Business news

• PayPal says 86% profit jump flags shift from cash payments in stores

  29-07-2020 22:31 via uk.finance.yahoo.com
  
  The stock, seen as an e-commerce investment play, was already up 44% since PayPal last reported results on May 6.The company said it expected the trends to continue and that it now expected earnings per share for the full year to increase about 25% on 22% revenue growth."We have more confidence in the elevated e-commerce trends we are seeing," Chief Financial Officer John Rainey told analysts.
  
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• PayPal beats estimates with 86% profit jump on pandemic spending shift

  29-07-2020 22:31 via uk.finance.yahoo.com
  
  The company said it expects the trends to continue and said that for the full year it now expects earnings per share to increase about 25% on 22% revenue growth."Digital payments have become more important and essential than ever," CEO Dan Schulman said.The rate of payment growth compares with a year-earlier increase of 26% that had slowed to 19% in the first quarter when the pandemic broke and retail spending collapsed broadly.
  
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• 'Too much power': Congress grills top tech CEOs in combative antitrust hearing

  29-07-2020 22:16 via uk.finance.yahoo.com
  
  'Too much power': Congress grills top tech CEOs in combative antitrust hearing* Facebook, Amazon, Apple and Google executives face criticism over online dominance* Lawmakers condemn Facebook’s Instagram merger – live
  
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• Qualcomm forecasts sales above estimates, settles dispute with Huawei

  29-07-2020 22:05 via uk.finance.yahoo.com
  
  Shares of the company were up as much as 13% in extended trading despite a forecast for fourth-quarter chip revenue slightly lower than analysts expected because of a delayed "flagship phone launch" analyst believe is Apple's new iPhones.The company also said it resolved a licensing dispute with Huawei, which will pay Qualcomm a catch-up payment of $1.8 billion in the fiscal fourth quarter.While Huawei is still barred from buying Qualcomm's chips under U.S. regulations, it has now resumed paying
  
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• Qualcomm forecasts sales above estimates, resolves licensing dispute with Huawei

  29-07-2020 22:05 via uk.finance.yahoo.com
  
  The company also said it resolved a licensing dispute with Huawei Technologies and that while Huawei is still barred from buying Qualcomm's chips, it has now resumed paying licensing fees for wireless technology.After resolving a bruising legal battle with iPhone maker Apple Inclast year, Qualcomm entered 2020 predicting revenue growth from 5G devices, which fetch higher chip revenue per phone for the company.Qualcomm, the world's biggest supplier of mobile phone chips, said it expects current-q
  
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• Apple, Amazon, Facebook, Google face claims of 'harmful' power

  29-07-2020 21:47 via bbc.co.uk
  
  US lawmakers are considering tougher regulation of the firms, which critics say are too powerful.
  
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• Federal Reserve warns of continuing need to protect US economy

  29-07-2020 21:21 via bbc.co.uk
  
  The central bank keeps interest rates on hold at near zero as concern about the pandemic continues.
  
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• Travel bosses demand end to blanket quarantine

  29-07-2020 21:10 via bbc.co.uk
  
  Regional travel corridors would allow quarantine-free visits to some areas of Spain, they tell the PM.
  
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• Bayer sends private investigator to U.S. farm, appeals weed-killer case

  29-07-2020 21:03 via uk.finance.yahoo.com
  
  Bayer AGsent a private investigator this month to evaluate the business of a U.S. peach grower who won a $265 million court verdict against the company and rival BASF SE , in a bid to overturn the decision, according to court filings.A jury in U.S. District Court for the Eastern District of Missouri in February awarded Bill Bader, Missouri's largest peach farmer, $15 million in actual and $250 million in punitive damages.Bader sued Bayer and BASF, saying his 1,000-acre orchard was irreparably ha
  
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• Bayer argues against weed-killer verdict, after its investigator finds U.S. farmer still in business

  29-07-2020 21:03 via uk.finance.yahoo.com
  
  Bayer AGcontended in court papers that a jury verdict in favor of a Missouri peach farmer was based on a false premise because a private investigator it hired found the farmer was still in business.A jury in U.S. District Court for the Eastern District of Missouri in February awarded Bill Bader, Missouri's largest peach farmer, $15 million in actual and $250 million in punitive damages.Bader sued Bayer and its rival BASF SE , saying his 1,000-acre orchard was irreparably harmed when herbicides m
  
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• Coronavirus: National Trust redundancy plan puts 1,200 jobs at risk

  29-07-2020 21:00 via bbc.co.uk
  
  The charity says it "exhausted every other possibility" before announcing plans for redundancies.
  
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• It's easy to see why Barclays' shares fell despite good figures

  29-07-2020 20:47 via uk.finance.yahoo.com
  
  It's easy to see why Barclays' shares fell despite good figures. Until the dividend conundrum is solved investors would be wise to avoid the entire sector
  
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• Boeing to end production of its 747 airliner in 2022

  29-07-2020 20:44 via uk.finance.yahoo.com
  
  Boeing to end production of its 747 airliner in 2022. The end of the 747 comes with Boeing enduring one of the most difficult periods in its history
  
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• Fed repeats pledge to keep U.S. interest rates low

  29-07-2020 20:05 via uk.finance.yahoo.com
  
  "Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year," U.S. central bank policymakers said in a statement issued at the end of their latest two-day meeting, which was held by videoconference.All members of the Fed's policy-setting committee voted to leave the target range for short-term interest rates at between 0% and 0.25%, where it has been since March 15 when the novel coronavirus
  
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• Fed chief says coronavirus surge starting to dent U.S. economic recovery

  29-07-2020 20:05 via uk.finance.yahoo.com
  
  "We have seen some signs in recent weeks that the increase in virus cases and the renewed measures to control it are starting to weigh on economic activity," Fed Chair Jerome Powell said in a news conference following release of the U.S. central bank's latest policy statement.The United States "has entered a new phase in containing the virus, which is essential to protect both our health and our economy."Powell's comments, made via videoconference, confirmed what many economists and other analys
  
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• Fed chief says coronavirus surge slowing U.S. economic recovery

  29-07-2020 20:05 via uk.finance.yahoo.com
  
  "It looks like the data are pointing to a slowing in the pace of the recovery," Fed Chair Jerome Powell said at a news conference, pointing to an apparent pullback by consumers and a slowdown in the rehiring of furloughed workers, particularly by small businesses.The United States, he said, "has entered a new phase in containing the virus, which is essential to protect both our health and our economy."Powell's comments, made via videoconference after the Fed announced its policy decision to leav
  
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• Exclusive: Argentina may delay debt restructuring deadline amid impasse - source

  29-07-2020 20:05 via uk.finance.yahoo.com
  
  Argentina's government is considering pushing back a deadline for creditors to respond to its foreign debt restructuring proposal until mid-to-late August, a source close to the negotiations told Reuters on Wednesday.The cutoff for the $65 billion deal is currently Aug. 4, though the two sides are at an impasse over the value and legal terms of the final offer, with a large group of creditors rallying behind a counter proposal.The debt deal is key for recession-hit Argentina to avoid a protracte
  
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• Gove urges sceptical businesses to embrace £50m customs broker scheme

  29-07-2020 20:03
  Industry warns incentives are too small to risk aggressive expansion to meet big shortfall of specialists
  
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• Pizza Hut considers insolvency as Covid-19 crisis threatens jobs

  29-07-2020 20:00 via uk.finance.yahoo.com
  
  Pizza Hut considers insolvency as Covid-19 crisis threatens jobs. Restaurant chain, with 5,700 staff, still hopeful of reopening most of its 244 UK branches
  
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• Universities pension fund blames doubling of deficit on pandemic

  29-07-2020 19:50
  Defined benefits schemes under increasing pressure from low rates and market turbulence
  
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• Federal Reserve warns US recovery is stalling

  29-07-2020 19:47 via uk.finance.yahoo.com
  
  The Federal Reserve has warned the US economy's recovery is stalling as rocketing Covid-19 infections force states to reverse reopenings. Stocks on Wall Street added to their gains after the central bank promised to keep interest rates at rock-bottom levels as it warned the fate of the economy will “depend significantly on the course of the virus”. Fed chair Jerome Powell vowed to do “what we can for as long as it takes to provide some relief and stability”. “We hav
  
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• Twitter in turmoil after month of crisis leads to concerns over leadership

  29-07-2020 19:38 via uk.finance.yahoo.com
  
  Twitter in turmoil after month of crisis leads to concerns over leadership. Part-time chief Jack Dorsey’s company is mired in high-profile hacks and concerns over leadership
  
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• Italy government wins Senate backing to increase 2020 deficit

  29-07-2020 19:30 via uk.finance.yahoo.com
  
  Italy's upper house of parliament on Wednesday authorized the government to increase the 2020 budget deficit, paving the way for approval in early August of the latest stimulus package aimed at helping the economy cope with the coronavirus crisis.Rome sees its public debt, the second highest in the euro zone after that of Greece, rising to 157.6% of GDP this year.The Senate passed the deficit request by 170 votes to 4 in the 319-seat chamber, with right-wing opposition parties abstaining.
  
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• Billionaire ordered to pay £270m to charity after divorce settlement

  29-07-2020 19:30 via uk.finance.yahoo.com
  
  Billionaire ordered to pay £270m to charity after divorce settlement. Sir Chris Hohn told to give money to ex-wife Jamie Cooper’s charity, Big Win Philanthropy
  
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• Across Australia people are losing jobs, and it’s older workers that are suffering most

  29-07-2020 19:30 via uk.finance.yahoo.com
  
  Across Australia people are losing jobs, and it’s older workers that are suffering most. A third of the increase in jobs that occurred in May and June has been undone over the past month
  
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• World Bank's IFC to launch $4 billion medical supply financing platform

  29-07-2020 19:18 via uk.finance.yahoo.com
  
  The World Bank Group's private-sector arm said on Wednesday it is launching a $4 billion (3.08 billion pounds) financing platform aimed at boosting the production and supply of critical health care products in developing countries to help fight the coronavirus pandemic.The International Finance Corp's initiative is largely aimed at private-sector projects to manufacture products such as personal protective equipment, ventilators and other medical equipment, coronavirus test kits, therapeutic dru
  
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• World Bank's IFC launches $4 billion medical supply financing platform

  29-07-2020 19:18 via uk.finance.yahoo.com
  
  The World Bank Group's private sector arm said on Wednesday it was launching a $4 billion financing platform aimed at boosting the production and supply of critical healthcare products in developing countries to help fight the coronavirus pandemic.The International Finance Corp's initiative is largely aimed at private sector projects to manufacture products such as personal protective equipment, ventilators and other medical equipment, coronavirus test kits, therapeutic drugs and vaccines.IFC is
  
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• German lawmakers grill Scholz over Wirecard scandal

  29-07-2020 19:17 via uk.finance.yahoo.com
  
  German lawmakers on Wednesday questioned Finance Minister Olaf Scholz over his failure to detect and prevent the Wirecard [WDIG.DE] accounting scandal, one of the biggest in post-war history.Payment services company Wirecard filed for insolvency last month after admitting that 1.9 billion euros (1.7 billion pounds) supposedly held in trustee accounts by overseas partners probably did not exist.Prosecutors have arrested former Wirecard Chief Executive Markus Braun and two other former executives
  
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• German lawmakers grill Scholz, Altmaier over Wirecard scandal

  29-07-2020 19:17 via uk.finance.yahoo.com
  
  German lawmakers on Wednesday questioned Finance Minister Olaf Scholz and Economy Minister Peter Altmaier over their failure to detect and prevent the Wirecard [WDIG.DE] accounting scandal, one of the biggest in post-war history.Payment services company Wirecard filed for insolvency last month after admitting that 1.9 billion euros (1.72 billion pounds) supposedly held in trustee accounts by overseas partners probably did not exist.Prosecutors have arrested former Wirecard Chief Executive Markus
  
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• French energy group Total books $8 billion asset impairments

  29-07-2020 18:59 via uk.finance.yahoo.com
  
  French energy group Totalwill book an exceptional impairment charge of $8 billion (6.1 billion pounds) mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday."Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian oil sands assets alone," Total said in a statement, adding that this will increase its gearing ratio by 1.3%.Total said it had revised
  
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• France's Total writes down $8 billion on weaker oil, gas outlook

  29-07-2020 18:59 via uk.finance.yahoo.com
  
  France's Totalsaid on Wednesday it will take an $8 billon impairment on the value of its assets, mainly in energy-intensive Canadian oil sands projects after the energy group slashed its oil and gas price outlook.The write down follows similar steps by many major oil and gas companies including Royal Dutch Shelland BPin recent weeks in the wake of the collapse in fuel consumption due to the coronavirus epidemic.Total, which reports second quarter results on Thursday, sharply lowered its short-te
  
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• Suez swings to loss, sales fall less than expected

  29-07-2020 18:57 via uk.finance.yahoo.com
  
  French utility Suezswung into a 538 million euro (487.2 million pounds) net loss in the first half of 2020 as the COVID-19 pandemic cut water consumption and halted refuse collections, though sales fell by less than expected.It said it expected sales to continue on a downward trend, falling between 2% to 4% in the second half of the year.Suez, which posted a net profit of 212 million euros in the first half of 2019, was hit by lower water consumption during coronavirus lockdowns enforced by gove
  
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• WTO set to skip naming acting chief after U.S. push caused deadlock

  29-07-2020 18:50 via uk.finance.yahoo.com
  
  World Trade Organization members are likely to refrain from appointing an interim director-general to succeed Roberto Azevedo when he steps down at the end of August, two sources following the process said on Wednesday, after Washington's insistence on a U.S. candidate caused a deadlock.Under the new proposal, instead of appointing one of four deputies to serve as interim chief until Azevedo's replacement is chosen later this year, those officials, from the United States, China, Germany and Nige
  
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• Exclusive: WTO unlikely to get interim leader as U.S. insists on its candidate, causes impasse

  29-07-2020 18:50 via uk.finance.yahoo.com
  
  The World Trade Organization will likely not appoint an interim chief to succeed outgoing Director-General Roberto Azevedo in late August, three sources following the process said on Wednesday, after Washington's insistence on a U.S. candidate caused a deadlock.Keen to avoid a leadership void, WTO members were due to select an acting chief from among Azevedo's deputies to take over from the Brazilian while they consider eight candidates vying to head the global trade watchdog, which is facing an
  
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• UK-Japan trade talks to run past July deadline

  29-07-2020 18:49
  Much of new treaty now settled but rules of origin on UK exports to Japan proving sticking point
  
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• Stock market crash: I’d buy this FTSE 100 dividend stock for long-term passive income

  29-07-2020 18:45 via uk.finance.yahoo.com
  
  Dividend stocks have fallen in number, and dividend amounts have fallen too. But some FTSE 100 stocks are still available for the picking. Here’s one.The post Stock market crash: I'd buy this FTSE 100 dividend stock for long-term passive income  appeared first on The Motley Fool UK.
  
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• ‘Economics is a disgrace’ claims former Obama adviser

  29-07-2020 18:28 via uk.finance.yahoo.com
  
  A former US Federal Reserve economist has said her profession is a "disgrace" and launched a stinging attack on leaders in the field for alleged racism, sexism and elitism. Claudia Sahm said she was ashamed to be associated with the industry in a 6,000-word blog post. Ms Sahm, who was also a member of Barack Obama’s Council of Economic Advisers and is now director of macroeconomic policy at the Washington Centre for Equitable Growth, said: “We hurt economists from undergraduate class
  
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• U.S. housing market pushes ahead, trade flows improve

  29-07-2020 18:26 via uk.finance.yahoo.com
  
  Contracts to buy U.S. previously owned homes rose to a nearly 14-1/2-year high in June, the latest indication that the housing market was weathering the COVID-19 pandemic far better than the broader economy.Other data on Wednesday showed a sharp decline in the goods trade deficit last month, with trade boosted by a rebound in exports after three straight monthly decreases as the coronavirus upended global demand."Trade flows bounced but the underlying trend remains weak, driven by slow global ac
  
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• Bad timing: COVID compounds woes of Renault-Nissan alliance

  29-07-2020 18:21 via uk.finance.yahoo.com
  
  When the French part of the Renault-Nissan alliance reports its results on Thursday, investors expect confirmation of a harsh reality: automakers that already had weaknesses are having them mercilessly exposed by the COVID-19 epidemic.All the world's car companies have been in crisis at one time or another in the past few years, but it so happens that the virus hit just as the alliance faced its own reckoning after the messy ouster of its architect Carlos Ghosn.COVID-19, combined with other head
  
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• Global markets flatline ahead of Fed interest rate decision

  29-07-2020 18:15 via uk.finance.yahoo.com
  
  The FTSE 100 closed 2.2 points higher at 6,131.46p at the end of trading on Wednesday.
  
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• Enel trims guidance on currency effects as first half beats expectations

  29-07-2020 18:03 via uk.finance.yahoo.com
  
  Italy's biggest utility Eneltrimmed its guidance for the year on Wednesday due to currency effects after beating expectations with a slight rise in earnings in the first half.Enel, which said it did not expect a recovery of Latin America currencies by year end, said it expected full-year core earnings to come in around 18 billion euros from a previous guidance of around 18.6 billion euros.
  
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• Covid-19 or not, I rate the GSK share price as a strong buy right now

  29-07-2020 17:57 via uk.finance.yahoo.com
  
  Will the GSK share price be boosted by Covid-19 research? Here's why I'd buy today as a long-term defensive investment, either way.The post Covid-19 or not, I rate the GSK share price as a strong buy right now appeared first on The Motley Fool UK.
  
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• No savings at 40? You really do have time to invest and retire as an ISA millionaire

  29-07-2020 17:53 via uk.finance.yahoo.com
  
  I reckon you can invest in shares like today’s ISA millionaires to build your own seven-figure retirement pot. Even if you are around 40 now. The post No savings at 40? You really do have time to invest and retire as an ISA millionaire appeared first on The Motley Fool UK.
  
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• Goldman Sachs seeks up to $17 billion for private credit across two funds

  29-07-2020 17:53 via uk.finance.yahoo.com
  
  Goldman Sachs Merchant Banking Division (MBD) is seeking up to $17 billion for private credit investments for senior debt financings and special situations transactions, according to documents from Connecticut's state pension plan.Consisting of total investor commitments and anticipated leverage, MBD is targeting $ 7billion for Broad Street Loan Partners IV (Loan Partners IV), according to the documents.A Goldman Sachs spokesperson declined to comment.
  
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• Universal Studios films to go online 17 days after cinema release

  29-07-2020 17:52 via uk.finance.yahoo.com
  
  AMC, the world's biggest cinema operator and the owner of the Odeon, has struck a potentially revolutionary deal with Universal Studios to cut the delay between movies making their debuts in US cinemas and becoming available online. The agreement will reduce the previously sacrosanct "theatrical window" from as much as 90 days to just 17 and puts pressure on other studios and cinema chains to follow suit. It only applies to the US at this stage. The pact also resolves a bitter dispute between th
  
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• Boeing to end 747 production and warns of job cuts

  29-07-2020 17:50 via bbc.co.uk
  
  The US planemaker said redundancies may be deeper than the 10% reduction already announced.
  
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• Stock market crash: 3 cheap UK shares I’d buy today to double my money

  29-07-2020 17:38 via uk.finance.yahoo.com
  
  Cheap UK shares are becoming fewer by the day as stock markets pick up. But there are still some to be found. Here are three of them.The post Stock market crash: 3 cheap UK shares I’d buy today to double my money appeared first on The Motley Fool UK.
  
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• The Taylor Wimpey share price has crashed 10%. Here’s why I’d buy right now

  29-07-2020 17:31 via uk.finance.yahoo.com
  
  In the least unexpected news of the week, a housebuilder has reported falling sales. The Taylor Wimpey share price shouts "buy" to me.The post The Taylor Wimpey share price has crashed 10%. Here's why I'd buy right now appeared first on The Motley Fool UK.
  
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• EU to take Hutchison, O2 case to top court after tribunal ruling

  29-07-2020 17:27 via uk.finance.yahoo.com
  
  EU antitrust regulators will take their case to Europe's top court after a lower tribunal scrapped their veto against CK Hutchison Holdings Ltd's10.3-billion-pound bid for Telefonica'sBritish unit O2 UK.The Luxembourg-based General Court in its May judgment said the European Commission had failed to prove that the 2016 deal would harm competition or push up prices.The Commission said on Wednesday that it would appeal the judgment at the EU Court of Justice (CJEU).
  
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• Sir Chris Hohn's foundation must pay £277m to ex-wife's charity

  29-07-2020 17:21 via uk.finance.yahoo.com
  
  A charity set up by one of Britain’s richest men has been ordered by the Supreme Court to pay $360m (£277m) to his former wife’s philanthropic organisation. The UK’s highest court ruled that the Children’s Investment Fund Foundation (CIFF) cannot block the payment to a new charity set up by Jamie Cooper, the former wife of financier Sir Chris Hohn. The pair agreed to transfer the money to Big Win Philanthropy, a charity set up by Ms Cooper after their record-breakin
  
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