Business news - NewsLocker

Monte Paschi approves plan to offload over 8 billion euros of bad loans

29-06-2020 23:47 via uk.finance.yahoo.com

Italy's Banca Monte dei Paschi di Sienaapproved a plan on Monday to offload more than 8 billion euros ($9 billion)in gross bad loans in a move that could pave the way for a possible re-privatisation of the lender.The Tuscan bank said in a statement the deal with state-owned bad loan manager AMCO included spinning off a package of gross bad loans worth 4.8 billion euros and unlikely-to-pay loans worth 3.3 billion euros.It also included more than 1 billion euros in equity and 3.2 billion euros in

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PM Johnson's answer to COVID-19 downturn: 'Build, build, build'

29-06-2020 23:31 via uk.finance.yahoo.com

Prime Minister Boris Johnson will set out his plan to spend the British economy out of its coronavirus-induced crisis, with a speech on Tuesday promising to fast-track 5 billion pounds of infrastructure investment.Britain shut down swathes of its economy for nearly three months when COVID-19 threatened to run out of control, forcing the government to borrow tens of billions of pounds to keep companies afloat and limit job losses.

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Coronavirus: UK government promises £5bn 'New Deal' to kickstart recovery

29-06-2020 23:30 via uk.finance.yahoo.com

Plans include £1.5bn for hospitals, £1bn to spend building new schools, £900m for “shovel-ready” local projects, and £100m for roads.

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Types of Casino Promotions

29-06-2020 23:27 via ibtimes.co.uk

One of the best things about playing popular online casino games is that casinos reward players with promotions and bonuses. These promotions ensure players continue playing in the casino, and they can include bonuses like free spins and deposit matching.

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Norwegian Air cancels 97 Boeing planes, files legal claim for compensation

29-06-2020 23:23 via uk.finance.yahoo.com

Norwegian Airhas cancelled orders for 97 Boeingaircraft, including 92 of the 737 MAX and five 787 Dreamliners, the Oslo-based budget carrier said in a statement on Monday."Norwegian has in addition filed a legal claim seeking the return of pre-delivery payments related to the aircraft and compensation for the company's losses related to the grounding of the 737-MAX and engine issues on the 787," it said.

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Norwegian Air cancels 97 Boeing planes, claims compensation

29-06-2020 23:23 via uk.finance.yahoo.com

Norwegian Airhas cancelled orders for 97 Boeingaircraft and will claim compensation from the U.S. plane-maker for the groundings of the 737 MAX and 787 engine troubles that hit its bottom line, the Oslo-based carrier said on Monday.

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Norwegian Air cancels 97 Boeing MAX and Dreamliners, claims compensation

29-06-2020 23:23 via uk.finance.yahoo.com

Norwegian Airhas cancelled orders for 97 Boeingaircraft and will claim compensation from the U.S. plane maker for the grounding of the 737 MAX and for 787 engine troubles that hit its bottom line, the Oslo-based carrier said on Monday.The airline cancelled 92 of the 737 MAX jets, five 787 Dreamliners and so-called GoldCare service agreements related to both aircraft."Norwegian has in addition filed a legal claim seeking the return of pre-delivery payments related to the aircraft and compensation

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Brits to spend £210m in pubs this weekend as more than one third return to their local in first week of reopening

29-06-2020 23:13 via uk.finance.yahoo.com

Britons are expected to spend £210 million in pubs this weekend as more than one third return to their local.About 35 per cent of UK adults plan to visit a pub in the first week they reopen after the coronavirus lockdown, new research by the Centre for Economics and Business Research (CEBR) predicts.

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Greenland-focused miner AEX Gold looks to raise £45m in London listing

29-06-2020 23:03 via uk.finance.yahoo.com

AEX Gold, a gold mining group, is lining up a £45m share issue as it looks to cash in on demand for the precious metal. The Greenland-focused miner, which is also listed in Canada, will publish its intention to float on the London Stock Exchange’s junior market. The listing is expected to value the company at £40m. Proceeds from the float will be used to expand its operations in the remote country, whose rich resources have attracted interest from large miners such as Anglo Ame

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U.S. starts paring back Hong Kong's special status due to security law

29-06-2020 22:50 via uk.finance.yahoo.com

The United States began eliminating Hong Kong's special status under U.S. law on Monday, halting defense exports and restricting the territory's access to high technology products as China prepares new Hong Kong security legislation.The Commerce Department said it was suspending "preferential treatment to Hong Kong over China, including the availability of export license exceptions," adding that further actions to eliminate Hong Kong's privileged status were being evaluated."We urge Beijing to i

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U.S. ends defense exports to Hong Kong, looking to more restrictions

29-06-2020 22:50 via uk.finance.yahoo.com

The United States is ending defense exports to Hong Kong and is considering further restrictions on trade with the territory, U.S. Secretary of State Mike Pompeo said on Monday.China recently moved to impose new security legislation that has raised concerns among Hong Kong democracy activists that Beijing is further eroding the extensive autonomy promised when Britain handed the territory back to China in 1997."The Chinese Communist Party’s decision to eviscerate Hong Kong’s freedoms

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U.S. ends defense exports to Hong Kong, looking at more restrictions

29-06-2020 22:50 via uk.finance.yahoo.com

The United States began eliminating Hong Kong's special status under U.S. law on Monday, halting defense exports and restricting the territory's access to high technology products as China prepares new Hong Kong security legislation.The U.S. move comes as the top decision-making body of China's parliament deliberates a draft national security law for Hong Kong that pro-democracy activists in the city fear will be used to eliminate dissent and tighten Beijing's control."The Chinese Communist Part

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U.S. begins to pare back Hong Kong's special status

29-06-2020 22:50 via uk.finance.yahoo.com

The United States began eliminating Hong Kong's special status under U.S. law on Monday, halting defense exports and restricting the territory's access to high technology products as China prepares new Hong Kong security legislation.The U.S. move comes as the top decision-making body of China's parliament deliberates a draft national security law for Hong Kong that pro-democracy activists in the city fear will be used to eliminate dissent and tighten Beijing's control.

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Microsoft, Ford and Adidas join growing Facebook advertising boycott

29-06-2020 21:59 via uk.finance.yahoo.com

Facebook's boycott crisis deepened on Monday as a host of other major advertisers including Microsoft, Ford and Adidas announced they would pull out their money. At least 184 companies have now joined the protest against Facebook's hate policies, including some of its biggest customers, according to the activist group Sleeping Giants. Reebok, Levi's and the US cleaning company Clorox also froze spending, in some cases for as long as six months. Reports revealed that Microsoft had already quietly

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Reddit bans largest pro-Trump subreddit amid hate speech crackdown

29-06-2020 21:57 via uk.finance.yahoo.com

Reddit bans largest pro-Trump subreddit amid hate speech crackdown. Twitch suspends president’s channel, leaving Facebook increasingly alone in its hands-off approach

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German government agrees compensation for utilities over hard coal phase-out

29-06-2020 21:48 via uk.finance.yahoo.com

Chancellor Angela Merkel's coalition government has agreed on a compensation package for utilities operating hard coal power stations as part of Germany's plans to phase out coal by 2038 at the latest to meet climate goals.Conservative and SPD parliamentary representatives said that under the agreement utilities that switch hard coal-powered plants to gas will get a conversion bonus of 390 euros per kilowatt instead of a previously agreed 180 euros.If utilities decided to switch their plants to

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On-street dining application process to be streamlined for pubs and restaurants

29-06-2020 21:28 via uk.finance.yahoo.com

Pubs and restaurants will be able to get permission for on-street dining in around 10 days.

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Private sector participation in G20 debt relief 'essential' - IMF

29-06-2020 21:24 via uk.finance.yahoo.com

Private sector participation will be essential to ensuring the success of a debt relief initiative launched by the Group of 20 major economies for the world's poorest countries, the chief economist of the International Monetary Fund said on Monday.The G20's offer to suspend official bilateral debt service payments by the poorest countries would likely need to be extended beyond the end of the year, Gita Gopinath told an online event hosted by the Center for Strategic and International Studies th

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Pro-nuclear energy protesters rally against Greenpeace in Paris

29-06-2020 21:21 via uk.finance.yahoo.com

The protest comes as state-controlled utility EDF plans to shut down the second and last ageing nuclear reactor of its Fessenheim plant near the German border overnight.The French government is working to reduce the share of atomic power in its electricity mix to 50% by 2035 from the more than 71% currently, as well as to promote more renewable energy, sparking an intense debate.

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Has CMA been put back in its box after Tyrie's exit? That's how it looks

29-06-2020 21:08 via uk.finance.yahoo.com

Has CMA been put back in its box after Tyrie's exit? That's how it looks. Chairman’s departure poses question of whether regulator’s reform plan will be dropped

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Pandemic leads to six months of global market mayhem

29-06-2020 20:55 via uk.finance.yahoo.com

Probably the best thing to say about world financial markets so far this year is simply that it has been quite a ride.If somehow you missed the coronavirus slamming the global economy like a wrecking ball, current market levels certainly do not reveal the wild swings that unprecedented events unleashed.Sure, world stocksare down nearly 9% fortheir worst start to a year in a decade, some big emerging market currencies are down over 15% and super low-risk U.S. government bonds and goldhave returne

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Recriminations fly between EU and UK over financial services

29-06-2020 20:50

Talks over market access rights for City of London after Brexit make little headway

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UK farmers win concession on post-Brexit agricultural trade policy

29-06-2020 20:49

Commission to be created after lobbying from farming union over threat to food standards

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Farmers win concession on post-Brexit agricultural trade policy

29-06-2020 20:49

Commission to be created after lobbying from farmers union over threat to food standards

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Ford pauses U.S. social media advertising, calls for hate speech to be 'eradicated' from content

29-06-2020 20:27 via uk.finance.yahoo.com

Ford Motor Co said on Monday it would pause advertising on all social media platforms in the United States for the next 30 days, joining a growing list of companies that have stopped spending on Facebook Inc in support of a campaign that called out the company for not doing enough to stop hate speech on its platform.The No. 2 U.S. automaker said it would re-evaluate its presence on all social media platforms and added that hate speech, violence and racial injustice in content on social media "ne

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Watchdogs warn pharmacies not to hike price of face masks

29-06-2020 20:24 via uk.finance.yahoo.com

Watchdogs warn pharmacies not to hike price of face masksRegulators also criticise sale of paracetamol and hand sanitiser at excessive costs* Coronavirus – latest updates* See all our coronavirus coverage

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Cirque du Soleil files for creditor protection in Canada

29-06-2020 20:22 via uk.finance.yahoo.com

The creator of many of the most popular shows in Las Vegas blamed the disruption caused by the Covid-19 pandemic.

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Britain's $500m OneWeb bid faces Canadian gatecrashing from Telesat

29-06-2020 20:02 via uk.finance.yahoo.com

Britain is facing the prospect of Canada gatecrashing its bid for OneWeb, the collapsed firm that No 10 hopes could provide the UK with a sovereign satellite navigation system. The Telegraph understands that Britain’s bid, which will see the Government take a 20pc stake in OneWeb for $500m (£406m), is facing a final auction with a Canadian bid from satellite firm Telesat. Meanwhile, Britain's bid is understood to have the backing of Bharti Enterprises, the telecoms conglomorate owned

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Macron slams Turkey's 'criminal' role in Libya, Putin's ambivalence

29-06-2020 19:55 via uk.finance.yahoo.com

France's president on Monday accused Turkey of massively importing jihadists into Libya, labeling Ankara's intervention "criminal" and he lambasted Russian President Vladimir Putin's ambivalence towards his country's mercenaries operating in the North African state.Ties between NATO allies France and Turkey have soured in recent weeks over Libya, Northern Syria and drilling in the eastern Mediterranean.Turkey has intervened decisively in recent weeks in Libya, providing air support, weapons and

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One million pub and waiting staff will return to work next month

29-06-2020 19:53 via uk.finance.yahoo.com

Almost one million restaurant, pub and hotel workers are set to return to work in July as around 60pc of hospitality businesses prepare to welcome back customers. Some 960,000 staff are expected to return to work from furlough over the course of July, according to industry trade body UKHospitality, after Boris Johnson gave some firms the go-ahead to reopen from Saturday July 4. Another 720,000 are expected to come off the furlough scheme in September to see more than 1.6m people back to work in

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Reddit bans pro-Trump forum 'The Donald' in crackdown on hate speech

29-06-2020 19:52 via uk.finance.yahoo.com

The social media message board Reddit has banned a forum about Donald Trump as part of a crackdown on racism and hate speech. The site said it was updating its moderation policy to eliminate abuse. It is banning 2,000 forums, most of which it says are inactive. 200 have more than 10 daily users. As well as the highly popular Donald Trump forum, these popular threads also include a page dedicated to the left-wing podcast Chapo Trap House. Reddit has been criticised for years over the content of t

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Merkel and Macron cement support for €750bn EU recovery fund

29-06-2020 19:52 via uk.finance.yahoo.com

The French and German leaders are backing €500bn in grants for EU states.

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UK ministers send mixed messages over climate commitments, says fund manager

29-06-2020 19:39 via uk.finance.yahoo.com

UK ministers send mixed messages over climate commitments, says fund managerNigel Wilson criticises ‘confusion’ created by prioritising HS2 and Heathrow expansion

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Ryanair UK pilots to decide by Wednesday on plan to limit job losses

29-06-2020 19:37 via uk.finance.yahoo.com

Ryanair's British pilot union is to announce on Wednesday whether its members have backed an agreement brokered with management to mitigate the loss of 334 pilot jobs by agreeing to series of measures including a 20% pay cut, the union said.The British Airline Pilots Association said it had negotiated with Ryanair "to mitigate the potential loss of 334 UK pilot jobs," which the airline had notified the union of on May 18.It has said the number of job cuts might be smaller if staff agree to pay c

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India bans TikTok in purge of 59 Chinese apps

29-06-2020 19:33 via uk.finance.yahoo.com

The Indian government has banned TikTok and 58 other Chinese apps from the country's internet as a border dispute with its Communist neighbour continues to escalate. India's Ministry of Information Technology invoked controversial blocking powers to cut off a swathe of widely-used services including Clash of Kings, Baidu Map and Translate, and the social networks WeChat, Weibo and QQ. Officials claimed that they were responding to complaints from citizens about "malicious apps" that "steal and s

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Covid-19 recession causing job losses in older workers and housing stress in young

29-06-2020 19:30 via uk.finance.yahoo.com

Covid-19 recession causing job losses in older workers and housing stress in youngAustralians 51 to 65 are most likely to have lost work or had hours cut, while 18 to 24-year-olds find it hardest to pay rent* Download the free Guardian app to get the most important news notifications* Coronavirus Australia maps and cases: live numbers and statistics

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Merkel, Macron hope for EU summit deal on budget, recovery fund

29-06-2020 19:19 via uk.finance.yahoo.com

German Chancellor Angela Merkel on Monday held out hope that European Union member states will overcome their differences on a multi-year budget of more than 1 trillion euros as well as a recovery fund at a summit of leader next month."Myriad talks" remain to be held, Merkel told a joint news conference with visiting French President Emmanuel Macron, but added: "We hope we can find a solution, even if there is still a long way to go."

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How hate speech campaigners found Facebook’s weak spot

29-06-2020 19:08 via uk.finance.yahoo.com

How hate speech campaigners found Facebook’s weak spotThe social network’s crisis has been a long time in the making and shows no sign of going away

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How hate speech campaigners found Facebook's weak spot

29-06-2020 19:08 via uk.finance.yahoo.com

How hate speech campaigners found Facebook's weak spotThe social network’s crisis has been a long time in the making and shows no sign of going away

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Automakers rev up discounts to beat coronavirus sales blues

29-06-2020 19:01 via uk.finance.yahoo.com

U.S. automakers are scheduled to report June and second-quarter car and light truck sales on Wednesday.The second-quarter numbers reflect a peak for the U.S. auto industry's efforts to use consumer discounts, low interest loans and other incentives to prop up demand during the pandemic.Since March, U.S. automakers have rushed to prop up demand with rich incentives to keep sales moving.

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Boeing begins crucial certification test flights for grounded 737 MAX

29-06-2020 18:47 via uk.finance.yahoo.com

A Boeing Co737 MAX took off on Monday from a Seattle-area airport on the first day of certification flight testing with U.S. Federal Aviation Administration and company test pilots, a crucial moment in the planemaker's worst-ever crisis.Boeing Flight 701 departed King County International Airport, which is also known as Boeing Field, around 12:55 p.m. EDT (0955 PDT/1655 GMT).It was scheduled to land two hours later at Moses Lake airport in eastern Washington, people familiar with the flight plan

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Boeing 737 MAX begins key certification test flights

29-06-2020 18:47 via uk.finance.yahoo.com

A Boeing Co737 MAX took off on Monday just before 1 p.m. EDT (1000 PDT/1700 GMT) from a Seattle-area airport on the first day of certification flight testing with U.S. Federal Aviation Administration test pilots, a crucial moment in its worst-ever crisis.Boeing Flight 701 departed King County International Airport, which is also known as Boeing Field, a Reuters witness confirmed.The plane is scheduled to land two hours later at Moses Lake airport, according to flight tracking website FlightAware

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Exclusive: Germany missed chances to put Wirecard on watchlist - source

29-06-2020 18:42 via uk.finance.yahoo.com

German regulators twice looked into tightening the supervision of collapsed payments firm Wirecardand discussed it with the German and European central banks but no action was taken, a person with direct knowledge of the talks told Reuters.Wirecard's implosion came years after the first allegations of fraud by some investors and journalists and the focus is now shifting to how regulators supervised a company that was hiding a $2.1 billion hole in its books.In 2017, officials from German financia

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Landlords help Monsoon save more stores

29-06-2020 18:39 via uk.finance.yahoo.com

Monsoon Accessorize is to keep 57 more stores open than initially planned after a raft of landlords agreed to new turnover-based rents. The failed chain's administrator FRP Advisory now hopes to preserve 157 of the company's 230 branches, saving 2,400 jobs following its collapse in the middle of lockdown. Sites will reopen by the end of July. Parts of the business were swiftly bought by its founder Peter Simon when Monsoon Accessorize fell over earlier this month. He acquired the brands and the

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France to isolate COVID-linked debt in special structure - minister

29-06-2020 18:38 via uk.finance.yahoo.com

The French government aims to hive off from the state balance sheet extra debt linked to the COVID-19 pandemic, lodging it in a special structure to pay it down gradually, Finance Minister Bruno Le Maire said on Monday.The government expects the public debt burden to surge to a record 121% of gross domestic product this year due to the crisis, up from just shy of 100% before the outbreak.

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Markets boosted as travel firms fly high

29-06-2020 18:31 via uk.finance.yahoo.com

US shares shrugged off worries over spikes in coronavirus infections.

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Ireland preparing 'sizable' July stimulus package - new PM

29-06-2020 18:31 via uk.finance.yahoo.com

Ireland's July stimulus plan to help firms hit by the economic lockdown and subsequent restrictions to control the spread of coronavirus will be a sizable package to meet the scale of the challenge, new Prime Minister Micheál Martin said on Monday."This will be a sizable package that has to meet the challenges of our time and they are very, very significant challenges," Martin told a news conference, adding that it was too early to say how much the plan would cost.Business Minister Leo Va

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U.S. appeals court stays order requiring GM, FCA meet to resolve GM lawsuit

29-06-2020 18:26 via uk.finance.yahoo.com

A U.S. appeals court on Monday stayed a lower court's order requiring officials from General Motors Coand Fiat Chrysler Automobilesto resolve GM's racketeering lawsuit."In order to provide sufficient time to consider the matters raised in GM’s petition, and having considered the relevant factors, we conclude that a temporary stay is appropriate," the Sixth Circuit Court of Appeals said in a court filing.GM said in a statement that it looked forward to the appeals court's review and decisio

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Market report: Betting firm investors cash in chips

29-06-2020 18:24 via uk.finance.yahoo.com

Britain's top gambling groups saw their share prices fall on fears of a looming sector crackdown. On Sunday, the Commons public accounts committee published a report that accused the Government and regulators of failing to shield the public from the risks of online betting. The report said the Department for Digital, Culture, Media and Sport had not done enough to prevent harms, and branded the Gambling Commission “a torpid, toothless regulator”. The report gave the department and th

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BP sells petrochemicals business to Sir Jim Ratcliffe’s Ineos for £4bn

29-06-2020 18:11 via uk.finance.yahoo.com

BP has agreed to sell its chemicals business to Sir Jim Ratcliffe’s Ineos for $5bn (£4bn) in a move that will strengthen the oil giant’s finances as it attempts to deal with lower fossil fuel prices caused by the coronavirus pandemic.The unit employs about 1,700 people at 15 sites globally, including one in Hull, all of which are set to transfer to Ineos, BP said.

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