Business news

• 22 officers hurt during illegal street party

  25-06-2020 22:56 via uk.finance.yahoo.com
  
  Twenty-two police officers have been injured and police cars smashed up during an illegal street party in Brixton, south London.
  
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• TikTok to stop snooping on users' clipboards after iPhone update shows app constantly reads copied text

  25-06-2020 22:44 via uk.finance.yahoo.com
  
  TikTok has said it will stop reading the contents of users' clipboards after a new iPhone update revealed that it was still doing so. The popular video-sharing app had told the Telegraph in March that it would end the practice within a few weeks, along with several other apps that had been caught silently accessing the clipboard whenever they were open on screen. But a new software update by Apple shows that TikTok is still snooping – as well as numerous other apps including AccuWeather, O
  
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• Nike swings to quarterly loss on COVID-19 impact; shares fall

  25-06-2020 22:27 via uk.finance.yahoo.com
  
  The company's wholesale business, through which it sells merchandise to department stores and footwear retailers, saw a 50% fall in product shipments in the quarter.Nike's investments in its digital platform over the years helped the company record a 75% rise in online sales, as many consumers shopped for activewear from the comfort of their homes.
  
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• Nike posts surprise loss as COVID-19 hits wholesale business

  25-06-2020 22:27 via uk.finance.yahoo.com
  
  The wholesale business, through which Nike sells merchandise to other retailers, came to a halt amid the health crisis.Chief Executive Officer John Donahoe told analysts the company is now accelerating focus on its online presence, and expects its overall business to reach 50% digital penetration.In China, where the virus was first detected, all of Nike's stores are now open.
  
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• Italy's Intesa says regulator approved document for UBI takeover bid

  25-06-2020 22:01 via uk.finance.yahoo.com
  
  The unsolicited, all-paper offer which Intesa announced in February has received green lights from banking and insurance supervisors, while an antitrust review of the deal is still ongoing and a verdict is expected only next month.Intesa is offering 1.7 new shares for each UBI stock in a bid to create the euro zone's seventh-largest banking group and drive profits through cost cuts and a focus on insurance and wealth management amid an economic slump caused by the pandemic.
  
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• Britain offers to back down on 'tech tax' after US fury

  25-06-2020 21:47 via uk.finance.yahoo.com
  
  The Government is offering to narrow the scope of its digital tax after the US threatened tariffs on nations that target its technology companies. The compromise “would considerably ease the task of achieving a consensus-based solution and make a political agreement within reach this year,” according to a letter sent from finance chiefs from the UK, France, Spain and Italy to US Treasury Secretary Steven Mnuchin. The nations are offering up a “phased approach” to taxing &
  
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• Accusers of late financier Jeffrey Epstein can now seek compensation from fund

  25-06-2020 21:22 via uk.finance.yahoo.com
  
  A fund expected to compensate women who were sexually abused by Jeffrey Epstein opened on Thursday, nearly a year after the financier's arrest and suicide.The fund enables accusers to seek compensation from Epstein's estate, estimated at $636.1 million (512.69 million pounds) before this year's plunge in markets.Many accusers were underage girls during the alleged abuse, which authorities have said took place over nearly two decades.
  
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• Coronavirus: How Africa's supply chains are evolving

  25-06-2020 21:18 via bbc.co.uk
  
  The coronavirus crisis is transforming and speeding up the evolution of Africa’s supply chains.
  
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• UK retailers pay only 14% of £2.5bn rent due this week

  25-06-2020 20:51 via uk.finance.yahoo.com
  
  UK retailers pay only 14% of £2.5bn rent due this week. High street crisis triggered by coronavirus lockdown hits property industry
  
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• Ministers should check their post – Royal Mail's problems are stacking up

  25-06-2020 20:45 via uk.finance.yahoo.com
  
  Ministers should check their post – Royal Mail's problems are stacking up. Vital restructuring is stalled, it’s at war with the CWU union and the business is losing £1m a day
  
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• BA tells longest-serving cabin crew to take 20% pay cut or lose jobs

  25-06-2020 20:43 via uk.finance.yahoo.com
  
  BA tells longest-serving cabin crew to take 20% pay cut or lose jobs. Proposal comes two months after airline notified unions of plan to lay off 12,000 staff
  
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• US warns UK over Huawei plan to spend £1bn on chip facility

  25-06-2020 20:26
  Permission for Chinese group to build development centre in Cambridgeshire draws state department ire
  
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• British Airways offers pay rises for some cabin crew

  25-06-2020 20:05 via uk.finance.yahoo.com
  
  British Airways has vowed not to cut the salaries of its 14,000 cabin crew by more than 20pc in an offer presented to unions as the airline seeks to slash costs after flights were grounded worldwide. The flag carrier is already planning to axe up to 12,000 staff - more than a quarter of its workforce - and change the terms and conditions for those who keep their jobs, prompting MPs on the Transport Select Committee to label it a “national disgrace”. The proposals would also mean that
  
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• US Treasury sent $1.4bn of pandemic aid to dead people

  25-06-2020 20:04 via bbc.co.uk
  
  It was one of several "challenges" identified in an audit of federal pandemic relief programmes.
  
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• BoE risks losing credibility, warns former deputy governor

  25-06-2020 20:01
  Paul Tucker questions Bank’s independence in wake of £300bn programme to avert Covid crisis
  
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• Cost of new Sizewell C nuclear plant put at £20bn

  25-06-2020 19:51
  Higher-than-expected price tag revealed for first time in planning documents
  
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• Metropolitan Police issue statement on Brixton clashes

  25-06-2020 19:31 via uk.finance.yahoo.com
  
  A spokesperson for the Metropolitan Police has explained the events that took place in Brixton, south London, last night saw twenty-two police officers injured. Chief Superintendent Colin Wingrove reiterated that gatherings like the one broken up on the Angell Town estate are illegal under current lockdown measures. .
  
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• Coronavirus: We're taking pandemic seriously, says beauty firm

  25-06-2020 19:29 via bbc.co.uk
  
  Skin care company Dermalogica is calling on the UK government to announce an opening date for salons.
  
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• British Airways makes proposal to cabin crew on pay cuts

  25-06-2020 19:19 via uk.finance.yahoo.com
  
  British Airways, owned by IAG , has made a proposal to its cabin crew that would mean those taking on a corresponding role under its restructuring proposals would be paid at least 80% of their current basic rate, an internal letter said.British Airways has come under fire from British lawmakers who have accused the airline of trying to "fire and rehire" its employees on worse pay and conditions, with trade union Unite saying that some cabin crew are facing pay cuts of 70%.It said employees who s
  
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• Exclusive: Viber severs ties with Facebook in growing boycott

  25-06-2020 19:18 via uk.finance.yahoo.com
  
  Exclusive: Viber severs ties with Facebook in growing boycott. Service adds to firms shunning Facebook over refusal to act against Donald Trump posts
  
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• Germany won't agree on 5G rules before summer break

  25-06-2020 19:12 via uk.finance.yahoo.com
  
  Telecommunications companies will have to wait until at least September for Germany's government to agree rules on installing components in the future 5G mobile communications network, a government official said on Thursday.Deutsche Telekom, Huawei's largest customer in Europe, has argued against any blanket bans on individual foreign vendors.
  
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• Volvo Cars, Waymo partner to build self-driving vehicles

  25-06-2020 19:09 via uk.finance.yahoo.com
  
  Waymo and the Volvo Cars Group have agreed to develop a self-driving electric vehicle designed for ride hailing use, as part of a new global partnership, the companies said on Thursday.Waymo, a unit of Silicon Valley's Alphabet Inc , said it will be the exclusive global partner for Volvo Cars for developing self-driving vehicles capable of operating safely without routine driver intervention.Waymo will focus on the artificial intelligence for the software "driver."
  
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• WTO nominee Ngozi Okonjo-Iweala vows to bridge divide between US and China on trade

  25-06-2020 19:08 via uk.finance.yahoo.com
  
  The leading candidate to become the next boss of the World Trade Organisation has claimed she is the best placed contender to bridge the bitter trade divide between the US and China. Ngozi Okonjo-Iweala, Nigeria’s official nominee to replace Roberto Azevedo as director-general, said she had a track record of dealing with both Beijing and Washington as Nigeria’s longest serving finance minister and as managing director of the World Bank. “I’ve been able to work with senior
  
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• Just 18pc of rent collected by commercial landlords

  25-06-2020 19:03 via uk.finance.yahoo.com
  
  Commercial landlords were paid just 18.2pc of what they were owed on Wednesday’ June quarterly rent collection date, laying bare the pain caused by the coronavirus pandemic. The collection rate was lower than the 24.3pc collected on the March quarterly rent day, reflecting the loss of months of income to non-essential retailers, which were all forced to close from March 23. Re-Leased, the cloud-based commercial property management platform, worked out the figures based on more than 10,000
  
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• Super-Earths that could be home to alien life discovered nearby, scientists say

  25-06-2020 19:00 via uk.finance.yahoo.com
  
  A set of super-Earths has been found orbiting one of our nearest stars, scientists say.The planets could be among the best opportunities for finding life outside of our solar system, the researchers who discovered them say.
  
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• Pub group owned by billionaires 'demanding rent' amid Covid-19 crisis

  25-06-2020 19:00 via uk.finance.yahoo.com
  
  Pub group owned by billionaires 'demanding rent' amid Covid-19 crisisWellington Pub Company, owned by Reuben brothers accused of declining rent cuts* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Coronavirus data indicate UK infections continuing to fall

  25-06-2020 19:00
  Downward trend comes days after Boris Johnson announced plans to open up economy further next month
  
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• Is the Royal Mail share price now cheap enough for an investor to buy?

  25-06-2020 18:49 via uk.finance.yahoo.com
  
  Royal Mail's share price slumped 12% today and investors might be wondering if it's cheap enough to buy. James J. McCombie doesn't think it is.The post Is the Royal Mail share price now cheap enough for an investor to buy? appeared first on The Motley Fool UK.
  
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• Bank of England independence at risk, says former deputy governor

  25-06-2020 18:46 via uk.finance.yahoo.com
  
  Bank of England officials have put its independence at risk by supporting state borrowing with a massive money-printing programme during the coronavirus pandemic, former deputy governor Sir Paul Tucker has warned. Threadneedle Street's quantitative easing scheme has gone far beyond what was needed to stabilise the markets, Sir Paul said - raising concerns that the institution may have veered away from its core mission of setting policies largely to meet the 2pc inflation target. The intervention
  
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• Virgin Media apologises for network outage in London

  25-06-2020 18:45
  Glitch angers broadband users working from home across the capital
  
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• Travel industry hopes air bridges are a ticket to survival

  25-06-2020 18:42 via uk.finance.yahoo.com
  
  From the beaches of Malaga to faraway Greek islands and retreats in the South of France, hopes are rising that holidays and business trips to Europe could be back this summer and revive the travel industry in the process. The anticipated introduction of "air bridges" - or "travel corridors" as the Government prefers to call them - will enable trips to destinations including France, Italy, Spain, Greece and Germany without the need to quarantine for 14 days on their return. Details of the plans,
  
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• Health Secretary "delighted" at NHS recruitment numbers

  25-06-2020 18:42 via uk.finance.yahoo.com
  
  Health Secretary Matt Hancock says he's "absolutely delighted" that 12,000 nurses have joined the NHS over the past year.
  
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• Market report: Rough ride as National Express drops

  25-06-2020 18:38 via uk.finance.yahoo.com
  
  European bourses managed to recoup some ground on Thursday, although the mood throughout the session was fairly muted. Equities were lower on the open as the health crisis continued to play on traders’ minds, but sentiment seemed to pick up once trading began in the US. London’s benchmark index closed just 0.38pc higher to 6,147.14 after Wednesday’s brutal sell-off, but the FTSE 250 slipped 0.23pc to 17,112.12. In the eurozone the German Dax and French Cac climbed 0.69pc and 0.
  
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• Tesco shares – are they a great buy for value investors right now?

  25-06-2020 18:37 via uk.finance.yahoo.com
  
  Tesco is considered to be a safe-haven company. Is it true and is its stock worth buying? Anna Sokolidou tries to find out.The post Tesco shares - are they a great buy for value investors right now? appeared first on The Motley Fool UK.
  
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• Swedish FSA fines SEB for lax anti-money laundering measures in Baltics

  25-06-2020 18:23 via uk.finance.yahoo.com
  
  Sweden's financial watchdog on Thursday fined lender SEB1 billion crowns (£86 million) for failures in compliance and governance in relation to anti-money laundering controls in the Baltics.The scandal, which first ensnared Danske Bankand has resulted in fines for two of Sweden's biggest lenders, lifted the lid on money flows through a region that acts as a bridge between non-resident clients - often Russian - and the European Union and the wider world.The FSA said SEB should have realised
  
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• Exclusive: Venezuela's PDVSA weighs plan to pay for refinery work with fuel, byproducts - sources

  25-06-2020 18:18 via uk.finance.yahoo.com
  
  Officials from Venezuelan state oil company Petroleos de Venezuela have spoken with private contractors about paying for work fixing the country's refineries with fuel and byproducts, a half dozen people familiar with the talks said.The possibility of in-kind compensation comes as U.S. sanctions on PDVSA and severe cash-flow problems at the company have complicated its ability to pay third-party contractors, whose help it needs to revamp gasoline output at its 1.3 million barrel-per-day refining
  
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• Markets push higher as traders shake off second wave fears

  25-06-2020 18:13 via uk.finance.yahoo.com
  
  London’s top flight closed 23.45 points higher at 6,147.14p at the end of trading on Thursday.
  
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• British Airways tells staff basic pay cuts will not be more than 20% and slams unions for refusing to enter talks

  25-06-2020 18:10 via uk.finance.yahoo.com
  
  British Airways officials have written tonight to Heathrow cabin crew to say their basic pay will not be cut by more than 20% in its wide-ranging cost-cutting plan.The airline said after the covid lockdowns began that it needed to cut up to 12,000 jobs and bring its wage bill down into line with rivals if it is to survive the collapse in passenger numbers expected after coronavirus.
  
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• Nissan to lay off 200 Mexico workers amid global auto slowdown

  25-06-2020 18:04 via uk.finance.yahoo.com
  
  Japanese automaker Nissanwill lay off about 200 workers at a plant in Mexico amid local and global challenges facing the automotive industry, the carmaker said on Thursday."Stemming from changes in the global and local industry, we have had to make important decisions to ensure the sustainability of our operations in today's environment," a Nissan spokesperson told Reuters in a statement.The job cuts will take place at a Nissan plant in the central state of Aguascalientes, the firm said.
  
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• Netherlands agrees to contribute 3.4 bln euros to Air France-KLM bailout

  25-06-2020 18:01 via uk.finance.yahoo.com
  
  The Dutch government has reached a deal with France to contribute 3.4 billion euros (3.07 billion pounds) to an Air France-KLMbailout that had strained relations between the airline group's state shareholders, sources told Reuters.The agreement will see the Netherlands issue direct loans and guarantees to KLM and appoint a trustee to its board, two people with knowledge of the matter said.Air France-KLM and the French finance ministry declined to comment, but the Dutch finance ministry later ann
  
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• France, Netherlands reach deal on 3.4 billion KLM bailout - company, minister

  25-06-2020 18:01 via uk.finance.yahoo.com
  
  The Dutch finance minister said on Thursday the government will hold a news conference on Friday to release details of an aid package agreed by France and the Netherlands on his country'scontribution to bail out Air France-KLM .Under the deal, the Dutch government would offer about 3.4 billion euros (3.07 billion pounds) in guaranteed and direct loans to KLM and appoint a trustee to its board, two of several sources with knowledge of the matter told Reuters.Air France late Thursday published a s
  
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• France, Netherlands reach deal on 3.4 billion euro Air France-KLM bailout

  25-06-2020 18:01 via uk.finance.yahoo.com
  
  The Dutch government has reached a deal with France to contribute 3.4 billion euros (3.07 billion pounds) to an Air France-KLMbailout that had strained relations between the airline group's state shareholders, sources told Reuters.The agreement will see the Netherlands issue direct loans and guarantees to KLM and appoint a trustee to its board, two people with knowledge of the matter said.Air France-KLM and the French finance ministry declined to comment, but the Dutch finance ministry later ann
  
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• Exclusive: France, Netherlands close to deal on KLM bailout - sources

  25-06-2020 18:01 via uk.finance.yahoo.com
  
  France and the Netherlands are close to an agreement on a Dutch Air France-KLMbailout contribution, three sources with knowledge of the matter told Reuters on Thursday.Under the deal, which could be announced on Thursday evening or Friday morning, the Dutch government would unblock close to 4 billion euros (£3.6 billion) in guaranteed and direct loans to KLM and appoint a trustee to its board, they said.Dutch government officials did not immediately respond to requests for comment.
  
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• Gucci owner Kering to open chemical lab in Italy

  25-06-2020 17:59 via uk.finance.yahoo.com
  
  French luxury giant Keringis opening a laboratory in Tuscany that will carry out chemical and other tests on its products and raw materials to check their quality and sustainability, it said on Thursday.The lab will be open to local and foreign companies outside Kering, it said.
  
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• Rainy day hastens sovereign wealth funds' refocus to home

  25-06-2020 17:56 via uk.finance.yahoo.com
  
  Famed for snapping up glitzy real estate and stakes in troubled international banks during the global financial crisis, sovereign wealth funds are investing more at home, a trend set to accelerate in the wake of the economic carnage wrought by COVID-19.There has been a flurry of recent domestic deals, such as Turkey's fund injecting 21 billion lira (£2.5 billion) into three state banks and Temasek supporting a $1.5 billion rights issue by Sembcorp Marine.While the lion's share of sovereign
  
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• Clean-up after 22 police officers injured in Brixton

  25-06-2020 17:52 via uk.finance.yahoo.com
  
  Twenty-two police officers were injured in Brixton, south London, last night as they broke up a street party for breaking lockdown restrictions. People were seen cleaning the debris from the streets in the area today. .
  
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• EU is 'very concerned' by delayed WTO decision on tariffs versus U.S.

  25-06-2020 17:49 via uk.finance.yahoo.com
  
  A delay to a decision on whether the European Union can impose tariffs against the United States over subsidies for Boeingis unjustified and harms the bloc's right to retaliate, the European Commission said on Thursday.The World Trade Organization has pushed back the decision, originally expected in May or June, to at least September due to the impact that recent coronavirus lockdowns are having on its work, people familiar with the case told Reuters on Wednesday."The EU is very concerned about
  
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• Calls for temperature limit in UK workplaces on hottest day of the year

  25-06-2020 17:44 via uk.finance.yahoo.com
  
  The heatwave may leave many workers wondering how hot is too hot to work, but Britain has no maximum workplace temperature limit.
  
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• Waitrose will never stock chlorinated chicken, says boss

  25-06-2020 17:31 via bbc.co.uk
  
  He joins calls to stop any relaxation of rules on imports of chlorinated chicken and hormone-injected beef.
  
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• Coronavirus: New laws to ease outdoor drinking and dining rules

  25-06-2020 17:25 via bbc.co.uk
  
  Pubs and restaurants will more easily be able to get "pavement licences" under plans to boost hospitality.
  
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