Business news

• BoE's Bailey delays meeting with Conservative lawmakers

  06-07-2020 23:35 via uk.finance.yahoo.com
  
  Bank of England Governor Andrew Bailey will delay a meeting with Conservative members of parliament due on Wednesday so that it does not take place on the same day as a statement by finance minister Rishi Sunak, the central bank said on Monday."Due to the Chancellor's economic update on Wednesday, the meeting between Andrew Bailey and the 1922 committee - arranged prior to the scheduling of the Chancellor's statement - will now take place at a later date," the BoE said.News of the meeting - the
  
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• Sunak to spend three billion pounds on green projects in economy plan

  06-07-2020 23:31 via uk.finance.yahoo.com
  
  British finance minister Rishi Sunak will earmark 3 billion pounds to create green jobs and improve the energy efficiency of public buildings when he announces his broader plans to kickstart the economy on Wednesday.A third of the package would be spent on reducing greenhouse gas emissions from public-sector buildings, such as schools and hospitals, and from social housing, the finance ministry said.Heating buildings accounts for almost a fifth of Britain's greenhouse gas emissions, making the i
  
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• Sunak to unveil £3bn green package as part of coronavirus stimulus

  06-07-2020 23:30
  Chancellor will announce measure as part of summer statement on Wednesday
  
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• Rivals Royal Caribbean, Norwegian Cruise Line team up to plan restart

  06-07-2020 23:09 via uk.finance.yahoo.com
  
  On Monday, Royal Caribbean Groupand Norwegian Cruise Line Holdings Ltdannounced a joint task force to help develop safety standards for restarting their businesses during the coronavirus pandemic.The “Healthy Sail Panel,” co-chaired by former Utah Governor Mike Leavitt and former U.S. Food and Drug Administration Commissioner Scott Gottlieb, is advising the companies on restart plans they will submit to the U.S. Centers for Disease Control and Prevention (CDC) and other regulators at
  
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• Eni to book 3.5 billion euro asset writedown after cutting price outlook

  06-07-2020 22:11 via uk.finance.yahoo.com
  
  Italian energy group Eni said it would write off around 3.5 billion euros ($4 billion) from the value of its assets after revising down its long-term outlook for oil and gas prices due to economic fallout from the COVID-19 crisis.In a statement on Monday, Enisaid it was cutting its 2023 long-term price assumption for Brent to $60 a barrel from a previous $70 and gas on the Italian hub to $5.5/million British thermal units from $7.8."Our changed long-term assumptions, reached four months after th
  
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• Argentina's sweetened debt offer wins early support; bonds climb

  06-07-2020 22:03 via uk.finance.yahoo.com
  
  Argentina's new debt restructuring offer won a tentative thumbs up from creditors as they digested the details on Monday, pumping up the country's bonds on hopes the two sides could strike a deal by an extended Aug. 4 deadline.Two prominent funds, Gramercy and FinTech, said they would back the deal, though there was no immediate sign of whether it would gain the blessing of the biggest bloc of creditors, including BlackRock and Fidelity, which could torpedo any deal.Argentina laid out an improve
  
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• Peer 'baffled' by claims he was targeted by fake PR campaign to boost Huawei

  06-07-2020 21:24 via uk.finance.yahoo.com
  
  Peer 'baffled' by claims he was targeted by fake PR campaign to boost Huawei. Alleged campaign involved inviting UK figures to staged radio interviews and emailing them fake news
  
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• Tesla shares surge 13% as strong deliveries drive profit optimism

  06-07-2020 21:09 via uk.finance.yahoo.com
  
  The day's jump increased Tesla's stock market value by $30 billion (24 billion pounds), eclipsing the entire value of Ford Motor Co , currently at $25 billion.JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy."We believe that the question to be considered is not whether the stock is expens
  
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• Tesla shares surge 10% as strong deliveries drive profit optimism

  06-07-2020 21:09 via uk.finance.yahoo.com
  
  JMP Securities increased its price target to $1,500 from $1,050 after Tesla last Thursday reported higher-than-expected second-quarter vehicle deliveries, defying a trend of plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy."We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company’s growth and competitive position signal about the stock’s potential for the n
  
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• Departure of Horta-Osório no bad thing for Lloyds at this time

  06-07-2020 20:48 via uk.finance.yahoo.com
  
  Departure of Horta-Osório no bad thing for Lloyds at this timeOutgoing CEO did better than share price suggests but fallout from Covid-19 will be painful
  
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• GAM sales chief Rainsford exits in management revamp

  06-07-2020 20:34 via uk.finance.yahoo.com
  
  GAM Investments' head of sales and distribution, Tim Rainsford, is leaving the Swiss asset management group amid a management revamp, GAM said on Monday.Former BlackRock executive Jeremy Roberts will becomeglobal head of distribution, reporting to Chief Executive Peter Sanderson, as of Sept. 1.Roberts was co-head of EMEA retail sales and head of the UK retail business at BlackRock.
  
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• Heidelbergcement blames corona, Brexit for 3.4 billion euro impairment

  06-07-2020 20:28 via uk.finance.yahoo.com
  
  Heidelbergcementon Monday said a review of its assets in the second quarter had forced it to book a 3.4 billion euros impairment due to Brexit and the impact of the coronavirus pandemic on its business.The impairment burdens the result but does not lead toliquidity outflows, HeidelbergCement said, adding that the corona pandemic has led to a deterioration of business expectations in the near term.
  
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• Virus has shone a light on UK’s dark factories

  06-07-2020 20:15
  Britain needs better enforcement of existing protections for workers
  
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• EU lawmakers ban nuclear from green transition fund, leave loophole for gas

  06-07-2020 20:11 via uk.finance.yahoo.com
  
  European Union leaders are split over which fuels deserve support from the bloc's flagship green energy fund, after lawmakers on Monday called for rules that could allow the money to be spent on some fossil gas projects.The European Commission wants to launch a 40 billion euro (36 billion pounds) Just Transition Fund using cash from the bloc's coronavirus recovery fund and its budget for 2021-27, to help carbon-intensive regions launch green industries and retrain workers currently in polluting
  
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• Libel lawyer Schillings paid $1.3m for Jho Low PR campaign

  06-07-2020 19:59 via uk.finance.yahoo.com
  
  London-based law firm Schillings has received $1.3m (£1m) for its work on a public relations campaign for fugitive Malaysian financier Low Taek Jho, known as Jho Low. The company, which specialises in managing the reputations of wealthy clients and represents the Duchess of Sussex, was paid the sum between January 2019 and March 2020, according to US lobbying disclosures. The Guardian first reported that some of its activities were aimed at “informing public opinion” in the US
  
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• French central bank sees full rebound in GDP in wake of virus lockdown

  06-07-2020 19:54 via uk.finance.yahoo.com
  
  The French economy is on course to bounce back this quarter as much as it probably slumped in the previous three months, the central bank estimated on Monday, saying it might need to revise up its 2020 forecast.The euro zone's second-biggest economy could expand by an unprecedented 14% in the third quarter if activity remains at least at current levels, the Bank of France said.It estimated that the economy had shrunk an equally unprecedented 14% in the second quarter as France began emerging fro
  
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• More than £1bn wiped off Boohoo value as it investigates Leicester factory

  06-07-2020 19:45 via uk.finance.yahoo.com
  
  More than £1bn wiped off Boohoo value as it investigates Leicester factory. Workers allegedly paid less than minimum wage and not wearing masks to protect against Covid-19
  
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• High street spending doubles on Saturday after easing of English lockdown

  06-07-2020 19:40 via uk.finance.yahoo.com
  
  High street spending doubles on Saturday after easing of English lockdownConsumer expenditure rose 100% in seven days but still not back to normal across UK
  
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• Women twice as likely as men to be 'discouraged workers' after Covid-19 job loss

  06-07-2020 19:30 via uk.finance.yahoo.com
  
  Women twice as likely as men to be 'discouraged workers' after Covid-19 job lossWomen who lost their jobs earlier in coronavirus crisis twice as likely as men to be unemployed and not actively looking for work, survey finds
  
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• China trade tension to hit Australian beef and wool exports

  06-07-2020 19:30 via uk.finance.yahoo.com
  
  China trade tension to hit Australian beef and wool exportsMidyear outlook warns exporters relying heavily on China, but says recent rainfall a boon to agriculture overall
  
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• Robust rule of law a must before getting EU money, top official says

  06-07-2020 19:25 via uk.finance.yahoo.com
  
  European Union countries should only get money from the bloc's budget and the COVID-19 recovery fund if they have robust courts and safeguards against corruption, a top official said on Monday, a couched warning to Poland and Hungary, among others.The 27 national EU leaders meet next week in Brussels to haggle over nearly 2 trillion euros in their joint budget for 2021-27 and extra funds to help kick-start growth on the continent, which is headed for its worst-ever economic downturn.Conditions a
  
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• U.S. trade groups urge China to increase purchases of U.S. goods, services

  06-07-2020 18:40 via uk.finance.yahoo.com
  
  The U.S. Chamber of Commerce and over 40 trade associations on Monday urged top U.S. and Chinese officials to redouble efforts to implement a Phase 1 trade agreement signed by the world's two largest economies in January despite pandemic-related strains.In a letter to U.S. Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, the group said they were encouraged by the progress so far, but called for a significant increase in China's purch
  
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• Varley denies ‘deceiving’ Barclays board over Qatar deals

  06-07-2020 18:39
  Bank’s former boss rejects claims side deals to £4bn fundraising were a ‘sham’
  
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• Investor Tim Horlick's trading firm wins £252m PPE contract

  06-07-2020 18:38 via uk.finance.yahoo.com
  
  Health officials are facing scrutiny after a £252.5m contract to supply face masks was awarded to a small family investment firm with no known history in the industry. The Department for Health handed the deal to London-based Ayanda Capital - run by Tim Horlick, ex-husband of the star fund manager Nicola Horlick - which has five employees, and according to its website specialises in currency trading, offshore property, private equity and trade financing. It has sparked further questions ab
  
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• Housebuilder shares soar! The FTSE 100 shares I’d buy right now

  06-07-2020 18:37 via uk.finance.yahoo.com
  
  Housebuilder shares are off like a rocket on this news! I'd focus on these FTSE 100 shares for the best gains, says Tom Rodgers.The post Housebuilder shares soar! The FTSE 100 shares I'd buy right now appeared first on The Motley Fool UK.
  
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• Markets jump as housing firms buoyed by stamp duty cut speculation

  06-07-2020 18:15 via uk.finance.yahoo.com
  
  The FTSE 100 closed 128.64 points higher at 6,285.94p at the end of trading on Monday.
  
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• £5,000 to invest? I’d follow Ray Dalio’s tips to get rich

  06-07-2020 18:04 via uk.finance.yahoo.com
  
  Ray Dalio is one of the world's greatest investors. Anna Sokolidou explains some of his tips to get rich and retire early.The post £5,000 to invest? I'd follow Ray Dalio's tips to get rich appeared first on The Motley Fool UK.
  
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• The Barratt share price jumps and Taylor Wimpey follows. Here’s why I’d buy

  06-07-2020 17:58 via uk.finance.yahoo.com
  
  As the Barratt share price spikes up 7%, I still reckon it's cheap. But I can see the recovery strengthening and the opportunity fading.The post The Barratt share price jumps and Taylor Wimpey follows. Here's why I'd buy appeared first on The Motley Fool UK.
  
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• China sounds alert as bubonic plague infection reported in Inner Mongolia

  06-07-2020 17:41 via ibtimes.co.uk
  
  Inner Mongolia under alert level 3 after confirmed reports of Bubonic Plague infection .
  
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• Straight-talking Amanda Blanc looks to put wind in Aviva's sails

  06-07-2020 17:31 via uk.finance.yahoo.com
  
  Aviva’s new boss, Amanda Blanc, says she hasn’t a day to waste in her mission to breathe fresh life into the FTSE 100 insurer. “Aviva once set the tone for the industry,” she says. “It was innovative, it was distinct, it had energy and ambition. We need to be the leader in our industry again.” If departing boss Maurice Tulloch underwhelmed investors with a steady-as-she-goes approach of tweaks and cost-cutting, his 52-year-old successor is leaving no doubt tha
  
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• Barratt hit by £70m bill for structural defects at eight tower blocks

  06-07-2020 17:31 via uk.finance.yahoo.com
  
  Families have been forced to leave their homes to make room for repair work after housebuilder Barratt Developments discovered structural weaknesses in eight of its tower blocks. Occupiers have been forced to move away from some properties as the problems are fixed, with Barratt facing a £70m bill. The company blamed the problems on a subcontractor. It is still investigating a further 11 sites. Chief executive David Thomas said families’ safety has not been put at risk by the defects
  
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• Baratt hit by £70m bill for structural defects at eight tower blocks

  06-07-2020 17:31 via uk.finance.yahoo.com
  
  Families have been forced to leave their homes to make room for repair work after housebuilder Barratt Developments discovered structural weaknesses in eight of its tower blocks. Occupiers have been forced to move away from some properties as the problems are fixed, with Barratt facing a £70m bill. The company blamed the problems on a subcontractor. It is still investigating a further 11 sites. Chief executive David Thomas said families’ safety has not been put at risk by the defects
  
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• Blow for Germany as companies report weak recovery

  06-07-2020 17:30 via uk.finance.yahoo.com
  
  Fresh fears are growing for the German economy after factory orders rebounded by less than hoped for in May. Orders climbed 10.4pc in the month as the country emerged from lockdown, according to the Federal Statistical Agency. But this followed a slump of more than 37pc in the two months before – the biggest fall since records began in 1991. The country's economy ministry said: "The orders data signal that the manufacturing sector recession has overcome its low point. "But the low level of
  
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• The Lloyds Bank share price may react big to this news. Here’s what I think it means for investors

  06-07-2020 17:29 via uk.finance.yahoo.com
  
  The Lloyds Bank share price can be impacted significantly by developments in the group. Investors would be advised to look out for them.The post The Lloyds Bank share price may react big to this news. Here’s what I think it means for investors appeared first on The Motley Fool UK.
  
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• Market report: Barratt buoyed by strong foundations

  06-07-2020 17:26 via uk.finance.yahoo.com
  
  Britain's listed housebuilders climbed amid speculation over a potential cut to stamp duty and an encouraging outlook from industry leader Barratt Developments. Barratt was the biggest riser on the FTSE 100, climbing 39.1p to 529.4p. The construction group said all its operational sites had reopened by the end of June, and that its forward order book was still strong. Jefferies’ Glynis Jackson said a trading update from the group gave a “more upbeat view” than expected, making
  
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• BoE's Bailey to make rare address to Conservative lawmakers

  06-07-2020 17:24 via uk.finance.yahoo.com
  
  Bank of England Governor Andrew Bailey will address a private meeting of Conservative members of parliament on Wednesday after finance minister Rishi Sunak delivers an update on government measures to address the economic impact of COVID-19.Sunak is expected to announce measures to limit a big surge in unemployment, which the BoE and other forecasters think is likely later this year, and in recent days he has already set out plans for billions of pounds of spending.On the morning of Sunak's last
  
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• BoE's Bailey to address Conservative lawmakers after Sunak statement

  06-07-2020 17:24 via uk.finance.yahoo.com
  
  Bank of England Governor Andrew Bailey will address a private meeting of Conservative members of parliament on Wednesday after finance minister Rishi Sunak delivers an update on government measures to address the economic impact of COVID-19."As part of the Bank's regular engagement with political representatives, the Governor will meet with members of the (Conservative Party's) 1922 Committee on Wednesday 8 July to explain the Bank's current analysis on the economic impact of Covid-19 and listen
  
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• BoE's Bailey delays rare meeting with Conservative lawmakers

  06-07-2020 17:24 via uk.finance.yahoo.com
  
  Bank of England Governor Andrew Bailey will delay a meeting with Conservative members of parliament due on Wednesday so it does not take place on the same day as a statement by Finance Minister Rishi Sunak, the central bank said on Monday.The talk had been scheduled to follow an update from Sunak on measures to address the economic impact of COVID-19, raising speculation among commentators and some former BoE officials about the reasons for Bailey's meeting.Sunak is expected to announce measures
  
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• Entrepreneur explains lockdown lawsuit against govt

  06-07-2020 17:19 via uk.finance.yahoo.com
  
  UK businessman Simon Dolan explains how much his legal action against the government over the COVID-19 lockdown has cost to date.
  
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• Man jailed for repeated incestuous rape of seven daughters

  06-07-2020 17:17 via ibtimes.co.uk
  
  The abused women are seeking a public inquiry into why no action was taken by the state when they were being abused and neglected as children.
  
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• Virgin's internet service under spotlight with two outages in a fortnight

  06-07-2020 17:06 via uk.finance.yahoo.com
  
  Customers of Virgin Media have been left frustrated for a second time in a little under a fortnight after hundreds reported failures with their internet connections. The downtime, which mostly affected customers in the Nottingham area on Monday, was caused after a cable terminal used by Virgin went down. The outage follows a larger problem with its network in June which affected customers around London. During the last network problem, more than 10,000 complaints were registered on Downdector, a
  
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• The Bizarre History of UK Cannabis Prohibition

  06-07-2020 17:02 via ibtimes.co.uk
  
  In the decades that I have been writing about cannabis prohibition the best description of the UK ¨debate" may be the French saying that the more things change, the more they stay the same.
  
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• Novacyt shares have soared! Are they a buy right now?

  06-07-2020 16:54 via uk.finance.yahoo.com
  
  Novacyt shares have rallied wildly! Are they still a buy right now? Anna Sokolidou tries to find out.The post Novacyt shares have soared! Are they a buy right now? appeared first on The Motley Fool UK.
  
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• British air hostess arrested in Dubai after drug raid at date's home

  06-07-2020 16:50 via ibtimes.co.uk
  
  The Emirates employee remains in prison even after drug tests came back negative.
  
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• German prosecutors arrest head of Wirecard's Dubai unit

  06-07-2020 16:49 via uk.finance.yahoo.com
  
  German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard , widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company.The Munich prosecutor's office said in a statement it had questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant.The executive had travelled from Dubai and turned himself in, prosecutors said, without nami
  
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• German prosecutor arrests head of Wirecard's Dubai unit

  06-07-2020 16:49 via uk.finance.yahoo.com
  
  German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard , widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company.The Munich prosecutor's office said in a statement it had questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant.The executive had travelled from Dubai and turned himself in, prosecutors said, without nami
  
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• How Christian Dior's first digital couture show bore similarities to its historic post-War collection

  06-07-2020 16:45 via uk.finance.yahoo.com
  
  In the summer of 1944, shortly after Paris had been liberated but war was still raging in the rest of the world, a cohort of French designers conjured up an audacious scheme to ensure Paris remained the capital of haute couture in the post-war world. (The Nazis had wanted to transfer it lock stock and thread to Berlin.) Le Petit Théâtre de la Mode, (or the miniature theatre of fashion), was a collection of 70cm high dolls dressed in scaled down replicas of the designers’ colle
  
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• UK businesses push for return of office workers

  06-07-2020 16:40
  Retail and hospitality sectors fear empty city centres are holding back recovery
  
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• Giant Tesla batteries to store green power in Dorset

  06-07-2020 16:40 via uk.finance.yahoo.com
  
  Tesla has equipped a new energy storage plant in Dorset, capable of powering 17,000 homes, in the firm's first major foray into the British power industry. The car maker is supplying its Megapack high-capacity batteries, and Autobidder control software, to UK business Harmony Energy and Spanish company FRV for a site in Poole which will store electricity generated by wind farms and release it to the grid when needed. It is the firs t time either technology has been used in the UK, industry sourc
  
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• With £3k to invest, I’d buy shares like Warren Buffett does to get rich

  06-07-2020 16:32 via uk.finance.yahoo.com
  
  Warren Buffett buys stocks with good-quality underlying businesses when the valuations are reasonable. Here’s where I’d look.The post With £3k to invest, I’d buy shares like Warren Buffett does to get rich appeared first on The Motley Fool UK.
  
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