Business news

• Sunak targets youth unemployment with £2 billion scheme

  07-07-2020 23:03 via uk.finance.yahoo.com
  
  British finance minister Rishi Sunak will on Wednesday announce a new scheme to stave off youth unemployment as he attempts to revitalise the economy following its COVID lockdown.The 2 billion pound Kickstart Scheme will enable employers to hire unemployed young people aged 16-24, using government funds to pay them the national minimum wage for 25 hours a week."Young people bear the brunt of most economic crises, but they are at particular risk this time because they work in the sectors dispropo
  
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• Coronavirus: Rishi Sunak to unveil 'kickstart jobs scheme' for young people

  07-07-2020 23:03 via bbc.co.uk
  
  The £2bn pledge for the young unemployed will be part of the chancellor's proposals outlined on Wednesday.
  
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• Sunak unveils £2bn scheme to avoid youth jobless disaster

  07-07-2020 23:00
  Chancellor to announce creation of ‘free labour’ pool for companies for six months
  
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• Rishi Sunak to unveil youth unemployment scheme in coronavirus recovery package

  07-07-2020 23:00 via uk.finance.yahoo.com
  
  The Chancellor will allocate funds for six-month placements for some young people.
  
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• Arm to transfer software businesses to SoftBank, focus on chips

  07-07-2020 22:44 via uk.finance.yahoo.com
  
  The units, under Arm's internet-of-things services group, help chip purchasers manage data generated by all sorts of devices connected on the internet.Arm supplies the chip technology for virtually all mobile devices such as phones and tablets but is expanding into processors for cars, datacenter services and other devices.
  
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• Disney says Walt Disney World reopening is on track for Saturday

  07-07-2020 22:40 via uk.finance.yahoo.com
  
  In a statement on Tuesday, Disney's Chief Medical Officer, Dr. Pamela Hymel, said new requirements from temperature checks, to face coverings and extra sanitation would enable guests to enjoy Disney World "responsibly.""While COVID-19, and the risk of contracting it, is present in public places, there are many important ways that we can all help promote each other’s safety," Hymel said.
  
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• Levi's revenue tops estimates as online business thrives, sales trends improve

  07-07-2020 22:18 via uk.finance.yahoo.com
  
  The company reported a 25% increase in its online business in the second quarter ended May 24, with a month-over-month rise of nearly 80% in May, as consumers shopped more on its website and app.Met with temporary closure of its own stores as well as partner outlets, Levi introduced curbside pickup and started fulfilling online orders at its stores, with customers turning to online shopping to avoid contact with people.
  
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• Levi Strauss warns of weak second half on pandemic woes, to cut 700 jobs

  07-07-2020 22:18 via uk.finance.yahoo.com
  
  Met with temporary closure of its own stores as well as partner outlets, Levi introduced curbside pickup and started fulfilling online orders at its stores as customers turned to online shopping to avoid contact with people.Levi added that weekly sales performance in company-operated stores was improving sequentially, as productivity in the final week of June reached 80% compared to a year earlier.
  
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• Facebook ad boycott organizers see 'no commitment to action' in Zuckerberg meeting

  07-07-2020 22:13 via uk.finance.yahoo.com
  
  More than 900 advertisers have signed on to the "Stop Hate for Profit" campaign, organized by social justice groups including the Anti-Defamation League (ADL) and Free Press, to pressure the world's largest social media network to take concrete steps to block hate speech and misinformation, in the wake of the death of George Floyd in police custody."They (Facebook) showed up to the meeting expecting an A for attendance," said Rashad Robinson, president of Color of Change, one of the boycott orga
  
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• Facebook ad boycott organisers see 'no commitment to action' in Zuckerberg meeting

  07-07-2020 22:13 via uk.finance.yahoo.com
  
  More than 900 advertisers have signed on to the "Stop Hate for Profit" campaign, organised by social justice groups including the Anti-Defamation League and Free Press, to pressure the world's largest social media network to take concrete steps to block hate speech and misinformation."Facebook approached our meeting today like it was nothing more than a PR exercise," Free Press Co-Chief Executive Jessica González said in a statement.
  
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• Exclusive: Chile putting mine workers' health over copper production, minister says

  07-07-2020 22:08 via uk.finance.yahoo.com
  
  Chile's mines minister said on Tuesday there were "no silver bullets" to help the industry weather the coronavirus pandemic, but insisted the world's biggest copper producer was prioritizing workers' health to avoid the spread of infections that could further harm operations.Baldo Prokurica told Reuters that Chile's copper industry had kept the contagion rate to just 2% with a strict testing regime and by keeping half of its more than 200,000-strong workforce at home."A company that does not tak
  
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• Coronavirus: Moguls and lobbyists get millions in government aid

  07-07-2020 22:07 via bbc.co.uk
  
  Kanye West's apparel brand, Jared Kushner's family and Donald Trump's lawyer were among the recipients.
  
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• Huawei says U.S. pressure on Brazil threatens long delays in 5G rollout

  07-07-2020 22:02 via uk.finance.yahoo.com
  
  A Huawei Technologies [HWT.UL] executive warned that Brazil could suffer years of delay in deploying a 5G telecoms network and higher costs if it succumbs to mounting U.S. pressure to snub the Chinese equipment supplier.U.S. Ambassador Todd Chapman has even suggested Washington is willing to fund the purchase of gear from other suppliers for Brazil.Brazil's far-right President Jair Bolsonaro said last month that 5G deployment would have to meet national sovereignty, information and data security
  
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• Italy PM Conte says he will not accept 'weak compromise' on EU recovery fund

  07-07-2020 22:00 via uk.finance.yahoo.com
  
  Italian Prime Minister Giuseppe Conte said on Tuesday the European Union must act decisively to build a common response to the economic crisis caused by the COVID-19 pandemic, urging that support measures be activated rapidly."We won't accept a weak compromise" on an EU Commission proposal to build up a recovery fund to finance the bloc's coronavirus-battered economies, Conte told reporters in Lisbon speaking alongside Portuguese Prime Minister Antonio Costa.EU leaders still have to agree on the
  
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• New French PM pledges 7.5 billion euros for hospital staff

  07-07-2020 21:58 via uk.finance.yahoo.com
  
  France's new prime minister, Jean Castex, said on Tuesday his government would commit an envelope of 7.5 billion euros to raise wages of hospital workers."I have insisted for jobs to be at the heart of the discussions," Castex said on Twitter of negotiations between unions, hospital officials and the government, which started before a government reshuffle on Monday.Officials at the Health Ministry were not immediately available for comment.
  
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• Next, Asos and Amazon drop Boohoo amid Leicester factory claims

  07-07-2020 21:42 via uk.finance.yahoo.com
  
  Next, Asos and Amazon drop Boohoo amid Leicester factory claimsRetailers suspend label from websites after report on supplier working conditions
  
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• Electrolux to report a smaller loss for second quarter 2020 than previously anticipated

  07-07-2020 21:24 via uk.finance.yahoo.com
  
  The Swedish company, a rival of U.S. appliance group Whirlpool Corpsaid the reason for the report of smaller loss for the second quarter of 2020 was due to sales growth in June and successful cost mitigation actions.Net sales in the second quarter are estimated to be approximately 23.5 billion crowns, a decrease of 17% organically, the company said.In its first quarter interim report, the company said that it expects a significant second-quarter loss due to the impact of the coronavirus and saw
  
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• Citizens advice takes redundancy calls every two minutes

  07-07-2020 20:58 via bbc.co.uk
  
  Millions of people are now calling the charity's national hotline seeking redundancy advice.
  
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• No business need at all now for a Chinese nuclear plant in the UK

  07-07-2020 20:37 via uk.finance.yahoo.com
  
  No business need at all now for a Chinese nuclear plant in the UKHalting Huawei hurts 5G rollout and Sino-British ties, but stopping a Chinese nuclear power plant in Essex has virtually no fallout
  
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• Many countries may need debt restructuring after pandemic fallout - IMF chief economist

  07-07-2020 20:36 via uk.finance.yahoo.com
  
  Many countries may need debt restructuring in the aftermath of the global coronavirus pandemic and its economic fallout, the International Monetary Fund's chief economist said Tuesday.Gita Gopinath told an online event hosted by the University of Oxford that there was no debt crisis at the moment, but there would be a "much more persistent need for debt relief for the poorer nations of this world" given the pandemic.Given that about 40% of low income countries were already in debt distress or at
  
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• Boohoo dropped by Next, Asos and Zalando over exploitation claims

  07-07-2020 20:27 via bbc.co.uk
  
  Three major online retailers have dropped Boohoo over allegations of low pay and unsafe conditions.
  
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• Under 'financial siege', Lebanon must stave off strife, says Bassil

  07-07-2020 20:06 via uk.finance.yahoo.com
  
  Lebanon is facing a "financial siege" imposed by international powers and its priority is staving off strife caused by the country's economic meltdown, leading politician Gebran Bassil said on Tuesday.Bassil, an ally of the Iran-backed Shi'ite group Hezbollah, said he supported talks with the International Monetary Fund (IMF), hoping they would pressure the state into reforms, but that Lebanon was running out of time and any foreign aid could not come at the price of sovereignty.Talks with the I
  
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• Alphabet’s Loon launches its balloon-powered Kenyan internet service

  07-07-2020 20:03 via uk.finance.yahoo.com
  
  Loon, a unit of Google’s parent company, Alphabet, has launched its high-altitude internet balloons in Kenya, bringing tens of thousands of people online. A fleet of 35 balloons, 12 miles in the stratosphere, will provide 4G services to subscribers of Telkom Kenya, the country's third biggest telecoms operator. Together, the fleet will cover 20,000 square miles across western and central areas of the country. It is the first non-emergency use of Loon to provide the internet on a large scal
  
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• Next coronavirus waves will determine UK economy's path: BoE's Haldane

  07-07-2020 19:32 via uk.finance.yahoo.com
  
  Further waves of the novel coronavirus are surely on the way and they will be one of the determinants of Britain's economic outlook, Bank of England Chief Economist Andy Haldane said on Tuesday.Haldane, who last week described the shape of Britain's economic recovery from the coronavirus lockdown as "so far, so V", said household spending was bouncing back sharply."Since 'Super Saturday', we've seen something of a pick up too of people spending in restaurants and bars," Haldane said, referring t
  
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• Thousands of Jaguar Land Rover logistics workers to lose jobs

  07-07-2020 19:24 via uk.finance.yahoo.com
  
  Thousands of Jaguar Land Rover logistics workers to lose jobs. DHL to lay off 2,200 workers on JLR contract as calls grow for UK government support package for car industry
  
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• DHL to cut 2,200 jobs at Jaguar Land Rover plants

  07-07-2020 19:06 via bbc.co.uk
  
  DHL Supply Chain will cut about 40% of its workforce at car plants in the Midlands and North West.
  
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• Asos and Next drop Boohoo after Leicester factory allegations

  07-07-2020 18:54 via uk.finance.yahoo.com
  
  Other online retailers, including Zalando and Very.co.uk, have also temporarily suspended the sale of Boohoo items.
  
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• Deutsche Bank agrees to payout for Epstein dealings

  07-07-2020 18:51 via uk.finance.yahoo.com
  
  Superintendent of Financial Services Linda A Lacewell said the bank failed to properly monitor Epstein's account activity.
  
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• DHL to cut 2,200 jobs

  07-07-2020 18:49 via uk.finance.yahoo.com
  
  DHL will axe 2,200 staff working on a contract for Jaguar Land Rover, highlighting intense pressures on the car sector and raising fears of more redundancies at Britain's biggest the car maker. The logistics company has told its staff that 40pc of them working at JLR factories and delivering parts to car plants are likely to lose their jobs because of a combination of the slump in demand for vehicles and ongoing efficiency measures. The bulk of the positions involve delivering parts to plants an
  
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• FTSE drops as cut to European economic forecasts weighs on sentiment

  07-07-2020 18:48 via uk.finance.yahoo.com
  
  London’s top flight closed 96.04 points lower at 6,189.9p at the end of trading on Tuesday.
  
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• U.S. hiring vaults to record high in May; new COVID-19 cases set to limit gains

  07-07-2020 18:41 via uk.finance.yahoo.com
  
  U.S. hiring surged to a record high in May and layoffs fell as businesses reopened, but the improvement in the labour market is likely to be blunted by a resurgence in COVID-19 cases that has forced some enterprises to shut down again.The report from the Labor Department on Tuesday also showed a rebound in job openings, a measure of labour demand, which economists said was difficult to square with the 31.5 million people collecting unemployment checks in mid-June."The labour market is hard to re
  
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• Forget Cash ISAs. I’d buy this FTSE 100 company instead

  07-07-2020 18:41 via uk.finance.yahoo.com
  
  GlaxoSmithKline's shares have underperformed this year and Anna Sokolidou thinks they're a bargain today. Here's why.The post Forget Cash ISAs. I'd buy this FTSE 100 company instead appeared first on The Motley Fool UK.
  
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• Biden previews manufacturing plan to counter 'America First' president

  07-07-2020 18:38 via uk.finance.yahoo.com
  
  Biden's team said a policy plan to create manufacturing jobs is coming "soon" but offered early hints in a document outlining how they would prevent shortages of equipment to combat the coronavirus pandemic."Just like the United States itself, no U.S. ally should be dependent on critical supplies from countries like China and Russia," Biden's campaign said in a new five-page policy outline, including not just coronavirus supplies but also energy-grid technologies, semiconductors and raw material
  
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• Deutsche Post reports strong results, to pay staff bonus

  07-07-2020 18:18 via uk.finance.yahoo.com
  
  German logistics group Deutsche Post AG reported a 16% rise in second-quarter operating profit on Tuesday and said it would pay its 500,000 employees a 300 euro ($339) bonus each as a reward for their efforts during the coronavirus crisis.Deutsche Post DHL, one of the world's biggest post andfreight companies, has been handling a big increase in parcel shipments during the pandemic, although its global freight business has been hit by the slowdown in the global economy.In an unscheduled release,
  
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• Failed brands try to fashion a new life online

  07-07-2020 18:17 via uk.finance.yahoo.com
  
  Other than being fashion failures, what do Laura Ashley, Karen Millen, Coast, Oasis and Warehouse have in common? Despite collapsing and closing all their stores, the brands are surviving online after being bought by a mix of trade buyers or indeed rivals. These brave - or perhaps crazy - businesses are hoping that the brand DNA is strong enough to lure shoppers to their respective websites and convince them to spend. Other than Laura Ashley, which is still trading from stores for now, all of th
  
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• JD Sports warehouse in Rochdale hosts mobile Covid-19 lab after positive tests

  07-07-2020 18:11 via uk.finance.yahoo.com
  
  JD Sports warehouse in Rochdale hosts mobile Covid-19 lab after positive tests. Local health chiefs investigate minor outbreak at facility after ‘small number of workers’ contract virus
  
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• Government should triple equity to invest in businesses to £30bn

  07-07-2020 18:02 via s17026.pcdn.co
  
  Originally written by Timothy Adler on Growth Business
  The government should triple the amount of equity funding available through the British Business Bank, British Growth Fund and Future Fund to £30bn, argues thinktank Onward. Only by tripling the amount of equity government injects into high-growth businesses can Britain avert an inevitable collapse of firms unable to repay emergency coronavirus debt. Traditionally businesses find
  
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• Wary optimism on high street as town centres face an uncertain future

  07-07-2020 17:56
  As customers return to Southwold, Adnams and other retailers reflect on life after lockdown
  
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• Panasonic CEO says Tesla's Elon Musk a 'genius' who can be 'overly optimistic'

  07-07-2020 17:55 via uk.finance.yahoo.com
  
  Tesla's Chief Executive Officer Elon Musk is "a genius who defies common sense and can be overly optimistic," Panasonic'sCEO said on Tuesday, as the Japanese firm cautiously moves to expand a battery partnership with the U.S. carmaker."I believe only geniuses can hold onto big visions, and a genius I know is Elon Musk," Kazuhiro Tsuga said at an event for young entrepreneurs.The remarks on Musk come as Panasonic and Tesla Incare in talks to expand their joint battery plant in Nevada after produc
  
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• A stock market crash is your once-in-a-lifetime opportunity to make a million on the FTSE 100

  07-07-2020 17:54 via uk.finance.yahoo.com
  
  To make a million in this stock market, you need to roll up your sleeves and start hunting down FTSE 100 bargain stocks today.The post A stock market crash is your once-in-a-lifetime opportunity to make a million on the FTSE 100 appeared first on The Motley Fool UK.
  
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• Market report: Overhaul leaves Burberry out of style

  07-07-2020 17:46 via uk.finance.yahoo.com
  
  Shares in fashion house Burberry took a knock as the company announced plans to restructure its operations. The FTSE 100 firm – which has been under long-term pressure after Covid-19 rippled across its key markets – announced the creation of three new business units in an effort to improve its product offering. It will introduce specialised units focusing on ready-to-wear, accessories and shoes, saying the changes will “enhance our product focus, increase our agility and elevat
  
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• Shopkeeper faces £8k fine after drinking carrot juice from a beer can in 'no alcohol zone'

  07-07-2020 17:38 via uk.finance.yahoo.com
  
  A teetotal shopkeeper who claimed he was testing the feasibility of a no-alcohol zone after being caught drinking carrot juice from a beer can is facing £8,000 in legal costs. Two police officers noticed Alex Snowball, 33, sipping from a Foster's can outside his second-hand electronics store in the Frogmoor area of High Wycombe, Bucks, in December 2018. At the time, the area was subject to a ban on public drinking and people having open alcohol containers in the street amid a police crackd
  
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• Asos and Next remove Boohoo from sites amid allegations of exploitation at Leicester factory

  07-07-2020 17:35 via uk.finance.yahoo.com
  
  Retailers including Next, Asos and Zalando have removed Boohoo products from their sites following allegations of exploitation at a factory supplier for Boohoo in Leicester.It was recently reported that Boohoo is facing tough questions after an investigation discovered that workers at a Leicester factory that supplies the fashion brand were being paid as little as £3.50 an hour.
  
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• UBI crosses swords again with Intesa on value of takeover bid

  07-07-2020 17:29 via uk.finance.yahoo.com
  
  UBI Bancaon Tuesday fired back at rival Intesa Sanpaolo in an escalating war of words over a takeover offer from Italy's second largest bank, reiterating that the bid does not adequately reward its shareholders.Intesa formally launched its 3.5 billion euro ($4 billion) all-paper bid on Monday, just days after UBI Banca told its shareholders the offer was not generous enough.In a statement on Tuesday, UBI reiterated its opposition to the deal, saying it "includes a discount on the fundamental val
  
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• Have £1,000 to invest? Here are two top FTSE 100 stocks I’d buy right now

  07-07-2020 17:21 via uk.finance.yahoo.com
  
  A £1,000 investment goes a lot further now than it did before the market crash, and I think an investment in these FTSE 100 shares can do well.The post Have £1,000 to invest? Here are two top FTSE 100 stocks I'd buy right now appeared first on The Motley Fool UK.
  
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• Britain jeopardising China relationship, says Huawei's UK boss

  07-07-2020 17:20 via uk.finance.yahoo.com
  
  Britain risks throwing away its long-standing relationship with China if it bans Huawei from its 5G networks at the behest of the United States as part of a global battle for technological supremacy, the UK chairman of the tech group told Reuters.John Browne, a pre-eminent voice in UK Plc and former head of oil giant BP, said Huawei had become a political football in an escalating trade dispute between the two superpowers, and Britain risked being damaged in the process.
  
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• Astronauts should visit Venus on their way to Mars, scientists suggest

  07-07-2020 17:17 via uk.finance.yahoo.com
  
  A fight to and from Mars should stop off at Venus first, scientists have suggested.A group of researchers have drafted a white paper, to be submitted for peer review at Acta Astronautica, a journal for the exploration of space, that suggests using Venus as a flyby opportunity is essential in getting to Mars.
  
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• Investment boom in fertility start-ups hits $2.2bn

  07-07-2020 17:14 via uk.finance.yahoo.com
  
  Start-ups driving innovation in the fertility industry are seeing a boom in investment, attracting $2.2bn in funds from venture capital investors over the last five years, according to new research. A study led by Octopus Ventures, a London-based investment firm, found a four-fold increase in funding for start-ups exploring new fertility treatments and testing kits between 2014 and 2019. Funds raised last year by fertility start-ups globally topped $750m after 97 deals were completed across the
  
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• Rishi Sunak drops plans to force employees to pay for coronavirus tests

  07-07-2020 17:12 via uk.finance.yahoo.com
  
  Chancellor Rishi Sunak has dropped controversial plans to force workers to pay for coronavirus tests organised by their employers through their tax returns, on the eve of his coronavirus "mini-Budget". HMRC guidance published this week had made clear that employees will face a taxable benefit in kind for private tests carried out in the workplace. The decision would have meant that an employee could see their take-home pay cut by more than £3,000 per year if they have to be regularly teste
  
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• Longer, greener, broader: strategies for a world awash in new bonds

  07-07-2020 17:08 via uk.finance.yahoo.com
  
  Century bonds and green bonds, the first 20-year U.S. Treasury issue in decades, securities for mom-and-pop investors and with growth-linked payouts -- a borrowing binge is forcing governments to think creatively to get the funds they need.Net bond issuance from the United States, euro area and Britain is tipped at around $4.2 trillion this year, as they expand budget spending to battle the coronavirus pandemic.This week, Italy is taking orders from retail investors for a BTP Futura and is consi
  
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