Business news

• How Moderna executives are cashing in on COVID-19 vaccine stock speculation

  02-07-2020 23:33 via uk.finance.yahoo.com
  
  In the meantime, the firm’s chief executive is pocketing millions of dollars every month by selling shares that have tripled in price on news of Moderna’s development progress, a Reuters analysis of corporate filings shows.The sales - by CEO Stéphane Bancel, his childrens’ trust and companies he owns - amount to about $21 million (£17 million) between January 1 and June 26, including $6 million in May.The lucrative liquidations highlight the unusually powerful ince
  
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• How Moderna execs are cashing in on COVID-19 vaccine stock speculation

  02-07-2020 23:33 via uk.finance.yahoo.com
  
  In the meantime, the firm’s chief executive is pocketing millions of dollars every month by selling shares that have tripled in price on news of Moderna’s development progress, a Reuters analysis of corporate filings shows.The sales - by CEO Stéphane Bancel, his childrens’ trust and companies he owns - amount to about $21 million between January 1 and June 26, including $6 million in May.The lucrative liquidations highlight the unusually powerful incentives for biotech e
  
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• Coronavirus: 800 jobs 'secure' as Celsa Steel gets £30m emergency loan

  02-07-2020 23:12 via bbc.co.uk
  
  Celsa Steel, which employs 800 workers in Wales, has received an emergency government loan.
  
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• Regeneron, Sanofi arthritis drug fails COVID-19 study

  02-07-2020 22:49 via uk.finance.yahoo.com
  
  Previous trial results had shown that the drug did not help patients with less severe COVID-19, the disease caused by the novel coronavirus, and shares of Regeneron fell about 3% in after hours trading.Other drugs in the same class, including Roche Holding AG'sActemra, are also being studied as treatments for COVID-19.Patients who required mechanical ventilation or high-flow oxygen therapy or treatment in an intensive care unit were considered critically ill.
  
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• Restaurants closing as Cafe Rouge and Bella Italia owner calls in administrators

  02-07-2020 22:16 via uk.finance.yahoo.com
  
  Casual Dining Group, the owner of Bella Italia, Cafe Rouge and Las Iguanas, has said it will close 91 of its 250 restaurants.Here is the full list of restaurants that will close.- Airports- Cafe Rouge Rapide Inverness Airport- Bristol Airport- The George Ale and Coffee House at Heathrow Terminal 5- The Darwin Ale and Coffee …
  
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• Sunak damps hopes of big UK tax cuts

  02-07-2020 22:01
  Summer statement next week likely to focus on job retention schemes over fiscal stimulus
  
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• Japan asks U.S. to extradite men accused of helping ex-Nissan boss Ghosn flee

  02-07-2020 22:01 via uk.finance.yahoo.com
  
  Japan has formally asked the United States to extradite a former Green Beret and his son accused of helping former Nissan Motor Coboss Carlos Ghosn flee the country while he was awaiting trial on financial charges.Japan submitted a request to the U.S. State Department to extradite Michael Taylor and his son, Peter Taylor, after they were provisionally arrested in Massachusetts in May, the U.S. Justice Department said in a court filing on Thursday.
  
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• Brazil central bank chief says WhatsApp payments service faces further review

  02-07-2020 21:54 via uk.finance.yahoo.com
  
  Brazil's central bank president said on Thursday that Facebook Inc messaging service WhatsApp would be allowed to launch its new payments service in the country, but called for proof it can operate safely in terms of data protection in a competitive market."We are not saying that it is not competitive, we just want them to ask for authorization and to show us how it will work for us to make sure it is competitive," Roberto Campos Netosaid in a webcast organized by local newspaper Correio Brazili
  
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• Boeing communications chief resigns over decades-old article on women in combat

  02-07-2020 21:45 via uk.finance.yahoo.com
  
  Boeing Co'scommunications chief Niel Golightly has resigned his position, the company said on Thursday, following an employee's complaint over an article the former U.S. military pilot wrote 33 years ago arguing women should not serve in combat."My article was a 29-year-old Cold War navy pilot's misguided contribution to a debate that was live at the time," Golightly said in a Boeing statement accompanying the announcement.
  
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• World top copper producer Chile keeps output steady in May even as coronavirus explodes

  02-07-2020 21:12 via uk.finance.yahoo.com
  
  World top copper producer Chile held its production of copper steady in May versus the previous year even as the coronavirus outbreak exploded in the South American nation, according to data released on Thursday by state copper agency Cochilco.The fast-spreading pandemic in Chile has rattled markets.
  
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• Principal left confused by school reopening plans

  02-07-2020 21:07 via uk.finance.yahoo.com
  
  Birchwood High School’s principal, Chris Ingate, has said that he is confused about how to implement some of the plans that have been outlined by the government on how to get all pupils back to school in September.
  
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• Portugal to take then sell majority stake in Efacec firm of Angola's dos Santos

  02-07-2020 21:04 via uk.finance.yahoo.com
  
  Portugal will nationalise and then sell the majority stake in engineering firm Efacec Power Solutions that had been controlled by Angolan businesswoman and ex-first daughter Isabel dos Santos, the government said on Thursday.Dos Santos, the daughter of former Angolan President Jose Eduardo dos Santos, is a suspect in a fraud investigation in her homeland and withdrew from Efacec's shareholding structure in January, according to the company."The cabinet took this decision because Efacec is in a s
  
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• Why the secrecy around financial terms of Covid-19 loan to Celsa Steel UK?

  02-07-2020 20:59 via uk.finance.yahoo.com
  
  Why the secrecy around financial terms of Covid-19 loan to Celsa Steel UK?Rishi Sunak is right to help sector weather pandemic but needs to show Treasury is top of tree of creditors
  
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• Celsa Steel gets UK's first Covid-19 corporate bailout

  02-07-2020 20:48 via uk.finance.yahoo.com
  
  Celsa Steel gets UK's first Covid-19 corporate bailout. Cardiff-based steel producer rescued with taxpayer-funded loan for struggling firms
  
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• UK unemployment set to surge to 3.5 million this year, business leaders forecast

  02-07-2020 20:33 via uk.finance.yahoo.com
  
  Unemployment is set to surge to 3.5 million this year as a result of the coronavirus pandemic, according to British business executives.A poll by the Bank of England found that, despite the opening up of shops and the easing of lockdown measures that has allowed millions of people to return to work, companies’s financial officers were more pessimistic in June about the outlook for jobs than than they were a month ago.
  
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• Steelmaker Celsa strikes first UK bespoke rescue deal

  02-07-2020 20:31
  Spanish group secures £30m state loan to support strategically important British operations
  
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• £30m rescue for steel company Celsa as 'Project Birch' kicks off

  02-07-2020 20:20 via uk.finance.yahoo.com
  
  Steel company Celsa has been granted an emergency loan by the Government in what is believed to be the first deal under the “Project Birch” programme to support strategically important businesses. Celsa, which has 1,600 staff in the UK and is the country’s biggest manufacturer of steel rebar used to reinforce concrete used in construction, has received a £30m bailout. It is understood that while the funding comes as a loan, its terms could see the taxpayer take an equity
  
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• Italy prosecutor says Eni, Shell aware of bribes in Nigeria case

  02-07-2020 20:09 via uk.finance.yahoo.com
  
  Oil majors Eniand Royal Dutch Shellwere aware that most of the money they spent to buy a Nigerian oilfield in 2011 would go in corrupt payments to politicians and officials, a prosecutor said on Thursday.Italy's Eni and Shell, who deny any wrongdoing, bought the OPL 245 offshore field in 2011 for about $1.3 billion from Malabu, a company owned by former Nigerian oil minister Dan Etete.
  
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• Café Rouge and Bella Italia owner falls into administration

  02-07-2020 19:59 via bbc.co.uk
  
  Ninety-one sites will close immediately with the loss of around 1,900 jobs.
  
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• Wealth tax more likely than ever, former civil service head says

  02-07-2020 19:57
  Levy on assets could help fix inequality highlighted by pandemic, says Gus O’Donnell
  
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• Facebook, YouTube, Twitter to face same EU rules on hateful content as broadcasters

  02-07-2020 19:57 via uk.finance.yahoo.com
  
  Facebook, Alphabet-owned YouTube, Twitter and other social media will for the first time be subject to EU broadcasting rules on hate speech and harmful content under European Commission guidelines announced on Thursday.The amendments to the Audiovisual Media Services Directive adopted in 2018 came in part from lobbying by broadcasters who wanted online platforms to have the same obligations as traditional media companies."Online players will have to ensure, in a similar way to traditional media
  
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• Bumper corporate taxes shelter Irish finances from worst of COVID-19

  02-07-2020 19:51 via uk.finance.yahoo.com
  
  Ireland took in more tax in the first six months of 2020 than the same period last year despite the COVID-19 shutdown as it raised a billion euros more than expected in corporate tax in June, much of it from multinationals based in the country.Income tax, meanwhile, was more resilient than expected, with the government taking in 1.4 billion euros in June compared to the 1 billion it had forecast, as the higher earners who pay the majority of tax continued to work."Exchequer returns for June hint
  
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• Cafe Rouge owner appoints administrators, cuts 1,909 jobs

  02-07-2020 19:36 via uk.finance.yahoo.com
  
  Britain's Casual Dining Group (CDG), the operator of restaurant chains Cafe Rouge, Bella Italia and Las Iguanas, said on Thursday it had appointed administrators and would permanently close 91 sites immediately with the loss of 1,909 jobs.The closures add to the thousands of jobs that have been lost on Britain's High Streets in recent days from companies hit hard by the coronavirus lockdown, including the owner of food outlet Upper Crust."Working alongside the administrators, we will do everythi
  
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• Boeing to pull the plug on its 747 jumbo jet - Bloomberg News

  02-07-2020 19:33 via uk.finance.yahoo.com
  
  The 747 democratized global air travel in the 1970s but fell behind modern twin-engine passenger jets.The last 747-8 will roll out of a Seattle area factory in about two years, according to the Bloomberg report.When contacted by Reuters, Boeing did not confirm the Bloomberg report.
  
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• The shape of the recovery is not given, but must be decided

  02-07-2020 19:23
  Rishi Sunak should not succumb to premature fiscal retrenchment
  
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• The shape of the recovery is not a given but must be decided

  02-07-2020 19:23
  Rishi Sunak should not succumb to premature fiscal retrenchment
  
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• How Encrochat became the go-to messaging service for gangsters

  02-07-2020 19:11 via uk.finance.yahoo.com
  
  The hundreds of criminals arrested following the penetration of encrypted messaging platform EncroChat has revealed the popularity of a service which spent years competing for customers. Designed to provide "worry-free secure communications" through modified Android phones, EncroChat enabled users to send written messages or make voice calls through an encrypted system. There were thought to be 60,000 users internationally, including 10,000 in the UK, with prices starting at £3,000 a year
  
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• Behind the 4.8m jobs that returned: key takeaways from June’s US jobs report

  02-07-2020 19:00 via uk.finance.yahoo.com
  
  Behind the 4.8m jobs that returned: key takeaways from June’s US jobs reportThe White House has boasted the report is a sign of economic recovery, but millions of Americans are still out of work
  
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• Luton airport to make up to 250 staff redundant

  02-07-2020 18:54 via uk.finance.yahoo.com
  
  Luton airport to make up to 250 staff redundantUnite union calls decision premature and another ‘hammer blow’ to the aviation sector* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Vaccine hopes and US jobs boom move markets upwards

  02-07-2020 18:53 via uk.finance.yahoo.com
  
  The FTSE 100 closed up 82.4 points to 6,240.36, a rise of 1.3%.
  
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• Bella Italia owner falls into administration, with loss of 1,900 jobs

  02-07-2020 18:53 via uk.finance.yahoo.com
  
  Bella Italia owner falls into administration, with loss of 1,900 jobsAdministrators say 91 outlets among Casual Dining Group’s restaurant chains will close immediately
  
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• EU regulators checking if Fitbit deal will boost Google's clout

  02-07-2020 18:49 via uk.finance.yahoo.com
  
  EU regulators are checking whether Google's purchase of Fitbit might allow it to drive rival makers of wearable devices, app developers and other online service providers out of the market, and boost its dominance in online advertising and search.Healthcare providers are also being asked whether they would see Google as a rival if it is allowed to buy the fitness tracker company in a $2.1 billion deal criticised by privacy and consumer groups, according to EU documents seen by Reuters.The EU que
  
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• Abu Dhabi wealth fund joins bid for bankrupt satellite firm OneWeb

  02-07-2020 18:42 via uk.finance.yahoo.com
  
  The Government is in talks with a £185bn United Arab Emirates sovereign wealth fund about pumping millions into a British offer for the bankrupt satellite operator OneWeb. The UK is in late discussions with Abu Dhabi’s Mubadala, one of the oil-rich Gulf nation’s biggest funds, about joining the consortium bidding for OneWeb. The auction for the Anglo-American company is taking place on Thursday and a winner could be announced as soon as Friday. Any investment from Mubadala woul
  
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• US creates 4.8 million jobs as unemployment falls to 11%

  02-07-2020 18:36 via uk.finance.yahoo.com
  
  But the job market recovery may already be faltering because of a new round of closures and job losses triggered by a resurgence of coronavirus.
  
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• China tech giant Alibaba dismisses livestreaming head, citing nepotism, gifts - document

  02-07-2020 18:35 via uk.finance.yahoo.com
  
  Chinese e-commerce giant Alibaba Group Holding Ltd has fired Zhao Yan, the head of its fast-growing livestreaming division, on grounds of nepotism and accepting gifts, according to an internal memo announcing his termination, seen by Reuters.The undated document, produced by Alibaba's human resources department and published on June 29 on the company's internal intranet for staff, says Zhao was fired after he used his position to help third-party livestreamers score favourable positioning on Tao
  
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• The Rock ranks as Instagram's 'most valuable star'

  02-07-2020 18:33 via bbc.co.uk
  
  Film star Dwayne 'The Rock' Johnson can charge more than $1m for a sponsored post, analysts say.
  
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• Child-interrupted TV broadcasts 'show reality for working parents'

  02-07-2020 18:24 via uk.finance.yahoo.com
  
  Child-interrupted TV broadcasts 'show reality for working parents'Editor and scientist say their children’s debuts on live TV were mortifying but positive
  
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• 1,900 jobs to go as Cafe Rouge and Bella Italia owner calls in administrators

  02-07-2020 18:22 via uk.finance.yahoo.com
  
  The company will close 91 of its 250 restaurants
  
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• 'Gunpowder, seared steak, raspberries and rum': New fragrance recreates the smell of space

  02-07-2020 17:56 via uk.finance.yahoo.com
  
  Those curious about space will soon be able to experience its unique celestial smell here on Earth thanks to a new perfume.Eau de Space, a new fragrance recently launched via Kickstarter, mimics the scent characteristics distinct to space - a mixture of “gunpowder, seared steak, raspberries, and rum” according to Nasa astronauts who have made the journey.
  
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• North Wales site hardest hit by 1,700 Airbus job cuts

  02-07-2020 17:52 via uk.finance.yahoo.com
  
  More than 1,700 jobs are planned to be cut from two sites.
  
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• Coronavirus: Small business revenue plummets during lockdown

  02-07-2020 17:37 via uk.finance.yahoo.com
  
  Data shows significant downturn in revenues and jobs during the lockdown period.
  
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• A second stock market crash could be a once-in-a-lifetime opportunity to buy FTSE 100 shares

  02-07-2020 17:37 via uk.finance.yahoo.com
  
  The stock market crash has thrown up FTSE 100 bargains everywhere, and a second crash would be a once-in-a-lifetime opportunity to buy them.The post A second stock market crash could be a once-in-a-lifetime opportunity to buy FTSE 100 shares appeared first on The Motley Fool UK.
  
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• Coronavirus: How 'immunity passports' could create an antibody elite

  02-07-2020 17:32 via bbc.co.uk
  
  Covid-19 antibody testing may have the unintended consequence of creating an antibody elite.
  
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• Cafe Rouge owner to close 91 outlets and cut 1,900 jobs

  02-07-2020 17:32 via uk.finance.yahoo.com
  
  More than 1,900 jobs have been lost after the owner of Café Rouge and Bella Italia fell into administration leading to the permanent closure of 91 restaurants. Casual Dining Group said that given the “extreme operating environment” it was in the best interests of all stakeholders to enter administration to allow the company to conclude negotiations with landlords over its estate. Most of the closures affect the Cafe Rouge and Bella Italia chains, although 11 Las Iguanas outlet
  
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• Cafe Rouge owner to close 91 outlets and cut 1,100 jobs

  02-07-2020 17:32 via uk.finance.yahoo.com
  
  The company that owns restaurant chains including Café Rouge and Bella Italia will permanently close 91 outlets and sack 1,100 staff after going into administration. Casual Dining Group said that given the "extreme operating environment" it was in the best interests of all stakeholders to enter administration to allow the company to conclude negotiations with landlords over its estate. Most of the closures affect the Cafe Rouge and Bella Italia chains, although 11 Las Iguanas outlets, thr
  
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• 5-year-old stabbed to death, mother in critical condition

  02-07-2020 17:32 via ibtimes.co.uk
  
  The incident is being investigated while the police have confirmed that they are not looking for any suspects.
  
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• New glove translates sign language to speech in real time

  02-07-2020 17:31 via uk.finance.yahoo.com
  
  Bioengineers have designed a glove that is able to translate American Sign Language to speech in real time.The glove has thin, stretchable sensors inside which run to the fingertips. These sensors are able to pick up and motions and finger placement through electrically conducting yarns.
  
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• Covid sparks panic hoarding of banknotes

  02-07-2020 17:30 via uk.finance.yahoo.com
  
  Panicked consumers hoarded banknotes at the fastest rate since fears over the Millennium Bug 20 years ago as lockdown hit, experts have found – despite predictions that the Covid-19 crisis would hasten the death of cash. The amount of cash in circulation jumped by 2pc in May as fears surged over the health and economic fallout of the pandemic, according to research by former Bank of England policymaker Charles Goodhart and fellow economist Jonathan Ashworth. The authors said this was the l
  
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• Covid-19 sparks panic hoarding of banknotes

  02-07-2020 17:30 via uk.finance.yahoo.com
  
  Panicked consumers hoarded banknotes at the fastest rate since fears over the Millennium Bug 20 years ago as lockdown hit, experts have found - despite predictions that the Covid-19 crisis would hasten the death of cash. The amount of cash in circulation jumped by 2pc in May as fears surged over the health and economic fallout of the pandemic, according to research by former Bank of England policymaker Charles Goodhart and fellow economist Jonathan Ashworth. The authors said this was the largest
  
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• German regulator claims Wirecard scandal was a 'massive crime'

  02-07-2020 17:25 via uk.finance.yahoo.com
  
  Germany’s top financial regulator branded the accounting scandal at Wirecard a “massive criminal act” as the country’s authorities face a backlash over their failure to prevent the payments firm’s spectacular collapse. Felix Hufeld, the president of BaFin, Germany’s top financial regulator, said: “It is plain vanilla, old-fashioned criminal behaviour.” Wirecard filed for insolvency last week after revealing that €1.9bn (£1.7bn) of cash o
  
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