Business news

• Trump promises tax credits for firms that bring jobs back from China

  17-08-2020 23:32 via uk.finance.yahoo.com
  
  MANKATO, Minn./WASHINGTON (Reuters) - U.S. President Donald Trump on Monday vowed to create 10 million jobs in 10 months, in part by setting up tax credits for U.S. companies that relocate manufacturing facilities to the United States from China.Trump, seeking to build support ahead of the Nov. 3 election, told supporters during a visit to Mankato, Minnesota, his administration would also strip federal contracts from companies that outsourced work to China."We will create tax credits for compani
  
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• Uber to operate food delivery even if rides business forced shut in California

  17-08-2020 22:55 via uk.finance.yahoo.com
  
  A company spokesman said Uber's food delivery unit did not appear to be impacted by a lawsuit filed by California's attorney general and a subsequent court order that would force Uber to treat its ride-hail drivers as employees.Uber and smaller rival Lyft Incsaid they would be forced to shut their ride-hailing operations in California if the court ruling goes into effect on Friday morning.
  
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• Woes of Canada's finance minister reflects business community concerns - sources

  17-08-2020 22:53 via uk.finance.yahoo.com
  
  Canadian Finance Minister Bill Morneau's clash with Prime Minister Justin Trudeau over ballooning deficits reflects sentiment among business leaders that Ottawa has little apparent interest in the economy, say four sources with direct knowledge of the community's unhappiness.Morneau and Trudeau were scheduled to meet on Monday in a bid to work out their differences.Trudeau came to power in late 2015 with a team of young activist advisors who favored deficit spending on a range of social programs
  
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• Carlyle staff told to avoid public transport on London office return

  17-08-2020 22:30
  Private equity group expects employees to walk or cycle if possible as HQ reopens after pandemic shutdown
  
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• Carnival hit by ransomware attack, guest and employee data accessed

  17-08-2020 22:27 via uk.finance.yahoo.com
  
  Carnival, which operates AIDA, Carnival and Princess cruises among others, in a filing said (https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000095014220002039/eh2001078_8k.htm) the investigation was ongoing and that the ransomware attack included unauthorized access to personal data of guests and employees.The attack adds to the woes of the company that is already struggling with suspension of its cruises for months due to the COVID-19 pandemic amid travel restrictions across the world.C
  
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• Fortnite maker seeks legal action against Apple to stop 'catastrophic' App Store block

  17-08-2020 21:59 via uk.finance.yahoo.com
  
  The company behind the video game Fortnite is taking emergency legal action against Apple after it said the tech giant had blocked it from developing software for the iPhone, a move that would cause ripples across the games industry. Epic Games said Apple is revoking its developer accounts, cutting off access to the digital tools needed to produce apps and other software for Apple’s iPhone and Mac computers. Apple removed Fortnite, one of the world’s most popular games, from its App
  
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• Qatar Airways hands back almost £1bn to passengers during coronavirus pandemic

  17-08-2020 21:50 via uk.finance.yahoo.com
  
  After the collapse in global aviation triggered by the coronavirus pandemic, one Gulf-based airline has handed back almost £1bn to passengers.Qatar Airways says in the past five months it has refunded $1.2bn (£916m) to 600,000 customers – an average of $2,000 (£1,515) per booking.
  
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• Lagardere pledges strategic overhaul under shareholder pressure

  17-08-2020 21:43 via uk.finance.yahoo.com
  
  French media group Lagardere'sboard backed the renewal of Arnaud Lagardere's mandate as managing partner and outlined a new strategy on Monday, pushing back against growing shareholder pressure for new leadership.A new "strategic roadmap" approved by the board will focus on the group's travel retail and publishing divisions as growth drivers, overseen by a newly enlarged management board, Lagardere said in a statement.The supervisory board also approved Arnaud Lagardere's renewal "in order to st
  
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• Epic Games asks judge to block Apple's removal of 'Fortnite' from app store

  17-08-2020 21:26 via uk.finance.yahoo.com
  
  The videogame maker also said Apple will terminate all of Epic Games' developer accounts and cut it off from its development tools starting Aug. 28.In addition to making its own titles, Epic also makes tools for other game developers such as the Unreal Engine, which helps game developers create three-dimensional graphics.
  
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• Ryan Reynolds-backed gin bought in $610m deal

  17-08-2020 21:02 via bbc.co.uk
  
  Aviation American gin, in which the Hollywood actor holds a major stake, has been sold to Diageo.
  
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• Low-income workers three times more likely to have hours cut during pandemic then high-income workers

  17-08-2020 20:45 via uk.finance.yahoo.com
  
  Low-paid workers are three times more likely than their well-off counterparts to have seen their hours halved during the coronavirus pandemic, according to a study that details just how unevenly the economic pain has been shared.Researchers at the London School of Economics (LSE) found that the most vulnerable groups in society have been hit hardest financially by Covid-19.
  
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• Alibaba shares hold up in face of Trump threats

  17-08-2020 20:43 via uk.finance.yahoo.com
  
  At a news conference on Saturday, when asked if he was considering a ban on other Chinese-owned companies including Alibaba to follow that on social video app TikTok, U.S. President Donald Trump said: "Well, we're looking at other things, yes."The White House has been piling pressure on Chinese-owned entities in the run in to elections this year and financial markets are watching closely for signs of whether it will lead to further tit-for-tat moves that could hamper a global recovery.A number o
  
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• Private hospitals to be paid £10bn to ease NHS waiting lists

  17-08-2020 20:36
  Patient backlog expected to reach 10m by Christmas after services interrupted by Covid
  
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• JPMorgan hires UK ex-finance minister Javid

  17-08-2020 20:31 via uk.finance.yahoo.com
  
  Wall Street giant JPMorganhas hired Britain's former finance minister Sajid Javid as a senior adviser, the bank said on Monday, a move that sees the politician resume his career in investment banking.Javid quit his role in government earlier this year after falling out with Prime Minister Boris Johnson during a cabinet reshuffle.
  
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• JPMorgan hires UK ex-chancellor Javid

  17-08-2020 20:31 via uk.finance.yahoo.com
  
  Wall Street giant JPMorganhas hired Britain's former finance minister Sajid Javid as a senior adviser, the bank said on Monday, a move that sees the politician resume his career in investment banking.Javid quit his role in government earlier this year after falling out with Prime Minister Boris Johnson during a cabinet reshuffle.
  
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• Ryanair's flight cuts are no surprise and signal an aviation nosedive

  17-08-2020 20:11 via uk.finance.yahoo.com
  
  Ryanair's flight cuts are no surprise and signal an aviation nosedive. Decent test-and-trace systems at airports might help sector as Covid-19 cases rise in Europe
  
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• Former Chancellor Sajid Javid takes new role as adviser at JPMorgan

  17-08-2020 20:05 via uk.finance.yahoo.com
  
  Sajid Javid has taken a new job as an adviser at the multinational investment bank JPMorgan. The former Chancellor, whose career before politics was in banking, will join the company's Europe, Middle East and Africa Advisory Council as a senior adviser. Mr Javid had resigned from Boris Johnson's cabinet in February after being told his team of advisers would be sacked and replaced with Number 10 appointees. He will remain as the MP for Bromsgrove. His move sees him follow in the footsteps of Ton
  
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• U.S. companies interested in TikTok can hopefully address security concerns - Trump aide

  17-08-2020 19:53 via uk.finance.yahoo.com
  
  The White House is hopeful that U.S. companies interested in acquiring TikTok will be able to address the administration's national security concerns, President Donald Trump's chief of staff Mark Meadows said on Monday."Most of what the president has looked at is banning other Chinese apps that might collect personal information and have potential national security risk," Meadows told reporters aboard Air Force One.Regarding TikTok, he said: "We are hopeful that some of the U.S. companies that h
  
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• Trump looked at banning further Chinese apps in addition to TikTok - Meadows

  17-08-2020 19:53 via uk.finance.yahoo.com
  
  U.S. President Donald Trump has looked at banning additional Chinese-owned companies following his decision to ban the short-video app TikTok, White House Chief of Staff Mark Meadows said on Monday.Speaking to reporters aboard Air Force One, Meadows said the administration was focused particularly on Chinese companies that collected personal data and could pose a national security risk."Most of what the president has looked at is banning other Chinese apps that might collect personal information
  
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• McDonald's CEO who was sacked for relationship responds to their lawsuit against him

  17-08-2020 19:47 via uk.finance.yahoo.com
  
  A former McDonald's chief executive has asked a US court to dismiss the company's lawsuit against him for allegedly having sexual relationships with employees.
  
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• 21 Fun Facts You Might Not Know About The Royal Family

  17-08-2020 19:35 via uk.finance.yahoo.com
  
  We see and hear about them so often, but you might not know everything about the British Royal Family! Here are 21 fun facts about the royals.
  
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• Past recessions have mostly smashed male-dominated industries. But not this time

  17-08-2020 19:30 via uk.finance.yahoo.com
  
  Past recessions have mostly smashed male-dominated industries. But not this time. There’s a new wrinkle to the recovery: will the level of women working return to pre-recession levels?
  
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• Diageo buys Ryan Reynolds' Aviation American Gin in deal worth up to $610m

  17-08-2020 19:26 via uk.finance.yahoo.com
  
  Diageo buys Ryan Reynolds' Aviation American Gin in deal worth up to $610m. Hollywood star will retain interest in business, where sales doubled in 2019
  
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• Private equity should help itself

  17-08-2020 19:22
  Britain’s government must tread cautiously as it considers bailout
  
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• EU approves $1.2 billion Danish, Swedish measure to recapitalise airline SAS

  17-08-2020 19:02 via uk.finance.yahoo.com
  
  EU competition regulators on Monday cleared a 1-billion-euro ($1.2 billion)(915.40 million pounds) plan by Denmark and Sweden to recapitalise virus-hit SAS , saying the measure would prevent the Scandinavian airline's insolvency.The plan is part of a larger recapitalisation package which will result in private investors holding a significant stake in SAS following the conversion of outstanding privately-held debt instruments into equity.The European Commission said the measure will not exceed th
  
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• McDonald's ex-boss fights sexual liaison claims

  17-08-2020 18:58 via bbc.co.uk
  
  Steve Easterbrook asks for a case alleging that he lied about relationships with staff to be dismissed.
  
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• North Koreans 'forced to give up pet dogs for restaurant meat amid food shortages'

  17-08-2020 18:57 via uk.finance.yahoo.com
  
  People in North Korea are reportedly being forced to give up their pet dogs so they can be used as dog meat for restaurants.
  
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• Airlines, airports to push for COVID testing as quarantines hit traffic

  17-08-2020 18:53 via uk.finance.yahoo.com
  
  Airlines and airports will ask a UN-led task force meeting on Tuesday to recommend countries accept a negative COVID-19 test within 48 hours of travel as an alternative to quarantines that have decimated demand for travel, according to a document seen by Reuters.The industry wants the task force to make the recommendation for passengers traveling from countries with high COVID-19 infection rates when it meets on Tuesday to review guidelines for international travel amid the pandemic."A test prio
  
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• Softening Covid loan terms for private equity has a political cost

  17-08-2020 18:51
  Taxpayers will scrutinise changes closely; why bad debts don’t mean the end of energy competition
  
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• Household finances in UK weaken as jobs gloom takes hold

  17-08-2020 18:42 via uk.finance.yahoo.com
  
  Household finances in UK weaken as jobs gloom takes hold. Consumers reduce spending as incomes are hit by Covid-related cuts
  
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• Household finances fell sharper in August than July amid unemployment fears

  17-08-2020 18:42 via uk.finance.yahoo.com
  
  Household finances fell sharper in August than July amid unemployment fears. Average incomes hit by Covid-19 job cuts and saw consumers cut back on spending
  
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• Stock market floats tumble to 11-year low as private equity circles struggling firms

  17-08-2020 18:28 via uk.finance.yahoo.com
  
  The number of floats in London has plunged to an eleven-year low as battered firms shun the stock market and seek support from private equity barons to survive the Covid meltdown. There have been just six initial public offerings so far this year according to data provider Refinitiv, raising £647m - the lowest both by number and value since the financial crisis in 2009. By contrast, companies have raised £27.5bn through 80 British private equity fundraisings as they seek an alternati
  
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• Williamson announces government U-turn over A-level results

  17-08-2020 18:23 via uk.finance.yahoo.com
  
  Education Secretary Gavin Williamson has apologised to students after the government announced a U-turn over exam results. A-level and GCSE results in England will now be based on teachers' assessments of their students, unless the grades produced by the controversial algorithm are higher.
  
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• Time for forceful leader to fix WTO, not a 'butler,' Mexico's pick says

  17-08-2020 18:16 via uk.finance.yahoo.com
  
  The World Trade Organization needs a strong personality at its helm to restart long-delayed negotiations urgently and drag the rule book for global commerce into the 21st century, Mexico's pick to lead the body said.Jesus Seade said he would apply decades of experience as a trade negotiator to attack years-old deadlocks on issues such as electronic trade and the depletion of oceans by over-fishing if he is chosen as director general of the WTO."I think people agree that we need a forceful person
  
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• Mining firms lift FTSE 100 higher amid cautious global sentiment

  17-08-2020 18:11 via uk.finance.yahoo.com
  
  The FTSE 100 closed 37.4 points higher at 6,127.44 at the end of trading on Monday.
  
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• Huawei phones face losing Google Play access after US clampdown

  17-08-2020 18:08 via uk.finance.yahoo.com
  
  Millions of Huawei phones face no longer being able to receive Android updates from Google after the White House further tightened its restrictions on the Chinese company’s use of American software. The US Commerce Department said a temporary licence allowing American companies to continue to provide software to existing Huawei equipment for security purposes after the company was placed on a blacklist had expired. Google had been relying on the licence to continue to provide older Huawei
  
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• EU regulators okay with conditions Mastercard's Scandinavian e-pay deal

  17-08-2020 17:36 via uk.finance.yahoo.com
  
  EU antitrust regulators on Monday cleared Mastercard's bid to buy part of Scandinavian payments group Nets after the companies agreed to sell a Nets technology to a rival to boost competition in the market.U.S. payments group Mastercard last year announced the proposed acquisition of three divisions of Nets, which cover corporate clearing, instant payments and e-billing, for about for about 2.85 billion euros (2.58 billion pounds).It offered concessions last month after the European Commission v
  
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• SoftBank builds $1.2 billion Amazon stake; invests in Netflix, Tesla

  17-08-2020 17:32 via uk.finance.yahoo.com
  
  SoftBank Group Corp has built a stake worth around $1.2 billion (915 million pounds) in e-commerce firm Amazon, regulatory filings showed on Monday, as the tech conglomerate expands its investing activities beyond its recent focus on unlisted startups.Chief Executive Masayoshi Son last week announced a new investment management subsidiary that would park excess cash from a massive asset sale programme in liquid stocks.In addition to Amazon, the group has built stakes in Netflix Inc, Tesla Inc, M
  
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• British Airways jumbo heads to scrapheap as 747 fleet retirement starts

  17-08-2020 17:30 via uk.finance.yahoo.com
  
  British Airways said the retirement of its jumbo jet fleet will start on Tuesday when the first of its 31 remaining Boeing 747s takes off from Heathrow and heads to Spain to be scrapped.The COVID-19 pandemic forced BA to bring forward the retirement of the 747, which with its humped fuselage and four engines is the world's most easily recognised jetliner.The airline said in July they would all go with immediate effect.
  
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• Ryanair cuts flights as EU virus rates hit bookings

  17-08-2020 17:28 via bbc.co.uk
  
  The airline said activity for September and October "notably weakened" over the past 10 days.
  
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• Chinese restaurant chain apologises for asking customers to weigh in before ordering food

  17-08-2020 17:24 via ibtimes.co.uk
  
  Chinese restaurant gets swift backlash from netizens accusing them of fat shaming on their zero food waste campaign.
  
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• Oumuamua: Nature of first known visitor from another solar system is still a mystery, scientists claim

  17-08-2020 17:22 via uk.finance.yahoo.com
  
  The nature and origin of Oumuamua, the first known visitor from another solar system, have become more mysterious after scientists claim to have ruled out a major explanation.Researchers had suggested earlier this year that the origins and molecular structure of Oumuamua could be explained by it being a hydrogen iceberg. Among other mysteries, that would help solve the question of how it was able to power itself through such distant space, since pure hydrogen gas would have been able to push it
  
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• G7 to consider extending debt freeze for low-income countries - U.S. Treasury

  17-08-2020 17:22 via uk.finance.yahoo.com
  
  Finance ministers from the Group of Seven rich countries on Monday noted improved conditions in their economies, but underscored their concerns about the debt problems facing low-income nations, a U.S. Treasury spokesperson said.During a videoconference hosted by U.S. Treasury Secretary Steven Mnuchin, the ministers urged all official bilateral creditors to fully implement the G20 debt freeze for the poorest countries, and agreed to consider additional options, including extending the initiative
  
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• G7 ministers to consider extending debt freeze for low-income countries - Treasury

  17-08-2020 17:22 via uk.finance.yahoo.com
  
  Finance ministers from the Group of Seven rich countries on Monday noted improved economic conditions in their economies, but underscored their concerns about the debt problems facing low-income countries, a U.S. Treasury spokesperson said.During a teleconference hosted by U.S. Treasury Secretary Steven Mnuchin, the ministers repeated their call for all official bilateral creditors to fully implement the G20 debt freeze for the poorest countries, and agreed to consider additional options, includ
  
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• Exclusive: former chancellor Sajid Javid has been hired as an adviser to JPMorgan

  17-08-2020 17:22 via uk.finance.yahoo.com
  
  Former chancellor Sajid Javid has been hired as a senior adviser to JPMorgan in a move that sees him return to his former banking career, the Evening Standard has learned.Javid, who quit Number 11 after a spat with Downing Street over the influence of Number 10 in Treasury matters, is to work as one of a panel of outside experts at the bank, an internal email to JPMorgan staff said tonight.
  
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• White supremacist gets knocked out after racist rant against black people on London Underground

  17-08-2020 17:18 via ibtimes.co.uk
  
  A video shared on social media documents the tirade by the man before one of the passengers knocked him out with a single punch.
  
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• Israeli investor glee met with Emirati caution after deal on ties

  17-08-2020 17:15 via uk.finance.yahoo.com
  
  From a proposed rail link to the Gulf from the Israeli port of Haifa, to quick-hop direct flights from Tel Aviv, the prospect of formal relations with the United Arab Emirates is stirring excitement in Israel.In the UAE, which Israeli business executives with foreign passports have visited for years, companies that are likely candidates for above-board deal-making with Israel are taking a more cautious line, apparently awaiting government guidance on future policy.Israel and the Gulf State annou
  
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• Huawei: US tightens restrictions on Chinese giant

  17-08-2020 17:15 via bbc.co.uk
  
  The actions will stop the firm buying computer chips made using US tech, even if made abroad.
  
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• Why I rate these champion investment trusts as top defensive investments today

  17-08-2020 17:12 via uk.finance.yahoo.com
  
  I think investment trusts are great investments at the best of times, but they come into their own during the worst of tImes.The post Why I rate these champion investment trusts as top defensive investments today appeared first on The Motley Fool UK.
  
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• Market report: Miners receive lift as China digs deep

  17-08-2020 17:10 via uk.finance.yahoo.com
  
  London's miners lifted the FTSE 100 on Monday as Chinese relief measures pushed up metal prices and gold shifted upwards once more. Base metals such as copper, aluminium, nickel, zinc and iron all rose after the People’s Bank of China added 700bn yuan (£77bn) of stimulus to the country’s commercial lenders, supporting the manufacturing-heavy economy. Diversified miners benefited strongly for the broad-based climb. Anglo-American led the group, rising 53.2p to £19.32, whil
  
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