Business news

• Netflix warns of slowdown after subscriber surge

  16-07-2020 23:53 via bbc.co.uk
  
  The company has already added nearly as many subscribers as it did in all of 2019.
  
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• Johnson suffers ‘back to work’ blow from chief scientist

  16-07-2020 23:30
  Patrick Vallance insists government advice on homeworking should remain in place
  
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• Why wasn't Donald Trump targeted in the Twitter hack?

  16-07-2020 23:12 via uk.finance.yahoo.com
  
  The hack that brought Twitter to a halt on Wednesday took over the accounts of many of the world's most famous people, from Barack Obama to Bill Gates. But one account was notable by its absence - that of US President Donald Trump. Trump, who has 83m followers, seems like an obvious target for the financial scam. Like Tesla chief executive Elon Musk and rapper Kanye West, he is very widely followed and known for posting outlandish things on his account. Like former President Barack Obama, Democr
  
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• Sanoma sells Finnish online classifieds to Schibsted for $211 million

  16-07-2020 23:12 via uk.finance.yahoo.com
  
  Schibsted, which already owns Finland's generalist online marketplace Tori, expects to reach 44 million monthly visits by adding Oikotie, a job search site with a strong market share in real estate, it said."With this acquisition we have a unique opportunity to widen our scope here and show our long-term commitment to the Finnish market," said Schibsted CEO Kristin Skogen Lund.
  
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• Real Madrid seal Spanish title with win over Villarreal

  16-07-2020 23:05 via uk.finance.yahoo.com
  
  Real Madrid clinched a record-extending 34th La Liga title with one game to spare by beating Villarreal 2-1 at home on Thursday thanks to two goals from their leading scorer Karim Benzema.Benzema fired through the legs of keeper Sergio Asenjo to put Madrid ahead after 29 minutes and converted a penalty in the 77th to help Real on their way to a remarkable 10th consecutive league win since the season resumed after the COVID-19 stoppage.Benzema had put the ball in the net moments earlier after an
  
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• Netflix shares plunge as it says pandemic video boom won't last

  16-07-2020 22:26 via uk.finance.yahoo.com
  
  Netflix shares have fallen sharply after it revealed that the record growth the streaming giant has seen during the pandemic will not last. The US video company revealed that more than 10m households had signed up to its monthly service in the three months to the end of June, sending total subscriber numbers above 192m. However, it forecast that growth would plummet to 2.5m subscribers in the current quarter, sending shares down by more than 10pc in after-hours trading. The figures suggest that
  
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• U.S. judge approves transfer of jailed former VW executive to Germany

  16-07-2020 22:24 via uk.finance.yahoo.com
  
  A U.S. judge in Detroit on Thursday approved the transfer to Germany of a former Volkswagen AGexecutive imprisoned in the automaker's diesel emissions scandal.In 2017, the U.S.-based VW executive Oliver Schmidt, who oversaw emissions issues, was sentenced to seven years in prison and fined $400,000, the maximum possible under a plea deal the German national made with prosecutors after admitting to charges of conspiring to mislead U.S regulators and violate clean-air laws.Schmidt, now 51, was not
  
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• Jailed executive in Wirecard scandal offers confession, lawyer says

  16-07-2020 22:20 via uk.finance.yahoo.com
  
  The former head of a key subsidiary of Wirecard , who was arrested earlier this month, has admitted wrongdoing to prosecutors for his role in a multi-billion-euros fraud, his lawyer said on Thursday.It is the first known confession of wrongdoing in the collapse of one of Germany's biggest companies.The unidentified jailed executive was the chief executive officer of Dubai-based Cardsystems Middle East.
  
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• A reticent consumer rings a note of caution

  16-07-2020 22:18
  Mike Mackenzie’s daily analysis of what’s moving global markets
  
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• Netflix names Ted Sarandos co-CEO, forecasts weaker growth

  16-07-2020 22:10 via uk.finance.yahoo.com
  
  The company also elevated Ted Sarandos to co-chief executive alongside Reed Hastings.For July through August, Netflix forecast it would add 2.5 million new paid streaming customers around the world.Netflix added 10.1 million streaming subscribers from April through June as the coronavirus forced people around the world to shelter at home.
  
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• Netflix names content chief Ted Sarandos co-CEO, forecasts weaker growth

  16-07-2020 22:10 via uk.finance.yahoo.com
  
  The promotion came as Netflix forecast its subscriber growth during the coronavirus pandemic would slow even more than Wall Street expected during the third quarter, sending its shares tumbling 9.5% in after-hours trading.Sarandos will continue his role leading the content operations.In a blog post https://bit.ly/30gU8rs Hastings said he had no plans to depart anytime soon.
  
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• Market report: Boohoo ahead as bosses fill their boots

  16-07-2020 22:00 via uk.finance.yahoo.com
  
  Under-fire online retailer Boohoo revealed on Thursday that some of its bosses had increased their stake in the Aim-listed company. Mahmud Kamani, chairman of Boohoo, snapped up 5m ordinary shares at an average price of 214.28p each, totalling £10.7m, while co-founder Carol Kane bought 2m for £4.28m. The fast-fashion retailer has seen its share price plummet over the last week after allegations that factories in its supply chain paid illegally low wages, as little as £3.50 per
  
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• Daimler's second-quarter EBIT hit by coronavirus, restructuring costs

  16-07-2020 21:38 via uk.finance.yahoo.com
  
  Daimlersaid on Thursday it will stop building Mercedes-Benz sedans in the United States and Mexico as part of cost-cutting measures to streamline production, after saying it will post a smaller-than-expected operating loss in the second quarter."Daimler pre-released better than consensus second-quarter numbers," Jefferies analyst Philippe Houchois said in a note late on Thursday.A slump in demand forced by dealership closures and lockdowns due to the coronavirus crisis pushed Daimler to report a
  
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• Daimler second quarter EBIT loss less than expected

  16-07-2020 21:38 via uk.finance.yahoo.com
  
  Daimleron Thursday said it will post an operating loss of 1.68 billion euros in the second quarter, pre-releasing earnings following a better than expected market recovery, the carmaker said.Daimler's adjusted earnings before interest and taxes (EBIT) as well as the adjusted earnings before interest and taxes at its Mercedes-Benz Cars & Vans are above market expectations, the Stuttgart-based company said in a regulatory statement.Daimler said it expected an EBIT loss of 1.68 billion euros in
  
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• Twitter hack: Social media firm still can’t say how many accounts were compromised in social-engineering bitcoin scam

  16-07-2020 21:30 via uk.finance.yahoo.com
  
  Twitter bosses are still unsure how many accounts were compromised in Wednesday night’s bitcoin scam hack, they have said.The company’s support team said on Thursday evening: “If your account was locked, this does not necessarily mean we have evidence that the account was compromised or accessed.
  
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• Virus surges. Work hours plateau. U.S. may be flattening the wrong curve

  16-07-2020 21:29 via uk.finance.yahoo.com
  
  Indexes measuring the national recovery from the New York Federal Reserve, Goldman Sachs and Oxford Economics have all largely stalled.Meanwhile real-time measures of retail foot traffic and employee work data and shifts have flatlined after steady growth since April spawned optimism for a swift rebound from the recession triggered by the global pandemic.Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday the early strength of the recovery surprised him, but "the question is a
  
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• Why Westminster’s post-Brexit plan is putting UK unity to the test

  16-07-2020 20:42
  Boris Johnson has put himself on a collision course with devolved administrations
  
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• Why UK unity is being tested by Westminster’s post-Brexit plan

  16-07-2020 20:42
  Johnson is on collision course with devolved administrations over internal market
  
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• UK gilt sales to hit record £385bn in pandemic crisis

  16-07-2020 20:41 via uk.finance.yahoo.com
  
  The UK will borrow an extra £110bn from debt markets to pay for the Covid-19 crisis, taking the total to a mammoth £385bn in just eight months of the financial year. The Debt Management Office announced plans to sell the gilts between September and November, days after the Chancellor unveiled an extra £30bn in support for a UK economy mired in its deepest recession for 300 years. The Treasury said the record gilt sales “are not expected to persist over the final four mont
  
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• China's central bank chief urges IMF to open cash floodgate to fight pandemic

  16-07-2020 20:26 via uk.finance.yahoo.com
  
  China's top central banker has urged the International Monetary Fund (IMF) to issue hundreds of billions of dollars of liquidity to its 189 member countries through a general allocation of Special Drawing Rights (SDRs) despite U.S. objections.Yi Gang, governor of the People's Bank of China, wrote in an opinion piece in the Financial Times that an issuance of SDRs - the IMF's internal monetary unit - is needed to help countries to contend with the COVID-19 pandemic.
  
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• Covid-19 aggravates adverse underlying trends

  16-07-2020 20:23
  Huge fiscal challenges await the UK due to rising public debt
  
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• Treasury raises target for how much money premium bonds provider has to bring in

  16-07-2020 20:21 via uk.finance.yahoo.com
  The Treasury has raised the target for how much money National Savings and Investments (NS&I;), the premium bonds provider, has to bring in this year, as it tries to boost its cashflow amid the coronavirus crisis. The government-backed savings giant has been told to raise £35bn, up from an original target of £6bn, which will help fund pandemic support measures. NS&I;’s "net financing target" is agreed with the Treasury every year and represents its contribution to Gover
  
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• Cirque du Soleil reaches purchase deal with secured lenders

  16-07-2020 20:20 via uk.finance.yahoo.com
  
  The Cirque said in a statement that it entered into a new "stalking horse" purchase agreement with its first-lien and second-lien secured lenders, confirming earlier reports.The creditors' agreement replaces an earlier deal with Cirque shareholders including TPG Capital and Fosun International Ltdwhich included debt financing from a Quebec government body..Quebec Economy Minister Pierre Fitzgibbon said the new agreement does not include financial support from his government.
  
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• A fifth of EU soy imports from Brazil could be tainted by deforestation, study says

  16-07-2020 20:09 via uk.finance.yahoo.com
  
  A fifth of EU soy imports from Brazil may come from land illegally deforested, according to a study released on Thursday that offers a detailed inventory of farms in the supply chain.Previous research had traced sales only to municipalities where illegal deforestation took place."Brazil has the means to develop a great government-led monitoring system that is able to clean supply chains of deforestation," Rajao said.
  
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• Genting Casinos closures put 1,600 jobs at risk

  16-07-2020 20:00 via bbc.co.uk
  
  The leisure group said it is shutting three of its clubs in a "heartbreaking decision".
  
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• TikTok to operate as a U.S. company, White House adviser says

  16-07-2020 19:56 via uk.finance.yahoo.com
  
  A top White House advisor said on Thursday that he expects TikTok to separate organizationally from its Chinese owner Beijing ByteDance Technology Co, amid growingU.S. concerns about the security of the data handled by the short video app.White House economic adviser Larry Kudlow told reporters such a move would be a better option than a ban on the app, which was threatened by State Department Secretary Mike Pompeo against the company earlier this month."We haven't made final decisions but...I t
  
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• TikTok expected to operate as a U.S. company, White House adviser says

  16-07-2020 19:56 via uk.finance.yahoo.com
  
  A top White House adviser said on Thursday that he expects TikTok to separate from its Chinese owner and operate as an American company amid growing U.S. concerns about the security of the data handled by the short video app.White House economic adviser Larry Kudlow told reporters a move by TikTok to leave Beijing ByteDance Technology Co, would be a better option than a ban on the app, which was threatened by State Department Secretary Mike Pompeo earlier this month."We haven't made final decisi
  
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• Raab: Russia targeted efforts of finding coronavirus vaccine

  16-07-2020 19:54 via uk.finance.yahoo.com
  
  Foreign Secretary Dominic Raab says that Russian intelligence agencies have been targeting with cyber-attacks US, Canadian and UK efforts of finding a vaccine for coronavirus.
  
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• Government accused of ‘corrosive’ lack of transparency over £30bn plan to save jobs

  16-07-2020 19:52 via uk.finance.yahoo.com
  
  The government has been accused of a “corrosive” lack of transparency after economists said the Treasury had overestimated the size of its economic support plans by as much as £20bn.Rishi Sunak announced a £30bn “plan for jobs” last week, including subsidised restaurant meals, a VAT cut for hospitality firms and £1,000 bonuses for companies that kept furloughed staff on. But analysis by the Institute for Fiscal Studies (IFS) found the plan was party fund
  
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• Former Pemex boss Lozoya leaves Spain to face charges in Mexico

  16-07-2020 19:31 via uk.finance.yahoo.com
  
  A former boss of Mexican state oil company Petroleos Mexicanos (Pemex) who is wanted in Mexico, left Spain on Thursday, authorities said, heading back home to face corruption charges that could weigh heavily on the previous government.A Spanish police spokesman said that the plane carrying former Pemex Chief Executive Emilio Lozoya departed Madrid at 5:57 p.m. (1557 GMT).
  
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• Ex-Pemex boss faces hearing over graft charges on return to Mexico

  16-07-2020 19:31 via uk.finance.yahoo.com
  
  A former boss of Mexican state oil company Petroleos Mexicanos faces an initial court hearing on Friday, an official said, as he lands in Mexico from Spain to answer corruption charges that could engulf leaders of the last government.Emilio Lozoya has been charged with bribery and money laundering dating back to his 2012-16 tenure at the helm of the firm known as Pemex [PEMX.UL].Under Mexican law, Lozoya, 45, must make an initial statement to a judge once he enters the country.
  
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• Inside the shadowy Russian group behind attempts to steal a Covid vaccine from Britain

  16-07-2020 19:22 via uk.finance.yahoo.com
  
  To cybersecurity experts well versed in the dark arts of hacking, it will come as no surprise that the blame for an attack on a UK coronavirus vaccine project has been pinned on a Russian group known as Cozy Bear. With close links to the Kremlin’s foreign and domestic intelligence agencies, Cozy Bear, also known as ATP29, is among the world’s most infamous hacker groups, which over the past decade has been linked repeatedly with a string of high-profile attacks. In 2015, it was impli
  
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• Inside Cozy Bear, the shadowy Russian hacker group accused of stealing British Covid vaccine

  16-07-2020 19:22 via uk.finance.yahoo.com
  
  To cybersecurity experts well versed in the dark arts of hacking, it will come as no surprise that the blame for an attack on a UK coronavirus vaccine project has been pinned on a Russian group known as Cozy Bear. With close links to the Kremlin’s foreign and domestic intelligence agencies, Cozy Bear, also known as ATP29, is among the world’s most infamous hacker groups, which over the past decade has been linked repeatedly with a string of high-profile attacks. In 2015, it was impli
  
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• Attorney General Barr accuses Hollywood, Big Tech of collaborating with China

  16-07-2020 19:22 via uk.finance.yahoo.com
  
  U.S. Attorney General William Barr took aim at Hollywood companies, including Walt Disney Coon Thursday as well as large technology firms like Apple, Alphabet's Google and Microsoft Corp over company actions with China."Corporations such as Google, Microsoft, Yahoo, and Apple have shown themselves all too willing to collaborate with the (Chinese Communist party)," Barr said.
  
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• Russia’s previous links to major cyber attacks

  16-07-2020 19:09 via uk.finance.yahoo.com
  
  The NCSC's revelation that Russian-linked hackers had targeted coronavirus vaccine research is not the first time the country has been under scrutiny.
  
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• More than 1,600 jobs at risk at casino owner Genting

  16-07-2020 18:57 via uk.finance.yahoo.com
  
  Genting has earmarked its Margate, Torquay and Bristol sites for possible permanent closure.
  
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• Investors sue Deutsche Bank and its CEO in wake of Epstein fine

  16-07-2020 18:33 via uk.finance.yahoo.com
  
  Investors are suing Deutsche Bank and its CEO Christian Sewing, alleging the bank made false and misleading statements before it agreed to pay a $150 million fine for compliance failures linked to disgraced financier Jeffrey Epstein.The lawsuit was filed on Wednesday in the U.S. District Court in Newark, New Jersey, and seeks unspecified damages.It claims shareholders lost money because of Deutsche Bank's dealings with Epstein, who was implicated in dozens of sexual abuse cases.
  
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• British Gas workers told to agree new contracts or risk jobs

  16-07-2020 18:30 via bbc.co.uk
  
  Parent company Centrica says a fresh wave of redundancies is a "last resort".
  
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• UK insolvencies: a sterling job

  16-07-2020 18:28
  Britain has bought time but keeping zombie companies on life support can unleash collateral damage
  
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• FTSE slides as mixed Chinese economic data weighs on sentiment

  16-07-2020 18:26 via uk.finance.yahoo.com
  
  London’s top flight closed 41.96 points lower at 6,250.69p at the end of trading on Thursday.
  
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• Exclusive: Natixis plans shake-up to focus on greener lending

  16-07-2020 18:18 via uk.finance.yahoo.com
  
  French bank Natixiswill merge its commodities and infrastructure operations to focus on clean energy in a restructuring sources said was accelerated by a series of loss-making loans to oil traders.The move by one of the most active banks in commodities lending highlights the struggles of businesses connected to a sector grappling with an oil price collapse, rising bankruptcies and growing pressure to switch attention to greener fuels."We are currently working on the creation of an Infrastructure
  
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• Cresting 'first wave' of stimulus may be next hurdle for world markets

  16-07-2020 18:16 via uk.finance.yahoo.com
  
  A growth spurt in the balance sheets of the world's biggest central banks has crested in recent weeks, drawing warnings from investors that any signs of backpedaling on stimulus will jolt financial markets and strangle economic recovery.The U.S. Federal Reserve, European Central Bank, Bank of England, and Bank of Japan joined others in March with a wave of stimulus to stem damage from the coronavirus pandemic.
  
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• Italy antitrust authority clears Intesa bid for UBI, orders branch sales

  16-07-2020 18:03 via uk.finance.yahoo.com
  
  Italy's antitrust authority cleared Intesa San Paolo'sbid for UBI Bancaon Thursday but ordered it to sell more than 500 branches to meet concerns that the deal would give it a dominant position in some markets.The authority said the deal would leave Intesa, Italy's second-largest bank, with a dominant position in some local markets that could limit competition, including among family savers and small businesses as well as regulated savings, fund management and life insurance products.
  
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• Intesa gains Italy's antitrust approval for UBI deal

  16-07-2020 18:03 via uk.finance.yahoo.com
  
  Italy's Intesa Sanpaoloon Thursday secured antitrust approval for its takeover bid for rival UBI Banca , overcoming a major hurdle to one of Europe's biggest banking mergers in a decade.The antitrust body said a pledge by Italy's second biggest bank to sell more than 500 branches was enough to address concerns the acquisition would strengthen Intesa's dominant position on several local markets.To win antitrust approval, Intesa has agreed to sell 532 branches to BPER Bancaif the bid goes through,
  
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• This ‘dying’ ex-FTSE 250 share has crashed 90%. I think it may be a bargain!

  16-07-2020 17:49 via uk.finance.yahoo.com
  
  Despite its reliable business, this former FTSE 250 share has been crushed by the coronavirus. I think it has entered bargain-bin territory.The post This 'dying' ex-FTSE 250 share has crashed 90%. I think it may be a bargain! appeared first on The Motley Fool UK.
  
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• Tesla shares surged 1,000% over 1 year! Are they still a buy for UK investors?

  16-07-2020 17:41 via uk.finance.yahoo.com
  
  Tesla shares surged in the last 12 months. Anna Sokolidou explains if they're still a buy.The post Tesla shares surged 1,000% over 1 year! Are they still a buy for UK investors? appeared first on The Motley Fool UK.
  
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• Why the market might be catching on to Dachan Food (asia)

  16-07-2020 17:39 via uk.finance.yahoo.com
  
  Research by some of the brightest minds in finance has shown that cheap stocks that are just catching the attention of the market can potentially deliver excel...
  
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• Woman claims British pilot husband did not intentionally kill their baby

  16-07-2020 17:25 via ibtimes.co.uk
  
  The young mother told her lawyer that the death of her child was accidental.
  
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• How to invest if the FTSE 100 market crashes

  16-07-2020 17:23 via uk.finance.yahoo.com
  
  Another FTSE 100 market crash may be on the horizon. Here is a plan to deal with it and make the most of the opportunity when it happens.The post How to invest if the FTSE 100 market crashes appeared first on The Motley Fool UK.
  
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• Amazon warns earphones could overheat in your ears

  16-07-2020 17:20 via uk.finance.yahoo.com
  
  Amazon has warned that its wireless headphones may be at risk of overheating.The Echo Buds, wireless in-ears that have the company’s voice assistant Alexa built into them, have had their temperature increase while in the charging case.
  
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