Business news

• German prosecutors probe possible death of suspended VW employee

  12-08-2020 22:57 via uk.finance.yahoo.com
  
  Prosecutors in Braunschweig, Germany, on Wednesday said they were investigating the death of a man found in a burned-out car on Monday to determine whether there were any links to a dispute between Volkswagenand Bosnian supplier group Prevent.A body was found in a field in Lower Saxony on Monday, a spokeswoman for the Braunschweig prosecutor's office said on Wednesday.Local newspaper Helmstedter Nachrichten, citing sources, said the dead person was a Volkswagen employee who had done business wit
  
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• Deutsche Boerse expels Wirecard from Germany's blue-chip index DAX

  12-08-2020 22:39 via uk.finance.yahoo.com
  
  Exchange operator Deutsche Boersewill remove Wirecard , the payments company that folded after an accounting scandal, from the DAX index of Germany's leading blue-chip stocks this month following an index rule change.The exchange operator on Wednesday said it had opted for new rules - which were proposed last month - to allow for a quick DAX removal in the case of an insolvency.
  
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• German prosecutors appeal for public help in tracing Wirecard boss

  12-08-2020 22:28 via uk.finance.yahoo.com
  
  German prosecutors appealed on television on Wednesday for help in tracking down Jan Marsalek, a former boss of collapsed payments company Wirecard, and issued a wanted notice for a manager they suspect of embezzling billions of euros.Charges were first brought against Marsalek in June 22, and his status as a suspect was widely known, but under Germany's extremely strict privacy laws, formally announcing he is a suspect and soliciting public help is a major step.Prosecutors said they believed he
  
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• Cisco's first-quarter forecast disappoints, shares fall

  12-08-2020 22:17 via uk.finance.yahoo.com
  
  Cisco expects current-quarter revenue to drop between 9% and 11% from last year, implying a range of between $11.71 billion and $11.97 billion, while analysts were expecting $12.25 billion.The pandemic has forced some of its clients, particularly in the hard-hit sectors such as retail, to pause on big spending to conserve cash, piling more pressure on Cisco's core business of selling routers and switches.Excluding items, Cisco earned 80 cents per share in the quarter, beating estimates of 74 cen
  
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• Lyft maintains end-2021 profitability goal even as COVID-19 guts demand

  12-08-2020 22:10 via uk.finance.yahoo.com
  
  "While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April," Chief Executive Officer Logan Green said in a statement.Lyft said the number of active drivers dropped by 60% to 8.69 million in the three months ended June, from a year earlier.Lyft in April announced pay cuts and laid off nearly 1,000 employees, or 17% of its workforce, in an effort to red
  
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• Exclusive: Chilean regulator preps sweeping Atacama review as it abandons SQM legal battle

  12-08-2020 21:56 via uk.finance.yahoo.com
  
  Chile's environmental regulator has withdrawn from its legal battle to defend a compliance plan by lithium miner SQM that it approved last year, according to a filing seen by Reuters, a decision that could prove a major setback as the miner seeks to ramp up output of the coveted battery metal.The Environmental Superintendent (SMA) also said it was planning a new "comprehensive management plan" for the Atacama salt flat in northern Chile where SQM and other companies mine lithium and copper.In 20
  
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• Exclusive: Chilean regulator drops appeal on SQM environmental plan, plans Atacama mining review

  12-08-2020 21:56 via uk.finance.yahoo.com
  
  Chile's environmental regulator has withdrawn from its legal battle to defend an environmental compliance plan by lithium miner SQM that it approved last year, according to a filing seen by Reuters, a decision that could prove a major setback for the miner as it seeks to expand its operations.Chile's Environmental Superintendent (SMA) had approved the firm's $25 million(£19.17 million) environmental plan in 2019, but that decision was tossed out by a regional court in northern Chile at the
  
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• Stonehaven: Transport secretary praises emergency services

  12-08-2020 20:39 via uk.finance.yahoo.com
  
  Transport Secretary Grant Shapps praises the “tremendous job” being done by the emergency services who attended the train derailment near Stonehaven, Aberdeenshire on Wednesday morning.
  
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• Antin launches Eurofiber stake sale as demand booms for infra assets - sources

  12-08-2020 20:38 via uk.finance.yahoo.com
  
  European investment fund Antin Infrastructure Partners has hired UBSto launch the sale of a minority stake in its Dutch fibre-optic network operator Eurofiber, sources close to the matter told Reuters.The deal could value Eurofiber, which runs a 25,000 km fibre-optic network across the Netherlands and Belgium, at about 2 billion euros (1.53 billion pounds), the sources added.Cash-rich investors seeking stable returns have turned to telecoms infrastructure assets this year as the industry has pro
  
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• National Grid fires up coal power station for first time in 55 days

  12-08-2020 20:22 via uk.finance.yahoo.com
  
  National Grid fires up coal power station for first time in 55 days. Heatwave brings wind turbines to standstill and causes gas plants to struggle
  
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• Saudi stock exchange to launch environmental index with MSCI - CEO

  12-08-2020 20:04 via uk.finance.yahoo.com
  
  Saudi Arabia's stock exchange (TADAWUL) plans to launch an environmental, social or governance (ESG) index in cooperation with global index provider MSCI by the fourth quarter of this year or first quarter of 2021, the bourse's chief executive said on Wednesday.The index will include at least 70 Saudi listed companies and will be based on MSCI standards, Khalid Al-Hussan said at a virtual event."Globally we understand that ESG is becoming an investment requirement and we don't want to be behind
  
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• Wetherspoon boss demands evidence that pubs spread coronavirus

  12-08-2020 20:01 via uk.finance.yahoo.com
  
  Wetherspoon boss Tim Martin has called on a top scientist to share his evidence linking an Aberdeen coronavirus outbreak to customers in pubs. The outspoken pub chain chairman took aim at Aberdeen University’s bacteriology professor Hugh Pennington, who said a recent outbreak in the Scottish city was tied to transmission among drinkers. Mr Martin said: “Given the importance of the pub industry to its staff, customers and as a taxpayer to the Exchequer, it would be very useful if Prof
  
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• Uber says it will suspend service in California if it is forced to treat drivers as employees

  12-08-2020 19:47 via uk.finance.yahoo.com
  
  Uber says it will suspend its service in California for several months if it is forced to comply with a state law requiring it to treat its drivers as employees. Chief executive Dara Khosrowshahi said that enforcement of the law, which sets strict limits on when a company can treat workers as private contractors, would mean the company "essentially shuts down" until November, when California is due to vote on a proposal to overturn it. Mr Khosrowshahi told MSNBC: "We think we comply by the laws.
  
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• Explainer: How commodity trade finance works

  12-08-2020 19:35 via uk.finance.yahoo.com
  
  Global banks were left shell-shocked this year by a series of commodity trader collapses after instances of fraud were laid bare by the coronavirus crisis.ABN Amroon Wednesday said it would end all trade and commodity financing, shedding 800 jobs, following several other lenders who have already restructured or put their trade finance divisions under review as they scramble to recoup billions of dollars in debt.The $21 billion liquidity hole left by the Dutch bank will be hard to fill, presentin
  
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• China's days as 'the world's factory' are over says iPhone manufacturer

  12-08-2020 19:35 via uk.finance.yahoo.com
  
  The world’s biggest electronics manufacturer has called time on China as the centre of global production, saying the country’s days “as the world’s factory are done”. Foxconn, the Taiwanese giant best known for assembling Apple’s iPhones, said it was moving more of its production outside of China amid rising tariffs on goods made in the country. Young Liu, the company’s chairman, said that while China will be a major production hub, the country’s &
  
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• Longer lockdown drove UK to one of deepest recessions in Europe

  12-08-2020 19:30
  Although growth picked up speed in June, economists fear a long road to recovery
  
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• Job growth figures are historically bad – but they are likely to be the best we will see for a while

  12-08-2020 19:30 via uk.finance.yahoo.com
  
  Job growth figures are historically bad – but they are likely to be the best we will see for a whileIt shouldn’t come as a surprise that ahead of us, we have a long period of our wages barely growing
  
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• Getting creative and going viral in lockdown

  12-08-2020 19:30 via bbc.co.uk
  
  During lockdown many families have turned to creating online videos as a way of having fun.
  
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• The UK’s future prosperity depends on a robust recovery

  12-08-2020 19:05
  Size of the drop in second quarter is less important than the strength of the rebound
  
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• Fed policymakers say economic growth will be muted until virus contained

  12-08-2020 18:52 via uk.finance.yahoo.com
  
  Consumer spending will probably remain weak relative to the past as people avoid activities that require high levels of social interaction for health reasons, Boston Fed President Eric Rosengren said during an online event organized by the South Shore Chamber of Commerce in Massachusetts."The forecast for the U.S. economy this fall is quite uncertain, but my view is that the recent slowdown in economic activity that we have seen in high-frequency data is likely to continue," Rosengren said.With
  
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• Air France pilots back domestic network overhaul

  12-08-2020 18:28 via uk.finance.yahoo.com
  
  Air France pilots voted to approve an overhaul of the airline's lossmaking domestic network, their main union said on Wednesday, clearing the way for an expansion of low-cost arm Transavia.In a referendum organised by the SNPL union, more than 90% of pilots backed plans by Air France-KLMgroup CEO Ben Smith to allow the budget division to take over some domestic routes from Air France and its HOP!After the vote both sides signed formal amendments to labour agreements that had previously barred Tr
  
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• FTSE bounces as traders shrug off confirmation of recession

  12-08-2020 18:25 via uk.finance.yahoo.com
  
  The FTSE 100 closed 125.78 points higher at 6,280.12 at the end of trading on Wednesday.
  
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• ECB liquidity floods euro money market and distorts indicators

  12-08-2020 18:21 via uk.finance.yahoo.com
  
  A key euro zone interbank money-market rate is trading below the European Central Bank's own official rate for the first time in over five months, a sign of the vast amount of cash that has been poured into the system to combat the COVID-19 crisis.The ECB has flooded the system with so much liquidity that the rate at which banks borrow from each other -- Euribor -- is within a whisker of a record low.Three-month Euriborwas trading on Wednesday at minus 0.486%, and in what is a rare occurrence &n
  
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• Coronavirus: How can I find a new job?

  12-08-2020 18:14 via bbc.co.uk
  
  Jobseekers are having a tough time at the moment but some sectors are hiring and support is available.
  
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• The UK economy has collapsed 20%, but I’d keep buying this safe FTSE 100 share!

  12-08-2020 18:11 via uk.finance.yahoo.com
  
  After a spectacular crash in the second quarter, the UK economy is very weak. But I'd buy this FTSE 100 share for safety, high dividends, and growth.The post The UK economy has collapsed 20%, but I'd keep buying this safe FTSE 100 share! appeared first on The Motley Fool UK.
  
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• Market report: FTSE 100 climbs to three-week high

  12-08-2020 18:05 via uk.finance.yahoo.com
  
  Stocks in London shrugged off news that the UK economy tumbled into its deepest recession on record yesterday, with the FTSE 100 ending at a three-week high. London’s benchmark index pushed 2pc higher to 6,280.12 as every sector rallied, led by utilities, healthcare and energy companies. A fall in the pound against the euro and the dollar also helped the London stock market to outshine its continental neighbours as investors bought into UK-based multinational companies earning much of thei
  
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• Barclays and Goldman Sachs vie for General Motors' credit card arm

  12-08-2020 18:03 via uk.finance.yahoo.com
  
  Barclays is locked in a bidding war with Goldman Sachs for the $3bn (£2.3bn) credit card arm of US carmaker General Motors, insiders have said. The pair are both chasing the business as they eye a future where drivers order coffee and takeaways from their cars, sources told the Wall Street Journal. Winning the battle would be a significant victory for Barclays - whose boss Jes Staley is seeking to cement its place as a transatlantic bank able to bring the gap between the US and Europe - an
  
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• £1k to invest? I’d buy these 7%+ high-dividend-yield stocks for my ISA

  12-08-2020 18:03 via uk.finance.yahoo.com
  
  Jonathan Smith eyes up the dividend yields of Jupiter Fund Management and Plus500 in pursuit of stocks with higher than average income.The post £1k to invest? I'd buy these 7%+ high-dividend-yield stocks for my ISA appeared first on The Motley Fool UK.
  
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• Apple's AirPods 3 could warn you about traffic and road hazards

  12-08-2020 17:59 via uk.finance.yahoo.com
  
  Apple's future AirPods could include a life-saving feature that would warn pedestrians and cyclists about road hazards ahead. The technology giant has filed a patent for an earphone system that automatically detects dangers nearby, such as fast-moving cars, and lowers the volume of music to alert the user. By connecting to a user's smartphone or smartwatch, it could use GPS to pinpoint an exact location. It could also use the AirPod's built-in accelerometer to detect speed. In one example "the s
  
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• UK economy enters recession on record 20.4% contraction

  12-08-2020 17:54 via uk.finance.yahoo.com
  
  Yahoo Finance's Oscar Williams-Grut has the latest from London.
  
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• Three die after train derails in north-east Scotland

  12-08-2020 17:52
  Incident near Stonehaven in Aberdeenshire is UK’s first fatal rail crash in more than a decade
  
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• Recession is unprecedented, says Chancellor Rishi Sunak

  12-08-2020 17:39 via bbc.co.uk
  
  Rishi Sunak says it is a "difficult and uncertain time" as the UK suffers its biggest slump on record.
  
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• Natwest to cut 550 jobs in branches and close one office

  12-08-2020 17:37 via bbc.co.uk
  
  The lender is seeking to cut costs as more people bank online during the pandemic.
  
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• Salmonella outbreak causes US and Canadian Stores to recall contaminated onions

  12-08-2020 17:35 via ibtimes.co.uk
  
  Over 600 people have fallen ill with salmonella infection from contaminated shipment of red, yellow and white onions
  
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• Sumner Redstone: US media mogul dies aged 97

  12-08-2020 17:34 via bbc.co.uk
  
  His influential entertainment empire included ViacomCBS and Paramount Pictures, MTV and Nickelodeon.
  
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• Exclusive: Shell eyes stake in Nayara's $9 billion Indian petchem project - source

  12-08-2020 17:29 via uk.finance.yahoo.com
  
  Oil major Royal Dutch Shellplans to buy a 50% stake in Indian-based Naraya Energy's up to $9 billion (6.9 billion pounds) planned petrochemical project, a source familiar with the matter said.Shell and Nayara - which is part-owned by Russian oil major Rosneft- signed a memorandum of understanding in early June, the source said, adding an equal joint venture will be created for building the project."The petrochemical joint venture between Nayara and Shell was discussed at board of directors meeti
  
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• Facebook and Instagram ban antisemitic conspiracy theories and blackface

  12-08-2020 17:27 via uk.finance.yahoo.com
  
  Facebook and Instagram ban antisemitic conspiracy theories and blackface. Decision comes after criticism of slow response to Wiley’s antisemitic posts
  
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• Yes, gold prices will shine again. The best UK mining shares I’d buy now

  12-08-2020 17:20 via uk.finance.yahoo.com
  
  The gold prices plunged yesterday. But this correction won't last for a long time, I think. Here're the best UK mining shares I'd buy now.The post Yes, gold prices will shine again. The best UK mining shares I'd buy now appeared first on The Motley Fool UK.
  
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• NatWest puts 550 branch jobs at risk and closes key London office

  12-08-2020 17:16 via uk.finance.yahoo.com
  
  NatWest is cutting up to 550 jobs in bank branches and will close a major London office as it grapples to adapt to the post-Covid world. The taxpayer-backed bank has asked branch staff to apply for voluntary redundancy following dramatic shifts in customer behaviour during the crisis. Banks have been slashing branches for years as an increasing number of customers go online, but coronavirus has dramatically sped up the change after high street footfall slumps and consumers shunned cash to avoid
  
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• NatWest puts 550 branch jobs at risk

  12-08-2020 17:16 via uk.finance.yahoo.com
  
  NatWest is cutting up to 550 jobs in bank branches and will close a major London office as it grapples to adapt to the post-Covid world. The taxpayer-backed bank has asked branch staff to apply for voluntary redundancy following dramatic shifts in customer behaviour during the crisis. Banks have been slashing branches for years as an increasing number of customers go online, but coronavirus has dramatically sped up the change after high street footfall slumps and consumers shunned cash to avoid
  
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• 3-year-old boy swallows 28 tiny magnetic balls, ends up having part of his gut removed

  12-08-2020 17:12 via ibtimes.co.uk
  
  Ingested magnetic ball toys can cause permanent damage to one's gut and may lead to death if not treated immediately
  
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• Dr Martens to pay back furlough funds as growth continues despite coronavirus

  12-08-2020 17:10 via uk.finance.yahoo.com
  
  The business is looking to open new stores worldwide.
  
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• When The Royal Family Meet Celebrities

  12-08-2020 17:01 via uk.finance.yahoo.com
  
  Most of us would love to meet a celebrity, but it's the A-listers here who are excited to meet their favourite royals!
  
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• Uber may be forced to shut down California ride services over new driver ruling

  12-08-2020 16:59 via uk.finance.yahoo.com
  
  A California judge on Monday granted the state's request for a preliminary injunction blocking Uber and rival Lyft Incfrom classifying their drivers as independent contractors rather than employees.Several hundred thousand "gig" workers, including many at ride-hailing companies and app-based food delivery services, are affected by the law known as Assembly Bill 5 ("AB5"), which took effect on Jan. 1.
  
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• Average debt reduced by £2,000 in lockdown, Experian says

  12-08-2020 16:59 via uk.finance.yahoo.com
  
  The average amount of debt has been reduced by almost £2,000 in lockdown, a study by Experian has found. The credit checking agency said its customers had an average credit balance, excluding mortgage debt, of £9,681 in June, compared to £11,615 at the start of lockdown in March. A combination of reduced living costs and no commute has meant many families have been able to save more during the pandemic, but experts warned that the inequalities were stark with lots struggling to
  
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• Train derails in north-east Scotland causing serious injuries

  12-08-2020 16:56
  Major incident declared at scene of incident near Stonehaven in Aberdeenshire
  
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• Nightclubs demand clarity from Boris Johnson on when they can reopen amid recession threat of thousands of job losses

  12-08-2020 16:51 via uk.finance.yahoo.com
  
  Britain’s struggling nightclubs industry today urged the government to come up with a plan to get them back open before they go bust at a cost of thousands of jobs.Last month, as Boris Johnson eased measures on offices, public transport and leisure centres, he ruled out reopening nightclubs and gave no hints as to how or when they might reopen.
  
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• Cricket: Stuart Broad unhappy that his father fined him for using 'inappropriate language'

  12-08-2020 16:43 via ibtimes.co.uk
  
  Broad, who now has three demerit points, will be suspended if he receives another one.
  
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• Could the Sainsbury’s share price help you get rich and retire early?

  12-08-2020 16:38 via uk.finance.yahoo.com
  
  Is the Sainsbury's share price a good investment for the next decade considering the company's position in the UK retail market?The post Could the Sainsbury's share price help you get rich and retire early? appeared first on The Motley Fool UK.
  
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• 2 coronavirus vaccine success stocks I think could make UK investors rich

  12-08-2020 16:32 via uk.finance.yahoo.com
  
  I think investing in these two stocks will bring success regardless of which company wins the race to develop a coronavirus vaccine.The post 2 coronavirus vaccine success stocks I think could make UK investors rich appeared first on The Motley Fool UK.
  
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