Business news

• Beirut's hospitals under massive pressure

  05-08-2020 23:53 via uk.finance.yahoo.com
  
  The city’s hospitals were already struggling to cope with the COVID-19 outbreak but now thousands more need urgent treatment.
  
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• Britain targets red tape in bid to get more homes built

  05-08-2020 23:32 via uk.finance.yahoo.com
  
  Britain will set out proposals on Thursday to speed up homebuilding by cutting red tape and opening up the sector to smaller firms, in a bid to address a long-term housing shortage.Successive Conservative-led governments have sought to reform the housing market by increasing supply, conscious of a generation of younger renters who have been priced out of owning their own homes in many parts of the country.Prime Minister Boris Johnson's government has set its sights on reforming the planning syst
  
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• Planning law overhaul for England takes next step

  05-08-2020 23:30 via bbc.co.uk
  
  Critics fear the system could lead to "bad-quality" homes and loss of local control over development.
  
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• Bet against the banks but don’t bet against the insurance companies

  05-08-2020 23:30 via uk.finance.yahoo.com
  
  Bet against the banks but don’t bet against the insurance companiesLegal & General paid out £36m in Covid-19 related life insurance claims but also made a £32m gain
  
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• U.S. proposes fine of $1.25 million on Boeing for pressuring workers at airplane plant

  05-08-2020 23:15 via uk.finance.yahoo.com
  
  The U.S. Federal Aviation Administration on Wednesday said it was proposing to fine Boeing Co$1.25 million after the agency alleged Boeing managers at its South Carolina plant exerted undue pressure on workers who handle safety oversight work on behalf of the agency.The FAA said Boeing managers pressured workers to perform inspections on an aircraft that was not eligible for inspection because of various issues; harassed people to make them perform inspections more quickly; threatened to replace
  
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• FAA proposes fining Boeing $1.25 million over actions at plant

  05-08-2020 23:15 via uk.finance.yahoo.com
  
  The Federal Aviation Administration on Wednesday said it was proposing to fine Boeing Co$1.25 million (953,034.46 pounds) after the agency alleged Boeing managers exerted undue pressure or interfered with work of employees performing duties for the government at the company’s plant in South Carolina.The long-standing FAA practice of delegating some FAA tasks to airplane manufacturers has come under criticism after two fatal Boeing 737 MAX crashes raised questions about the program.The FAA
  
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• Holiday shock: 'We were stopped from boarding our Greece flight'

  05-08-2020 23:12 via bbc.co.uk
  
  Some UK holidaymakers are being caught out by new passenger forms now required to travel to Greece.
  
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• Hotel giant LGH says 1,500 jobs at risk

  05-08-2020 22:59 via bbc.co.uk
  
  Staff at hotels managed by LGH have been told they are at risk of redundancy.
  
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• Canada finance minister discussed resilience of global supply chains with U.S., Britain

  05-08-2020 22:47 via uk.finance.yahoo.com
  
  Canadian Finance Minister Bill Morneau on Wednesday said he spoke to counterparts from the United States and Britain and discussed the need to support global supply chains amid the coronavirus outbreak.Finance ministers from Australia and New Zealand were also on a call that Morneau hosted."The Finance Ministers and I discussed the importance of working together to support the resilience of global supply chains from which we all benefit," he said in a statement.
  
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• Zynga raises bookings forecast, buys another Turkish game-maker

  05-08-2020 22:43 via uk.finance.yahoo.com
  
  Zynga said it would also acquire an 80% stake in Istanbul-based hyper-casual game maker Rollic for $168 million (128.09 million pounds) in cash, about two months after its $1.8 billion acquisition of Peak, the maker of games like "Toon Blast" and "Toy Blast".Rollic, known for games like "Go Knots 3D" and "Tangle Master 3D", will also add to Zynga's ad sales.The mobile game maker said it would acquire the remaining 20% of Rollic at valuations based on specific profitability goals over the next th
  
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• U.S. steps up campaign to purge 'untrusted' Chinese apps

  05-08-2020 22:16 via uk.finance.yahoo.com
  
  The Trump administration said on Wednesday it was stepping up efforts to purge "untrusted" Chinese apps from U.S. digital networks and called the Chinese-owned short-video app TikTok and messenger app WeChat "significant threats."U.S. Secretary of State Mike Pompeo said expanded U.S. efforts on a program it calls "Clean Network" would focus on five areas and include steps to prevent various Chinese apps, as well as Chinese telecoms companies, from accessing sensitive information on American citi
  
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• Fed policymakers say pickup in infections slowing U.S. economic recovery

  05-08-2020 21:12 via uk.finance.yahoo.com
  
  A resurgence in coronavirus cases is slowing the economic recovery and the disease will continue to weigh on the U.S. economy and American life until at least the end of next year, two Federal Reserve policymakers said on Wednesday.The U.S. economy began to grow in May and June after taking a monumental hit beginning in March, but growth stalled in July as infections spiked in some parts of the country, U.S. central bankers said."The issue with the resurgence in the virus is it slowed down or so
  
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• Republican senators back extending $25 billion payroll aid for U.S. airlines; shares jump

  05-08-2020 21:09 via uk.finance.yahoo.com
  
  A group of Senate Republicans on Wednesday backed extending a $25 billion payroll assistance program for U.S. airlines after warnings that carriers may be forced to cut tens of thousands of jobs without government action, according to a letter seen by Reuters.Airline stocks moved sharply higher on the news, which was first reported by Reuters.Shares of American Airlinesclosed up 9.5% while shares of United Airlinesrose 4.6% and Southwest Airlinesfinished up 4.2%.
  
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• Exclusive: Republican senators back extending $25 billion payroll aid for U.S. airlines; shares jump

  05-08-2020 21:09 via uk.finance.yahoo.com
  
  A group of Senate Republicans on Wednesday backed extending a $25 billion (19.06 billion pounds) payroll assistance program for U.S. airlines after warnings that carriers may be forced to cut tens of thousands of jobs without government action, according to a letter seen by Reuters.Shares of American Airlineswere up 8.9% in afternoon trading while shares of United Airlinesrose 6.3%.The letter, spearheaded by Senator Cory Gardner and addressed to Senate Majority Leader Mitch McConnell and Senate
  
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• To understand how rich billionaires really are, use this calculator

  05-08-2020 20:56 via uk.finance.yahoo.com
  
  To understand how rich billionaires really are, use this calculator. Jeff Bezos is richer than hundreds of countries, and earns my entire salary in under a minute
  
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• S&P Global cuts Boeing outlook to 'negative' as virus hits aircraft demand

  05-08-2020 20:40 via uk.finance.yahoo.com
  
  "This could result in weaker cash flow over the next few years, making it difficult for Boeing to pay down debt and improve earnings before interest, taxes, depreciation, and amortization (EBITDA) and restore credit metrics," S&P Global said.The agency, however, reaffirmed Boeing's credit ratings, including "BBB-" long-term and "A-3" short-term, citing "sufficient liquidity" with the planemaker.Boeing should be able to cover large cash outflows over the next 6-12 months to manage t
  
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• Nissan, unions agree to postpone by one year Barcelona plants closure

  05-08-2020 20:09 via uk.finance.yahoo.com
  
  Nissan Motor Co.and the unions at its Barcelona plants reached an agreement on Wednesday to postpone by one year, until December 2021, the closure of the three plants, said Juan Carlos Vicente, chairman of Nissan's union committee in Barcelona.The plants, which employ around 3,000 workers and indirectly an additional 20,000, were originally due to close by the end ofr this year, but Nissan said recently it was open to postponing it to give more time for authorities to find another company intere
  
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• Nissan, unions agree to postpone Barcelona plants closure to end-2021

  05-08-2020 20:09 via uk.finance.yahoo.com
  
  After a 30-hour marathon of negotiations, Nissan Motor Coand the unions at its three Barcelona plants agreed to postpone the closure of the plants by one year, until December 2021, the company and unions said.Workers have been on strike since early May, a few weeks before Nissan announced the decision to leave Barcelona as part of a global turnaround plan.The UGT union leader at Nissan, Javier Hernandez, said the plants should gradually resume output starting Aug. 24.
  
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• Nissan agrees to postpone Barcelona plants closure by a year, unions say

  05-08-2020 20:09 via uk.finance.yahoo.com
  
  Nissan Motor Co.and the unions at its Barcelona plantsreached an agreement on Wednesday to postpone by one year, until December 2021, the closure of the three plants, two union leaders told Reuters after more than 30 hours of negotiations.The Japanese carmaker has also agreed not to conduct mass layoffs until the end of next year, and in exchange production will resume gradually on Aug. 24, said UGT union leader at Nissan, Javier Hernandez.Nissan Spain spokesman did not immediately respond to a
  
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• Goldman sets new goals for employing Black, Latino, female vice presidents

  05-08-2020 20:06 via uk.finance.yahoo.com
  
  Goldman Sachs Group Incsaid on Wednesday that by 2025 it wants 7% of its employees with the title vice president to be Black and 9% to be Latino professionals.The bank also aims for 40% of its employees with this title to be female, Goldman's chief executive officer, David Solomon, wrote in the statement, which was posted on the bank's website and emailed to staff.The diversity targets add to ones Goldman set for staff in lower-level positions last year, and they reflect a growing acknowledgemen
  
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• Mulan: UK cinemas hit out at 'disappointing' Disney+ release

  05-08-2020 19:55 via bbc.co.uk
  
  A plan to release the film on Disney+ instead of in cinemas is described as "hugely disappointing".
  
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• Twitter hack court hearing 'zoom bombed' with pornography

  05-08-2020 19:54 via uk.finance.yahoo.com
  
  A judge was forced to suspend a virtual hearing for one of the teenagers accused of hacking Twitter after it was interrupted by pranksters. Graham Clark, 17, of Florida, who is accused of masterminding the largest hack in Twitter's history, appeared on Zoom on Wednesday to ask a judge to lower his $750,000 (£570,000) bail. The hearing came to a swift end when Zoom users repeatedly entered the stream on Wednesday, to cause disruption, some playing loud audio and others using Zoom's screen s
  
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• Stunned by gold's record rise? There's more to come, analysts say

  05-08-2020 19:34 via uk.finance.yahoo.com
  
  The speed at which gold has broken above $2,000 an ounce has left some in the market fearing a correction, but many analysts predict more gains as the coronavirus crisis spurs investors to buy into bullion's relative safety.Taking out the totemic $2,000 barrier means investors must change their reference points, said Frederic Panizzutti at Swiss precious metals dealers MKS.A hoarding spree has fuelled the rally, with investors adding 922 tonnes of gold worth $60 billion at current prices to thei
  
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• Australia's housing market is showing some resilience – but here's why a fall could be on its way

  05-08-2020 19:30 via uk.finance.yahoo.com
  
  Australia's housing market is showing some resilience – but here's why a fall could be on its wayUnless more people suddenly start taking out home loans it would be unsurprising to see prices drop
  
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• 83,000 casual jobs in Victoria at risk as shutdown and jobkeeper exclusions bite

  05-08-2020 19:30 via uk.finance.yahoo.com
  
  83,000 casual jobs in Victoria at risk as shutdown and jobkeeper exclusions biteGovernment continues to deny short-term casuals access to the federal wage subsidy* Melbourne’s stage 4 restrictions; Victoria stage 3 restrictions* Sign up for Guardian Australia’s coronavirus email
  
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• UK and Japan rush to secure post-Brexit trade deal

  05-08-2020 19:10
  Both sides see agreement as key although it will largely replicate existing accord between Tokyo and EU
  
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• Blondie duo's song rights sold in 'Atomic' deal

  05-08-2020 19:07 via bbc.co.uk
  
  Hipgnosis Songs Fund, which lets people invest in popular hits, will get income from their 197 songs.
  
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• Oil prices rise above $45 a barrel for first time since start of pandemic

  05-08-2020 18:43 via uk.finance.yahoo.com
  
  Oil prices rise above $45 a barrel for first time since start of pandemicMilestone was short lived, however, and experts warn prices may struggle to stay above $40 in the short term
  
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• Siemens announces changes to managing board

  05-08-2020 18:41 via uk.finance.yahoo.com
  
  Siemens announced changes to its managing board on Wednesday as the German engineering giant prepares for life after Chief Executive Joe Kaeser.The trains to industrial software maker said company veteran Klaus Helmrich, the current head of its digital industries division, will retire in March next year and be replaced by Cedrik Neike, the current head of Smart Infrastructure, effective from Oct. 1.Matthias Rebellius, currently the chief operating officer of Smart Infrastructure, will join Sieme
  
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• Job losses: Major cuts since start of pandemic

  05-08-2020 18:34 via uk.finance.yahoo.com
  
  WH Smith, Dixons Carphone, Pizza Express and DW Sports are among firms to announce major potential job losses so far this month.
  
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• Coronavirus shares: A great opportunity to retire rich or a bubble?

  05-08-2020 18:32 via uk.finance.yahoo.com
  
  The coronavirus pandemic, sadly, has affected many people and companies around the world. But there are businesses that aren't struggling at all. What are they? Are they worth buying? Anna Sokolidou thinks she knows the answer.The post Coronavirus shares: A great opportunity to retire rich or a bubble? appeared first on The Motley Fool UK.
  
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• Strong commodity stocks drive FTSE 100 higher

  05-08-2020 18:14 via uk.finance.yahoo.com
  
  The FTSE 100 closed 68.72 points higher at 6,104.72 points at the end of trading on Wednesday.
  
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• Arsenal to cut 55 non-playing staff as pandemic hits revenue

  05-08-2020 18:09
  Move comes days after FA Cup victory secures place in European competition next season
  
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• Italy's Pirelli trims FY operating profit margin forecast for second time

  05-08-2020 17:58 via uk.finance.yahoo.com
  
  Italian tyre-maker Pirelli on Wednesday trimmed its forecasts for full-year operating profit margin and cash flow due to the "strong" impact of the COVID-19 pandemic on the industry in the second quarter.The manufacturer of tyres for Formula One racing teams and high-end carmakers such as BMW and Audi said the margin on its adjusted earnings before interest and tax (EBIT) would be around 12%-13% this year.Pirelli, however, posted an operating profit in the first half, albeit down around 85% from
  
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• Italy's Pirelli makes deeper cut to margin forecast after testing quarter

  05-08-2020 17:58 via uk.finance.yahoo.com
  
  Italian tyre-maker Pirellion Wednesday cut its full-year margin forecast for a second time and scaled back its cash flow guidance after the COVID-19 pandemic delivered a quarter it said had tested it "more than ever".The manufacturer of tyres for Formula One and high-end carmakers such as BMWand Audi said the margin on its adjusted earnings before interest and tax (EBIT) would be around 12%-13% this year.Pirelli said in an earlier statement demand for car tyres had slid 28% in the first half and
  
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• Boeing does not see immediate need to raise cash with new debt

  05-08-2020 17:48 via uk.finance.yahoo.com
  
  Boeing Co does not see the need to add to liquidity through additional debt offerings to manage the downturn in global aviation caused by the COVID-19 pandemic, chief financial officer Greg Smith said on Wednesday.Smith also told a conference that "priority one" for Boeing would be paying down its debt and getting its balance sheet back in order when the industry recovers.Boeing shares were up 4.3%.
  
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• Buffett's Berkshire bought $2.07 billion BofA stock since mid-July, has 11.9% stake

  05-08-2020 17:45 via uk.finance.yahoo.com
  
  In a regulatory filing on Tuesday night, Berkshire said it paid $337 million for about 13.6 million Bank of America shares between July 31 and Aug. 4.Berkshire is the Charlotte, North Carolina-based lender's largest shareholder.Buffett's assistant did not immediately respond on Wednesday to a request for comment.
  
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• Deepfakes are the most dangerous crime of the future, researchers say

  05-08-2020 17:38 via uk.finance.yahoo.com
  
  Deepfakes are the most dangerous form of crime through artificial intelligence, according to a new report from University College London.The term “deepfake” refers to a video where artificial intelligence and deep learning – an algorithmic learning method used to train computers – has been used to make a person appear to say something they have not.
  
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• A third of Brits are shopping more online now than during lockdown

  05-08-2020 17:25 via uk.finance.yahoo.com
  
  As lockdown restrictions have eased some Brits are shopping online more than ever.
  
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• Stock market crash: How Nick Train and Terry Smith’s ideas are guiding my investments for the rest of 2020

  05-08-2020 17:21 via uk.finance.yahoo.com
  
  The stock market crash notwithstanding, these fund managers’ picks can give investment ideas for investors considering FTSE 100 stocks.The post Stock market crash: How Nick Train and Terry Smith’s ideas are guiding my investments for the rest of 2020 appeared first on The Motley Fool UK.
  
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• Huge cloud unlike anything else else in the solar system found hiding in plain sight on Venus

  05-08-2020 17:10 via uk.finance.yahoo.com
  
  A huge cloud, unlike anything seen elsewhere in the solar system, has been spotted on Venus.The "atmospheric disruption has been hiding in plain sight, unnoticed for 35 years, according to the researchers who found it.
  
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• Coronavirus: Conservative peer tells UK government to ditch benefit cuts next year

  05-08-2020 17:10 via uk.finance.yahoo.com
  
  An ex-adviser to former work and pensions minister Iain Duncan Smith told Yahoo Finance UK that crisis top-ups to universal credit should be extended.
  
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• Market report: Coca-Cola HBC fizzes on solid update

  05-08-2020 17:05 via uk.finance.yahoo.com
  
  Shares in Coca-Cola Hellenic Bottling Company popped higher after analysts praised its first-half results. Sales held up decently during the first half, although a switch to at-home drinking hit its bottom line. The FTSE 100 group – which produces and distributes Coca-Cola Company drinks in Europe and parts of Africa – saw sales revenues slip 15.5pc to €2.83bn (£2.59bn) over the six-month period. Its profit before tax fell from €260.8m to €167.2m. It said profits
  
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• Amazon under fire for 'racist' description of shoes using the 'N word'

  05-08-2020 16:52 via ibtimes.co.uk
  
  MP David Lammy complained via Twitter asking Amazon to remove a listing of shoes with racially offensive description.
  
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• European markets higher on positive earnings, econ. data

  05-08-2020 16:51 via uk.finance.yahoo.com
  
  Yahoo Finance's Edmund Heaphy has the latest from London.
  
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• 'A man asked for sex using my phone number from my CV'

  05-08-2020 16:45 via uk.finance.yahoo.com
  
  I am not available for sex. Unbelievably these are words I had to write on my LinkedIn profile this week. Like many freelancers I am used to being out of work for periods, so when lockdown came I thought “I’ve got this”. Working in PR & events my industry was totally shut down due to Covid - and is only just starting to show shoots of recovery now. I expected this. What I did not expect was to be sat in floods of tears after a potential work message left me feeling shaken a
  
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• Tesco’s plans to axe professional cleaners during pandemic put shoppers at risk, say customers

  05-08-2020 16:43 via uk.finance.yahoo.com
  
  More than half of Tesco‘s customers think that the UK’s largest supermarket chain is putting shoppers at risk with plans to axe thousands of professional cleaners during the coronavirus pandemic, according to a poll.Last month, Tesco announced it would get rid of contracted cleaners in its Express and Metro stores, with shop-floor staff taking on the work instead.
  
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• Tesco plans to axe professional cleaners during pandemic put shoppers at risk, say customers

  05-08-2020 16:43 via uk.finance.yahoo.com
  
  More than half of Tesco customers think that the UK’s largest supermarket chain is putting shoppers at risk with plans to axe thousands of professional cleaners during the coronavirus pandemic, according to a poll.Last month, the supermarket announced it would get rid of contracted cleaners in its Express and Metro stores, with shop-floor staff taking on the work instead.
  
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• COVID-19 leads to surge in cyberattacks

  05-08-2020 16:41 via uk.finance.yahoo.com
  
  Security professionals have seen a surge in cyberattacks related to the coronavirus pandemic, according to a new report.
  
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• Samsung would ‘welcome the opportunity’ to help build UK 5G networks

  05-08-2020 16:31 via uk.finance.yahoo.com
  
  Samsung UK and Ireland executive Conor Pierce said the company could replace Huawei after it's equipment was banned by the Government.
  
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