Business news

• IMF, World Bank confirm plans for 'primarily virtual' annual meetings

  09-07-2020 23:51 via uk.finance.yahoo.com
  
  The leaders of the International Monetary Fund and the World Bank on Thursday confirmed that they were preparing to hold their annual meetings in October largely online given the coronavirus pandemic.In a joint statement, IMF Managing Director Kristalina Georgieva and World Bank President David Malpass said they were recommending the annual meetings, set for Oct. 12-18, be heldin a "primarily virtual format."
  
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• 'You deserve a stiff drink after all this': Charles and Camilla thank Asda staff for work during pandemic

  09-07-2020 23:49 via uk.finance.yahoo.com
  
  The Prince of Wales and Duchess of Cornwall have thanked Asda distribution staff for their hard work throughout the coronavirus pandemic.Charles and Camilla met some of the 700 workers at the distribution centre in Bristol on Thursday, as well as delivery drivers and those based at nearby stores.
  
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• Labour accuses Sunak of £1.3bn ‘bung’ to landlords

  09-07-2020 23:30 via uk.finance.yahoo.com
  
  The party has written to Housing Secretary Robert Jenrick on the issue.
  
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• Government will keep its advice to avoid public transport under review

  09-07-2020 23:00 via uk.finance.yahoo.com
  
  Culture Secretary Oliver Dowden said that the Government will lift more lockdown measures if it is safe to do so.
  
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• Tesla appears poised to electrify S&P 500

  09-07-2020 21:48 via uk.finance.yahoo.com
  
  Tesla Incappears on the verge of joining the S&P 500, a major accomplishment for Chief Executive Officer Elon Musk that would unleash a flood of new demand for the electric car maker's shares, which have already surged 500% over the past year.With a market capitalization of about $250 billion, Tesla would be among the most valuable companies ever added to the S&P 500, larger than 95% of the index's existing components.While analysts and investors have recently become more confident of Te
  
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• NYPD forced to impose limit on officers filing for retirement amid 400% surge of personnel trying to quit

  09-07-2020 21:44 via uk.finance.yahoo.com
  
  The New York Police Department (NYPD) has reportedly limited the number of retirement applications it will allow, after it saw a surge in requests in the last couple of months.The NYPD announced on Wednesday that 179 officers filed for retirement between 29 June and 6 July – a 411 per cent increase on the 35 who retired in the same time period in 2019.
  
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• Multinationals shift $1.3tn into tax havens every year, groundbreaking analysis reveals

  09-07-2020 21:32 via uk.finance.yahoo.com
  
  Multinational firms shift $1.3 trillion (£1 trilllion) a year into tax havens to avoid paying their fair share, analysis of groundbreaking new data has found.The UK is a key part of an “axis of tax avoidance“, along with the Netherlands, Switzerland and Luxembourg, that facilitates 72 per cent of corporate tax dodging, according to the Tax Justice Network, which conducted the research.
  
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• Sharon White's radicalism at John Lewis is sorely needed

  09-07-2020 21:21 via uk.finance.yahoo.com
  
  Sharon White's radicalism at John Lewis is sorely neededClosure of Birmingham store and others will be right if two-thirds of sales post-Covid remain online
  
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• Sharon White proves the need to be radical with John Lewis closures

  09-07-2020 21:21 via uk.finance.yahoo.com
  
  Sharon White proves the need to be radical with John Lewis closuresDecision to close Birmingham store and others is right if there’s chance of 60%-70% of sales will be online
  
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• Italy asks Benettons for proposal by weekend to save motorway contract

  09-07-2020 21:18 via uk.finance.yahoo.com
  
  Italy has asked Benetton-backed Atlantiato ready a proposal by the weekend to save a lucrative contract to operate many of the country's motorways and end a two-year long dispute.Rome has been threatening to revoke the toll road licence held by Atlantia's Autostrade per l'Italia subsidiary since a bridge it operated in the port city of Genoa collapsed in 2018, killing 43 people.On Wednesday, Prime Minister Giuseppe Conte said he wanted a solution by the end of this week, at the latest.
  
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• Businessman arrested over job retention scheme fraud

  09-07-2020 20:58
  HMRC sending ‘clear message to those who are tempted to take advantage’
  
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• Italy's TIM asks state lender to invest in last-mile network - sources

  09-07-2020 20:57 via uk.finance.yahoo.com
  
  Telecom Italiahas asked state lender CDP to invest in its last-mile network to allay Rome's concerns over the planned sale of part of the grid to U.S. firm KKR , two sources close to the matter told Reuters.The move comes as the Treasury prepares to play a more active role to help foster a deal between Telecom Italia (TIM) and Open Fiber to create a broadband national champion, the sources said.TIM, partly owned by CDP, is in exclusive talks to sell KKR 40% of its secondary copper and fiber netw
  
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• Market stress could return, UK finance industry warns BoE

  09-07-2020 20:38 via uk.finance.yahoo.com
  
  Stress in financial markets could yet make a comeback, Britain's finance industry warned the Bank of England last month, with Brexit and global political risks auguring for a difficult end to the year.Minutes published on Thursday from a June 2 meeting of the BoE's UK Money Markets Committee (MMC), which includes major banks, showed unease about a possible repeat of market chaos that struck in March when the COVID-19 pandemic escalated.BoE Governor Andrew Bailey has said there was a risk that Br
  
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• Ireland's 'Prudent Paschal' takes Eurogroup chair

  09-07-2020 20:36 via uk.finance.yahoo.com
  
  Irish finance minister Paschal Donohoe brings a reputation for fiscal caution to his new role as president of the Eurogroup of euro zone finance ministers, having won plaudits for delivering Ireland's first budget surplus in a decade in 2018.A politics and economics graduate, Donohoe spent 10 years working for consumer products maker Procter & Gamble in both Britain and Ireland before his election to the Irish parliament in 2011.The former European and tourism minister was handed one of Irel
  
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• Coronavirus: Pools, gyms, team sport and outdoor gigs to return

  09-07-2020 20:21 via bbc.co.uk
  
  Restrictions in England are further eased - with beauty businesses also able to reopen on Monday.
  
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• Ireland's Donohoe takes Eurogroup helm during worst recession

  09-07-2020 20:03 via uk.finance.yahoo.com
  
  The Eurogroup of euro zone finance ministers elected Ireland's Finance Minister Paschal Donohoe as its new chair, it said in a statement on Thursday.Dubbed "Prudent Paschal" by some local media, the Dubliner eschewed demands for bigger tax cuts and spending increases to deliver Ireland's first budget surplus in a decade.Donohoe was elected after two rounds of votes in which he defeated Spain's Finance Minister Nadia Calvino and his Luxembourg counterpart Pierre Gramegna.
  
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• 'I'm furious that we can't reopen'

  09-07-2020 20:01 via bbc.co.uk
  
  Beauty salons and gyms in England get a date for reopening, but some beauty treatments remain blacklisted.
  
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• Brussels backs down over London clearing houses in win for the City

  09-07-2020 19:58 via uk.finance.yahoo.com
  
  Brussels will allow firms on the Continent to continue using London's vital clearing services after the Brexit transition ends in a victory for the City. European Commission vice-president Valdis Dombrovskis said the bloc will introduce “time limited” provisions from January next year to ensure firms are still able to access the capital's clearing houses, middlemen which handle trillions of pounds of trades each year and are a crucial part of the global financial system. Brussels did
  
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• ONS signals rail nationalisation with debt sheet move

  09-07-2020 19:55
  Watchdog considers technical reclassification as sector grapples with pandemic disruption
  
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• New Eurogroup head Donohoe says wants 'inclusive and transparent' grouping

  09-07-2020 19:55 via uk.finance.yahoo.com
  
  The new head of the euro zone's grouping of finance ministers, Ireland's Paschal Donohoe, on Thursday said he was honoured by his appointment and planned to build an "inclusive and transparent" Eurogroup."As President, I will seek to build bridges amongst all members of the Euro Area, and to engage actively with all member states, to ensure that we have a consensus-based approach to the recovery of our economies and our societies," Donohoe said in a statement after he was elected for a two and a
  
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• General Electric to axe 369 jobs in South Wales

  09-07-2020 19:55 via uk.finance.yahoo.com
  
  The losses affect the Nantgarw aircraft engine factory.
  
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• Italy asks Atlantia for new proposals to settle motorway row by weekend - government source

  09-07-2020 19:50 via uk.finance.yahoo.com
  
  Italy remains unsatisfied with Atlantia's proposals to settle a dispute over its motorway concession and has given the company until the weekend to come up with something better to avoid being stripped of its licence, a government source told Reuters.Rome has been threatening to revoke the business licence of Atlantia's motorway unit Autostrade per l'Italia following the deadly collapse in 2018 of a bridge in Genoa that was run by the motorway operator.Speaking after a Rome meeting between senio
  
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• Brussels warns UK citizens of ‘thorough border checks’

  09-07-2020 19:45
  Commission says there will be ‘far reaching changes’ regardless of outcome of talks
  
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• G4S ‘picked to run new mega prison’

  09-07-2020 19:43 via uk.finance.yahoo.com
  
  The facility is set to hold 1,680 criminals.
  
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• Rishi Sunak decided hospitality was worthy of special help

  09-07-2020 19:38
  Chancellor accused of not doing enough to tackle unemployment in his summer statement
  
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• Gym, spa and salon owners cheer green light to reopen this month

  09-07-2020 19:20 via uk.finance.yahoo.com
  
  Richard Darwin, chief executive of The Gym Group, which runs 179 gyms across the UK, said he was “delighted” the announcement.
  
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• Coronavirus: John Lewis and Boots to cut 5,300 jobs

  09-07-2020 18:50 via bbc.co.uk
  
  A day after the chancellor unveiled a plan to save jobs, two of the UK's biggest retailers announce cuts.
  
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• Coronavirus: When can I go to the gym, nail salon, tattoo studio or pool?

  09-07-2020 18:48 via bbc.co.uk
  
  As lockdown eases, more activities will soon be allowed.
  
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• U.S. judge rejects immediate bail for accused Carlos Ghosn smugglers

  09-07-2020 18:46 via uk.finance.yahoo.com
  
  U.S. District Judge Indira Talwani in Boston said Michael Taylor and Peter Taylor, who have been detained since their May 20 arrests, have yet to show they deserve freedom, in part because a magistrate judge also weighing bail has yet to rule.The Taylors said bail was warranted because they might contract COVID-19 at the suburban Norfolk County Correctional Center, where 36 inmates and staff have tested positive.
  
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• What do stamp duty cuts mean for buyers and house prices?

  09-07-2020 18:45 via uk.finance.yahoo.com
  Yahoo Finance UK's Tom Belger explains UK chancellor Rishi Sunak's stamp duty holiday, including how much buyers will save, who benefits most and its impact on house sales and prices.
  
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• Samsung 2021 smartphones may come without chargers

  09-07-2020 18:42 via uk.finance.yahoo.com
  
  Samsung’s smartphones may start shipping without chargers in the box.According to a report from Korean news site ETNews, the change could start from 2021.
  
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• John Lewis, Boots and Burger King closures put 7,000 jobs under threat

  09-07-2020 18:41 via uk.finance.yahoo.com
  
  Almost 7,000 jobs are under threat after John Lewis and Boots announced dozens of store closures on Thursday, while Burger King said it may not reopen more than 50 outlets. The department store chain will close eight sites including two full-size stores in Birmingham and Watford, putting 1,300 jobs at risk, with another 4,000 threatened by the closure of almost 50 Boots Opticians outlets. About 58pc of retail staff are female, raising fears that the unemployment burden is falling harder on women
  
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• EDF says French nuclear output tumbled 25% in June due to pandemic

  09-07-2020 18:27 via uk.finance.yahoo.com
  
  French utility EDFsaid on Thursday that nuclear power generation at its reactors in France plunged 25.1% to 21.3 terrawatt hours (TWh) year-on-year in June due to the effects of the coronavirus pandemic.It said total generation in France since the start of the year was at 174 TWh compared to 203.7 TWh in 2019, down 14.6%.EDF said its cumulative nuclear generation output in Britain since the start of the year was at 22.7 TWh, down 7.4% compared with the same period in 2019.
  
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• Removing Huawei by 2023 would cause data 'blackouts', MPs told

  09-07-2020 18:25 via uk.finance.yahoo.com
  
  Removing Huawei by 2023 would cause data 'blackouts', MPs told. BT executive says UK customers on 5G, 4G and 2G would all face problems if equipment removed
  
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• Andrew Bailey sets new date to meet Tory MPs

  09-07-2020 18:24 via uk.finance.yahoo.com
  
  The Bank of England’s Governor has rearranged a rare meeting with backbencher Tory MPs after postponing the private event amid concern over Threadneedle Street's independence from Westminster. Andrew Bailey will appear in front of the 1922 Committee next Wednesday after raising eyebrows for initially scheduling the meeting for just hours following Rishi Sunak’s mini-Budget. The Governor cancelled the event just two days before the Chancellor’s speech, which set out plans to spe
  
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• £500bn of borrowing will loom over the economy for decades, IFS warns

  09-07-2020 18:16 via uk.finance.yahoo.com
  
  The Treasury is set to borrow half a trillion pounds over two years as the cost of battling the coronavirus and lockdown recession mounts. This year’s deficit will come in at about £350bn, according to the Institute for Fiscal Studies - a record for any peacetime year. It will fall by more than half to £150bn next year, the analysts estimate, which still almost matches the £158bn borrowed at the peak of the financial crisis. This debt mountain will pose a challenge to Ris
  
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• Sunak’s ‘plan for jobs’ faces test with 10,000 posts at big name firms at risk

  09-07-2020 18:15 via uk.finance.yahoo.com
  
  Chancellor Rishi Sunak acknowledged that not every job could be saved despite his £30 billion stimulus package.
  
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• Here are 10 FTSE 100 stocks that could build a winning portfolio

  09-07-2020 18:15 via uk.finance.yahoo.com
  
  Looking for help in building a FTSE 100 stock portfolio? One way to get started is by picking the best-tipped stock from each industry.The post Here are 10 FTSE 100 stocks that could build a winning portfolio appeared first on The Motley Fool UK.
  
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• FTSE 100 slides into red as wave of job losses weighs on sentiment

  09-07-2020 18:14 via uk.finance.yahoo.com
  
  London’s top flight closed 106.54 points lower at 6,049.62p at the end of trading on Thursday.
  
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• Nokia launches data centre networking tools, developed with Apple

  09-07-2020 18:03 via uk.finance.yahoo.com
  
  As the usage of 5G networks expands, vast quantities of data will be generated as more household appliances and other machines are linked up with sensors and artificial intelligence tools, creating the so-called "internet-of-things".Nokia, which competes against China's Huawei and Sweden's Ericsson to build 5G networks, has been broadening its portfolio by adding open interfaces to its 5G equipment and launching new networking products.
  
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• Garmin reveals new smartwatches that charge from the Sun as it says solar power is the future

  09-07-2020 18:02 via uk.finance.yahoo.com
  
  Garmin has released a range of new watches that charge from the Sun, as it commits to the idea that solar power could be the future of fitness technology.The line-up now includes the first of Garmin's products that can keep itself charged using only solar power, theoretically meaning that the watch would never need to be plugged in at all.
  
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• The Persimmon share price is a top FTSE 100 bargain and I’d buy it today

  09-07-2020 18:01 via uk.finance.yahoo.com
  
  The Persimmon share price is climbing today due to the stamp duty holiday and a positive trading update that points to a brighter future.The post The Persimmon share price is a top FTSE 100 bargain and I'd buy it today appeared first on The Motley Fool UK.
  
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• BP pays India's Reliance $1 billion to set up petrol station venture

  09-07-2020 17:59 via uk.finance.yahoo.com
  
  BP has paid Reliance Industries $1 billion (792 million pounds) to set up a joint network of thousands of petrol stations across India to tap the country's rapidly growing energy demand.BP will hold 49% and Reliance the remaining 51% in the new company called Jio-bp, which will expand Reliance's current 1,400 retail sites up to 5,500 over the next five years, the pair said in a statement on Thursday after announcing the venture last August.The plan comes as billionaire Mukesh Ambani, the owner o
  
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• Fast economic data is like fast food — tempting but bad for you

  09-07-2020 17:58
  Rapid data forged UK pandemic polices, but we must know its weaknesses while marvelling at its speed
  
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• Exclusive: Electric car maker Fisker eyes deal to go public - sources

  09-07-2020 17:57 via uk.finance.yahoo.com
  
  Nikola shares are up more than 60% since it went public last month through such a deal, as investors place bets on which startup will be the next Tesla Inc .Earlier this month, autonomous vehicle technology company Velodyne Lidar agreed to be bought by blank-check company Graf Industrial Corpfor $1.6 billion, fuelling a rally in the latter's shares.Spartan Energy Acquisition Corp , which is backed by private equity firm Apollo Global Management Inc , is leading a bidding war among blank-check co
  
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• The Taylor Wimpey share price is rising. Here’s why I’d buy now to lock in top dividends

  09-07-2020 17:56 via uk.finance.yahoo.com
  
  Here's why I see the Taylor Wimpey share price as a strong buy, and why I think time could be running out to lock in super high future yields.The post The Taylor Wimpey share price is rising. Here's why I'd buy now to lock in top dividends appeared first on The Motley Fool UK.
  
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• UK watchdog seeks record fine for Deloitte audit of Autonomy

  09-07-2020 17:54 via uk.finance.yahoo.com
  
  Deloitte should be fined a record 15 million pounds ($19 million) for "serious and serial failings" in its audit of technology company Autonomy, a lawyer for Britain's accounting watchdog told an independent tribunal on Thursday.Deloitte, one of the world's Big Four auditors, and two of its partners, Richard Knights and Nigel Mercer, were investigated in relation to their audit of Autonomy's financial statements for 2009 and 2010.Autonomy, founded by Mike Lynch, was bought for $11 billion by Hew
  
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• Energy firms hit back at Ofgem plan to cut bills

  09-07-2020 17:51 via bbc.co.uk
  
  Households could see their energy bills cut by £20 a year under proposals from the regulator.
  
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• 'Phones ringing off the hook' at estate agents after stamp duty cut

  09-07-2020 17:50 via uk.finance.yahoo.com
  
  'Phones ringing off the hook' at estate agents after stamp duty cutRecord traffic on property websites as buyers and sellers hope to make most of tax break* Stamp duty: what is it and what has the chancellor changed?
  
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• Manufacturers take aim at 'gross waste' of £15bn PPE bill

  09-07-2020 17:47 via uk.finance.yahoo.com
  
  Manufacturing chiefs have hit out at ministers for wasting taxpayer money on protective gear shipped in from abroad at vast expense, after figures revealed £15bn of spending on PPE. Factory owners who had offers for help turned down in favour of overseas suppliers at the height of the crisis said that the cash would have been better spent in Britain. The Department for Health was unable to say how much of its total PPE bill has gone to foreign manufacturers. However, insiders say much of t
  
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