Business news

• Apple confirms new iPhone will be delayed

  30-07-2020 23:55 via uk.finance.yahoo.com
  
  Apple has confirmed that its new iPhones will be released later than usual due to supply delays amid the Covid-19 pandemic. The tech giant’s chief financial officer, Luca Maestri, told investors that the new devices will be on sale “a few weeks later” than the typical late September release date. While the company did not directly cite the pandemic for the delay, manufacturing setbacks at the start of the year in Asia have been compounded by lockdown orders at Apple’s Cal
  
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• Britain's Monzo flags going concern doubts due to COVID-19 impact

  30-07-2020 23:47 via uk.finance.yahoo.com
  
  Monzo said in its annual report that its directors remain confident in the company's ability to raise capital if needed.As the impact of the coronavirus pandemic on its business began to bite, Monzo had to accept a 40% cut in its valuation in a June fundraising, with the 60 million pound raise valuing it at 1.25 billion pounds, down from 2 billion last year..
  
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• Sunak warned he has 24 hours to avoid ‘historic mistake’ on furlough scheme

  30-07-2020 23:30 via uk.finance.yahoo.com
  
  Shadow chancellor Anneliese Dodds said withdrawal of the scheme risks a 'python-like squeeze on jobs'.
  
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• Labour launches campaign against 'historic mistake' of ending furlough

  30-07-2020 23:30 via uk.finance.yahoo.com
  
  Labour launches campaign against 'historic mistake' of ending furloughOpposition seeks to protect jobs as it urges government to keep helping worst-hit sectors* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Tech giants' shares soar as companies benefit from Covid-19 pandemic

  30-07-2020 23:27 via uk.finance.yahoo.com
  
  Tech giants' shares soar as companies benefit from Covid-19 pandemicAmazon, Apple, Facebook and Google reported positive quarterly results even as overall US economic growth fell by 32.9%
  
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• Newcastle takeover: Saudi Arabian-backed consortium pulls out of bid

  30-07-2020 23:11 via bbc.co.uk
  
  A Saudi Arabian-backed consortium has pulled out of a bid to buy Newcastle United.
  
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• Rishi Sunak has 24 hours to backtrack on furlough scheme rollback and avoid unemployment spike, Labour warns

  30-07-2020 23:04 via uk.finance.yahoo.com
  
  The chancellor, Rishi Sunak, has 24 hours to change course on the rollback of his furlough scheme or face a massive spike in unemployment, Labour has warned.The shadow chancellor, Anneliese Dodds, called for targeted support for sectors of the economy still unable to return to business as usual, warning of a “python-like squeeze on jobs” if help is withdrawn prematurely.
  
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• VW asks U.S. appeals court to reconsider ruling on diesel emissions updates

  30-07-2020 22:38 via uk.finance.yahoo.com
  
  The 3-0 ruling in June said Utah's Salt Lake County and Florida's Hillsborough County could seek "staggering" damages over updates made to polluting diesel vehicles after they were sold.VW said in court papers on Thursday that the ruling, if upheld, could have sweeping ramifications for the U.S. auto industry and could force car companies "either to avoid maintaining or improving the emission control systems of in-use vehicles... or pass on the substantial increased compliance costs to consumers
  
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• Volkswagen asks U.S. appeals court to reconsider ruling on diesel emissions updates

  30-07-2020 22:38 via uk.finance.yahoo.com
  
  The 3-0 ruling in June said Utah's Salt Lake County and Florida's Hillsborough County could seek "staggering" damages over updates made to polluting diesel vehicles after they were sold.Other U.S. counties are also pursuing claims.Volkswagen Group of America said the ruling, if upheld, could have sweeping ramifications for the U.S. auto industry and could force car companies "either to avoid maintaining or improving the emission control systems of in-use vehicles... or pass on the substantial in
  
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• Coronavirus: Luxembourg taken off UK travel exemption list

  30-07-2020 22:33 via bbc.co.uk
  
  It is the second country after Spain to be removed and passengers from there must isolate for 14 days.
  
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• Apple delivers blowout earnings, strong iPhone revenue despite COVID-19

  30-07-2020 22:32 via uk.finance.yahoo.com
  
  The results, which included iPhone sales some $4 billion above of analyst expectations, came on the same day that U.S. gross domestic product collapsed at a 32.9% annualized rate last quarter, the nation's worst economic performance since the Great Depression.With 60% of sales coming from international markets, the Cupertino, California-based company posted iPhone revenues of $26.42 billion, $4 billion above analyst expectations of $22.37 billion, according to IBES data from Refinitiv.In an inte
  
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• Apple delivers blowout earnings but new iPhones face delays amid COVID-19

  30-07-2020 22:32 via uk.finance.yahoo.com
  
  The report topped Wall Street expectations, with even some long-overshadowed categories like iPads and Macs getting fresh boosts.On a conference call with investors, Chief Financial Officer Luca Maestri said Apple expects the iPhone to continue its strong performance into the next quarter but that new models will be delayed.The results, which included iPhone sales some $4 billion above of analyst expectations, came on the same day that U.S. gross domestic product collapsed at a 32.9% annualized
  
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• Apple delivers blowout earnings amid COVID-19, market shrugs off iPhone delays

  30-07-2020 22:32 via uk.finance.yahoo.com
  
  The report topped Wall Street expectations, with even long-overshadowed categories like iPads and Macs getting a boost.The fiscal third-quarter results, which included iPhone sales some $4 billion above analyst expectations, came on the same day that U.S. gross domestic product collapsed at a 32.9% annualized rate last quarter, the nation's worst economic performance since the Great Depression.Apple Chief Financial Officer Luca Maestri also confirmed supply chain rumblings that the new lineup of
  
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• Google parent Alphabet tops quarterly sales estimates

  30-07-2020 22:19 via uk.finance.yahoo.com
  
  With its mostly free tools for web browsing, video watching and teleconferencing, Google unit has become a larger part of many consumers' lives during the pandemic as lockdown orders force people to rely on the internet for work and entertainment.Google's ads business has long trended with the broader economy, and the U.S. economy contracted at its steepest pace since the Great Depression in the second quarter, the Commerce Department said on Thursday.Google appeared to weather the slowdown bett
  
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• Google ad rebound offsets Alphabet's first-ever sales drop

  30-07-2020 22:19 via uk.finance.yahoo.com
  
  OAKLAND, Calif./BENGALURU (Reuters) - Google's ad sales have recovered since plummeting in March during the coronavirus pandemic, parent Alphabet Incsaid on Thursday, easing concerns about its first quarterly sales slide in its 16 years as a public company.Alphabet shares were barely changed at $1,552, above their pre-pandemic high, after it said revenue fell 2% in the second quarter, less than analysts' estimate of a 4% decline.Alphabet, whose ad sales account for about 78% of its revenue, has
  
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• Alphabet sales drop for first time on Google ad cutbacks in pandemic

  30-07-2020 22:19 via uk.finance.yahoo.com
  
  OAKLAND, Calif./BENGALURU (Reuters) - Google parent Alphabet Inc'squarterly sales fell for the first time in its 16 years as a public company, but the decline was less than expected as many advertisers stuck with the most popular online search engine during the pandemic.With its mostly free tools for web browsing, video watching and teleconferencing, Google unit has become a larger part of many consumers' lives during the pandemic as lockdown orders force people to rely on the internet for work
  
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• Gilead raises sales outlook to include COVID-19 treatment remdesivir

  30-07-2020 22:14 via uk.finance.yahoo.com
  
  Gilead said it now expects total 2020 sales of $23 billion to $25 billion, up from a previous range of $21.8 billion to $22.2 billion."We think this implies up to $1 billion to $3 billion of remdesivir ... a positive that was not expected at the start of the year," said Jefferies analyst Michael Yee.Mizuho analyst Salim Sayed said the forecast translates into $1 billion in remdesivir sales in third quarter "and perhaps another $1 billion in the fourth quarter."
  
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• Gilead posts weaker-than-expected quarterly results as sales lag during pandemic

  30-07-2020 22:14 via uk.finance.yahoo.com
  
  The company said it expects a gradual recovery for its HIV drugs and hepatitis C sales to begin regaining momentum in the third quarter.Second-quarter sales of Gilead's HIV drugs fell 1% from a year earlier to $4 billion, while sales of its drugs to cure hepatitis C fell 47% to $448 million due to fewer new patients and competition from rival drugs.Gilead reported a net loss of $3.34 billion, or $2.66 per share, due mostly to a nearly $5 billion charge from its acquisition of cancer drugmaker Fo
  
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• Amazon posts biggest profit ever at height of pandemic in U.S

  30-07-2020 22:14 via uk.finance.yahoo.com
  
  Shares of Amazon, the world's largest online retailer, rose 5% in after-hours trade.While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people in recent months and saw demand for its services soar.Amazon had forecast it might lose money in the just-ended second quarter because it expected to spend some $4 billion on protective equipment for staff and other expenses related to COVID-19.
  
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• Amazon posts biggest profit ever at height of pandemic

  30-07-2020 22:14 via uk.finance.yahoo.com
  
  Shares of Amazon, the world's largest online retailer, rose 5% in after-hours trade.While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people in recent months and saw demand for its services soar.Amazon had forecast it might lose money in the just-ended second quarter because it expected to spend some $4 billion on protective equipment for staff and other expenses related to COVID-19.
  
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• Facebook smashes revenue estimates amid pandemic, forecasts ad growth

  30-07-2020 22:09 via uk.finance.yahoo.com
  
  Revenue growth was its slowest ever as a public company, reported at 11%, although it beat analysts' expectations that it would sink to 3%, according to IBES data from Refinitiv.Ad sales, which contribute nearly all of Facebook's revenue, rose 10% to $18.3 billion in the second quarter.Facebook projected that ad revenue for the third quarter is likewise expected to grow faster than Wall Street estimates, despite an unprecedented ad boycott in July that drew the support of companies including Uni
  
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• Facebook beats estimates for quarterly revenue, user growth

  30-07-2020 22:09 via uk.finance.yahoo.com
  
  Revenue growth was its slowest ever as a public company, reported at 11%, although it beat analysts' expectations that it would sink to 3%, according to IBES data from Refinitiv.Facebook projected that ad revenue for the third quarter is likewise expected to grow faster than Wall Street estimates, despite an ad boycott in July.Ad sales, which comprise nearly all of Facebook's revenue, rose 10% to $18.3 billion in the second quarter.
  
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• Four key takeaways from the report on America's coronavirus-hit GDP

  30-07-2020 21:16 via uk.finance.yahoo.com
  
  Four key takeaways from the report on America's coronavirus-hit GDP. The US has recorded its biggest shrinkage ever and without soon-to-expire government benefits things would be much worse
  
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• Tech results: Amazon, Apple and Facebook earn record profits during pandemic

  30-07-2020 21:10 via uk.finance.yahoo.com
  
  Amazon reveals bumper profits despite huge coronavirus costs Facebook sees user numbers and profits soar Alphabet experiences its first sales decline as advertising revenue growth slows Apple profits up despite production bottlenecks and shop closures The four companies' bosses are nursing their wounds after a bruising five hour monopoly hearing in Washington on Wednesday Silicon Valley giants Apple, Amazon and Facebook enjoyed a dramatic boom during the worst months of the coronavirus pandemic,
  
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• Big tech results: Amazon, Apple, Facebook and Google to reveal quarterly profits

  30-07-2020 21:10 via uk.finance.yahoo.com
  
  Amazon, Apple, Facebook and Google to reveal quarterly earnings on Thursday The four companies' bosses are nursing their wounds after a bruising five hour monopoly hearing in Washington on Wednesday The companies will give an overview of how business went during the height of the pandemic Investors will be looking out for signs of weaknesses in the coming months Worth around $5tn between them, the four most powerful technology companies are due to reveal their financial results after market clos
  
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• Jet2 asks holidaymakers to return to the UK early – or make their own way home

  30-07-2020 21:05 via uk.finance.yahoo.com
  
  One holidaymaker told PA he was told via text that his flight had been cancelled.
  
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• Holiday firm Tui to shut 166 High Street shops

  30-07-2020 20:27 via bbc.co.uk
  
  The UK's largest tour operator says the move is partly down to more people booking online.
  
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• Lagardere says will bid for Stephen King publisher Simon & Schuster

  30-07-2020 20:24 via uk.finance.yahoo.com
  
  French publishing and media group Lagardere , which is caught up in a battle among its shareholders, said on Thursday it was considering a bid for Simon & Schuster, the publisher behind novelists including Stephen King and Annie Proulx.Lagardere, which already owns book publishing houses including Hachette, said the group faced what was likely to be a competitive bidding process, but it was keen on the purchase."Of course we are interested in the acquisition of S&S," Arnaud Nourry, who r
  
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• Twitter accuses rivals of 'killing competition' as US Democrats suggest they may 'break up' Big Tech

  30-07-2020 20:14 via uk.finance.yahoo.com
  
  Twitter and its chief executive Jack Dorsey have issued a veiled attack on rival social networks such as Facebook for using their market power to "kill competing ideas and organisations". Mr Dorsey said on Thursday that "large organisations" attempting to build online "walled gardens" were a threat to online freedom, and pledged his company to "fighting for an open internet". Twitter itself also issued a statement urging regulators to "hold corporate power to account" and "avoid entrenching the
  
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• Jet2 tells some holidaymakers in Spain to come home early

  30-07-2020 20:11 via bbc.co.uk
  
  The airline says it cannot keep sending empty planes to pick up passengers on different dates.
  
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• Intesa snaps up UBI with 90% shareholder backing

  30-07-2020 19:47 via uk.finance.yahoo.com
  
  Intesa Sanpaoloconcluded its tortuous takeover battle for rival UBIon Thursday, securing 90.2% of its target's shares to create Italy's biggest bank owning a fifth of the loan market.Intesa overcame fierce opposition from UBI's management to take over Italy's healthiest second-tier bank, in a move that sent shockwaves through the industry and set the stage for possible further consolidation."It's a chess game and this first important move will have consequences for the entire sector," Massimo Ma
  
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• Exclusive: Chinese-backed hackers targeted COVID-19 vaccine firm Moderna

  30-07-2020 19:43 via uk.finance.yahoo.com
  
  Chinese government-linked hackers targeted biotech company Moderna Inc , a leading U.S.-based coronavirus vaccine research developer, earlier this year in a bid to steal valuable data, according to a U.S. security official tracking Chinese hacking activity.Last week, the U.S. Justice Department made public an indictment of two Chinese nationals accused of spying on the United States, including three unnamed U.S.-based targets involved in medical research to fight the COVID-19 pandemic.The indict
  
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• Shine Energy listed Glencore as 'project partner' in Collinsville power station proposal

  30-07-2020 19:30 via uk.finance.yahoo.com
  
  Shine Energy listed Glencore as 'project partner' in Collinsville power station proposal. Exclusive: documents used by inexperienced company to seek funding name mining giant as partner for coal plant
  
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• Spain agrees investment plan with Airbus in exchange for fewer job losses

  30-07-2020 19:23 via uk.finance.yahoo.com
  
  Spain's government on Thursday said it had agreed to a series of measures with Airbusaimed at propping up the sector and averting job losses after a meeting between Prime Minister Pedro Sanchez and Airbus Chief Executive Guillaume Faury.Included in the measures are a 185 million euro (167.1 million pounds) investment plan to be financed by the European Union recovery fund and a commitment from Spain to order several military aircraft.In exchange Airbus said it would aim to minimize job cuts in S
  
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• Air France-KLM plans 'careful' ramp-up after Q2 loss

  30-07-2020 19:07 via uk.finance.yahoo.com
  
  Air France-KLM said on Thursday it aims to operate at two-thirds of capacity before the end of the year, as it navigates the effects of the coronavirus crisis that led to a 1.55 billion euro quarterly operating loss.Air France, KLM and the group's other airline brands were "carefully increasing capacity for the summer months", the company said in a statement.Hopes for a European travel rebound have improved since the height of COVID-19 lockdowns in May, when Air France-KLM had predicted an 80% c
  
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• Argos catalogue: Life lessons from the 'book of dreams'

  30-07-2020 19:00 via bbc.co.uk
  
  Who even is Mr Frosty?
  
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• Coronavirus: US economy sees sharpest contraction in decades

  30-07-2020 18:50 via bbc.co.uk
  
  The impact of the pandemic meant the annual rate of growth in the second quarter collapsed by 33%.
  
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• Industrial gas producer Linde aims to grow in healthcare, electronics

  30-07-2020 18:42 via uk.finance.yahoo.com
  
  Chief Executive Steve Angel told a conference call the company planned to continue to grow in the healthcare segment and saw several opportunities in electronics, as the two units were alone in showing second-quarter growth.The world's largest industrial gases group reported second-quarter adjusted earnings per share (EPS) of $1.90 (1.46 pounds), above the $1.65 expected on average by analysts in a Refinitiv poll.In May, Linde said it was targeting growth opportunities in healthcare, which accou
  
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• Michael Flynn case takes another unexpected turn as full appeals court agrees to reconsider ruling

  30-07-2020 18:40 via uk.news.yahoo.com
  
  A federal appeals court will review a judge's attempt to examine the Justice Department's decision to drop its criminal case against Donald Trump's first national security adviser, Michael Flynn.The long-unusual saga got even more unusual on Thursday when the full US Court of Appeals for the DC Circuit agreed to examine US District Judge Emmet Sullivan's appointment of a retired federal judge to look at how DOJ handled its case.
  
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• Lloyds' gloomy message on UK recovery is based on more than pessimism

  30-07-2020 18:39 via uk.finance.yahoo.com
  
  Lloyds' gloomy message on UK recovery is based on more than pessimismCompanies are stashing their government-funded bounce-back loans for good reason
  
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• NYU launches coronavirus safety training for Uber, Lyft drivers as many return to work

  30-07-2020 18:38 via uk.finance.yahoo.com
  
  Public health researchers at New York University are launching a coronavirus safety training for ride-hail workers at a time when many Uber and Lyft drivers are expected to return to the road as federal unemployment benefits expire.The training, which teaches disinfection protocols and ways to minimize virus spread, was developed in partnership with the Independent Drivers Guild, an advocacy group that represents more than 200,000 on-demand drivers in New York, New Jersey and Connecticut.Trainin
  
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• Five key moments from the big tech grilling

  30-07-2020 18:31 via bbc.co.uk
  
  The heads of Amazon, Apple, Facebook and Google faced accusations of bias and unfair competition.
  
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• Global stocks tumble after US economy contracts by almost a third

  30-07-2020 18:26 via uk.finance.yahoo.com
  
  The FTSE 100 closed 141.47 points higher at 5,989.99p at the end of trading on Thursday.
  
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• SocGen to open up its retail networks to more asset managers

  30-07-2020 18:23 via uk.finance.yahoo.com
  
  France's Societe Generalesigned a new five-year distribution agreement with asset manager Amundi and said it would open up its retail and insurance networks to more asset managers.Many banks in Europe have moved to a so-called open architecture where they offer investment funds of several asset managers."This partnership heralds a new stage in our strategy around the supply of investment solutions as we work to create open architecture solutions that our retail networks can offer our clients," S
  
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• Monzo's losses rise to £114m as pandemic threatens operations

  30-07-2020 18:23 via uk.finance.yahoo.com
  
  Losses at banking start-up Monzo rose to £113.8m from £47.1m in its latest annual report as it said coronavirus disruption had threatened its ability to operate. The business said in its annual report that "the ability of the Group to continue as a going concern is subject to material uncertainties" following the pandemic. Monzo's revenues rose to £67.2m from £19.7m in the 12-month period to February. The amount spent by Monzo customers also rose to £10.9bn, up from
  
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• Your chance to live in a John Lewis store...sort of

  30-07-2020 18:21 via bbc.co.uk
  
  The retailer plans to turn shop space it no longer needs into affordable housing as part of a review.
  
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• Nexi CEO says SIA merger talks ongoing, deal possible only if creates value

  30-07-2020 18:02 via uk.finance.yahoo.com
  
  Italian payment firms Nexiand smaller rival SIA will only complete the potential merger they have been discussing in recent months if it makes sense for both sides and their shareholders, Nexi's chief executive said on Thursday."If there's a chance to reach an agreement that satisfies both parties and creates value for our shareholders, we will move forward," CEO Paolo Bertoluzzo told analysts during a conference call after first half results.While a merger would have a strategic and industrial
  
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• UK inheritance tax receipts fall for first time in a decade

  30-07-2020 18:01
  Decline reflects time lag following tax break introduced by Conservatives after 2015 election win
  
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• 'My brain is exploding': Women reveal stress of losing jobs during coronavirus as studies show they're more likely to be laid off

  30-07-2020 18:00 via uk.finance.yahoo.com
  
  “I have lost five kilos in the last three or four weeks because of stress and because work has been so hostile,” Lottie Pope tells The Independent. “I feel like it is bullying. I go to bed at 11pm and wake up at 3am and can’t go back to sleep because my brain is frantic. It is exploding with stress.”Ms Pope, a former social media manager for an insurance firm, was recently laid off from her job during the public health emergency and believes she was discriminated ag
  
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• As the RSA share price dips further in the stock market crash, I’d buy

  30-07-2020 17:56 via uk.finance.yahoo.com
  
  The RSA share price continues to fall as fears of a lengthy stock market crash grow. Here's why I see that as a great opportunity for investors.The post As the RSA share price dips further in the stock market crash, I'd buy appeared first on The Motley Fool UK.
  
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