Business news

• Beyond Meat racks up high COVID-19 operational costs, shares fall 7%

  04-08-2020 23:23 via uk.finance.yahoo.com
  
  Sales fell nearly 61% at the company's U.S. food service business, which supplies plant-based patties, chicken and sausages to fast-food chains like KFCand Dunkin Brands .Revenue from international restaurants more than halved to $7.2 million.Beyond Meat repurposed a "meaningful" amount of inventory that was previously intended for fast-food chains.
  
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• Disney posts first loss in two decades despite lockdown streaming boom

  04-08-2020 23:15 via uk.finance.yahoo.com
  
  Disney has posted its first loss in almost two decades after the coronavirus crisis created a perfect storm for the entertainment giant, in which most of its key businesses ground to a near-halt. The company said it made a loss of $4.7bn (£3.6bn) in the three months to the end of June as sales slumped by 40pc to $11.8bn. The company’s theme parks, cruise lines, movie business and sports broadcasting division have all been hit hard by the pandemic, overshadowing the wildly successful
  
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• Pizza Express may close 67 outlets and cut 1,100 jobs

  04-08-2020 22:58 via bbc.co.uk
  
  High Street chain the latest to look to restructure and refinance as virus deals extra blow to trade.
  
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• Novavax coronavirus vaccine induces immune response in early study, shares jump

  04-08-2020 22:20 via uk.finance.yahoo.com
  
  The company said it could start a large pivotal Phase III trial as soon as late September, and on a conference call added that it could produce 1 billion to 2 billion doses of the vaccine in 2021.Novavax research chief Gregory Glenn told Reuters the late-stage clinical trial could potentially glean enough data to obtain regulatory approvals as early as December.Maryland-based Novavax said its vaccine candidate, NVX-CoV2373, produced higher levels of the antibodies in healthy volunteers after two
  
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• Disney takes $5 billion hit but pandemic impact not as bad as feared

  04-08-2020 22:12 via uk.finance.yahoo.com
  
  Walt Disney Coon Tuesday avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events across the globe.Disney's quarterly profit of 8 cents per share on an adjusted basis beat expectations for a loss of 64 cents, sending the stock up 5% in after-market trade."The majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic," Disney Chief Exe
  
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• Disney quarterly results fall short of pandemic disaster feared by investors

  04-08-2020 22:12 via uk.finance.yahoo.com
  
  Walt Disney Coon Tuesday reported financial results that fell short of the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events globally.Disney's quarterly profit of 8 cents per share on an adjusted basis beat expectations of a 64 cents-per-share loss, sending shares up 5% in after-market trade on the New York Stock Exchange.The Disney+ streaming service, which now reaches 60.5 million
  
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• Disney avoids pandemic disaster feared by investors

  04-08-2020 22:12 via uk.finance.yahoo.com
  
  Walt Disney Coon Tuesday reported financial results that avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events globally.Disney's quarterly profit of 8 cents per share on an adjusted basis beat expectations of a 64 cents-per-share loss, sending shares up 5% in after-market trade on the New York Stock Exchange.The Disney+ streaming service, which now reaches 60.5 million custom
  
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• Black British Business Awards announce 2020 finalists

  04-08-2020 22:06 via uk.finance.yahoo.com
  
  The Black British Business Awards, now in its seventh year, has announced its 2020 finalists representing some of the country’s best black talent across a range of industries. Launched in Britain in 2014, the awards aim to celebrate and recognise “the often unsung contributions of exceptional black business professionals and entrepreneurs” in arts and media, consumer and luxury, entrepreneurs, financial services, professional services, and STEM (science, technology, engineering
  
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• Limit gamblers’ bets, urges UK think-tank

  04-08-2020 22:00
  Social Market Foundation report calls for ‘protective regulation’ to stop harmful debt chasing
  
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• Retired women owed millions in underpaid state pension

  04-08-2020 21:42 via uk.finance.yahoo.com
  
  The nation’s retired women are being warned to urgently check whether they have been underpaid their state pension after a series of mistakes.The problem stems from a promise under the old state pension system to pay married women a basic state pension at 60 per cent of the full rate based on their husband’s contributions if it is worth more than their own.
  
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• Virgin Atlantic Airways seeks U.S. Chapter 15 bankruptcy protection

  04-08-2020 21:27 via uk.finance.yahoo.com
  
  Virgin Atlantic Airways Ltd is seeking protection fromcreditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets in this country, according to a court filing on Tuesday.Virgin Atlantic's filing in U.S. bankruptcy court in the southern district of New York said it has negotiated a deal with stakeholders "for a consensual recapitalization" that will get debt off its balance sheet and "immediately position it for sustainable long-term
  
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• US suit retailer files for bankruptcy as joggers and polo shirts take over

  04-08-2020 21:18 via uk.finance.yahoo.com
  
  US suit retailer files for bankruptcy as joggers and polo shirts take over. Tailored Brands, owner of Men’s Wearhouse and JoS. A. Bank, hit by Covid-19 lockdown-driven shifts in workwear
  
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• Pizza Express closures takes hospitality job losses to 17,000

  04-08-2020 21:02 via uk.finance.yahoo.com
  
  Pizza Express closures takes hospitality job losses to 17,000. Chain could shed up to 1,100 staff and close up to 70 of its 449 UK outlets as Covid-19 compound’s sector deep problems
  
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• Pizza Express closures take hospitality job losses to 17,000

  04-08-2020 21:02 via uk.finance.yahoo.com
  
  Pizza Express closures take hospitality job losses to 17,000. Chain could shed up to 1,100 staff and close up to 70 of its 449 UK outlets as Covid-19 compound’s sector deep problems
  
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• Covid-19 wipes out 17,000 hospitality jobs as Pizza Express announces closures

  04-08-2020 21:02 via uk.finance.yahoo.com
  
  Covid-19 wipes out 17,000 hospitality jobs as Pizza Express announces closures. Restaurant chain could shed up to 1,100 staff and close as many as 70 of its 449 UK outlets
  
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• Gold price hits $2,000 an ounce for the first time ever

  04-08-2020 20:59 via uk.finance.yahoo.com
  
  Gold hit $2,000 (£1,530) an ounce for the first time on Tuesday following a record-breaking rally driven by fears over the impact of the coronavirus pandemic on the global economy. The yellow metal, seen as a safe-haven asset, has been on a steady upwards trajectory over recent months, climbing more than 30pc this year. The reversal of the positive move in the dollar also assisted the metal on Tuesday, with silver prices also buoyant. Gold has been one of the world’s best performing
  
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• Gold hits $2,000 an ounce for the first time ever

  04-08-2020 20:59 via uk.finance.yahoo.com
  
  Gold hit $2,000 (£1,530) an ounce for the first time on Tuesday following a record-breaking rally driven by fears over the impact of the coronavirus pandemic on the global economy. The yellow metal, seen as a safe-haven asset, has been on a steady upwards trajectory over recent months, climbing more than 30pc this year. The reversal of the positive move in the dollar also assisted the metal on Tuesday, with silver prices also buoyant. Gold has been one of the world’s best performing
  
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• Apple's Schiller steps down from marketing role but retains App Store

  04-08-2020 20:39 via uk.finance.yahoo.com
  
  Greg Joswiak, who previously oversaw marketing of Apple's products, will take over for Schiller as senior vice president of worldwide marketing, Apple said.In addition to overseeing the App Store, Schiller, who is known for his on-stage appearances to introduce new Apple products, will continue to oversee Apple's events.
  
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• Activist investor Cevian reduces stake in ABB to under 5%

  04-08-2020 20:31 via uk.finance.yahoo.com
  
  Activist shareholder Cevian Capital has reduced its stake in ABB Ltdto less than 5%, according to data on the engineering company's website.Cevian, which campaigned for a separation of ABB's Power Grids business, now holds 4.89% in the maker of electric car charging stations and industrial robots.The holding is a reduction from its 5.34% stake at the end of 2019, according to ABB's annual report.
  
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• BP's dividend cut puts firm on road to deliver green energy pledge

  04-08-2020 20:09 via uk.finance.yahoo.com
  
  BP's dividend cut puts firm on road to deliver green energy pledge. Lockdown has hammered oil prices but it also offers a chance to refocus on clean energy
  
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• Dixons Carphone to get rid of 800 managers across UK stores

  04-08-2020 20:05 via uk.finance.yahoo.com
  
  Dixons Carphone to get rid of 800 managers across UK stores. Dixons said it was axing jobs to create a “leaner” management structure in its stores
  
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• Italy's Atlantia says hits 'concrete difficulties' in talks on Autostrade split

  04-08-2020 19:55 via uk.finance.yahoo.com
  
  Italy's Atlantiasaid on Tuesday it had encountered "concrete difficulties" in talks with state lender Cassa Depositi e Prestiti (CDP) over CDP's planned investment in its Autostrade per l'Italia and was studying alternative options.The infrastructure group is now considering the sale of its entire 88% stake in Autostrade through a competitive auction or to spin-off the motorway unit into a separate vehicle to be listed on the stock exchange, it said in a statement.Since the collapse of a motorwa
  
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• Atlantia says hits 'concrete difficulties' in talks on Autostrade split

  04-08-2020 19:55 via uk.finance.yahoo.com
  
  Italy's Atlantiasaid on Tuesday it had encountered "concrete difficulties" in talks with state lender Cassa Depositi e Prestiti over CDP's planned investment in its Autostrade per l'Italia and was studying alternative options.The infrastructure group is considering the sale of its entire stake in Autostrade through a competitive auction or the demerger of the motorway unit into a separate vehicle to be listed on the stock exchange, it said in a statement.The group controlled by the Benetton fami
  
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• Spirit pushes cash flow target to 2022 after bigger-than-expected loss

  04-08-2020 19:48 via uk.finance.yahoo.com
  
  Spirit said it now expects to generate positive cash flow in 2022, instead of 2021, and its current-quarter results will be further hit due to fresh production cuts announced in July by Boeing Coand Airbus SE .Boeing's 787 Dreamliner and Airbus' A350 are among the most profitable for the planemakers, but demand for the long-haul jets has sharply fallen due to the COVID-19 pandemic as cash-starved airlines defer deliveries to save money and stay in business.
  
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• Kodak investigated by SEC over announcement of drug-making loan

  04-08-2020 19:39 via uk.finance.yahoo.com
  
  The US Securities and Exchange Commission is investigating the circumstances around Eastman Kodak’s announcement of a $765m (£585m) government loan to make drugs at its American factories, the Wall Street Journal has reported. Shares at the former film company, best known for its camera business, skyrocketed after the surprise announcement last week Tuesday. Stock climbed as high as $60 in the following 48 hours, before falling back to $15 on Monday. Jim Continenza, Kodak’s exe
  
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• White House says unclear whether U.S. government will get cut of TikTok sale

  04-08-2020 19:37 via uk.finance.yahoo.com
  
  White House officials on Tuesday could not say how the U.S. government would receive a portion of the proceeds from any sale of TikTok's U.S. operations, one day after President Donald Trump called for a cut of the money."There's no specific blueprint here," White House economic adviser Larry Kudlow said on Fox Business Network on Tuesday.White House spokeswoman Kayleigh McEnany, speaking to reporters at a separate briefing, also gave no other details and said she did not want to get ahead of Tr
  
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• Rishi Sunak could hike business rates for 'most valuable properties'

  04-08-2020 19:29 via uk.finance.yahoo.com
  
  Rishi Sunak is considering an increase in business rates for the "most valuable properties", with fears being raised that the move could hurt firms already struggling amid the effects of the coronavirus crisis. The Chancellor has asked for industry feedback on whether high end shops, offices and other large premises should pay a new, higher business rate, with responses due ahead of the autumn Budget. In a call for evidence as part of a business rates review, the Treasury said failing to raise e
  
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• Nissan workers still in talks over Barcelona plants after pact rejection

  04-08-2020 19:19 via uk.finance.yahoo.com
  
  Workers at Nissan Motor Co.rejected a plan to postpone the closure of its Barcelona plants in exchange for resuming production in a first meeting with the management on Tuesday, unions said, but a second meeting was still taking place in the evening.Nissan has imposed a Tuesday deadline to reach a deal with unions on its proposal to postpone by six months, until June 2021, the closure of its Barcelona plants in exchange of resuming production and workers agreeing on the compensation they would r
  
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• Profits plunge for Guinness owner Diageo after Covid lockdown

  04-08-2020 19:16 via uk.finance.yahoo.com
  
  Profits plunge for Guinness owner Diageo after Covid lockdown. Company forced to write down value of brands by £1.3bn after closure of pubs and bars
  
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• UK revives plans to manage Brexit border delays

  04-08-2020 19:04
  Trucks will be stacked on motorway in Kent if new checks cause tailbacks from January 1
  
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• U.S. to investigate Kodak's government loan deal, Trump says

  04-08-2020 19:00 via uk.finance.yahoo.com
  
  The company's shares closed down 3.61% at $14.40 after the Wall Street Journal reported earlier that the U.S. Securities and Exchange Commission would investigate the deal.Trump told reporters the concept of the arrangement was good because it would help Kodak branch out into a new business area, but he was not personally involved in the deal.The SEC investigation is at an early stage and may not produce allegations of wrongdoing by Kodak or any individuals, the WSJ said, citing people familiar
  
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• SEC investigates Kodak's U.S. government loan disclosure - WSJ

  04-08-2020 19:00 via uk.finance.yahoo.com
  
  The SEC investigation is at an early stage and may not produce allegations of wrongdoing by Kodak or any individuals, the WSJ said, citing people familiar with the matter.The SEC declined to comment.A representative for Kodak said it intends to fully cooperate with any potential inquiries.
  
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• Apple marketing head Phil Schiller steps down

  04-08-2020 18:59 via uk.finance.yahoo.com
  
  Phil Schiller, Apple's marketing head, is to step down.Mr Schiller has become one of the company's most famous faces, regularly taking the lead on the introduction of the iPhone and other products during its keynote events.
  
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• Italy's Intesa boss calls for one-year extension in debt holiday

  04-08-2020 18:51 via uk.finance.yahoo.com
  
  The head of Intesa Sanpaolo on Tuesday urged Italy to extend by a year a debt moratorium scheme imposed by the government to help businesses weather the virus crisis, which is set to expire after September.Italy has just concluded the takeover of rival UBI Banca in a deal that will turn it into the country's biggest bank and the euro zone's eighth-largest group.Speaking after Intesa posted stronger-than-expected second-quarter results, CEO Carlo Messina said he would ask the government to consid
  
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• You need to put these velvet bedroom furniture accessories on your wish list

  04-08-2020 18:45 via uk.finance.yahoo.com
  
  From the new House Beautiful collection with Dreams!
  
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• BP enjoys share bounce after unveiling plans to shift away from fossil fuels

  04-08-2020 18:45 via uk.finance.yahoo.com
  
  BP enjoys share bounce after unveiling plans to shift away from fossil fuels. Despite reporting one of its worst quarterly results on record BP shares closed up 6.5%
  
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• FTSE 100 edges into green after BP buoys sentiment

  04-08-2020 18:44 via uk.finance.yahoo.com
  
  London’s top flight closed 3.15 points higher at 6,036 points at the end of trading on Tuesday.
  
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• If you’re late to the party, I think you may be Just in time

  04-08-2020 18:31 via uk.finance.yahoo.com
  
  Robert Osborne asks if the Just Group (JUST) share price will return to its New Year high. The post If you’re late to the party, I think you may be Just in time appeared first on The Motley Fool UK.
  
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• Hotels group Accor to cut 1,000 jobs after coronavirus loss

  04-08-2020 18:06 via uk.finance.yahoo.com
  
  Accor, which runs high-end chains such as Raffles and Sofitel as well as budget brands such as Ibis, said on Tuesday it will reduce its costs by 17% compared with 2019.It will have to spend around 300 million euros to implement this plan, Financial Chief Jean-Jacques Morin said after Accor said earnings before interest, tax, depreciation and amortisation fell 153.7% year-on-year to a loss of 227 million euros as lockdown measures and border closures to tackle the coronavirus pandemic dented its
  
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• Hotel group Accor to cut 1,000 jobs after coronavirus loss

  04-08-2020 18:06 via uk.finance.yahoo.com
  
  Accor, which runs high-end chains such as Raffles and Sofitel as well as budget brands such as Ibis, said on Tuesday it will reduce its costs by 17% compared with 2019 after lockdown measures and border closures to tackle the COVID-19 pandemic dented its business.It will have to spend around 300 million euros to implement this plan, CFO Jean-Jacques Morin said after Accor reported that it swung to a 227 million euro first-half loss before interest, tax, depreciation and amortisation compared to
  
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• TikTok founder defends potential Microsoft sale

  04-08-2020 18:01 via bbc.co.uk
  
  President Donald Trump has threatened to bar the popular video-sharing social media firm from the US.
  
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• EU dismisses Iain Duncan Smith’s demand to reduce Brexit costs

  04-08-2020 17:51 via uk.finance.yahoo.com
  
  The European Commission has dismissed a demand by senior Tories to rewrite the Brexit withdrawal agreement to reduce the amount of cash Britain has to pay the EU.Brexiteers including Iain Duncan Smith have claimed that the financial liabilities signed up to by Boris Johnson in the agreement were too great, that the treaty “costs too much” and “denies us true national independence”.
  
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• EU dismisses Iain Duncan Smith's demand to reduce Brexit costs

  04-08-2020 17:51 via uk.finance.yahoo.com
  
  The European Commission has dismissed a demand by senior Tories to rewrite the Brexit withdrawal agreement to reduce the amount of cash Britain has to pay the EU.Brexiteers including Iain Duncan Smith have claimed that the financial liabilities signed up to by Boris Johnson in the agreement were too great, that the treaty "costs too much" and "denies us true national independence".
  
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• Architect wars: How Eva Franch i Gilabert's firing sparked a mutiny

  04-08-2020 17:50 via uk.finance.yahoo.com
  
  When Eva Franch i Gilabert walked into the Architectural Association’s Georgian townhouse in Bloomsbury’s Bedford Square, she cut a flamboyant figure: a “Spanish tornado” dressed in an electric orange kimono, addressing a world full of precise men in thick-rimmed glasses.The enigmatic New York gallery curator joined London’s prestigious architectural finishing school as its director in 2018.
  
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• Man thought to be murdered and missing for five years found living in woods

  04-08-2020 17:45 via ibtimes.co.uk
  
  The Lithuanian man feared to have been murdered was discovered hiding last month by police.
  
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• Standard Life's Skeoch to chair UK audit watchdog, Sky reports

  04-08-2020 17:44 via uk.finance.yahoo.com
  
  Keith Skeoch, the departing boss of Standard Life Aberdeen, will become acting chairman of Britain's accounting watchdog, Sky News reported.Skeoch, who is due to stand down as CEO of the British asset manager, would temporarily replace Simon Dingemans, who left the FRC in May after only eight months in the job to join private equity firm Carlyle.The search for FRC chair is being conducted by Britain's finance ministry.
  
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• Market report: Oil giants hold blue-chip index steady

  04-08-2020 17:43 via uk.finance.yahoo.com
  
  The FTSE 100 found itself in a tug-of-war as share price shifts for some of London’s biggest companies left the blue-chip bourse in a state of equilibrium. Upward moves for heavyweight oil giants BP and Shell provided some thrust to the index, but a drag from Diageo and AstraZeneca kept gains in check on a busy day for corporate reporting. BP jumped 18.2p to 299.3p after beating analysts’ expectations with its first-half results – despite slashing its dividend and slipping to a
  
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• WTO sees global trade down 13% in 2020 due to coronavirus, says Azevedo

  04-08-2020 17:38 via uk.finance.yahoo.com
  
  The World Trade Organization expects global trade to fall 13% this year due to coronavirus shocks, significantly less than its most pessimistic scenario of a 32% slump, its outgoing chief said on Tuesday.Speaking in an online event hosted by ICC Brasil and the Brazilian Confederation of Industry, Brazilian Roberto Azevedo said there is growing concern within the WTO about countries moving towards self-sufficiency as a response to the pandemic.Concentrating production in a country exposes it to a
  
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• PETA releases footage of elephant killer to pressure passage of bill against trophy hunting

  04-08-2020 17:31 via ibtimes.co.uk
  
  The trophy hunter says he received threats after PETA released a video of him killing a young elephant in South Africa.
  
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• Argentina strikes $65 billion debt deal to break deadlock

  04-08-2020 17:30 via uk.finance.yahoo.com
  
  Argentina said on Tuesday it had reached a deal with three creditor groups to restructure $65 billion (49.7 billion pounds) in sovereign debt, a breakthrough in talks the will help the country climb out of a damaging default and revive its recession-hit economy.The Economy Ministry said in a statement https://www.argentina.gob.ar/sites/default/files/press_release_roa_2.pdf it would adjust some payment dates and legal clauses to sweeten what had been touted as its "final" proposal made in early J
  
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