Business news

• England to make masks mandatory in shops

  13-07-2020 23:45
  Policy comes as ambiguity over returning to work causes frustration among businesses
  
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• Questor: Aim is full of traps but we’ve had a good look at Inspecs and it seems promising

  13-07-2020 23:44 via uk.finance.yahoo.com
  
  This column’s record with Aim‑quoted smaller companies is patchy to say the least, with Strix and Franchise Brands notable successes, and Accrol, Hurricane Energy and Zytronic among a longer list of howlers (although we have not yet given up on the last-named stock). A look at any firm quoted on London’s junior market must therefore come with a bit of a health warning, but Inspecs, a newcomer to Aim, does have an interesting look to it. The company is a designer, manufacturer a
  
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• Free pizza and a 75-foot statue of Musk: the battle for the next Tesla plant

  13-07-2020 22:35 via uk.finance.yahoo.com
  
  Austin, Texas, is a progressive city in a conservative state with a thriving software industry and a "Keep Austin Weird" counterculture image.With a decision expected within a few weeks, the Austin-versus-Tulsa contest is heating up as Tesla and its chief executive, Elon Musk, stoke a bidding war over tax breaks and other concessions that would reduce the factory's cost.Travis County, home to Austin, is expected to vote this week on a portion of ten-year tax rebates totaling more than $65 millio
  
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• UK fraud office launches review after judge says director fell for flattery

  13-07-2020 22:28 via uk.finance.yahoo.com
  
  The UK Serious Fraud Office (SFO) said on Monday it would launch a review after its head was rebuked by a London judge for being vulnerable to flattery from a freelance agent during a high-profile bribery investigation into oil consultancy Unaoil.Judge Martin Beddoe said SFO head Lisa Osofsky and senior colleagues had "taken the bait" when an American agent acting for the prominent Ahsani family, which ran Unaoil, had promised to secure guilty pleas in the British investigation into other Unaoil
  
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• Johnson risks a disunited UK over state aid

  13-07-2020 22:03
  The Westminster government must carry devolved nations with it
  
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• UK's expected U-turn on Huawei fails to satisfy Tory rebels

  13-07-2020 21:58 via uk.finance.yahoo.com
  
  UK's expected U-turn on Huawei fails to satisfy Tory rebelsUp to 60 MPs say phasing out of Chinese telecoms firm’s 5G role will not go far enough * What is Huawei and why is its role in UK’s 5G so controversial?
  
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• Asda equal pay dispute goes to UK supreme court in virtual hearing

  13-07-2020 21:34 via uk.finance.yahoo.com
  
  Asda equal pay dispute goes to UK supreme court in virtual hearingRetailer wants justices to overturn verdict to pay shop workers same as depot staff
  
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• Regulators plot path for cross-border payments to counter Facebook

  13-07-2020 21:05 via uk.finance.yahoo.com
  
  Streamlining anti-money laundering checks, longer central bank opening hours and linking national systems would cut cross-border payment costs, global regulators said on Monday.Payments have come under the spotlight since Facebook proposed its Libra digital stablecoin, prompting central banks to think about launching their own digital currency.A report by the Committee on Payments and Market Infrastructures said cross border payments are set to increase from $20 trillion in 2019 to $30 trillion
  
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• Construction begins on world’s longest electricity cable to share clean power between UK and Denmark

  13-07-2020 20:46 via uk.finance.yahoo.com
  
  Construction work has begun on what will become the world’s longest electricity interconnector, which will allow clean energy to travel between the the UK and Denmark.The £1.8bn Viking Link interconnector project is a high-voltage direct-current link which will connect the two countries, and represents a “major milestone” in the UK’s efforts to reach net zero greenhouse gas emissions, according to the National Grid.
  
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• British business faces £7bn red tape bill under Brexit border plan

  13-07-2020 20:46
  ‘New start’ will generate 215m customs declarations a year and need 50,000 extra customs agents
  
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• Boohoo shares drop 18% as new Leicester factory reports threaten sales

  13-07-2020 20:45 via uk.finance.yahoo.com
  
  Boohoo shares drop 18% as new Leicester factory reports threaten sales. More than £500m wiped off as Bank of America analysts suggest UK growth could halve
  
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• Nationwide to offer low-deposit mortgages after stamp duty move

  13-07-2020 20:30 via uk.finance.yahoo.com
  
  Nationwide to offer low-deposit mortgages after stamp duty moveSociety reverses June decision following announcement of tax holiday on certain homes
  
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• Portugal's EDP utility named suspect in widening corruption probe

  13-07-2020 20:22 via uk.finance.yahoo.com
  
  Prosecutors have named Portugal's largest utility EDPa formal suspect in a corruption investigation that caused the suspension of its CEO last week, the company said on Monday.An EDP spokesman told Reuters the firm had received a notification from the state prosecutor's office.The development came a week after a judge ordered chief executive Antonio Mexia suspended over malpractice allegations dating from 2007.
  
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• UK’s border plan leaves business still searching for answers

  13-07-2020 20:17
  Blueprint sets out how traders will manage imports and exports with EU after transition
  
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• US warns it could curb WeChat in Chinese app crackdown

  13-07-2020 20:12 via uk.finance.yahoo.com
  
  The White House has threatened to make China's biggest smartphone app the latest front in its technology war with Beijing, warning of a crackdown on the text message service WeChat. Peter Navarro, Donald Trump's trade advisor, said that the US was planning "strong action" against WeChat, a so-called "super app" owned by the Chinese internet behemoth Tencent and used by more than a billion people worldwide. It comes days after the US raised the prospect of banning TikTok, the social media sensati
  
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• Massive debt write-off could be only way to save economy, warns OBR boss

  13-07-2020 19:51 via uk.finance.yahoo.com
  
  A massive write-off of toxic Covid debt may be the only way to save the economy from stagnation as thousands of businesses struggle to survive, the new head of the spending watchdog has warned. Repayments on £45bn of taxpayer-backed loans could be linked to companies' revenue, said Richard Hughes of the Office for Budget Responsibility (OBR) - with any money outstanding after a set timeframe simply cancelled. Mr Hughes said that firms of all sizes may otherwise drown due to the weight of d
  
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• GDP could fall by 13% this year as second coronavirus spike looms, warns expert

  13-07-2020 19:43 via uk.finance.yahoo.com
  
  Richard Hughes has been nominated as the Office for Budget Responsibility's new chair.
  
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• Tesla taps brake on massive stock rally

  13-07-2020 19:41 via uk.finance.yahoo.com
  
  Shares of Tesla surged 16% early in the session before joining a sell-off along with other big-name Nasdaq stocks, including Amazon , Microsoftand Nvidia , that have outperformed in recent months.With investors betting Tesla could show a quarterly profit in its July 22 report and potentially join the S&P 500 index , traders at one point on Monday paid $1,794.99 per share, a premium of almost $300 over Tesla's previous closing price.Only the second daily decline for Tesla in 10 sessions came
  
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• Tesla extends rally, up over 60% in two weeks

  13-07-2020 19:41 via uk.finance.yahoo.com
  
  The latest leg of Tesla's rally comes after the company on Saturday cut the price of its Model Y sport utility vehicle by $3,000, just four months after its launch, as it tries to maintain sales momentum in the COVID-19 pandemic.Higher-than-expected second-quarter vehicle deliveries, announced earlier this month, have some analysts and investors expecting the company will show a profit in its quarterly report on July 22.With its market capitalization now at $310 billion, Tesla would be among the
  
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• To make jobseeker fit for purpose, its temporary rise should be permanent

  13-07-2020 19:30 via uk.finance.yahoo.com
  
  To make jobseeker fit for purpose, its temporary rise should be permanentThe base rate doesn’t do enough to keep job hunters out of poverty, or to support the economy
  
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• Italy to boost deficit to help car industry and furloughed workers - source

  13-07-2020 19:18 via uk.finance.yahoo.com
  
  Italy is preparing a 20 billion euro (18 billion pounds) stimulus package that will see families given tax relief and more funds to assist the automotive sector, local authorities and workers temporarily laid off, a government source told Reuters.The extra spending will involve additional borrowing and drive Italy's budget deficit to around 11.6% of national output from the 10.4% indicated in April.The government began the year with a deficit target of 2.2% of GDP after the 1.6% recorded in 2019
  
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• SFO to probe director’s conduct over contact with ‘freelance agent’ during bribery probe

  13-07-2020 19:16
  Judge says Lisa Osofsky fell for flattery by potential suspects’ representative during Uanoil investigation
  
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• Frank Lampard reacts to CAS’s Man City verdict

  13-07-2020 19:16 via uk.finance.yahoo.com
  
  Frank Lampard says he was not “pinning his hopes” on Manchester City’s two-year ban from European competitions being upheld by the Court of Arbitration for Sport (CAS). The Chelsea boss added: “If we can win enough games now, we can get into the Champions League qualification”.
  
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• UK ministers under fire over new rules for EU care workers

  13-07-2020 19:10
  Points-based immigration system means most care workers won’t qualify for entry visa
  
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• UK government’s back to work advice prompts confusion

  13-07-2020 18:56
  Ambiguity prompts frustration among business groups, which have called for clarity
  
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• Ireland takes over the eurozone a decade after the crisis

  13-07-2020 18:43 via uk.finance.yahoo.com
  
  A bunfight in Brussels is on the cards as divided leaders try to thrash out a deal on the EU Budget for the next seven years and a €750bn coronavirus recovery fund. Into this fray steps Paschal Donohoe, the newly appointed president of the Eurogroup, which is made up of finance ministers from the 19 countries that use the euro. He is likely to position himself as the bridge between the fiscally conservative north and the southern countries that were bailed out in the eurozone crisis and hav
  
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• Prince Charles visits Prince Charles Hospital in Wales

  13-07-2020 18:36 via uk.finance.yahoo.com
  
  The Prince of Wales has met staff from Prince Charles Hospital who have been on the frontline during the coronavirus crisis. The teams at the Merthyr Tydfil-based hospital have built and developed additional facilities, taken on new roles and undergone extensive training to care for patients during the Covid-19 pandemic.
  
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• British pilot union to hold confidence vote in easyJet COO

  13-07-2020 18:30 via uk.finance.yahoo.com
  
  EasyJet'snew chief operating officer, Peter Bellew, will face a vote of confidence from pilots this week, the British Airline Pilots Association (BALPA) said on Monday.BALPA, a union representing more than 90% of easyJet's pilots, said it would carry out a secret ballot closing at midday (1100 GMT) on Friday, after the airline sent notification of a potential 727 pilot redundancies.The association criticised Bellew for misjudging the COVID-19 pandemic, trying to bypass unions and proposing pilot
  
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• No guarantee EU leaders will reach stimulus deal - Merkel

  13-07-2020 18:19 via uk.finance.yahoo.com
  
  Germany and Italy agree in principle on proposals to bridge gaps among EU states on a long-term budget and a stimulus plan, Chancellor Angela Merkel said on Monday, warning there was no certainty of a deal.During a news conference with Italian Prime Minister Giuseppe Conte at a palace just outside Berlin, Merkel said she could not guarantee that EU member states will reach an agreement on the proposals by European Council President Charles Michel at a summit on July 17-18.
  
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• FTSE 100 closes higher as trading optimism continues

  13-07-2020 18:19 via uk.finance.yahoo.com
  
  London’s top flight closed 80.78 points higher at 6,176.19p at the end of trading on Monday.
  
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• Halfords to close up to 60 sites despite rise in bike sales in lockdown

  13-07-2020 18:18 via uk.finance.yahoo.com
  
  Halfords to close up to 60 sites despite rise in bike sales in lockdownFirm says surge failed to offset car-related losses, endangering hundreds of jobs
  
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• Factbox: With a post-Brexit border operation model, Britain tells firms to get ready

  13-07-2020 18:02 via uk.finance.yahoo.com
  
  Britain unveiled its new post-Brexit border operating model on Monday, setting out what traders will need to do when a status quo transition arrangement with the European Union finishes at the end of this year.If businesses are not prepared, this could mean increased congestion on some roads, particularly in Kent, home to the port of Dover, Britain's busiest roll-on roll-off port.- The government will invest 705 million pounds for new infrastructure, jobs and technology to ensure British border
  
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• White House adviser - U.S. still engaging on Phase One China trade deal

  13-07-2020 17:56 via uk.finance.yahoo.com
  
  White House Economic Adviser Larry Kudlow said on Monday that President Donald Trump is not in a good mood about China because of the coronavirus pandemic, new Hong Kong security laws and the treatment of the Uighurs, but the country is still part of the first phase of its massive trade deal with China.
  
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• Trump hotel group employees in Scotland fear job cuts after business admits finding coronavirus ‘difficult’

  13-07-2020 17:32 via uk.finance.yahoo.com
  
  Employees at Donald Trump‘s hotel group in Scotland reportedly fear they could lose their jobs after the business admitted to finding the coronavirus crisis “difficult”.Staff have told the Daily Record newspaper they had been warned about their future at the company.
  
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• Rise in customs declarations expected as Britain ‘secures’ border post-Brexit

  13-07-2020 17:32 via uk.finance.yahoo.com
  
  The Government insists the Brexit transition period will finish at the end of the year.
  
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• Could this silver giant be a millionaire-maker stock?

  13-07-2020 17:31 via uk.finance.yahoo.com
  
  Hochschild Mining's shares have rallied. Is this silver miner still a buy? Anna Sokolidou tries to find out.The post Could this silver giant be a millionaire-maker stock? appeared first on The Motley Fool UK.
  
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• Tottenham Hotspur player Serge Aurier's brother shot dead in France

  13-07-2020 17:29 via ibtimes.co.uk
  
  26-year old Christopher Aurier was playing for Rodéo Toulouse in the French fifth division.
  
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• Indian stocks to lag rivals as stimulus falls short

  13-07-2020 17:29 via uk.finance.yahoo.com
  
  Foreign investors have begun to price in a slower rebound for Indian stocks this year on concerns that the relatively meagre stimulus the government has delivered for businesses and consumers will leave the economy trailing its main rivals.Mumbai's equity indices have bounced about 43% since crashing to a four-year low in March, as the huge flows of cheap capital provided by global central banks when COVID-19 struck made heavily-discounted stocks attractive.Despite pouring about $1.98 billion in
  
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• EU top court to rule in landmark Facebook, Schrems privacy case

  13-07-2020 17:25 via uk.finance.yahoo.com
  
  Europe's top court will on Thursday rule on the legality of tools companies use to transfer Europeans' data around the world, in the latest clash between Facebook and Austrian privacy activist Max Schrems.If the court finds the mechanisms are illegal, companies, ranging from small businesses to industrial giants, such as Facebook, could have to suspend the data transfers that underpin standard contractual clauses or face hefty fines for breach of EU privacy laws."The Court could upend one, two o
  
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• US chipmaker Analog swoops on rival Maxim to create $68bn firm

  13-07-2020 17:01 via uk.finance.yahoo.com
  
  Analog Devices has snapped up rival semiconductor company Maxim Integrated Products to create a $68bn (£54bn) company in one of the largest takeovers of the year. The deal, which was rumoured over the weekend, will allow Analog to grow its chip-making capabilities for cars and mobile phones. Analog, which specialises in making sensors and signal processing chips, is reportedly paying $20bn for Maxim. The takeover has been approved by both companies' boards and is expected to close next sum
  
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• SFO director faces review as judge criticises ‘flattering’ text messages

  13-07-2020 16:52 via uk.finance.yahoo.com
  
  The Serious Fraud Office (SFO) is to conduct a review into its director’s behaviour after a judge accused her of falling for “flattery”. Lisa Osofsky, a former US FBI lawyer, had exchanged emails and texts with David Tinsley, an American private investigator, who was acting for three members of the Ahsani family, which ran Monaco-based oil consultancy Unaoil. The judge, Martin Beddoe, said that Ms Osofsky, as well as other senior SFO members, should not have had any contact wit
  
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• National Grid share price: Why I’d buy it for a passive income today

  13-07-2020 16:52 via uk.finance.yahoo.com
  
  The National Grid share price is falling on genuine concerns about its future. But I think it’s still a great income stock. Here’s why.The post National Grid share price: Why I’d buy it for a passive income today appeared first on The Motley Fool UK.
  
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• Convictions in Unaoil bribery case delivers win for SFO

  13-07-2020 16:52 via uk.finance.yahoo.com
  
  Two former oil executives have been convicted for conspiring to give corrupt payments to secure valuable contracts in Iraq in a much-needed victory for the embattled Serious Fraud Office. The convictions form part of a sprawling three-year investigation by the SFO into illegal payments made by the oil consultancy Unaoil in a saga that has already engulfed giants such as Rolls-Royce and Halliburton. Ziad Akle, a manager at Unaoil, and Stephen Whitely, an executive at Dutch oil company SBM, were f
  
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• S&P slashes emerging market forecasts, warns of permanent scars

  13-07-2020 16:47 via uk.finance.yahoo.com
  
  Rating agency S&P Global cut its emerging market growth forecasts on Monday, predicting a 4.7% slump on average this year due to the coronavirus and warned that all countries would be left with permanent scars too.The firm said the downward GDP revisions mostly reflected the overall worsening pandemic for many emerging markets and a larger hit to foreign trade compared to its last set of expectations in April that predicted a 1.8% contraction.It added that there would permanent output losses
  
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• Ex-Barclays boss caught up in fight with businesswoman ‘earned £39m a year’

  13-07-2020 16:42 via uk.finance.yahoo.com
  
  Roger Jenkins has told a High Court trial how he left Barclays with an 'exit package' worth more than £50 million.
  
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• Sexual images of young girls, anti-vaccine and right-wing conspiracy theories can easily be found on Pinterest

  13-07-2020 16:39 via uk.finance.yahoo.com
  
  Pinterest, the curation social media site, has been hosting white surpremacist propaganda and sexualised photos of young girls.According to an investigation by OneZero, Pinterest’s moderation policy “hides” this content rather than removing it outright. Moreover, the website’s algorithm can, on occasion, actively recommend such images.
  
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• Companies pushed ‘vulnerable’ customers deeper into debt, FCA says

  13-07-2020 16:36 via uk.finance.yahoo.com
  
  Daniel Stevens and Anthony Kafetzis have been taken to the high court alongside two companies run by Mr Stevens.
  
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• Manchester City's European ban quashed on appeal

  13-07-2020 16:30 via ibtimes.co.uk
  
  The ruling also has ramifications for the end to the Premier League season.
  
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• Trump tax returns: Giuliani contradicts president's excuse for not releasing financial documents

  13-07-2020 16:25 via uk.finance.yahoo.com
  
  Donald Trump's personal attorney Rudy Giuliani appeared to contradict the president's excuse for not releasing his tax returns, saying audits of the finances have been largely completed.Mr Trump has chosen not to release his tax returns since his 2016 campaign, claiming an audit by the Internal Revenue Service prevented him from making the financial information public.
  
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• Nationwide to restart 90pc mortgages after Chancellor’s stamp duty cut

  13-07-2020 16:22 via uk.finance.yahoo.com
  
  Nationwide has become the first high street brand to restart mortgage lending to first-time buyers with a 10pc deposit, following the Government’s move to boost activity in the housing market. Britain’s biggest building society restricted its mortgages in June, citing fears that falling house prices could leave high-mortgage borrowers in negative equity. Since then, only customers with 15pc deposit have been able to apply for loans with many potential first-time buyers locked out the
  
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