption for all users, trial to begin in July

  17-06-2020 19:15 via uk.finance.yahoo.com
  
  Zoom also came under fire for failing to disclose that its service was not fully end-to-end encrypted.Taiwan and Germany have placed restrictions on Zoom's use, while Elon Musk's SpaceX banned the app over security concerns.
  
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• 'Return of football is a significant moment'

  17-06-2020 19:14 via uk.finance.yahoo.com
  
  The Culture Secretary, Oliver Dowden, has said that football fans could return to stadiums for the start of next season.
  
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• EU post-COVID recovery plan likely to win backing in July - budget chief

  17-06-2020 19:07 via uk.finance.yahoo.com
  
  The European Union's economic recovery plan after the COVID-19 pandemic is likely to secure backing from member states in July, helping the 27-nation bloc emerge from the recession together, EU Budget Commissioner Johannes Hahn said on Wednesday.EU leaders will tackle the European Commission's 750 billion euro (£672 billion) plan for the first time on Friday, together with a 1.1 trillion euro proposal for the next EU budget for 2021-2027."I'm really confident because everybody understands
  
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• Bank of England tells insurers to check capital to cope with COVID

  17-06-2020 19:03 via uk.finance.yahoo.com
  
  Britain's insurers should use findings from an emergency stress test in April to check if they can meet business interruption claims from the COVID-19 pandemic, the Bank of England said on Wednesday."Our analysis showed that the sector was robust to downside stresses, with the highest uncertainty centred on certain general insurers’ liabilities – particularly those arising from business interruption claims," the letter from the BoE to insurance chiefs said.The BoE was publishing find
  
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• The danger of fully occupied planes

  17-06-2020 18:56 via uk.finance.yahoo.com
  
  The danger of fully occupied planesProperly distanced seats would result in higher fares, fewer passengers and fewerless flights, which would also be good for the environment, writes Dr Jim Ford
  
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• Markets lacklustre as traders caught between virus and stimulus

  17-06-2020 18:49 via uk.finance.yahoo.com
  
  The FTSE 100 ended the day up 10.4 points to 6,253.25.
  
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• Calls for urgent reform to pensions triple lock

  17-06-2020 18:47 via uk.finance.yahoo.com
  
  The pensions triple lock needs urgent reform to stop distortions from coronavirus handing a pair of bumper payouts to retired households while the workers paying for it suffer, former pensions ministers have warned. State pension payouts rise by the highest of annual inflation, wage growth or 2.5pc. With wages falling and inflation sliding, that means pensioners can expect a 2.5pc rise next year. If wages come back strongly next year, with those on furlough seeing their pay rise from 80pc of its
  
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• U.S. homebuilding rises moderately; jump in permits hints at green shoots

  17-06-2020 18:45 via uk.finance.yahoo.com
  
  U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy.Starts for the volatile multi-family housing segment jumped 15.0% to a pace of 299,000 units.
  
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• Pubs left in limbo over July opening date, PM told

  17-06-2020 18:44 via uk.finance.yahoo.com
  
  Hundreds of thousands of jobs could be lost and pubs could close permanently unless the Government confirms the July 4 date, industry warns.
  
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• Serco boss defends its work on setting up NHS test-and-trace system

  17-06-2020 18:39 via uk.finance.yahoo.com
  
  Serco boss defends its work on setting up NHS test-and-trace system. Rupert Soames says criticism largely motivated by ideology amid calls for £45.8m contract to be cancelled
  
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• Greece strives to save its crucial summer season

  17-06-2020 18:30 via uk.finance.yahoo.com
  
  Kyriakos Mitsotakis’s admits his first year as Greek prime minister was not what he had expected. After facing the coronavirus crisis and also grappling with a migrant crisis, his plans to revive the country’s economy have been put on ice. However, Mitsotakis still believes Greece can “salvage” what many assumed was a lost summer season ahead of what he hopes will be a “bumper year” of growth in 2021. “I would expect you would get 95pc of the Greek exper
  
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• Contact-tracing app will not be ready until winter, admits health minister

  17-06-2020 18:30 via uk.finance.yahoo.com
  
  Britain’s delayed contact-tracing app will not be ready until winter and “isn’t the priority at the moment”, a government health minister has said. Lord Bethell, the Junior Health Minister, told MPs of the Science and Technology Select Committee the contact-tracing app, was currently not the focus of Test and Trace’s efforts. When asked for an exact date, he added he was “managing expectations” by saying winter, although said the government had not scrap
  
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• Coronavirus: Money printer hopes virus crisis boosts demand for fresh bank notes

  17-06-2020 18:28 via bbc.co.uk
  
  Boss of security printer De La Rue says the pandemic may mean countries replace notes more frequently.
  
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• Powell repeats Fed to use full range of tools to aid economy

  17-06-2020 18:26 via uk.finance.yahoo.com
  
  The recession is hurting Americans unequally, taking the deepest toll on African Americans and other minorities, Powell said in prepared remarks for his testimony before the U.S. House of Representatives Financial Services Committee.The remarks were identical to those he submitted prior to his testimony to the Senate Banking Committee on Tuesday."If not contained and reversed, the downturn could further widen gaps in economic well-being that the long expansion had made some progress in closing,"
  
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• Fed's Powell beats drum for more government aid to bolster economy

  17-06-2020 18:26 via uk.finance.yahoo.com
  
  "We at the Fed need to keep our foot on the gas until we are really sure we are through this, and that's our intention, and I think you may find that there's more for you to do as well," Powell said in testimony via a video link to the U.S. House of Representatives Financial Services Committee."It would be a concern if Congress were to pull back on the support that it's providing, too quickly," he said.With the road back from recession likely to take some time, Powell said interest rates will li
  
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• Taylor Wimpey launches £500 million share sale, to resume dividends in 2021

  17-06-2020 18:19 via uk.finance.yahoo.com
  
  UK's third-largest homebuilder said its forward indicators remained strong and its order book has increased, with a 176% jump in appointments booked and a 51% increase in website visits in the three weeks since sales centres reopened in England.
  
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• U-turn on penalty for 70,000 freelance mothers 'unfairly' left with less Covid-19 income support

  17-06-2020 18:15 via uk.finance.yahoo.com
  
  Freelance mothers who were penalised and left with less state aid because they took time off to have children will now be able to claim what they are owed, after a Government u-turn. It marks a major victory for campaign group Pregnant Then Screwed, with support from Telegraph Money, which called for changes to rules that left self-employed mothers worse off. The policy was changed after the women's interest group said it would sue the Government for discrimination and violations of the European
  
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• Zalando expects strong results as fashion goes online

  17-06-2020 18:12 via uk.finance.yahoo.com
  German online fashion retailer Zalandosaid on Wednesday it expected a bigger increase in sales and operating profit in the second quarter than analysts are forecasting as the coronavirus pandemic prompts more people to shop online.Europe's biggest online only fashion retailer said it had observed a strongly increased preference for digital offerings and had also been helped by its strategy of shifting to become a marketplace for brands rather than just selling its own stock.Zalando noted that th
  
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• French economy to slump 17% in second quarter despite May rebound - INSEE

  17-06-2020 18:09 via uk.finance.yahoo.com
  
  France's economy should shrink less than expected in the second quarter as business activity began recovering in May after a nationwide lockdown was eased, the INSEE official statistics agency forecast on Wednesday.INSEE said the euro zone's second-biggest economy should contract 17% in the second quarter after a previous forecast last month of a 20% contraction.Economic activity would be 12% below normal levels in June, INSEE said.
  
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• PSA and Fiat Chrysler merger faces EU competition probe

  17-06-2020 17:59 via uk.finance.yahoo.com
  
  The EU is concerned about competition in the van market as Peugeot owner PSA and Fiat Chrysler plan to become the world's fourth biggest carmaker.
  
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• Vietnam targets China manufacturers after EU trade green light

  17-06-2020 17:58
  High hopes for textile and apparel exports as Hanoi gives pact unanimous backing
  
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• Apple accused of 'hostile' app fee policies

  17-06-2020 17:58 via bbc.co.uk
  
  A clash with a new email app-maker has stirred up developer discontent against the tech giant.
  
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• The State Pension triple lock could be scrapped. Here’s what I’d do to retire in comfort

  17-06-2020 17:56 via uk.finance.yahoo.com
  
  The State Pension triple lock is under threat, but even if it survives you should invest in FTSE 100 shares as well to build a decent retirement income.The post The State Pension triple lock could be scrapped. Here's what I'd do to retire in comfort appeared first on The Motley Fool UK.
  
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• F1 technology helps create aerosol shield to protect Covid-19 clinicians

  17-06-2020 17:56 via uk.finance.yahoo.com
  
  The device helps to eliminate the spread of airborne particles, to protect both medical staff and patients.
  
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• France sees possible EU recovery fund deal in July - official

  17-06-2020 17:51 via uk.finance.yahoo.com
  France hopes to reach an agreement with the 26 other members of the European Union on a proposed 750 billion euro recovery fund in July, a presidential adviser said on Wednesday ahead of a video conference between EU leaders on Friday.The EU has proposed a 750 billion euro aid package to help countries deal with the fallout from the coronavirus crisis, echoing a Franco-German deal presented earlier, but some frugal northern European nations led by Austria and the Netherlands have been deeply sce
  
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• WWDC 2020: How to watch Apple event live and when it will happen

  17-06-2020 17:46 via uk.finance.yahoo.com
  
  Apple is about to host its Worldwide Developers Conference, its biggest software event of the year.It will bring updates to every one of its platforms, as well as potentially seeing the announcement of major changes to Apple's Macs and other products.
  
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• Some firms locked out of Government loan support, MPs warned

  17-06-2020 17:43 via uk.finance.yahoo.com
  
  More than £26 billion has been provided under the bounce-back loan scheme, but the British Chambers of Commerce said some are missing out.
  
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