Business news

• Carlos Ghosn's accused smugglers unlikely to win quick bail

  08-07-2020 23:27 via uk.finance.yahoo.com
  
  At a Wednesday hearing in Boston, U.S. District Judge Indira Talwani said she was "anticipating" denying expedited bail to Michael Taylor and Peter Taylor, who are being housed at the suburban Norfolk County Correctional Center, but would revisit the matter in late July.The Taylors, who were arrested on May 20, have argued they should be freed because of defects in their arrest warrants and requests they be extradited to Japan.
  
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• Federal judge throws out GM's racketeering lawsuit against Fiat Chrysler

  08-07-2020 22:59 via uk.finance.yahoo.com
  
  A federal judge on Wednesday threw out a racketeering lawsuit General Motors Cohad filed against smaller rival Fiat Chrysler Automobiles NV , saying the No. 1 U.S. automaker's alleged injuries were not caused by FCA's alleged violations.GM officials said in statement they "strongly disagree" with the order by U.S. District Court Judge Paul Borman, whom the automaker had sought to have removed from the case, and would appeal."There is more than enough evidence from the guilty pleas of former FCA
  
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• Nonprofits urge Johnson & Johnson to halt sales of Baby Powder globally

  08-07-2020 22:56 via uk.finance.yahoo.com
  
  The groups, which include educational institutions such as Emory University and activist groups such as Greenpeace, among others, also want the company to recall existing inventory in North America.Janette Robinson Flint, the executive director of Black Women for Wellness, said in a statement that J&J's choice to continue marketing baby powder in international markets, often to Black and Brown consumers, contradicts a statement it issued in June committing to fighting racial inequality.
  
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• Furloughs at U.S. legacy airlines could help low-cost carriers like Southwest

  08-07-2020 22:54 via uk.finance.yahoo.com
  
  U.S. legacy airlines with lackluster employee demand for early exit packages face large furloughs in the fall, signaling higher post-pandemic labor costs because union contracts require airlines to furlough in reverse order of seniority.This could create a competitive boost for budget carriers including Southwest Airlines , whose lower cost structure could help it win market share with cheaper fares, experts said.With no quick recovery in sight, United Airlinessaid Wednesday it was sending 36,00
  
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• Facebook bans Trump ally Roger Stone for 'ties to fake account network'

  08-07-2020 22:53 via uk.finance.yahoo.com
  
  Facebook has removed the personal accounts of Donald Trump's former adviser Roger Stone, claiming they were linked to a network of fake accounts during the 2016 presidential election. In its monthly report on inauthentic and coordinated activity, the social network claimed that Mr Stone and his associates had been linked to a network with ties to Proud Boys, a group that promotes white supremacy. Facebook banned Proud Boys in 2018. Nathaniel Gleicher, Facebook’s cybersecurity chief, said:
  
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• Fed officials suggest U.S. recovery may be stalling

  08-07-2020 21:49 via uk.finance.yahoo.com
  
  In separate appearances, Atlanta Fed President Raphael Bostic and Richmond Fed President Thomas Barkin noted what Barkin characterized as "air pockets" facing the U.S. economy - businesses exhausting existing order books without refilling them, and households facing the end of unemployment benefits and other support."Businesses like construction had pretty good pipelines and kept going," through the first phase of the pandemic Barkin said in webcast remarks to a group of local chambers of commer
  
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• Watchdog fears UK employers will seek to cut pensions bill

  08-07-2020 21:45
  Ombudsman warns companies hit by pandemic will try to induce staff to opt out or reduce payments
  
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• Google shuts down cloud project, says no plan to offer cloud services in China

  08-07-2020 21:35 via uk.finance.yahoo.com
  
  Earlier in the day, Bloomberg reported https://bloom.bg/3iIhBdp that Google in May had abandoned the project in China and other "politically sensitive" countries, partly due to rising geopolitical tensions and the pandemic.The search engine giant, however, said that the project's shutdown was not due to either of those reasons.
  
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• Sunak will not be able to play Santa Claus forever

  08-07-2020 21:22
  Chancellor must ultimately stabilise public finances after expense of Covid-19
  
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• Twitter hiring engineers to build new subscription platform

  08-07-2020 21:14 via uk.finance.yahoo.com
  
  The selected web engineers will join a team, codenamed "Gryphon," and work closely with Twitter's payments and the Twitter.com teams, according to the listing https://bit.ly/3fdbfjU.Twitter said this subscription platform would be "a first" for the company and might be reused by other teams in the future.The company briefly edited the job listing to remove references to "Gryphon" and the "subscription platform".
  
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• Total secures $15.8 billion in funding for Mozambique gas project - FNB

  08-07-2020 20:59 via uk.finance.yahoo.com
  
  French oil major Totalhas secured $15.8 billion (12.5 billion pounds) in funding for its massive liquefied natural gas (LNG) project in northern Mozambique, according to South African lender FirstRand'slocal unit, FNB Mozambique.Total declined to comment.In a press release published on Wednesday, FNB Mozambique said the financing contracts for Total's blockbuster development had been signed on Friday.
  
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• Airbus first-half deliveries hit 16-year low despite June bounce

  08-07-2020 20:56 via uk.finance.yahoo.com
  
  Airbusdeliveries rose 50% in June compared with May and reached their highest level since the coronavirus crisis spread to Europe in March, but the accelerating recovery failed to prevent first-half deliveries from sliding to a 16-year low.Figures released by the European planemaker late on Wednesday underscored a collapse in aerospace industry fortunes since early this year, hours after Airbus workers facing job cuts staged their first strike in 12 years.Deliveries rose to 36 aircraft in June f
  
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• Airbus deliveries plunge in first half

  08-07-2020 20:56 via uk.finance.yahoo.com
  
  Deliveries have been crippled by the coronavirus crisis, which brought a halt to a lengthy aerospace industry boom and wrecked expectations for another record year of output.Airbus also reported 365 gross orders for the first half, or 298 net orders after stripping away cancellations, the first figure being unchanged versus the total reported for the January-May period.
  
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• Chancellor's 'eat out to help out' plan: how to get value for money

  08-07-2020 20:49 via uk.finance.yahoo.com
  
  Chancellor's 'eat out to help out' plan: how to get value for moneyRishi Sunak’s summer statement promised diners discounts to kickstart Britain’s economy. Here’s how the scheme works* Coronavirus – latest updates* See all our coronavirus coverage
  
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• UK public borrowing to exceed £350bn with Sunak stimulus plan

  08-07-2020 20:35
  Chancellor gambles with vast sums in attempt to minimise long-term economic damage of pandemic
  
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• Coronavirus: Chancellor Rishi Sunak unveils £30bn plan to save jobs

  08-07-2020 20:34 via bbc.co.uk
  
  Chancellor Rishi Sunak cuts VAT on hospitality and offers firms a bonus to keep furloughed staff, in a bid to stop mass unemployment.
  
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• What 1.1 million foreign students contribute to the U.S. economy

  08-07-2020 20:31 via uk.finance.yahoo.com
  
  About 1.1 million foreign students attended U.S. higher education institutions in the 2018-19 school year, according to a report https://www.iie.org/Why-IIE/Announcements/2019/11/Number-of-International-Students-in-the-United-States-Hits-All-Time-High issued by the State Department and the Institute of International Education (IIE), and they made up 5.5% of the entire U.S. higher education enrollment.The immigration order is likely to affect just a fraction of the total number of students.Foreig
  
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• Ryanair cabin crew agree to temporary pay cut to keep jobs

  08-07-2020 20:27 via bbc.co.uk
  
  Crew will accept a temporary pay cut over four years as airlines struggle with coronavirus effects.
  
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• Chancellor warned his job boosting package may fall flat

  08-07-2020 20:16
  Rishi Sunak’s £30bn summer statement was aimed at averting mass youth unemployment
  
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• Ryanair boss gives refunds update as flights resume

  08-07-2020 20:14 via uk.finance.yahoo.com
  
  Ryanair boss Michael O'Leary updates Sky's Niall Paterson on COVID crisis refund delays as flights resume.
  
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• Calls for inquiry after Treasury reveals £15bn cost of PPE

  08-07-2020 20:13 via uk.finance.yahoo.com
  
  The taxpayer has stumped up £10 billion for the Government’s bungled test and trace system, it emerged on Wednesday night. Calls for an inquiry mounted after it emerged the taxpayer has also spent an “eye-watering” £15 billion on PPE amid scrutiny of the Government’s procurement process. Campaigners blasted officials for an “enormous waste” of public money after PPE and the NHS’s bungled testing and contact tracing programmes accounted for al
  
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• UK chancellor’s economic measures fail to impress in Luton

  08-07-2020 20:11
  English town has been hit hard by lockdown and its council faces ruin
  
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• Pubs warn of closure risk after alcohol VAT cut exemption

  08-07-2020 20:09 via uk.finance.yahoo.com
  
  Pubs warn of closure risk after alcohol VAT cut exemption. Firms ‘heartbroken’ as alcohol sales are excluded from tax relief in summer statement
  
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• Treasury says poorest working households gained in lockdown

  08-07-2020 20:06
  Previous studies showed the poor were likely to have been hardest hit by pandemic
  
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• Multiple Boohoo inspections find no modern slavery offences

  08-07-2020 20:04
  Lack of enforcement shows challenge in tackling allegations of supply chain issues
  
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• U.S. DoJ examining Wirecard as part of probe into alleged bank-fraud conspiracy - WSJ

  08-07-2020 19:52 via uk.finance.yahoo.com
  
  The Manhattan U.S. Attorney's office and the New York field office of the Federal Bureau of Investigation are examining whether Wirecard played a role in the alleged conspiracy by serving as both a payment processor and an offshore merchant bank, the Journal said, citing people familiar with the matter.The authorities are also considering the possible role of several former or current top Wirecard executives, according to the report.
  
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• Stamp duty holiday may revive housing market, say experts

  08-07-2020 19:31 via uk.finance.yahoo.com
  
  Stamp duty holiday may revive housing market, say expertsSummer statement raises hopes for flurry of fresh buyers entering property sector* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Australia's recovery will take a big hit from the Melbourne lockdown

  08-07-2020 19:30 via uk.finance.yahoo.com
  
  Australia's recovery will take a big hit from the Melbourne lockdown. The nation should realise just how damaging Victoria’s tightened restrictions will be to our hopes of limiting recession
  
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• Uber Eats teams up with Asda for fast-track grocery deliveries in UK

  08-07-2020 19:29 via uk.finance.yahoo.com
  
  Uber Eats teams up with Asda for fast-track grocery deliveries in UKService being trialled from two stores as shoppers switch to buying groceries online
  
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• Sunak keeps UK economy in a holding pattern

  08-07-2020 19:29
  Package is more of a stopgap than a kick-start
  
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• Liam Fox is Britain's candidate for World Trade Organisation top job

  08-07-2020 19:17 via uk.finance.yahoo.com
  
  Liam Fox, the former international trade secretary, has been named as Britain’s candidate to lead the World Trade Organisation (WTO). Downing Street confirmed that it had nominated Dr Fox, the Conservative MP for North Somerset and a prominent Brexiteer, to replace the Brazilian diplomat Roberto Azevedo as director-general when he leaves the commerce regulator in August. Nominations for the post closed on Wednesday. Dr Fox’s competition includes Ngozi Okonjo-Iweala, the former Nigeri
  
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• Least well-off get the most Covid help - but what happens next?

  08-07-2020 19:15 via uk.finance.yahoo.com
  
  Chancellors have not always been keen on the detailed scrutiny of who wins and loses as a result of the decisions they take. The most notable recent example was George Osborne. He scrapped the Treasury’s distributional analysis traditionally accompanying Budgets due to the inconvenient fact that his planned tax credit reforms would hit the poorest hardest. Osborne left it to the Institute for Fiscal Studies to deliver the bad news. Under pressure from the Treasury Select Committee, the dis
  
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• UK business leaders warn over closure of furlough scheme

  08-07-2020 19:11 via uk.finance.yahoo.com
  
  UK business leaders warn over closure of furlough scheme. Chancellor’s job retention bonus will do little to avoid unemployment surge, say firms
  
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• Chancellor gives diners 50% off on eating out

  08-07-2020 18:59 via bbc.co.uk
  
  Chancellor Rishi Sunak has unveiled an "eat out to help out" discount as part of wider measures.
  
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• 'Death Cross' strikes U.S. dollar as COVID-19 cases grow

  08-07-2020 18:59 via uk.finance.yahoo.com
  
  A resurgent coronavirus pandemic in the United States and the prospect of improving growth abroad are souring some investors on the dollar, threatening a years-long rally in the currency.A decline in the dollar earlier this week set off a technical formation known as a "Death Cross," which occurs when the 50-day moving average crosses below the 200-day moving average, according to analysts at BofA Global Research.Past occurrences of the Death Cross have been followed by a period of dollar weakne
  
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• UK sets aside £50bn extra for public services during pandemic

  08-07-2020 18:53
  Scale of emergency measures includes £15bn spent on PPE to protect frontline health workers
  
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• Tesla's Musk approaches a $1.8 billion bonanza

  08-07-2020 18:52 via uk.finance.yahoo.com
  
  Fueled by stronger-than-expected car deliveries, shares of Tesla have surged over 40% in the past seven sessions, elevating the company's market capitalization to $259 billion.More important for Musk's personal finances, Tesla's six-month average market capitalization has reached a record $138 billion.Hitting a six-month average market capitalization of $150 billion would trigger the vesting of the second of 12 tranches of options granted to the billionaire to buy Tesla stock as part of his 2018
  
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• Stamp duty holiday: How will it work?

  08-07-2020 18:52 via bbc.co.uk
  
  The government has announced changes to stamp duty to help cut costs for anyone buying a home.
  
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• Pubs and restaurants left thirsty for more following Sunak's £4bn giveaway

  08-07-2020 18:42 via uk.finance.yahoo.com
  
  Pub, restaurant and tourism leaders toasted Rishi Sunak’s plans to cut VAT and bankroll dining out during August. But while some bosses welcomed the Chancellor’s £4bn catalyst for the hospitality sector, others were left thirsty for more. Mr Sunak announced a temporary tax cut from 20pc to 5pc in his mini-budget on Wednesday for the hospitality and tourism sectors. The reduction will apply from Jul 15 until Jan 12, 2021. In addition, the former Goldman Sachs banker unveiled an
  
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• Coronavirus: Visitors may not see the thrill of VAT cut

  08-07-2020 18:37 via bbc.co.uk
  
  Attractions and restaurants may not pass on the chancellor's VAT cut to visitors.
  
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• UK hospitality sector boosted by meal vouchers and VAT cut

  08-07-2020 18:29
  Chancellor unveils tax reduction from 20% to 5% for hotels, cinemas, restaurants and theme parks
  
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• Stamp duty holiday: The winners and the losers

  08-07-2020 18:27 via bbc.co.uk
  
  The chancellor has announced a stamp duty holiday until next March, pleasing some but angering others.
  
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• £1,000 bonus 'may not be enough to protect jobs'

  08-07-2020 18:20 via bbc.co.uk
  
  Employers and unions say more needs to be done to support firms and protect employment.
  
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• Boohoo must take fashion more seriously after factory scandal

  08-07-2020 18:19 via uk.finance.yahoo.com
  
  Boohoo must take fashion more seriously after factory scandal. Retailer needs to scrutinise its board and policies to avoid being a symbol of UK’s low-pay culture
  
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• FTSE 100 drifts lower as Chancellor’s ‘mini-budget’ fails to excite

  08-07-2020 18:18 via uk.finance.yahoo.com
  
  London’s top flight closed 33.74 points lower at 6,156.16p at the end of trading on Wednesday.
  
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• Summer Statement: Key points at a glance

  08-07-2020 18:07 via bbc.co.uk
  
  Rishi Sunak announced his plans to help the economy recover. Here's what you need to know.
  
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• Sunak jobs plan/UK business: youth club

  08-07-2020 18:06
  Employers have a history of holding back from such schemes but this time should be different
  
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• California woman sues after she lost her job when her children made noise while was working at home

  08-07-2020 18:02 via uk.finance.yahoo.com
  
  A California woman with two small children says she was fired from her job as an insurance account executive after the youngsters were noisy during her work calls. Drisana Rios, 35, from San Diego, filed a lawsuit last month against Hub International, a global insurance brokerage firm, alleging gender discrimination, retaliation and wrongful termination. The mother of a four-year-old daughter and a one-year-old son, she began working from home in March, when the coronavirus pandemic caused offic
  
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• Why the Chancellor’s ‘kickstart’ scheme won’t help university graduates

  08-07-2020 17:59 via uk.finance.yahoo.com
  
  Aspiring lawyers, accountants and other ambitious graduates have been left behind by the Government’s new ‘kickstart’ scheme as it will push people into low-paid work with minimal career progression, experts have warned. Chancellor Rishi Sunak announced a £2bn package to get 16 to 24-year-olds into work. One part of the policy will see the state to pay the wages of young people on Universal Credit for six months. This will exclude the majority of university leavers and ev
  
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• M4 claims over Ineos factory decision dismissed as ‘nonsense’

  08-07-2020 17:44 via uk.finance.yahoo.com
  
  Ineos is putting on hold its plans for a new car plant in Bridgend, South Wales
  
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